I decided that I cant wait anymore and im going to order my mcs today! I am very excited. Although I have a question, when you go to the dealer to order do you have to sign and pay anything or do you pay for it when it arrives? I have never ordered a car before so I dont want to find out anything and be suprised at the dealer. Also I dont want to be going to the dealership blind with something of this caliber. If there is any other important info that you would like to share, please share with me b/c anything will help. Thanks.

 

Generally, they take a deposit. You pay when you get it. They will take a regular check for the deposit. I wouldn't give more that $1000 as a deposit.

 

I've rarely heard anything but $500 deposit here. And talk about refundability. It always should be refundable, but sometimes they make a stink about it.

 

Sorry if this is a no brainer, but do they do the credit check now or wait to do all the car buying paper work when it arrives? Im curious b/c I just paid off a 2 credit cards and I know it takes a month for it to reach your credit report and I was planning on that being taken care of while i wait for the car to be delivered.

 

Credit check happens when/if you apply for a lease or financing.

 

That would all be later.
And typically you would do all that paper work a week or so before delivery. Unless I guess you're real far from the dealer.
It's also probably a good idea to shop around a bit for financing. (Credit unions you could maybe join, e-lonas, etc.)There can be a significant difference. Talk to a finance person, not the sales MA who won't really know anything.

 

Awesome. Thanks for the speedy responses. I wasnt sure if they were going to be precautious before ordering for someone not knowing if they can pay for it or not.

 

We financed with the credit union, so didn't bother with the dealer at all.

 

I have two dealers that are 20-30 min away from my house so and I have already been to one this month and got a credit check so I dont want to have to go and get many more credit checks b/c i dont want it to hurt my score. I am making a trip to the other one today.

 

Is there a specific credit union that you would recommend? I was thinking of doing the college grad financing that mini offers b/c im still eligible. But if there is a better alternative then im down.

 

Not really, since mine was my wife's employer credit union. Generally, you can get a better deal not using the dealer, but maybe not with a special program. But, it's worth looking in to.

 

I had to fork over $2000, NON-REFUNDABLE.

Sucks to be me. Oh well, I'm just gonna apply it to the down payment anyway.

 

Regardless of what the dealer or agreement says, they CANNOT refuse to refund your deposit. In order to keep a deposit, they have to prove actual damages, i.e., they can't sell the car to anyone else, despite good effort, which, for a MINI, will be impossible.

 

if you apply for financing on Miniusa.com it will tell you if you qualify for the loan and then you have 30 days to go to the dealership to do the paperwork. once you do this you are not tied to the loan until you use it and you don't have to use it either. my MA told me to do this just to check and see if i qualified for the loan this way it wouldn't be any surprizes when i went to pick it up. which was good for me since i will be driving 2 hours to pick it up.

i hope this makes sense to you.

 

It does. I have already been to one and ran a credit check along with that he reviewed my score and told me with the college grad financing program that I will have no prob. to get approved.

 

In Dallas it's $1000 down to order. I agree with looking outside BMW for financing.

 

I didnt have to put a deposit down. I dont know why, he just said dont worry about it.

 

I would definitely try a credit union/your credit union. They tend to have lower rates. Also, Capital One usually has very competitive rates. They have a blank check they overnight you. I think it's a 30 day rate lock, so depending on your wait, you may pay more/less when the MINI arrives.

It's worth your time researching the best rate, and then seeing if MINI can beat it. All dealers work with many many lenders, and can often meet if not beat your best rate.

Good luck, and enjoy

 

my dealership said they would match the rate that i will get at my credit union, so this will save me one thing i will have to do by friday when i go to get my mini.

 

Two MINIs at Two different dealers - Two different experiences - $1000 at one and $500 at the other. Financing was approved through the dealers, but then we found much better deals else where, with a credit union in particular - There are many credit unions open to the general public - you just have to look in your area. The dealer tried to get me to do the MINI select program, but then I found out about the balloon payment. . . yikes!

 

Are there many credit unions that will work with recently grad. college students? Ive only had this career since may and its with my fathers company. Also im afraid of going to different unions b/c of messing up my credit score. I know that having them constantly checking it hurts your score.

 

I was with a credit union while in college.

 

Instead of time after time running your score, can you just print it up with the top three bureaus and take it to different unions? Or will they not accept that?