It was almost $200/month CHEAPER when comparing the PenFed balloon financing vs. that offered by MINI! Same term, virtually identical residual. I'm also in the process of joining PenFed!

 

Well, we'll see if the CM fits their version of a crossover or not. I have applied for their balloon financing option for my CM. See if it goes through!

 

I find that hard to believe, what are the payments, with how much down and whats the balloon? Do you mean your comparing the PenFed ballon to Mini traditional financing (not select program), cause that would make sense, but no way it's $200 less than the select program, I'd be paying like $215 a month then.

 

+1

If your Pen Fed balloon payment is $200 cheaper per month than the MINI balloon payment, part of it could be due to interest but the majority is probably due to a higher balloon amount, which is NOT a good thing. A higher balloon will greatly limit your flexibility in the future as your car will not be worth as much as the balloon. It's kind of similar to someone that is underwater in a mortgage right now-- how do they get out of the house without coughing up lots of cash or risking their credit? Increasing the balloon amount to lower your payment (if that is what is happening) is not a good idea.

 

Let's see if I'm comparing apples-to-apples. Very good credit. The MINI info is from a quote done with preliminary info given to the dealer, not a full application. I'm taking the Penfed info straight from the calculator they provide on their site.

Here's the facts as I know them.

Amount to be financed: $36,500.
Term to be financed over: 48 months

Penfed PaymentSaver Residual/Balloon - 54.2% $19,783
Penfed Monthly Payment: $433.67

MINI Select Residual/Balloon - 55%: $20,075
MINI Monthly Payment: $643

Comments? Cuss words?

 

Are you sure your dealer is giving you accurate numbers? I just picked up my Mini yesterday and went trough the Mini Select program, the numbers on the website finance calculator were very very close to what the dealer came up with.

Here's an attached screen shot of the mini finance calculator I just did on Mini's website with the numbers you listed above and it's only $479.

 

I only know what he sent me. I had assumed that they were correct. Perhaps his emphasis was more on making the dealership some money than actually wanting me to use their financing? We'll see!

Thanks for the info - somehow I had missed that MINI Finance had their own calculators. Will definitely take a look!

 

OkieDokie - how did you get the amount to be $37,000 in the calculator? When I try to use the calculator, it only shows me the base price of the CM All4. I don't see how to get it higher to reflect my factory-installed options.

 

Never mind - I think I found it. I need to build the car online, and then go to estimate payments.

Thanks again!

 

HMMMMMMM. I did the same thing you did, build a $37,000 vehicle, show $500 down, only the state is TN. It shows a $544/month payment, vs. your $479!



Wonder if it has to do with how these states tax transactions like this? Even so, that doesn't explain the discrepancy between $579 and the quoted $644!

And how did you make your screenshot a thumbnail vs. a standard graphic? I obviously don't know how to do that!!

 

Yea somethings not right there, I don't have the paperwork in front of me but mine is something like:

Amount down: $2500
Total amount for car: $35,500 w/T&T (MSRP was $33,600, but negotiated to $32,800)
Monthly payment: $435 for 48 mos. ($405 for 60, iirc)
Balloon is like $17K (48 mos.) and ($14K for 60.)
APR was 4.6%
Pretty much same as Mini calculator give or take $10-20 per month.

 

Although maybe the big difference is because of the amount I'm putting down and the difference in the MSRP and taxes. I mean the amount I'm financing is $6500 less plus the difference in tax if any. Still it should be close to what the Payment estimator is telling you.

 

I just captured the screen image "alt print screen" then pasted into a image program then saved as JPG.

It sure sounds like the difference is some sort of state taxes, put Oklahoma in and it should match what I got.

 

I did try toggling back and forth between states, and the results reflect what we've each seen. So the MINI calculator is definitely doing something different between the two states.

 

My MA quoted me different pymt amount then the mini calculator did i dont think that thing is very accurate, so i check pedfed and get a better rate and pymt. MA said for $30k at 5.9% 60/m would be $399.60, checked penfed and for $30k at 3.24% 60/m would be $295.00 so $104 difference but like siriuszero said i will pay alittle more so that the balloon would be low that's what i planned on doing, plus where you lives dependes on the rate you get on the mini calculator so i think thats why everyone is getting pymt amounts.

 

Let us know what they say about this, b/c i have read alot of things about the CM being called a wagon, hatch, crossover so who knows what they will define it as.

 

Drumroll, please!

PenFed approved my Payment Saver loan application for my CM! (This is equivalent to MINI's Select option - balloon due after a predetermined period of time, but you own the car.)

So they apparently do NOT consider the CM to be a crossover! (Their site says that they Payment Saver loan type is not applicable on all vehicles - they explicitly exclude Crossovers, Hybrids, and more.)

So... there you have it!

Any questions...

 

Nice! That's good news!

I'm still waiting to get my PenFed account number set up so I can apply. Seems like it's taking longer than it should...

 

When I attempted to join, I had to first join one of their affiliate organizations, since I'm not military or Pentagon employee, etc. Ended up having browser issues such that I did not get a response that my app to join (not for my loan) was successful. I called and they gave me my membership number immediately. I was then able to do the loan application

Not sure of your circumstances, but thought I'd share my experiences, just in case.

Also, I applied on Sunday online (best rates are online only!), have been approved, and the paperwork is on its way to me!

Have been very pleased in my dealings with them so far!

 

Seems they just needed some prodding...

Called up, got my member # and PIN set up, then went to work applying for the loan. 15-20 minutes later, and I'm approved and waiting for the paperwork!

 

Nice i had e-mailed them the other day and they said that the CM was abale to be in the program, so great Glad to hear you got . i joined the other day now waiting as well to see if im approved, cross my fingers

 

Super easy!

Got the paperwork Saturday with a check in the envelope!

 

Wish I had done some more research - saw this today about PenFed's car-buying service dated just last month.

Price Quotes Offered Online with Average Savings of $4,302 off MSRP


Dang!

And the nice thing is that you don't have to divulge all sorts of private information to even investigate.

Oh well!

 

PenFed needs the VIN to process my application, which means to apply after ordering? When will I know the VIN after ordering?

 

After you complete production Owner's Lounge will list your VIN When are you scheduled to start production? It's about 5-7 days after that.