ya so I just found out that the dealer won't take my Captial One check.....didn't know about this, until I did a search here on MCO, I mean NAM.

So now I am stuck................anybody know how I can work around this?

 

Please describe what is the source of funds? Is this a checking account, credit card, home equity account or other?

 

Which dealer? What rate was capitol 1 giving you? Why not use BMW/MINI credit ?

 

Can you just deposit the Capital One check into your savings account, wait for it to clear and then have the bank cut a cashier's check to the dealership? As far as the dealer is concerned you'd be buying the car outright, the title will go to you and then you just send it off to Capital One to secure the loan with the vehichle.

I know...it sounds waaaay too simple. Good luck.

AlexR

 

My dealer took a personal check from me--absolutely no problems or questions asked. Given that, I don't see why they wouldn't take a check from a credit card. Seems like that would be a lot less risky...

 

That seems very strange. I have been told by 2 dealers (MINI and Toyota) that it is common practice to accept any kind of personal check - out of state, checking, money market, or whatever. The dealers I spoke with had different ways of managing their risk. One of them simply held the title of the car until the check cleared. The other one had me sign a contingent loan agreement with one of the banks they deal with...if my check bounced, I would automatically be issued a loan from this bank to replace it. They did this as a matter of risk-management routine without me having to go through a loan application process.

It seems like your dealer ought to have some kind of plan like this to be able to accept your check.

 

Well Just got off the phone with BMW Manager Finance Department, and they told me that there were able to do 72 months, even up to 84 months, and he would beable to match the rate I have now with Captial One. Tate Mini in Annapolis does not take Captial One checks, unless you get Captial one to have the check signed to the Mini Dealership, only then they will take it. "Thats what he told me" So now I not as stressed out, if they can atleast match my % I got, for 72 months then I am happy.

Thanks for all the QUICK!! replys

 

Still sounds sketchy to me. Unless they've very recently somehow been screwed by Capital One (doubtful), I think they're just playing with you to get you to use their financing. My dealer offered to match the rate I was offered by another bank, and I refused. My buying experience was a crappy one, and I didn't want them to get any more of my money than absolutely necessary for me to drive away. Plus I just didn't trust them. I'd much rather spend some time on the phone with an actual human being at a bank than scan small print while sitting in the dealership's finance office.

What do you mean, "unless you get Captial one to have the check signed to the Mini Dealership"? It's a Capital One check, and you're addressing it to the dealership, right? I don't see where the problem would be.

In any case, good luck, and look forward to having the whole purchase experience behind you!

 

>>ya so I just found out that the dealer won't take my Captial One check.....didn't know about this, until I did a search here on MCO, I mean NAM.
>>
>>So now I am stuck................anybody know how I can work around this?

 

>>Well Just got off the phone with BMW Manager Finance Department, and they told me that there were able to do 72 months, even up to 84 months, and he would beable to match the rate I have now with Captial One. Tate Mini in Annapolis does not take Captial One checks, unless you get Captial one to have the check signed to the Mini Dealership, only then they will take it. "Thats what he told me" So now I not as stressed out, if they can atleast match my % I got, for 72 months then I am happy.
>>
>>Thanks for all the QUICK!! replys


This sounds like nothing more than a dealer pocket lining exercise (Christmast bonus?). They have been getting a lot of Internet driven financing, which eats into the kickback they get from BMW Financing. So, they balk at taking the Capital One check, and instead get you to sign up with BMW Financing.

Setting up financing cost YOU. Time, effort, maybe a small fee. Now they just made YOU eat those expenses. Oh yeah, don't forget your insurance now has to change to reflect the lien holder - another expense (albeit small) for YOU. Cost to dealer - two minutes to refuse check.

Please make sure this is reflected in the dealer rating!!

 

The dealer is playing games with you. I just used a Capital One chech with no problems. Tell the dealer to **** off!!

 

And "they're able to do 72 months, even 84 months"?! Please. In other words, they're able to sit back and let a few more grand roll in while they give you the impression that they're doing you a favor.

Unless you've got an astoundingly low rate, any loan term more than 5 years is going to end up being a bad deal for you, even given the MINI's outstanding value retention. Do the math and figure out what your payment total will be - the monthly payment amount shouldn't be where your focus is. In all honesty, if your financial situation requires you to look at a 6-7 year loan, you're probably stretching too much to buy this car. What happens when you need your first post-warranty $900 brake job, and maybe a $500 set of tires within the same month or two?

I don't mean to be discouraging, and I apologize if I'm underestimating the extent to which you've thought this out; just trying to cover all the angles here. Hope everything works out! :smile:
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I don't know why they won't take it. As stated all they have to do is hold the vehicle till the check clears. Check with another dealer who might do a dealer trade for the car your (?) dealer has.

Earl

Who ever said, "Money can't buy happness." never spent some on a MCS..

 

hi,

This sounds a bit screwy to me that they won't accept your capital one check...My MINI was paid for with three personal checks and no questions were asked and they let me take the car home with no hesitation. I would of thought they would have more reservation from personal checks that come out of a personal account rather than one that comes from a credit card...hhmmm very strange..

 

I had the same thing happen with Tate in Annapolis. They refused E-Loan, too. I contacted E-Loan and the rep got back to me and said that it is the same as money in the bank and they are just refusing it so they get more money from arranging the financing. I ended up getting a good deal from my credit union - though not as good as E-Loan - and presented them with a cashier's check. They couldn't refuse that. It's apparently a Tate organization policy.

Laurie

 

^ Sounds as if a call to the MD Attorney General's office is in order. I'm no lawyer, but I think that refusing to take (or balking at taking) anyone's financing other than their own constitutes a "cohersive credit practice." That's not legal. And likely, as soon as one of their customers threatens to make the call, the practice will cease...so really, someone ought to call them out on this.

BTW, I agree with Chris...a 72 month car loan is really not a good idea. It would seem that leasing would be a better alternative to that kind of loan.

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Bring Out the Scoops!

 

Chrisnl is 100% right. I used to think 4 or 5 years was best but any longer was a waste of money. Nowadays I feel so strongly against long term loans that I won't do anything greater than 36 months! With a 6 or 7 year loan, you may love the low payment you have since you're getting a brand new car (and a heck of a car at that - a MINI!). But when your MINI is 5 or 6 years old and you're putting money into it for repairs and maintenance on a regular basis and you're still paying that same monthly payment as you did on a brand-new maintenance-free MINI, you may feel very different about it. Think about it. Maintenance runs out in 3 yrs/36k miles. Warranty is gone in 4 years/50,000 miles. What if you have a $900 maintenance bill one month in year four? Or a serious issue for several grand(!) once your MINI is out of warranty in year five? It's may be very important to no longer be making monthly payments when your maintenance and repairs costs could be both sudden and extreme.

Just make sure you think twice (or three times!) before you get quite the extended car loan like you are suggesting. Heck it's even possible that a new car might not even make it 7 years! Then what? You'll be making payments on a car you no longer have!

Just my 2 cents...

 

Yes!!! I agree!

 

My $.02... First of all, I would agree with the discussion about loans. With the interest and depreciation, 5 years is a breaking point. The best deal (if you
can do it is) 3 or 4 years. That way the interest doesn't kill you...
6 or 7 years, financially, consistutes actually costs you quite a bit more in the long-run.

But RE: not taking a check, if the lender is an established banking institution,
with NCUA (Credit Union) or FDIC (Federal Deposit Insurance Corporation)-
unless their is "overriding reason" for them to not accept the check... They have to accept different sources of funds. This comes from a friend of mine, who is also a lawyer in New Hampshire :smile:

Jsun is right on the money, I'd take it to the Attny General's office. Or perhaps use the threat of such as a way to finagle some free stuff out of them. I've yet to meet a car dealer that truly exceeds my expectations, or even meets... So I have no problem rakein em over the coals Remember, they are a business- not a charity.

Please please please, put this in the dealer rating. People need to know!

caio,

-Matt

 

I agree with both of you, however, I can think of a situation where a longer loan would be beneficial.

Consider the following: You buy your MINI with a long loan and low payments. When times are good i.e. employed you make extra payments as if you had a much shorter loan. Then one day you lose your job... but since you had low payments you might not have to get rid of the car. You have a better chance of "weathering the storm" until you find a new job and can start making extra payments again.

 

Ooops I just realized we are completely off topic... My fault!

They should take the damn check!!! My dealer pulled a similar act and I had to take their financing deal.

 

I only doing 72 months for now until I get my feet planted on the ground more. As time goes on, as I get more money for what I do for a living, I will be able to
refinance the car, and pay it off alot quicker. If I could I would only do it for 24 months or 36, but right now my buget won't let me.

Thanks for all the replys, I didn't think I would get this many.
This sure is a great place to find out alot of info on mini's.

 

OK, I'm butting in one more time and then I'm done
Sounds like a good plan, as long as that salary increase is very likely to materialize. Definitely make sure that WHATEVER loan you end up using, you can pay it off early without incurring penalty fines. This is not an unreasonable expectation, and if they won't agree to that, you DEFINITELY have grounds to insist on using outside financing. Plenty of banks will give you that respect and flexibility.

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SUPER thought, in my opinion as a poor student. I never considered refinancing the car after a year...

My position is a bit strange, but maybe not too far off from many students.

After I return home from my year in France in early July, I will have one more year of university to finish up before I can pack up and get my butt back to Paris

I attend school only 15 minutes from my house. for the first two years, I lived on campus. this year im in paris (dont even need a car here) and next year I will be living at home. My parents have more or less bribed me to live at home for my last year. the deal is as follows:

I stay at home, thereby saving money on room and board. I buy a new car to allow to get to school and maintain some freedom, parents cosign a loan and assist me with the payments during that year (still cheaper for them than me living on campus or in an appt, car insurance included!). They want me to pay about $2-300 a month. So I think I wont be able to resist not buying a MINI at that point. It will be my only consolation from the desparate depression that will follow my leaving behind of this fantastic country...

So anyways, A long term loan during year one, to keep the payments super low while I am still Super poor, and after getting a real job (whether states or the continent...) I can refinance the remaining loan amount to better rates / higher monthly payments and have the vehicle payed off in a total of 3 to 4 years.


Any problems with this ??

Patrick

 

Oddly enough, Sterling MINI (VA) says it will take my Cap One check, but not ELoan. They claim the latter has too much paperwork - and that it is the only institution they don't take checks from.

I'm supposed to pick up tomorrow, and though everything should be worked out, I always dread the BS and pain of this process.


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'04 CR/B MCS, Sport, Prem. 9 days from Oxford to set sail, 9 days on the water, and 16 DAYS between NY/NJ and pick up!!!