Ok, maybe this is a stupid question, but I can't find much addressing it by searching. :(

Anyway, My baby is incoming on the Fedora (Yay!) and I'm thinking I need to get down to the details with my bank (I got pre-approved for several dollars more than I'm buy the car for) and when I go and give them the VIN they come back with the base MSRP of the model (Clubman S) as the basis for the 120% of value they will give for a car loan, which doesn't even cover the MSRP, much less other fees and taxes.
So I'm wondering to myself how anyone can sell anything but base model cars if weveryone writes loans that way. They said they'd "Take a look" if the dealer would fax an invoice, but the person I talked didn't sound like she thought it would matter.
Just wondering what other people might have experienced in this regard.

Thanks.

 

I've not heard of basing a loan on the base price and disregarding the final MSRP, but these are new times we're living in, they may want more down payment. Were you planning to put anything down or were you trying to get 100% financing including tax and lic fees??

MINI is currently advertising 4.9% financing, which isn't bad. Did not look at the fine print to see what the down payments requirements are, but you might check MINI USA for the details.

 

I received an e-mail about the 4.9% also. It says no down payment is needed to get that rate, but you'd better have a credit score above 735 if you want to do the no down and get the 4.9 rate.

Jerry

 

My CU did the same thing, but then fiddled with the numbers to make it work. I don't know why this happens, but yeah, I'd get the invoice to them and try to show them that it is indeed MSRP. I think if the bank really wants you, they'll make it work.

 

Anyone have success getting around such artificially low loan limits with PenFed? Their first point of contact on the phone was giving me a number that's $5k below MSRP (and before taxes), and I'm waiting for a loan officer's decision to see if they'll go any higher.

 

It must vary from lending source to lending source. I'm with Navy Federal Credit Union, and they just pre-approved me for a particular maximum dollar amount, and I could use it on any new car I wished, regardless of what the actual cost of the car was. For instance, if they approve me for a maximum of $45,000, I could use it on a bone-stock car with a $45k MSRP, or a $20,000 MSRP car with $25,000 in additional options.

Tying the loan amount to the base MSRP of the car is particular hard on MINI buyers, because unlike most cars that have a higher MSRP and very few available options, MINIs have a low MSRP and a long option list.

 

I had the same experience when getting mine financed. They looked at the base price, the amount I was asking for and couldn't understand why I needed so much more.

Once I explained about all the overpriced options available from Mini, they were fine with loaning the amount I requested. This was with USAA.

 

Maybe it will work out then, the person I was talking to at USAA was saying "well those aren't part of the value of the car"
I probably just need to talk to someone else.

 

Not part of the value? Seems like leather, navigation, heated seats are all part of the value to me.

 

Well, certainly part of the COST, eh?

 

My downpayment covered plenty more than my options, but I can see this being a problem. With other automakers you move up to a different model (eg EX vs LX vs Limited) with a different base price to get more options - a grand or two in options like nav I would expect someone to cover with a downpayment, anyway.

I think faxing an invoice or trying (again) to explain how a la carte pricing the MINI way works is your best bet. Good luck!

 

File complaints if it isn't sorted out:

http://www.sec.gov/answers/bankreg.htm

 

Hopefully, but it looks like the Mini financing deal is better than USAA financing anyway.

btw: LOVE the lightning bolts

 

Thanks! I love my Coop wannabe Lewis.

For what it's worth, I applied for MINI's financing and was approved but the dealership got me a loan at the same rate from a local credit union (6% - seems so high now, but was a good deal then, thank goodness it's almost paid off).