Hey All,
So I'm in the process of (possibly) ordering a new MINI. I sold my '03 a few years ago and am excited that I can now get a 4 door MINI with AWD! But here's the caveat...
When I bought my 3 Series a few years ago, BMW Financial locked in my 0.9% APR while the car was being built. MINI and BMW change their financing specials on a monthly basis, so if you order your car-like most MINI drivers-you run a substantial risk of missing out on whatever offer is being advertised at the time of order. Like I said, BMW will lock that rate in but apparently MINI will not. This seems crazy to me since most MINIs are bespoke.
I've only spoken with two dealerships, but the story has been the same on both accounts. Has anyone else had any luck with this? For me, it's a deal breaker.

 

when i ordered my 2011 mcs, my dealer/ma offered to lock in the rate at time of my order. fortunately, the 0.9% finance kicked in at time of delivery; so i was able to take advantage of it.

 

Who was your dealership?

 

MINI Financial has the same rate-lock policies as BMW Financial, since it is the same institution employed by the same people in the same buildings. The only difference is the branding-- if you are buying a BMW everything you "see" says BMW and if you are buying a MINI everything you see says "MINI".

What is happening is that occasionally BMW FS & BMW NA (or MINI FS & MINI USA if you wish) comes out with "sales support" rates/residuals/option credits/incentives that are meant to help "move the metal" in that current month and you CAN NOT lock in those programs. Once the month ends, the programs end. Otherwise, you can typically lock in the programs. It just depends on what the special is that they are running in any given month. If it is a special to boost sales this month, for example, they want you to take a car from inventory and don't want to honor the program on an ordered vehicle. This is not exclusive to MINI, as I've seen this with BMW many times before.

 

ditto, i can't confirm that my dealer actually 'locked' in the rate at time of order. it just seems that they wanted my credit score to make sure i can afford the mcs. i understood the game and played along.

yes, deal will be different between ordered ones and the ones on their lots. but, it just depends on how well you negotiate.

 

The incentives changed 3x before I got my Clubman (Feb '10). As it turned out the incentive & rate was better when my MINI arrived. I got the $1250 option (Automatic transmission) discount that I wasn't expecting along with the 3.9% APR.

The dealer did warn me that I could only use the incentive in force at the time of delivery.

If I had not ordered one of the qualifying options, I wouldn't have been able to get any option discount. I then would have had to use the 1.9% with no option credit deal which would have cost me several hundred more over the life of the loan.
Be sure to carefully run the numbers on each incentive they offer.

 

I get what you're saying, but it doesn't add up with what I've seen in the last few days. For example, BMW and MINI are both offering 0.9% financing on all 2011 models right now. If I was to order an X3, the SA will lock in the 0.9% (November incentive) until the car arrives sometime in late Jan or early Feb. If, however, I was to order a Countryman, the MINI SA claims to be unable to guarantee the 0.9% since that offer expires at the end of the month. And this is at the same dealership.

So basically it's the same incentive, same company and the same dealership. But the BMW sales people are able to lock in a rate while the MINI folk can't (won't?).

 

The bottom line is that "standard" programs can be locked in for both BMW and MINI, always. The lock-in varies from 60-90 days depending on where you are located.

When they have "sales support" programs, it is hit or miss. There is no standard policy on rate locks for "sales support" rates on BMW or MINI. Sometimes they will allow you to lock it, sometimes they will not. This applies to both BMW and MINI. It looks like the current programs this month for MINI are designed to sell in-stock cars and the current BMW programs are a bit more flexible. I've seen many times where BMW will not let you lock in the rates and where MINI will. It all depends.

(for what it's worth, I sold BMW and MINI for almost 7 years, so I'm very familiar with how their programs work)

 

I appreciate the feedback. I suppose I just need to find a dealership that is willing to play ball. Too bad I don't still live in Southern CA. When I bought my first MINI down there I was able to shop around and get a lot of different offers. Up here in OR there is only one dealership.

 

I just checked the miniusa website, and it says "must take delivery by 11/30"... so no one is going to be able to lock that rate in for you. There is probably a good chance it will continue at least until the end of the year, but there is no guarantee.

Also, I'm sure that you will not be able to get this rate on a Countryman. They say "all 2011 MINIs" this month because they know that the Countryman will not be available at any dealer this month since they are holding them until Dec/January at the earliest. Once the Countryman is available for delivery, I'm sure they'll clarify the programs to exclude the Countryman. In my opinion, they won't offer an APR that low on the Countryman in the few first months.

 

Hmm...That's too bad. Since BMW is offering to lock in the 0.9% on a 2011 xDrive35i, I'll probably go with that. I'm not really in a position to be able to wait for a better deal. Kinda need a car soon. Kinda bummed out not to be able to get a Countryman though.

 

i had a guaranteed rate at time of order with option for BETTER financing terms if available at delivery. price as negotiated at order, remained firm.

 

Just an interesting aside that may or may not mean anything....my new 2011 JCW arrived at the dealership this morning. It's going out next week to have custom leather installed and most likely I will actually pick it up on December 2nd or 3rd. The dealer manager, who is a friend of mine, suggested we "close" the deal today so financing/paperwork was all done. I didn't ask but wonder if he either knew, or suspected, that the 0.9% is really ending on November 30 as planned and just wanted to make sure I got it.

 

I wonder what it takes to "close the deal." All my finances are in order. Why not issue the loan when I order the car and adjust the payment schedule for when I take delivery? Seems easy, but is probably impossible...for some reason.

 

Can't loan money to a non car. Got to have a VIN #.

 

"Since BMW is offering to lock in the 0.9% on a 2011 xDrive35i, I'll probably go with that. I'm not really in a position to be able to wait for a better deal. Kinda need a car soon. Kinda bummed out not to be able to get a Countryman though."

If you haven't already done so, tell the MINI sales manager. You have nothing to lose and a Countryman to gain.

 

+1. I suspect if you tell them in no uncertain terms that they are going to lose the sale over this, they'll find a way to make it happen for you.