Hi all

I'm new here. I'm thinking of getting a mini and trading in my car. Which is paid. I have a BMW 325i 2006. I went to KBB and says trade in value is about $13,500. The mini I'm looking at is about $23,500.

Would anyone please let me know if it makes sense to trade in my car and use the mini select finance.

I like the idea of low payments but not sure of the balloon at the end. I'm not too sure how it works. If any one has used select please let me know.

 

You will only be financing 10k (+ fees) so your payments may not be that high going the normal route. Then again your balloon payment migiht not be that bad either. I ended up going the traditional way on both my JCW's because I figured the balloon would be more than the car would be worth at the end. I know we didn't get very much for our 05 MCS when we traded it in. So we based our decision by what we were seeing right in front of us.

 

What's the max you are comfortable at paying monthly? With taxes, you should only have to get a $12k - $13k loan. I would put that at around $200ish/ month with traditional loan.

 

Yea that's what I figured my payments to be around $200. But when I used the mini finance calculator it gives me about $65 monthly for select and I was thinking if I pay around $125 instead would that lower my balloon? That's the way I understand it, please let me know if that is not the case.

Also ill be purchasing another small car too this summer (kia) that's why I was looking into the mini select. So I dont have 2 big car payments at the same time.

 

I'm not sure what the rules are but extra payments would have to go to the balance of your vehicle somehow, whether it ends your payments term earlier or shrink your balloon payment. Your best bet is to speak with a MINI rep.