As Neil Diamond would say "Hello, again, Hello" Ive been considering coming back to the MINI family, i currently drive a 2012 Fiat 500 Sport and its a great car but just a bit smaller than my MINI was, it also lacks that certain something that the MINI has, not sure what it is, but as owners you know what im talking about. I had an 06 Hyper Blue MCS, and had to sell it when I lost my job, but now I want to come back. Anyway, Hi, ive missed everyone!

Im looking to buy this 03 Electric Blue MCS http://www.metroplexmini.org/forum/s...ad.php?t=36841
and im curious to get guidance on where is the best place(places) to talk about loans and financing. I know the approximate payoff on my current car and what its approximate value is according to KBB.com i basically need to sell my current car and not be too upside down and get a loan for the new car and any leftover i have to pay for the current car. Any financial advice would be appreciated. I've tried my bank and local credit union but the car is to old for an auto loan, my bank won't do personal loans, and the interest on the personal loan at the credit union is pretty high. Anyway thanks for the help.

 

As much as I like my MINI & MINIs in general I'd tell you to keep the 500 & pay it off. It makes no sense to sell it & be upside down. If you are going down this path I'd recommend a newer MINI 05-06.

Good luck

 

I agree with ashchuckton. Keep the Fiat at least until it's paid off. Call it a mistake to have bought it but hang tough until the numbers work. Even if you do get financing, you will be paying off the balance due on the loan, paying off the depreciation you will have when you trade since you can't sell it privately without paying it off, and then paying for the mini. Do the numbers. That '03 will probably cost you asking price plus another $15K++ and all you'll have is an 11 year old car and a huge note that will be far higher than the car could ever be worth.

 

Another consideration would be warranty, when does your Fiat warranty run out?
Since the Mini's youre looking at would not be warrantied, I would recomend keeping the Fiat untill the waranty runs out.

 

Warranty is 3 years 36,000 miles I believe which is another 10 months or 14,000 miles. I was considering looking for an 05-06 cause I like the first gen and that's the last years, (and electric blue is my favorite color) but the name of the game was to try and a smaller monthly payment. I was also considering a lease, since it seems I have a short attention span when it comes to cars, I have never owned one for longer than 4 years. I would have kept the 06 MCS, if I hadn't lost my job.