Hey everyone, who else got the email stating that you can trade in your old MINI for a similar new model and get it for about the same payments? I did, but it was a bit vague as to how that's accomplished. I'm sure it has to do with spreading out the loan over a few years and giving a lower APR, but has anyone found out any details? Or contacted your MA for additional details?

 

Only thing I've received via email lately is an offer of $4K off 2010's and some 2011's, with a trade-in.

 

I havent got anything :(

 

Same payments and same loan end date (i doubt it)

 

This works for the dealer as long as you aren't upside down in your car loan. Example: you bought the car 3 years ago, paid 24000 with 4000 down, 5 year loan 20000 looan balance. Your loan balance is now 8000 and your car is worth 14000 retail, the trade gives the dealer 6000. He refiances you for another 5 year loan and with his base price and profit on the trade he can get you the same 20000 loan, ie basically the same payment. This is a highly simplified example the real deal is a bit more complicated.

 

Ben, that's about what I though. I figured that was the only way they could match the payments by extending with a new full term loan assuming you had equity in your car. Wonder if they only offered it to people with a certain level of equity in their MINIs? I'm not considering doing it because I love my car and have too many mods to start over, but the idea of a brand new shiny MINI is alluring.

 

Is it the same loan payment, or the same lease payment? Maybe MINI is offering (some) new MINI's with the same monthly lease payment as they offered a few years ago?

 

It didn't say anything about lease in my email, and mine isn't leased so I would assume its for financing. I did the math though and here's how it worked out. I owe $7300 on my MINI and lets say its worth $20,000 that gives me $12,700 in equity. Rounding to a whole number lets say the new loan would be $14,000 for 5 years, and MINI says its $18.37 per $1000 a month. That would put my new payment at $257 a month, and my current payment is $254 a month. So I guess we figured it out what they are talking about.

 

That rocks! My current payments are $ 0. FREE MINI... w00t!

 

There is nothing specific to it, just another gimmick to get you in the door. Oh, I have no doubt they will try to work something out that you will accept, but there's too many variables in the auto world for them to make a blanket statement like that. I've gotten the $4K off '10s and low APR offers for '11's pitches via email over the last week or so.

 

Did you get the email? The "catch" is that you have to have gotten the email.

 

Don't need the email...it's simply down to the individuals ability to negotiate a deal....
Philip

 

I paid cash for mine, so where do I stand on this deal?

 

Sell the old one and pony up a few more bucks and drive a new one, but get ahold of one of those $4000 off ones, sounds like a deal to me.