I am on payment 10, payments are monthly, I'm paying the amount due, but have in a double payment (and at the end of the year plan on making a $5000 payment (I have $3000 spare in the bank right now)

I am looking to refinance the loan after I hold this loan for a year (so 2 more months, well, 1 month and a week now)

 

Meh... that's like taking out a second insurance policy on your car but with the same company. The insurance company has established a premium for that replacement cost coverage that they feel will earn them a profit.

Not saying you shouldn't do it. Just that like anything in life, you get nothing for free and you have to determine if the cost is worth the value.

I'm an insurance professional and I don't have replacement cost coverage on my autos. In fact, I keep more money in my pocket by betting on myself not to have an at-fault accident. I carry G (collision) $1000.

 

If your loan doesn't have a pre-payment penalty, you should consider paying the loan weekly or bi-weekly (depending upon your paycheck schedule) so that you knock down principal & interest over the life of the loan.

If you can even pay $5-$10 more per weekly or bi-weekly payment, that will knock down your principal & interest even more.

 

5.75% I financed using Pentagon Federal Credit Union

 

Chili that may be true for most insurers but, I have USAA and USAA only offers that type of policy and no extra premium to me. They also only offer "no pre-payment penalty loans".

 

I am going through BWM Financial as well....8.5% with credit above 700--but its not 7.5 because its a new 2006 being financed in mid 2007...higher rate for that. Yeah, the interest is higher than most other auto makers and banks, but its BMW and they can get away with it.

I was going to go through the bank, BUT there were outside forces (vacations and us both not being in the same local at the same time to sign papers, etc). Then there was the issue of it being a 2006 and getting financing thru the bank with no money down. So we ended up having the dealer do it, and he ended up giving me a great deal on the car. We are picking up the car tomorrow. It's a brand new 2006 w/ prem package, lockjack, cup holder, mats, cargo nets, arm rest, upgraded rims, and a thrown in mini bulldog for 3200 off MSRP.

 

Plus if I'm not mistaken ..here in NY its always No-Fault.

 

wow i forgot my apr..guesstimating i'd say about 7.09 or so.
im 19 with my dad as co-signer.

 

Mine is gonna be right around 10% with MINI Select. Not too shabby IMO since I filed for bankruptcy 2 years ago. Sucks paying for mistakes made as an irresponsible youth.

 

h20, was there a stipulation from USAA for that free replacement cost coverage ? i.e., did you have to be with them for "x" number of years to qualify ?

And, does the replacement cost apply regardless of the type of loss... collision, comp, uninsured motorist ?

Interesting.

 

Sounds like you got a great deal....but is it a demo model? All those extra perks (lockjack, arm rest, & upgraded rims) sound like they were dealer add-ons done with the hopes that someone would buy it off the lot at original MSRP and when that didn't happen, they maybe made it into a demo car and when THAT didn't sell, they lowered the price?

I have always thought that if the vehicle was never leased or titled to someone other than the dealership that a vehicle was considered new for loan purposes.

Hopefully someone--maybe even a motoring advisor--can chime in on this?

 

I got mine used with zero down, qualified for 4%, and am going to have it paid off after 10 months of ownership (next month).

 

6.05% pre-approved through a AAA deal with Capital One.

 

0% !!! JCL was paid for in cash!! all that Overtime finally paid off. but the dealers hate that because , no financing to make moeny off of.

 

4.5 from credit union in nj

 

0% for me as well, paid in full!

 

Chili there is no stip involved...replacement cost applies regardles of reason for loss. I know of no pre-exiting terms that would apply, ie..being a client for a specified time.

 

4.99% over 5 years and it will be paid off in September. Desert MINI offered me 6.?% through BMW financing. I walked in to pick up my car with a Peoples check at 4.99, Desert messed around and matched the rate through Chase.
My credit score is over 800 though.

 

0% for me, I'm surprised how many on here have paid cash.
Ironically the Credit Union I'm a member of had a picture of a MINI on their monthly newsletter next to an article about vehicle loans the month I bought my MINI.

 

6.25% at the CU. The dealer indicated they might be able to beat it by a quarter, but they didn't want to run the credit check until car was delivered (around Labor Day). Our credit score is about 795 or 805 depending on the service. Gone are the days of rebates and 0%...

 

Uber Blu...my car was not listed as a "demo", but it did have some miles on it. It came into the dealer Oct 06--I bought it July 07. There were two identical cars there. Both offered at the same price--the one I did not take had 50 miles on it, but I didnt like the seats so I ended up with mine.

We have 5 dealerships down here in South Florida alone. I believe there are 8 in the state of Florida. The dealers done here all ended up with a lot of 06 overstock. One of the dealers actually held a public auction to ditch a surplus of 06's. I guess people decided to wait for the 07's to come out.

I love my 06 though.

 

My insurance company (USAA) also has a bank that is advertising 5.99% for members. My credit union is little less.

 

I love USAA...IMO they are the best

 

Mine's 7.24%, less than perfect credit, but still not too shabby. Hey, I wanted to have my new MINI, so... :D