I recently test drove a Cooper S and boy you couldn't wipe that silly grin off my face. The car to me felt like a much smaller version of my brother's Lancer Evolution. Handling wise that is I'm planning to place an order sometime in the fall. So I'll guess it'll be a 2005 model. So, my question is, when exactly during the ordering process do you handle the financing? When you first place your order or when your car gets off the boat? With my current car (Miata) I just pick it out from the dealer's lot. Then the next day I got the loan check from my bank and picked up the car.

The reception I got from the dealer that day was welcome relief compared to another dealer I visited last summer. I posted a topic last summer about the cold reception I received. But when I stepped inside on Sunday, I was greeted by a receptionist. I asked if it was possible to take a test drive and she said yes and promtly took down my info. Then I waited in the showroom and checked out the floor models. Then later I met a MA and we were on our way. I kinda felt bad for my MA b/c it looked like he was gonna spend the rest of the afternoon giving out test drives since there were a lot of people waiting for test drives that busy Sunday afternoon. So, I made sure I thanked him before I left.

 

usually you'll put down a deposit when you place your order - the deposit can range from $0 to $1,000. When your MINI arrives, you will either have already handled financing through your favorite financial institution and just show up with the check, or go through MINI Financial Services on the spot during delivery. Chat with your MA when you order for specifics!

Cheers,
Ryan

 

Like you, I was sold on the car as soon as I test drove the MCS. :smile:

 

Do your homework on financing and check around. You will always find a better deal outside, unless the dealer has one of those 0% financing specials. Unfortunately, those financing packages are usually offered by American manufacturer to clear inventory. If you don't do your homework, the F&I guy at the dealership will be very happy to oblige you.

 

Do you intend to use your bank? I used my credit union; their rates were tops. I asked them how long the check (they call it an auto-draft) is good for. They said 90 days. So about a month before expected arrival, I filed for the loan. The check arrived the next day and I had peace of mind. It was early enough so if anything went awry I could fix it or go elsewhere for financing and not be stuck in a "take it or leave it" position if I didn't like the MINI financing deal.

 

Their rates being "tops" meant best, not highest! :smile:

 

Find your own rate, then on the day of delivery go in with your offer from your own bank and see if your dealer can beat it. Mine did, but not using Mini Financial. They used Chase Bank. The dealer gets kickbacks so they are going to try their hardest to get you a loan.

 

Thanks everyone. So place a deposit when you first place an order then shop around for financing around the time the car comes to port. I'll shop around banks, credit unions etc. then try BMW Financial last. I picked my current car from the dealer's lot so ordering a car from the factory is something new to me :smile:

 

As for shopping for financing beforehand...

I STRONGLY recommend e-trade financial and lendingtree. Both offered me GREAT rates, and I settled on a 4.4% offer w/ no prepayment penalty from e-trade. It wasn't stellar, but my credit isn't perfect either.

Very cool to be able to walk into a dealership and shop as a "cash" customer. Much less chance of the dealer screwing you on the back (financing) end this way as well.

I got approved through e-trade, and then went to the dealer focused SOLELY on which Mini I wanted. Made the process proceed MUCH more smoothly. I'll probably apply at the dealer when I actually go to pick it up, just to see if they can beat it, but now I know it WON'T be an issue on pickup day

Best of luck!

 

ditto on lendingtree.com
I've used them several times.