I test drove an MCS yesterday and I don't think there's any going back now - I can't see anything matching the fun factor. It's going to be my first new car purchase, so it's doubly exciting.

My main question now is around financing and timing. I know you place a deposit when you order, but when do you pay or finance the balance? If it's not until the date the car arrives, then there appears to be risk in waiting to finance through a 3rd party. Right now I could get a lower rate than what the dealership said they can offer by going through Capital One or Eloan, but their rate quotes only last 45 days. So, if my MCS takes 8 weeks to arrive as the dealer estimated, that means I'd have to wait at least a couple of weeks to get financing from Capital One or Eloan, by which time their rates (and the dealer's) could be higher than they are now. So, I wonder if I should go with the dealer's rate to have it locked in now (assuming that's possible), or if I should wait to go with a 3rd party and hope that they don't raise the rates on me before I get the loan.

Am I correct about how this works, and does anyone have any advice for me?

Thanks,
Nick

 

Congratulations on your decision to purchase an MCS. My first dealer told me that even the exact price of the MINI would not be known until it had been produced and left the factory. This was due to uncertaintly over whether MINI would maintain prices in case the euro appreciated again. That dealer had a 10 month lead time. My second (final) dealer was more informative, but said pretty much the same thing. In this case the lead time had been reduced to 2 months. I did not ask anyone else, but the dealer quoted financing at 4.8% (but there was also a $150 fee). Others on NAM have posted 3.9% through a credit union or other financial institution. .9% on the price of a MINI did not translate to much difference when considering the hassle factor. When time and energy are in short supply I always consider the hassle factor.

 

Thanks. Good point about the hassle factor, especially considering that 8 weeks could always turn into more, increasing the likelihood of rate increases. When did you get that quote of 4.8% from a dealer? The dealer I went to yesterday told me his rates are currently between 6 and 6.5%, and I've found other financial institutions quoting 5.25 - 5.75% as their best rates.

 

Congrats Nick! My MCSa is my first car purchase, and it is exciting. What kind of MCS are you thinking of getting? It was easier for me to finance through a credit union since they had a lower interest rate. Welcome to NAM

 

Thanks! I'm going for the MCSa, as well. I was skeptical about the automatic, but I haven't driven a manual since high school (about 9 years) so I test drove it to see what it was like. I got back to the dealer with a huge grin and I've read mostly positive reviews, so automatic it is. I'm also getting the Premium and Cold packages, Nav, HK, and few other ammenities. I wish the iPod adapter worked with the Nav system, but at least the Aux input will be a step up from the tape adapter I'm using now. I still have a couple of options to figure out:

1. Should I get DSC? Does anyone have extensive experience driving with both ASC and DSC, and can you really tell the difference?

2. Color. Still deciding between Dark Silver with black top and Hyper Blue with black top. Decisions, decisions.

 

nguillen--

Next sunday (5.22) Otto's near West Chester is hosting a Spring Cleaning Party. I'm not sure where you are thinking of buying your MINI, but this is a great chance for you to see a whole bunch (over 20 signed up so far) of MINI's in one place, and to talk to and see a myriad of MINI's of all types, colors and mods.

Check it out on:

http://www.phillymini.org/

 

if you are getting the biggest options out of the way with Premium and Cold and Nav - then Sport and Convience should be a given. For the small amount of money for the other packages they are worth it.

 

Funny you mention Otto's, scarlett omini - I called them up today and they had an open allotment spot this week, so I skipped out of work early and went and placed my order! I walked away with my production number, and I should have my MCSa in 4 weeks!! I can't wait!!!

 

You're right. I never bother with fine print which is probably why I'm still a wage earner. When my car arrived at the dealer in mid-April my MA emailed me that the financing was at 4.8% and I responded that 4.8% (to confirm "in writing") seemed fine to me and was, in fact, lower than the return I would get on the stockmarket. But now today I looked up the paperwork that was sent to me and find the interest on the form is 5.9%. Perhaps it went up in the one day I took to decide to accept the 4.8% offer or there were other factors to which I was not privy. I am not going to complain even though I have it in writing. According to the loan paper the entire premium (interest, etc.) is $624 over the entire period of the loan--not a lot. But another item I did not know about is that my insurance company must also name the finance company on my policy--which makes me feel funny. Also, of course, the finance company holds title to the car. These details make it inconvenient enough for me to want to pay off the loan when I get the payment booklet.

I too got an MCSa and have not had time to figure out how to use the manual selector. The fuel gauge has not even dropped to half yet on the first tank of gas (that the dealer put in) so unless it's one of those gauges that takes forever to drop to half and then plummets to empty gas mileage may be pretty good if you drive as though placing your shoe on a fertile egg.

 

Ottos has been very good so far. I would have loved to attend the "Spring Cleaning", but Lola and I will be off celebrating our 20th Aniv in Sweden. Her Mini, Eddie, should be at Otto's when you guys are there so you will see him before we do. She plans on picking him up when we get back next week.