I know it is a few days premature, but has anyone heard if the rates will be the same or will they change??

 

1.9% up to 60 months, must take delivery before November 2, 2009, all remaining 2009 Minis
http://www.miniusa.com/#/financialSe...LoanSpecials-m

 

I had just called my MA today to ask this and he left a message about the 1.9% up to 60 months. I ordered my 09 mini last month and it's been agonizing waiting for it to get here (just loaded on the ship today) but it's worth the wait not only to get the exact mini that I wanted but also to get 2% less on financing than what was offered last month.

 

Wow, thanks! I just noticed that the deal is 1.9% for up to 60 months on all remaining 2009 models. Thru August, the 1.9% was only good for 36 mo.

I am doing MINI Select for 60 months on my JCW, so now it will be only 1.9% versus 2.9% saving me a little bit of cash .

 

I'll be financing with MINI for sure, just a question of traditional or MINI Select. Any opinions/advice?

 

I financed my Mini for 1.9% for 36 months with Mini Select. It's a good program and keeps your payments down. They recommended the 36 months because when you refinance the balloon payment (if that's what you want to do) the payments won't really change because you'll have the same percentage rate...

 

minicoopermike - MINI select is 2.9% not 1.9% like retail finance unless it is a convertible. Still a great deal though.

Also MINIxB - who said you'll have the same interest rate? I think someone was mistaking. You'll probably get whatever the current interest rate for used cars is at that time. You may wanna call 1-866-mini4me to make sure. Even if it was the same interest rate your payments would be higher unless you took a longer term than 3 years for the re-finance. Your residual is greater than 50%.

Retail financing:
2009 MINIs all models 1.9% up to 60 months.

Select financing:
2009 MINI Convertible 1.9% up to 60 months
2009 MINI Hardtops and Clubmen 2.9% up to 60 months

Owner's Choice:
2009 MINI all models 1.9% up to 48 months


Also great rates for leases on 36 month for hardtop/clubman and 48 month on convertibles.

 

So calculating a traditional finance is easy. There are some great tools out there to completely show all of the variables and issues and stuff.

However, I just can't get a handle on MINI Select. Yes I know the idea, low monthly with a balloon payment blahblahblah. But how do the calculations occur? I just want to fully understand not just the amount financed, the monthly, the balloon, but the financed $'s (ie. what I actually paid above and beyond the sticker) in a variety of situations. Yes I can make it up based on a very easy scenario from my MA but I want to play around and figure out a good down payment combination thing to compare to a traditional.

So, any tools out there to really get into the weeds of Mini Select?

 

Here is what you need to calculate the MINI Select payment:

MSRP w/options of the MINI you want
Number of years -term
% residual value after number of years ---> can get from dealer
"Balloon" payment at end of term = % residual value X MSRP w/options
% financing rate


Payment Part 1 = ("Balloon" payment X % financing rate)/12
Payment Part 2 = (MSRP w/options - "Balloon" payment) + tax, registration, and dealer accessories ---> this number figured over number of years with % financing
http://www.edmunds.com/apps/calc/Cal...ion=basic_calc

Total Payment = Payment Part 1 (small #) + Payment Part 2 (larger #)


For me (JCW Clubman), it works out to something like $35 and $395 for a total of $430 (EXAMPLE only)

 

anyone know what the 2010 financing is?

 

It aint gonna be 1.9%.

 

Hmm... might be worth canceling my 10 and finding a close-enough 09 with the 1.9%

 

Thanks MotorMouth! I picked up my new JCW this weekend at the 2.9% rate using MINI Select.