what financing options did everyone use? and why did you pick it?

I am just trying to decide which to use, looks like i am either going to lease or mini select however i understand there is another also...

Anyone?

 

HH, I paid cash for mine but Chase (bank) had a really great rate that was offered to me at the time of my purchased. I would have went for that if I had too.

 

Yeah I went through my bank as well...Mini financing couldn't even come close to it...especially since I got 1% off my rate when I signed up for automatic debit of my payments!

 

I put out a loan application online to one of those sites that sends it to a bunch of banks and tries to get you the best rate. I found the lowest % and took it with me to mini dealership when i went to fill out my paperwork. They asked me what i had found and i told them. Then they beat it by .5%

needless to say i was happy. I ended up getting alot lower rate then all the other credit unions/banks were offering me and now im building a "relationship" with MINI/BMW.

great % rate, good relations with MINI/BMW....im happy, hehe

 

I financed through my credit union (Associated Credit Union) and got an excellent rate of 4.9% for 60 mo. Their current special is the 4.9% for terms up to 60 mo. MINI Fianance asked me my rate and they couldn't come close to it. I plan to pay it off early, but wanted to keep payments down in case of any unexpected financial events.

To me the MINI Select option was way too risky with that huge balloon payment at the end. I also plan to keep my MINI for a long while, so leasing just didn't make sense for me. It all depends on your unique financial situation, though.

 

"Doodles" wrote: "It all depends on your unique financial situation..."

So true! My "unique situation":
a) I don't have "great" credit (credit history is good, but too much debt- go figure)...
b) i wanted to keep my payments under a certain amount...
c) i wanted a decent APR...
d) i had a good amount of cash to put down to whomever could meet b & c...

The bank I got my first MINI through wouldn't do it- they won't do two cars at once (bad timing- I'd sold my other MINI two weeks prior but it was still on my Credit Report!); My credit union offered great payments but a lame APR b/c i have a lame Credit Union; MINI Financing (a.k.a. BMW Bank of North Am.) saw the opportunity to take my money (see "B&C").

So far, no complaints. (only three payments in...)

 

We used the "Owners Choice" financing. First, it gave us the lowest payment each month. Second, any additional money we pay on it goes twoard the principal so the balloon payment will be lower at the end. We plan on paying it off early so the balloon payment won't be an issue. Lastly, its a roll of the dice, but right now people that are ending their "Owners Choice" plan are finding that their MINI is WORTH more than the balloon payment so they are trading them in with positive equity and getting a brand new one! Show me a lease anywhere in the world where you can do that?!??!?!?!?!

O.C. is NOT the best bet for you if you are in a position to pay more per month...I'd say if you are in that boat you should get the lowest financing and just finance the whole car. Just my two cents!

 

wow great info everyone.. Bosevii501 you did exactly what i am looking for, sounds like the way i should go. Also i dont know if i will want the new turbo mini' in a few years so i think this is what i am looking for. This is goingto be a toy and my wife isnt to happy with the purchase of a 3rd car anyway. So i think keeping the payment as low as poss will keep me on her good side.

 

I paid 80% cash and used BMW Financing for a 30 day bridge loan. BMW proved their flexibility by writing a custom agreement to minimize the interest paid on a bridge, rather than the standard rates. Good people to deal with and very easy access to payout figures and customer service, so I would say do what Mini Mizer did and shop around first, then talk to your dealer because even if they can match the rate, their customer service is exemplary. Plus the added bonus of establishing a relationship for that M5 purchase down the road. Hey, I can dream, can't I?

 

Went through our credit union, Lockheed Federal. No one else could touch the rate, and my wife and I have tier 1 credit ratings. Plus they were very happy to have a second car financed with them, we had just financed the 06 Accord we purchased in January so I called the same loan agent and set everything up and then waited for the car to actually show up.

 

I got a good rate, and then they dropped it by .5% when I signed up for automatic payments

 

none

 

I went through my credit union as well. They had a special rate of 5.99% with a free gas card (value depended on how big your loan was - I got $50). You also had the option to delay your 1st payment up to 90 days (interest accruing of course).

Before I found out about that, Capital One had the best rate with 6.10%. MINI offered me 6.40%.

 

I'm one of the few people who financed through BMW Financial Services using the Mini Select plan. It isn't for everyone but it was ideal for us. We were in the middle of paying off a very large amount of credit card debt, and the Mini would be replacing three older used cars that we had sold. We put about $3500 down on the Mini from the sale of the other cars (the rest went to pay of the CC debt), and had payments of $240/month for 30 months until the balloon payment was due. We paid off the credit cards in full a few months ago, and will easily be able to pay off our MC in full before the balloon payment comes due in another 14 months. I wouldn't use something like the Mini Select plan in the future again (because we'll never be stupid enough again to build up credit card debt), but it seemed to make sense at the time for us. Ours was one of the first Mini Select plans our dealeship had done.

-Keith

 

Got 5.0%, 60 Month financing from ALPA Credit Union. Also was pre-approved by Capitol One at 6.6% for 60 Months in a rapid 3 mins wait.

Credit Union took a little longer but if your in a hurry, the Cap One loan gives instant gratification

 

I just bought a 05 MCSc on eBay and used Capitol One Auto for financing. I thought yeah right, that easy. But I filled my app online and got a response within minutes. When I compared it with my local bank they said that they would have a tough time beating the rate I got. Payments are based on the amount borrowed and you can either put money down or not. TTL are not covered with the loan if you buy from a private seller (as I did) but I believe it will if you buy from a dealer.

 

i am either going to lease or mini select and my ma states there is another lease type thing.

 

I got 6.1% with BMW/MINI Financial myself and they actually beat the credit union that I have relations with. I was more than happy with my choice! One of the easiest buying experiences

 

$1600 cash down (including deposit) then $429 for 60 months through Catholic Family Credit Union at 5.90% Total price was something like $23,350. The real killer was coming up with the $1,815 in sales tax to get it tagged.

 

this is one of the reasons i am looking at leaseing. a lot less to come up with up front. Just bought a new house and trying to make a dream of mine come true by getting this mini. I have wanted one since i had to get rid of my 76 cooper many years ago. I am not worried about ballon payments or having to refinance at the end just want to get into it for a lower payment for the next few years then i will address those issues.

Anyone else done the select?

 

I could have made it only 500 down, the extra 1100 clipped the monthly installment by $25 a month. Personally, I would rather take the hit up front then be squeezed later on.

 

I'm a Costco member and Capital One offers its member a rate of 5.74% here in California. If you are an executive member with Costco, they will lower the rate by .10.

 

Paid cash....tried to put it on my visa card (to get some miles) but the dealer would't let me.

 

Thats odd. If there is available balance they shouldnt care how they get their money.

I paid cash also.

 

Even when it costs a bit more, a point or two, I always use the Manufacturer financing when it's available. It's always good to have credit with a car company, because I always need a car even when my income is going up and down. What good will e-loan be if your job is on the downturn? A car company WILL get you in a car even if you pay a little higher interest rate, not so for banks, internet loan co.'s, credit unions and the like. They loan you money only after they verify income and debt ratio and you meet their criteria.