Hi all! First time poster and leasee.
Currently my local MINI dealer in Nashville is advertising “2022 MINI Cooper hardtop 2 door, starting at $249/mo” which is the type of car we want. We aren’t considering any other type of car.
I’ve read a ton of info on leasing in the past week, and this forum has helped a lot. I may ask some obvious questions though. I’ve done my best to do my research. I’d like some help understanding the fine print on their website (I have not been to the dealer yet). I tried to plug in the info into the calculator, but I couldn’t quite understand the fine print. Here it is from the MINI site:
Monthly lease payments of $249 per month for 36 months is based on an adjusted capitalized cost of $21,250 (MSRP of $23,750, including Classic Trim and destination & handling fee of $850, less $1,825 capitalized cost reduction, $0 security deposit and suggested dealer contribution of $425 and $250 Customer Cash). Actual MSRP and dealer contribution may vary and could affect your monthly lease payments. Cash due at signing includes $2,999 capitalized cost reduction, $249 first month’s payment, $925 acquisition fee and $0 security deposit. Lessee responsible for insurance during the lease term, excess wear and tear as defined in the lease contract, $0.25/mile over 30,000 miles (10,000 miles/year) and a disposition fee of $350 at lease end. Not all customers will qualify for security deposit waiver. Tax, title, license, registration and dealer fees are additional fees due at signing. Purchase option at lease end, excluding tax, title and government fees, is $13,538. Offer valid through September 30, 2021 and may be combined with other offers unless otherwise stated. Models pictured may be shown with metallic paint and/or additional accessories. Visit your authorized MINI Dealer for important details. This offer excludes Oxford Edition and Cooper SE models.
Some specific questions:
- Is the $925 acquisition cost normal? It’s a lot.
- Can MINIs use MSDs? I heard those are good.
- Can MINIs use a one-pay lease? I’d rather do that I think.
- $2,999 is a lot for a down payment! Am I reading that right?
- Is the “purchase option” the same as the residual factor($13,538)?
- Not sure where to put the the dealer contribution, and Customer Cash?
- What if anything here could be negotiated? What would be good for me to negotiate?
Here’s my attempt at using the calculator: CALCULATOR | LEASEHACKR
I want to lease it 3 years, 10,000/year. I do not plan to buy it.
Any help would be greatly appreciated for this first timer!