Saw a mini I want in Florida but I live in Oregon. I would have to finance it and have it shipped. It's at a mini dealer. I was wondering if I could go to my bank and see if they would finance it sight unseen. I know there are members that have found the car they want in other states. Any input would be great! Thank you

 

Absolutely you can. The bank never looks at the car, they want the info off of it and your signature.

 

Since it is at a Mini dealer, you should be able to get decent (if not better) financing directly thru the Mini Florida dealer. Especially, if it is a new 2013--they want to move inventory. If it is used, they also have Mini credits and CPO extended warranties.

You need to pay attention to the state to state sales tax! Each state can be different. I am not sure about Oregon to Florida (or State of Jefferson) taxes.

It does not sound like you are trading in a vehicle, but some states offset (net out) the new vehicle with the traded in vehicle for a net lower sales tax. Some states net out the trade-in value of the tax (but some states ONLY if the transaction is done at the same time). For example, if you sell you existing car on your own and buy somewhere else, you may need to pay tax on the entire purchase. Virginia you need to pay full tax regardless if you trade in a car or not. AZ nets taxes out.

Another nuance, if you buy in Arizona and take deliver in Arizona but register in a different state, there is an additional 2% AZ sales tax added on to your home state sales tax. If you never take deliver in AZ but ship it out of the state you do not pay the 2%.

Leasing is another complication in tax. Some states tax on the lease payment, some states tax on the entire amount financed and tax you again on the payment. In Illinois, in the past they added on an additional 1% sales tax if you lease from a IL dealer and register out of IL. That said the dealership has a registry titling system that handles it for you.

 

Yeah it is a used 2005 with 40k miles on it. It's $15k for it. I forget that other places have sales tax unlike Oregon thank you for pointing that out. Adding the sales tax which I think is 6% than it would be another $900 plus what it costs to ship it to me. I'd take a guess at $800-$1500. Adding all that together, with my "trade in" which is in the hole and I'd come out at about $21k all together. I owe $3700 on the current car which is falling apart and it's an American vehicle so the value of it is worthless. Private party value is around $2000. I might just keep looking here in Oregon. There are a few r56 with good milage but they are early models which have issues, that's what scares me. Any more insight would be appreciated.

 

Just got my 05 mcs from Ohio and I live in ny. Was pretty painless purchase. Here in ny you pay the sales tax when you register the vehicle, not the state you bought it from.

 

have you talked to ANY bank? IME most banks won't lend 100% (much less over 100%) on a used car.

AND IMO 2005 for $15k? While I prefer GEN1 I just sold a GEN2 S with leather and wood for a bunch less. I might not have gotten the best deal, but the difference is MORE than that IMO.

You can finance with out of state banks .. no problem. But worth of the car? Shipping? (btw I shipped a car from Miami to San Fran 13 years ago ... $1200)

I can't see where this is a win.

 

What he said, that price is a bit high I would think. I paid 8600 for an accident free 05mcs with 111k miles on it, and I thought that was a bit overpriced. Granted the mini your interested in has a lot less miles, it's almost twice as much. However if you have the credit, banks have no issue lending 100%, at least mine didn't.

 

I live in Oregon and was looking at a R53 in California. In order to not pay CA sales tax I would have had to have a licensed auto transport company deliver it to Oregon to avoid the sales tax (if you pay the sales tax I believe you can get a refund once you register the car in OR) I ended up finding my R56 up in Portland and financed it through my local credit union. They offered 100% financing. They also used the retail not private party cost from Kelley blue book all sight unseen. With patience your dream MINI is out there waiting for you somewhere.

 

To the OP:

The rate might be high for a 2005 MINI, your best off spending a little more on something CPO - this will have good rates from MINI, and some extended coverage while you own it.

And I highly recommend driving it back vs shipping - have done this in the past and it is a really nice way to take a few vacation days

 

Here's how it works where I live. Pricing aside, I would be taxed in the state
I am TITLING it. It is a titling tax I am paying, NOT a sales tax.

I don't know Fla law but in any of the four bordering states where I live and beyond, I would only pay title tax IN MD regardless of whether I bought it in PA, VA, WVA, etc. There would be no fee to those other states. So unless the state that is selling it has a mandatory SALES tax, it should not cost you to buy out of state. Net taxes on the difference after trade in also is applied according to the state where you title it. At least in any of my past experiences.

Another poster mentioned transport coming into play. I cant speak to that but I'm not sure I see how that matters. Someone can hire to transport anything anywhere. I don't see how it affects titling and taxes but as I say, no experience there. Just thinking through it.