Anyone have any experience with mini select for financing? The finance guy told me that they take 60% of the price and hold it as the balloon payment at the end. The you finance the remaining 40% for 24-48 months. He said the rate was higher than a traditional finance, but for someone with higher than 700 credit score the rate was 8.25.

So I did some calculations:

So if your financing 33000 and choose the 36 month option the monthy payment was around 410. 48 month was 325.

Does this sound right?

I put an email in with the finance guy to do the numbers for me but he hasnt gotten back to me. I think I did the numbers correctly, but I'm not sure if they have different equations that their using.

Anyone with mini select have any insights?

 

When I had them run it they ended up charging .5% higher on the Vig and the total extra steak on the dinner was 5 large. Not worth it over traditional financing although the payment was a ton less a month than traditional financing!

 

I think I made a mistake on the calcs. So disregard those numbers, I doubt they are correct.

 

My opinion is leasing a car is a waste of $$ regardless of interest rate. You are "renting" a car for 3-4 yrs. I think the Mini is car we want to keep even if other cars come and go in our household. Buy it, don't lease it.
Just my 2 cents.

 

MINI Select is not a lease, it's an alternative financing solution. You own the car 100% and can drive it as much as you want, and modify it as much as you want. It's just an option for people who are looking for a lower monthly payment (like me! )

 

Dude you can find out what your payment would be with MINI Select using the payment calculator on MINI's website. It works great, and is pretty accuracte.

 

You gotta do what you gotta do to get the Mini, but if you do the math your payments are going for 40% of the value. How the heck do you make the 60% payment at the end without financing that too?
Sorry, don't mean to knock your financing plan, but it really is a rip off.

 

Jeez man, it's NOT a rip off. After 3 years of paying on my MINI Select loan, my balloon payment will be $17,000 and change. Which means I paid off $10,000 of the initial loan amount. Unless I DESTROY the car in 3 years, I can sell the car for well over $17,000 and get a new MINI. Heck, I could probably even get $17,000 from the dealer if I traded it in on a new one.

Very few people keep their cars longer than 3 or 4 years these days. Myself included. Guaranteed in 3 years time I'll be wanting the latest and greatest thing out there, and will be ready to trade in or sell the MINI.

Even IF I decided to finance the balloon payment at the end of 3 years, I could finance it for 3 more years, giving me a total loan life of 6 years, which is what I would do if I chose traditional financing anyway. My payment on $17,000 for 3 years would be a little more than my first 3 years of payments, but I should be making quite a bit more money in 3 years than I am making now, so it works out.

 

I didn't think it was too bad of a deal. I was planning on doing it, too.

I figured the low payment would allow me to throw more money at it when I wanted... then I'd re-finance the balance for 36 months once the ballon came due. Not a bad plan per-se.

Between my order and my delivery though (8-months), I ended up getting a $180-a-month raise at work and scrounging up a $7000 down payment... so I went with traditional financing for about the same monthly payment.

Had that not been the case though, I would have gone for it. It didn'd seem like a horrible deal vs. a standard 60 month loan.

 

i did it and feel pretty good about it... i pd 6500 down and my payments are 136/month (24 month term) and my balloon is $15,988.00... my FA told me that the monthlies are only affected by ur downpayment... my intrest rate was like 9.99 though... :-( just get them to bounce ur numbers around and go with what fits ur budget... and make 'em throw in free stuff...
my base amount was 20475.00 b4 tt&l.... i'm paying 136x24months = 3264 + 6500 down payment = 9764 + 15988 balloon = 25,752.00 Ending cost....