My question is, when you order a Mini and you have to wait a month or longer for it to actually arrive at the dealer, how does the financing side of things work? Do you just order on good faith, or does the dealer require a deposit? If you do plan on ordering, and you know it'll take a month plus, then do you not even try to get financing until the car actually arrives?

Mostly things question is about the financing aspect of it. I would like to be pre-approved before I order my car, however most lenders only allow that approval to last 30 days.

Thanks guys! Future Mini owner, maybe... (List of car candidates is long!)

 

I think a month is a little quick and 6-8 weeks is more realistic. Get preapproved early and it makes the deliervy process much smoother. Most dealers require a deposit anywhere from $500 to $1500. If you do not take delivery they by law must refund your deposit. Ordering is the way to go if you are locked on colors and options. If you are flexable there are many Minis out there waiting for a new home.
to choose from.
<(((><

 

Yes you will wait at least a month. With my Clubman it was closer to 2. West cost shipments are longer than East coast.

The standard deposit is $1K (non refundable) but I was able to get the deposit down to $500 on my Master Card.

I was pre approved at my bank before I went in to order but the dealer never so much as asked if I even had a job I did not fill out any loan paper work at order time.
I ended up financing through MINI because of the free option incentive and 3.9% that was offered at the time (Dec '09). I did not attempt to apply at MINI until weeks after I ordered and I had to push them on it. I live 200 miles from my dealer so I did it all via email.

Note that when I ordered any incentives and interest rates would only be the ones in force when the MINI was delivered which may not necessarily be what was going when ordered. Though I hear this policy has been lightened. Ask the dealer.

If you are pre approved once then renewing an approval is no big deal unless something major has changed.

 

Ordered last Thursday and the car went to the body shop on Friday! Impressive.

 

Wish I could get the .9% financing if I ordered now...but it ends next week.

Oh well...just gotta keep looking for a decent used I guess.

 

I was pre-approved by MINI Finance within about two minutes of entering my financial data. I deposited $1,000. My 1.9% rate was locked in.

"If you do not take delivery they by law must refund your deposit."
That would be news to me. Federal, state law, or rumor?

 

If you do not take delivery they can not keep our deposit. Maybe some state will allow dealer to keep until vehicle is sold. This is my 59th new car purchase. Been through a group of broken deals and never lost a deposit yet.
My $.02 worth.

 

Refundability of deposits varies by state. In Colorado, if I had opted to not take delivery of my ordered vehicle, I would have forfeited my $1000 deposit.

 

Did you sigh an agreement to that fact?

 

That was in the agreement, in writing, at my dealer. Yes, I signed an agreement that explicitly stated such. I didn't take someone's word that they owned $1000 of my money just because.