R56 :: Hatch Talk (2007+) MINI Cooper and Cooper S (R56) hatchback discussion.
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R56 From lease to finance...questions

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Old Aug 19, 2009 | 09:42 AM
  #1  
phantasms's Avatar
phantasms
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5th Gear
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From: Bedford, NY
From lease to finance...questions

So leased my $33k 07 Mini for 36 months 36,000 miles. Paying a little over 500 a month. Picked the car up back two years ago this Thanksgiving.

A couple things have happened since then.
1. I've got 29,000 miles already
2. I love it and want to mod it a good deal including making it light weight.

Is there a way I can transform my lease into a finance or do I have to wait till lease end to do this? Will the payments be more than what I'm paying now or about the same figuring 60 months?

Lastly any idea when a 3rd gen cooper would be hitting the streets?
 
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Old Aug 19, 2009 | 09:54 AM
  #2  
Jeremy1026's Avatar
Jeremy1026
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Joined: Aug 2006
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From: Baltimore, MD
Originally Posted by phantasms
So leased my $33k 07 Mini for 36 months 36,000 miles. Paying a little over 500 a month. Picked the car up back two years ago this Thanksgiving.

A couple things have happened since then.
1. I've got 29,000 miles already
2. I love it and want to mod it a good deal including making it light weight.

Is there a way I can transform my lease into a finance or do I have to wait till lease end to do this? Will the payments be more than what I'm paying now or about the same figuring 60 months?

Lastly any idea when a 3rd gen cooper would be hitting the streets?
You can mod your car now then when the lease runs out just buy it out. Payments will depend largely on what you agreed the residual value is and interest rate. The 3rd gen isn't set to hit until about ~2012/2013, assuming they follow the same timeline.
 
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Old Aug 19, 2009 | 10:11 AM
  #3  
ALTA_Jarid's Avatar
ALTA_Jarid
5th Gear
Joined: Jun 2009
Posts: 749
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From: Hillsboro Oregon
I'd wait to buy it til the lease is close to ending. Then you can talk DIRECTLY to MINI FS and maybe even get a discount on your residual and a good interest rate. I have heard of people doing this a bunch. Good luck!
 
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