Anybody know what the current Money Factor and residuals are for the month of July? I know that on BMW's, they had a rate improvement yesterday and I was just wondering if the same was applied to Mini. Thanks.

 

just a tad worse than last month. www.ridewithg.com

 

I'm picking up my non-S Cooper on Tuesday. The rates I was quoted are:

24 months: money factor=0.0033, residual=78% (12k miles)
36 months: money factor=0.0033, residual=67% (12k miles)

I decided to go for the 24 month lease. MSRP is $25,400, $0 down, $421.83/month for 24 months

 

Damn, that is a HUGE markup on the money factor. The base rate is .00219, so that's like a 3% interest rate markup on top of paying full MSRP. You should be able to lease an S version for that payment with $0 down, no joke....

 

Ya man... the base rate is at .00219 and if you have a fico above 740 I believe the base rate is at .00210. You may want to talk things over before signing, cuz there should be no reason for you to pay that high of a mark up. The dealer I went to, tried to do that to me as well, not knowing that I knew what the base rate was ahead of time. He ended up lowering the money factor to .00210 on a 36 month lease with a 68% residual (residual on MCS are 68%) and 15k miles per yr. I was hoping that Mini had made a rate adjustment for the better, just like BMW did on their lineup.

 

Ya man... the base rate is at .00219 and if you have a fico above 740 I believe the base rate is at .00210. You may want to talk things over before signing, cuz there should be no reason for you to pay that high of a mark up. The dealer I went to, tried to do that to me as well, not knowing that I knew what the base rate was ahead of time. He ended up lowering the money factor to .00210 on a 36 month lease with a 68% residual (residual on MCS are 68%) and 15k miles per yr. I was hoping that Mini had made a rate adjustment for the better, just like BMW did on their lineup.

 

I'll inquire with them, but it could be my credit...it's not awful, but not wonderful either. He said Mini/BMW Financial Services rates credit on a scale of 1 to 6 (1 being the best), and I am a 3.

Also, I didn't mention that the $421.83 payment includes sales tax. Without tax, it's about $385/month.

 

I just went to leasecompare.com and checked out their current rates (I leased through them and saved about $30 a month over the dealer's lease deal.)
msrp: $25,400
36 months (they don't offer rates for 24 months)
money factor: 0.0246
residual: $15,748
payment: $396.00

I figured this with a fico score of 710.

ps, I don't work for these people or are any way affiliated with them, I leased my MINI through them and they gave me outstanding customer service! You can go to their website and they have a worksheet where you can figure out a varitey of terms.

Good luck!

 

quit leasing and finance

 

Hey Eric, this is "SuperGreg" from x5world. I have a MCSm on order right now

 

Please don't start the "financing is better than leasing" rants.

 

Better off leasing if you can write it off.....bad advice there.

 

I lease because cars in my part of the Northeast turn into rustbuckets after about 5 years (road salt!) just about the time you've finally paid them off.
I like to drive a car that's covered under warranty, and I ALWAYS sell them after the lease is up...I made $2400 off my Mazda 3 that I got rid of before getting my MCS. (I will add that I don't have much of a commute, in 3 years the car only had 27,000 miles on it. And I take great care of my cars.)

 

leasing is great if you only keep a car 3 years, but only if the money factor is good, mini's are not great leases, same with the 1 series

but there's some good deals on 3 series right now

 

There are many other factors that play into leasing other than money factors.
Mini's are great to lease based on their residual values. Saying that leasing is only great if you keep a car 3 years is not correct. 2-4 years is the general timeframe in which finanical institutions lease vehicles. I've seen a number of instances where a 2 year lease yielded a better monthly note than a 3 year lease did.
This website has all the info you need to know about leasing and can answer all questions about why or why not to lease.
http://www.ridewithg.com/index.php/2...-auto-leasing/
And be sure to check out my article on "leasing is more than just monthly payments". http://www.ridewithg.com/index.php/2...thly-payments/

IU

 

yeah I've seen sometimes 2 years or 4 is a better rate than 3 it all depends on the variables going into the pricing

and the special deals the auto companies come out with

 

I did check out leasecompare.com and what I found is that while their money factor is much lower, their residual rate is much higher. For a 3 year lease, their residual is 62% while the Mini dealer quoted me a residual of 67% on a 3 year. So overall, the Mini Financial Services deal is a better one.

As for leasing, as someone said above, I own my own business and can write it off.

SuperGreg: I responded to your thread at X5World. PW/PW Rules!

I'm picking up my car tomorrow afternoon.