Hello! I need some advice regarding my lease contract with Mini. I hope someone will be willing to assist me and help me decide the best option since I am really having a hard time since I have no knowledge when it comes to the financial aspect of the lease or anything about the dealing with the dealership

I am leasing a CMs 2014 custom color with the tech package, mini connected w/ navigation, comfort access, custom colors and many more. Totaling the car to almost 35k (a couple of thousands more I think with taxes and fees). I just don’t have my contract with me now but the financial services confirmed that the car cost about almost 35k plus taxes/fee (couple of thousands more)


After market add ons:
• back up camera
• neoprene car seats (wet okele)
• film xpel installation on the hood, bra, lights, etc
• all windows tinted (w/ heat uv ray protection)

So in 2014, I deposited 10k (before picking up the car) and a monthly of $270.64 x 36 months. = $19,743.04
The residual value is $21,104.30 (if I want to purchase in the end)

I have to be honest with you, due to a lot of personal problems over the last couple of years, disability issues and many other things I did not see happening, I ended up not using the car a lot. The car probably has less than 3k miles now and might reach 5k max by the time the lease ends next year February 2017 since I will be leaving out of the country to fix a lot of family problems this year. I know it sounds such a waste.

I need advice as to whether I should keep the car and pay it off with the $21,104.30 or trade it in (the customer agent told me that’s an oiption to consider depending on me)….

I am hoping the car to have a high value due to the after market add ons, being in excellent condition and a lot of unused miles. It practically seems brand new with a lot of customization paid extra.

I do not know details about the Countryman next year (2018 model could possibly start being built by july 2017). It might be interesting to buy a car and no longer lease.

I would rather have a car unused but I know I own it then not having it used and just feel like I paid 20k and returning it…. I would rather own something advance too instead of the old model I have no (which I do love, but since I am more for advancement in tech, I would love to feel encourage in investing on something newer)

Should I keep this car or upgrade to a better one and no longer lease but buy it?

I am not an expert when it comes to cars and how the financial aspect work. I just want to save as much $ but then not feel like I wasted a car (although it is my fault that I am unable to use it through the time I was going through so much)

I am also for technology and new advancement. I feel like the 2014 model may lack so much compare the newer model they might release soon. That time I had no idea there will be a 4 door regular hard top coming out eventually or a 4 door clubman.

I even had to pay for expensive back up camera installation and it still doesn’t feel as natural as if it was already included in the built like in the newer models.

I know for a fact by next year, I will be driving more and using a car.

Hope some of you could guide me.

Either I give up the lease, wait til next year and start from scratch (I feel like I wasted 20k plus custom aftermarket add-ons), or trade it in—if that’s possible? And get a better car with advance technology?

Or just start financing the 21k residual to own the car, which I feel is quite discouraging instead of feeling I am paying for something new and advanced.

Sorry to bother with such questions. I don’t know who to ask for help from aside from you all Mini owners.

Thank you so much!


---Leslie

 

Buy it an sell it yourself