Leasing - My worksheet, I'm suspicious of dealer quote from Portland Mini
I saw a lease special on mini usa for a 2015 basic hardtop with auto transmission. I went to the only dealer in Oregon, they added Dealer preparation fee of $395, and money factor is 0.00129 for this month. BTW, there's no sales tax here in Oregon. I'm only interested in the automatic trans because wife has to drive it too.
The sales person Dale was nice and friendly, and he let me test drive one, and I got two quotes, one for "basic automatic + $100 bonet stripe" and second one with "$1500 SportPackage" option. The numbers were quite higher than I expected, and I left the dealership because I wanted to take time and re-do the numbers myself and verify everything is correct. I saw a glimpse of the sales guy getting a little upset, but I never said I was going to be ordering today in the first place.
When I got home and started calculating, and the numbers were off by at least $800 total on what I would be paying over the 36 months.
First thing of all was I noticed the BS fee which is dealer preparation fee. Is it common to take this fee off if I'm ordering a car? I actually want to have all the plastic wraps around the panels, and want to let my wife take them off.
Then the next thing was that the residual didn't match with what the dealer told me. For the Sport package, he said it's exactly 61% residual (also gave me exact number $14213, which is actually 59%) with the Sport package + BS fee added on.
When I order something like a $1500 SportPackage, does the residual percentage drop? (i.e. Am I paying 100% for the $1500 upgrade?) --> NO. This is supposed to be added to the total MSRP, then do the 61% residual off that. So I'd only be paying 39% of the upgrade plus interest.
I remember the dealer also saying even when I add a Bonet Stripe, there will be a labor charge / installation fee which wasn't shown anywhere on the two worksheet he gave me. Is there such installation labor charge for any options that I add? --> NO. I asked another dealer in Seattle, they said everything is done at the port before delivery, so there's no additional labor charge. I was thinking WTF Dale?
If my sheet looks fine, then I'm thinking of asking the dealer to order the basic automatic with SportPackage at 61% residual value. Then I would end up with $2961.98 due at sign (includes $1600 down, $725 acquisition, $75 document fee, $298 DMV registration, $263.98 first month payment), with a $263.98 per month for the rest of the 35 months.
---> I ended up talking to somebody else, got the dealer prep fee removed, with additional $250 discount, resulting in $1000 out the door, and $315.24 per month for the next 35 months.
Good deal compared to the original $1000 + $353.02 per month I was quoted. That is $1360 difference over the 3 years!
Last edited by hp79; Sep 12th, 2014 at 09:07 PM.