[culdeus]

I'm looking for a cost/benefit analysis of the driver option offered. I assume living in Texas they can write me one even if I get the car in Kansas.

From what I understand it's like a lease but you keep the title. I'd do that before a lease just in case I wanted to sell it off for some reason early. Any comments?

[Drakken]

Best thing to do is to get the actual numbers from the dealer on your car then add up all the costs for each senario. Most leases you can get out of without penalty but find out exacty what is in the lease they offer you. If you do not plan on keeping the car for more than 3 years then a lease will cost you less than a 5 year loan but selling the car at 3 years.

Here's a real life example based on my S that I'm purchasing for $24,000.

36 month lease $1000 total down
$358(includes NJ tax) X 36 = $12,888
Total cost for 3 years $13,888

5 year loan
$24,000 + 6% sales tax (NJ) = $25,440 - $1000 down
Loan amount $24,440
Payment = $486.71 @ 7.24%
Total for 3 years $18,521.56


Hope this helps.

[BruceK]

Quote:

Originally posted by culdeus
I'm looking for a cost/benefit analysis of the driver option offered. I assume living in Texas they can write me one even if I get the car in Kansas. ...

I not so sure. After you build a MINI on the miniusa.com site, you can estimate the payments, but you get a screen which seems to indicate it is the state where you purchase the car, not the state where you live??

Perhaps you should contact MINIUSA to find out more.

[eltel]

Quote:

Originally posted by Drakken
Best thing to do is to get the actual numbers from the dealer on your car then add up all the costs for each senario. Most leases you can get out of without penalty but find out exacty what is in the lease they offer you. If you do not plan on keeping the car for more than 3 years then a lease will cost you less than a 5 year loan but selling the car at 3 years.

Here's a real life example based on my S that I'm purchasing for $24,000.

36 month lease $1000 total down
$358(includes NJ tax) X 36 = $12,888
Total cost for 3 years $13,888

5 year loan
$24,000 + 6% sales tax (NJ) = $25,440 - $1000 down
Loan amount $24,440
Payment = $486.71 @ 7.24%
Total for 3 years $18,521.56


Hope this helps.

Don't forget that after the loan is paid off, you'll still have a Cooper S sitting in your garage, that may be worth $15,000 - $20,000, so you have an asset, and you can trade it in on a new one. Regarding the lease, you have paid all that money and you have nothing to show for it.

Regards, ElTel

[chiph]

Quote:

Originally posted by Drakken
Most leases you can get out of without penalty but find out exacty what is in the lease they offer you.

I haven't found that to be so, but this may a practice that varies by state. Best thing is to ask for a copy of the lease contract, and read the section titled "Early Termination".

Chip H.

[Drakken]

Quote:

Originally posted by chiph

I haven't found that to be so, but this may a practice that varies by state. Best thing is to ask for a copy of the lease contract, and read the section titled "Early Termination".

Chip H.

I've gotten out of 2 leases before with no penalty or fees. Absolutely read the contract since they all are different.

[culdeus]

Talked to Gabe at Baron MINI. He said the states listed on the website are a load of junk. He writes those plans for people all the time in KS for nearly every state. He seems to think MINI got that type of financing confused with another way to structure a lease. There shouldn't be any issue with anyone getting this type of deal in the states.

He is sending me the full paperwork on the plan in the mail. I will scan and post it on website for anyone who wants to read it.