R50/53 Payment Options
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Joined: Sep 2003
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I have long been considering a Mini Cooper S and debating weather to get one or not, I am still in school and have limited resorces. Which is the best payment option in getting one. After looking at MINIUSA and seeing the 'mini select' it sounds like a good option, but I am still not sure. Please help me out and tell me how you've come along with you mini. 
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"MINI Select" is just another type of close end lease contract. The main difference between the Select option and a regular lease is that in the Select contract the car is placed in your name, whereas in a regular lease the car is in the bank's name. The main advantage of the Select program is that since the car is registered in your name you are not required to carry the higher coverage insurance limits as in a regular lease contract. But other than that, money factor calculations, and end of lease obligations and fees and mileage limitations are pretty much the same.
In Florida the "Select" option is not as popular because there are taxing advantages going with a regular lease contract.
Keep in mind that to qualify for the MINI select or MINI Lease programs you have to have excellent and substantial credit history, so before doing anything, request a copy of your most current credit report from the 3 main reporting bureaus:
http://www.equifax.com
http://www.experian.com
http://www.transunion.com
Depending on your state of residence your credit report fees will vary. Also all these credit bureaus allow you to get your current credit score (FICO score) for an additional fee to be included in your report. If your FICO score is above 700 points, you should be in good shape to be approvaed for either leasing option.
Good luck.
In Florida the "Select" option is not as popular because there are taxing advantages going with a regular lease contract.
Keep in mind that to qualify for the MINI select or MINI Lease programs you have to have excellent and substantial credit history, so before doing anything, request a copy of your most current credit report from the 3 main reporting bureaus:
http://www.equifax.com
http://www.experian.com
http://www.transunion.com
Depending on your state of residence your credit report fees will vary. Also all these credit bureaus allow you to get your current credit score (FICO score) for an additional fee to be included in your report. If your FICO score is above 700 points, you should be in good shape to be approvaed for either leasing option.
Good luck.
3rd Gear
Joined: Jun 2003
Posts: 292
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From: Greenville, SC
>>The main advantage of the Select program is that since the car is registered in your name you are not required to carry the higher coverage insurance limits as in a regular lease contract.
Be careful though, if you decide not to elect for the full comprehensive, any accident you incur will be at your own expense. If you slip off the road and total the car, you will be owing the full amount of the car and nothing to show for it.
FrogGuts
Be careful though, if you decide not to elect for the full comprehensive, any accident you incur will be at your own expense. If you slip off the road and total the car, you will be owing the full amount of the car and nothing to show for it.
FrogGuts
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