My 2004 DS/B MCS is on the boat that left Englend on 9/9 headed for South Carolina! Hopefully Hurricane Isabel behaves herself!

I expect to be getting my keys in two weeks, but I have a question regarding financing.

I have good credit, but I'm not sure if BMW Finance, a luxury company, would offer the lowest rates. I'd like to have a deal secured before I walk into the dealership and then let BMW try to beat it.

I saw a thread a while back about an internet company that provides you a 'blank check' but I can't seem to remember what company that was, and what your experiences have been with them (and others).

Thanks in advance!

 

that internet company is peoplefirst.com

also try ur local credit unions

i had patelco..but paid off now

congrats and good luck :smile:

 

my credit union gave 4.9
i dont have a very good credit history since i have only been in USA for 2 years.
but they did approve me though! interesting!
you might wanna try some credit unions.
make sure you understand the terms and conditions too.
Mine has not early penalty, so i dont have to worry about the terms and lock a long term but low payment, and can pay them off anytime i want. no hassel!!
Good deal i think.
_________________
<IMG SRC="http://groups.msn.com/_Secure/0PQDKArgQOeZZnL5fmAOoou6ZPrikeWZZSFYBIjQr7b9hGnzDf 25DKnr0ROe9Mvv20yblRXmrovJ8xBEw!2l8jAb9MlofuveN/CONAN1.jpg?dc=4675437064785446415" >04 MCS 09/19 DS/W have seen MINI in 3 major continents on earth, now i have one!

 

Credit Union is the way I have always gone. My MINI was "slightly" used and they
gave me 4.75%, which is the "new" car rate.

Best of luck!

 

3.74% thru chase for 60 months.
I had my finances nailed on paper with the dealer before buying the car.
In fact, I kept on walking out until I got this deal. I had to pay list price for the car and no free mats or anithing. It was very important for me to get low financing and I let them know.
At this point I would recomend you go shop for your financing as soon as possible in and out of the dealer.
Good luck, and remember to use the lesson for your next car purchase.
:smile:

 

I am using the Mini select finance option. Can I still go to a bank and get a lower interest rate that Mini/BMW will match? The dealer gave me a 6.5% rate.

 

Not all dealerships take the PeopleFirst check - it apparently can take up to 45 days for the dealer to get funds from this "check". They do have one of the lowest rates going (3.9% for 60 months) so ask around.

We got our financing through the dealer via Bank of America - 36 months with automatic withdrawal at 2.9%. They also offered 66 months at 3.9%. No early prepayment penalties.

 

Use http://www.peoplefirst.com *mow called Capital One Auto Finance) Best loan experience BAR NONE. Don't waste your time with commercial banks or credit unions. Their current lowest rate is 3.69% for 12-36 months financing on a brand new car. Apply, get approved in 15 minutes, then get a blank check in the mail 2 days later. Nothing beats peoplefirst for service and convenience.

Have used them twice so far.

 

>>Not all dealerships take the PeopleFirst check - it apparently can take up to 45 days for the dealer to get funds from this "check". They do have one of the lowest rates going (3.9% for 60 months) so ask around.
>>
>>We got our financing through the dealer via Bank of America - 36 months with automatic withdrawal at 2.9%. They also offered 66 months at 3.9%. No early prepayment penalties.

False. The peoplefirst check is like a regular personal check. The dealer can cash it in the same exact amount of time like any other check. If any other dealer have told you that the Peoplefirst check takes 45 days to clear the bank, is clear they are BSing you big time so you fall for their in-house provided financing. The rate is locked for 45 days on a Peoplefirst blank check. I think that is where you confusion is coming from.

 

We have now had two instances where a dealer refused to take a PeopleFirst check. The first instance was when we bought my wife's Honda. We knew we would have the cash in five days to buy the car outright. We applied for and got the PeopleFirst blank check.

Given the option between the PeopleFirst check and holding onto my personal check for five days, the dealer opted for the personal check - period. The finance manager claimed that they had had several problems getting timely funding from these checks.

When we bought the Mini, the BMW dealer, like the Honda dealer, refused to take the PeoplesFirst check. Finance manager gave the same reason. We are 0-2 with PeopleFirst. If you find a dealership that will take the check - great - they have some of the lowest rates around. If not, we got a competive rate from BofA. There are several online service that will find the lowest going rates/prroviders for your loan - you don't have to get the financing from the dealer. Again, ask around.

 

Sorry friend ,but thats a bunch of balooney. First of all, there is a clear distinction between the Peoplefirst check and a typical "Bank Draft". Most dealers are very reluctant to accept "bank Drafts" because these takes days and often weeks to clear thru the issuing bank or financial institution. They are very problematic for this one reason. On the other hand, the Peoplefirst check is just like a regular personal check it works the same exact way and clears thru the issuing financial institution often within the same time frame as a personal check. My dealer, Lauderdale MINI, in Ft Lauderdale, Florida gladly accepts the Peoplefirst blank checks, no questions asked. When we bought our first Cooper last year, the best rate at the time was 4.75% for a 36 month loan with Peoplefirst. The sales manager told us that BMW financial services could not touch that rate. My wife and I have excellent credit scores and history. We have since payed off the car. Next week I will be taking delivery of my new '04 MCS and I already have my Peoplefirst blank check on hand (Got 3.99% for 36 months). When I call my Motoring Advisor, her first question was..."Are you going to pay again with a Peoplefirst check?" I told her "Of course!" and she said "No problem!" Again I asked her if BMW financial could match or better the rate and she said, "No way Jose!" .

Any REPUTABLE dealer will accept your Peoplefirst check. My dealer has never had a problem or complaint about them, otherwise rest assured that they would not accept them as payment.

My advice to other prospective MINI buyers outhere using the Peoplefirst blank checks: IF YOUR DEALER REFUSES TO ACCEPT THE PEOPLEFIRST CHECK, WALK AWAY AND TAKE YOUR BUSINESS ELSEWHERE!!! UNETHICAL DEALERSHIPS DO NOT DERSERVE YOUR MONEY AND BUSINESS!!!

 

Trying to BS me? A car dealer? Surely you jest! Especially a Mini dealer - I know the like and respect me because of the free T-shirts, pens (which don't work), driving bingo game, mini-maglite and orange coffee mug they sent me!

There are two points that I'm trying to stress.

1) I've had issues getting a dealer to accept one of these checks - even when the alternative was paying cash. So beware - some dealers will give you a rash and a crap about these checks. Before you visit the dealership, ask if they will take a PeopleFirst check and spare yourself the grief.

2) I got a better rate from another funding source. While I understand that PeopleFirst normally has some of the lowest rates around, it IS possible to find a better rate - without going through the dealer.

The dealer mark-up on Mini's here on the left coast is well known. When one of the two dealers in the state (BTW the only one in my half of the state) is offering me the car I want without the mark-up and the only caveat is that I don't use a PeoplesFirst check, I take the deal. If you live in an area where you have the flexibility to walk away from the deal, I agree wholeheartedly with Coopers4us - walk.

Cheers

 

FYI, according to the PeopleFirst website, they will send you a cashiers check if the dealer gives you problems with the regular one. It just takes a day or 2 to get the total from the dealer and then get the check back from Peoplefirst.

 

>>FYI, according to the PeopleFirst website, they will send you a cashiers check if the dealer gives you problems with the regular one. It just takes a day or 2 to get the total from the dealer and then get the check back from Peoplefirst.


Thanks Leel. Yet again another powerful reason to walk away from a dealer that even rejects a Bank issued Cashier's check from peoplefirst.