Hi all- I went to the dealership today, and the quotes I got for monthly payments on both MINI select and financing are just crazy--maybe its Long Island.

I am wondering about a lease, and whether or not I should do it through MINI or a private leasing company. I am just not sure of what to do-anybody else out there have any advice?? I really really need my monthly payments to be in the $200 per month range- am I totally asking the unreasonable?? Any advice or suggestions or links would be GREATLY apreciated- I am in need of a new car(namely the MINI) REAL soon!!

Thanks for any help anyone can give!!
JB

 

Well, you can arrange your payments at $200.00 a month, with a huge downpayment. Even a base MC with no options is going to be more than $200.00 on a lease. Please keep in mind if you are putting money down, go regular financing, no downpayment for lease (except the fees). You are not being realistic. $200.00, buy a Hyundai or Mazda 3 std. They have $189.00 a month leases.

 

I dont mind putting down some money say in the $2500-$3500 dollar range, but you really think 200 or so per month is a lost cause?? I dont mind a bit of a buy out at the end either, its just for now my payments kinda need to be low. MINI is the only way for me to go too though, none of those other cars.

 

if you belong to a credit union, usually the rates are better.

but, a big downpayment really makes a huge difference on the monthly outlay.

at my credit union's 4.9% rate, you need to get your loan amount financed down
to 10,500$ to be below 200$/mo.

i'd start saving the pennies

 

Having just gone through the financing whel and having a relative who was a finiance manager for a decade here are some pearls:

$200 is not reasonable with any lease/finance option unless you put a huge chunk down for the lease, or get your financed amount down to ~10k. In general figure $100/month for each $5k financed over 60 months (this is assuming a 4-7% APR roughly) The payment will be more or less based on longer or shorter terms.

The MiniSelect is a good option if you want to keep your care, want to get a lower payment and are willing to pay 1-1.5% more as an APR. These really only work for those who are gonna have a significant change in income (read student) at the end of the set financing, prior to the balloon. Or if you want to do all the mods you can and then think you may sell to get something newer. In general Minis hold value well and this is not a bad option. It is in fact the route I chose to go even though USAA was gonna get me at 4.5% vs 7% for BMX Finance.

Bottom line is the money has to come from somewhere. I'm paying $270/month on a 27.9K car (that was with MSRP, Tax Title, Liscens and all fees) with $8K down. Gives you some idea. Maybe you should wait a few years?? The redesign is coming up and that might be just about right. The Mazda 3 is a great little car for way less money. Got me through the tight patch until I could get my Mini!

Cheers,
Joel

 

Not that I would really recommend it, but you could also push your loan term back a few years, if you decided to buy, not lease. For example, my credit union offers car loans up to 84 months. I'd hate to be paying on a car for 7 years, but if you really need to get that payment down...

I did something slightly similar. I put $4k down on my MINI and had my two credit unions fight it out to give me the best rate. I ended up getting 3.75% and a loan term of 60 months (5 years). This pushed my payments down to just over $300 a month. I fully intend to pay $400 a month (what I budgeted) and apply the extra $100 a month directly to principle. I just wanted to make sure I had a "safety" cushion in case of any major life changes (I remember being laid off for nearly a year from my dot com job in NYC!).

While it seems that used MINIs are nearly as expensive as new ones, have you looked into purchasing a used one? That would also be another way to get your payment amounts down without necessarily sacrificing anything you want as options in the car...

 

Have you checked your credit report? Make sure it is spotless if you are after the lowest rates/lease money factors available.

 

Loan rates in used MINIs will be typically higher than loans on new ones. used MINIs are mostly beneficial for cash customers.

 

I put $10,200 cash down for my '05 MCS (MSRP $22,900 + Tag, Tax, Fee) and financed the rest for 30 months @4.09% APR with Capital One Auto Finance (www.capitaloneautofinance.com)

Payments are around $511/month but have only 24 payments remaining and plan to pay it off a lot sooner.

 

$200/mos hasn't been reasonable for 15+ years, you're just ot even in the ballpark for a new car. If you are that constrained look to Kia.

 

Yes, most lenders charge higher loan rates for used vehicles, but if he is financing a lower dollar amount (used vehicle)....

Remember, he's not looking for what is the best option, merely the one that will get his payments under $200 a month.

I agree with you, though. I don't think $200 a month w/o a lot of money down is going to be an attainable goal. It is probably better to purchase a less expensive or older model used car and wait a year or two and save some money up, or find a better paying job, etc so you can afford a $300-$400+ car payment. I think the worst thing would be to go and get the MINI and find the payments are more than you can really afford. Then you might end up losing the vehicle (repo) and then your credit will be ruined and it will be difficult to be able to finance ANY car. Your MINI dreams will be pushed off for probably 7+ years until it falls off your credit.

I'm sorry, I really feel for you since I know how bad the MINI bug can be once it bites you! Here's hoping you win the lottery or come in to some money to make your MINI dream come true!

 

Thanks for all the advice- I dont mind putting down in the area of around 4500 if need be, its just that Id like to keep the payments in the 200 ballpark, just so I can save some money up to OWN the car in about 4-5 years- I priced out MINI select and 290 a month isnt horrible, but the end result cost that I calculated with the figures I got was almost 32k for a MCS-is that right for a car that prices out at 24,705 with oprtions???

I guess I have a lot more homework to do or maybe look in the used are for a MCS. And your definately right, the MINI bug has bitten me hard and Im really into it. Thanks again all. Ill figure something out...
JB

 

If you insist on a new MCS, I highly recommend ordering a car with the fewest options possible. My '05 MCS came out to $22,900 and the car has no sunroof, xenons or 17" wheels.

Just to give you an idea, here is the spec:

Chili Red/White (Saved $420 going with solid paint over metallic)
16" stock V-spoke wheels
Front and Rear fogs
Harmon Kardon
Trip Computer
Convenience package
Exterior chrome package
Halogen headlights
Manual A/C controls
Anthracite Trim
Black Panther leatherette sport seats
Multifunction Steering wheel.

That's it. If I were you, I would get a new '06 MCS with just MFSW and front/rear fogs. You will still have a kick-*** car, lightweight and fast and not as costly as a fully decked out MCS.

Some food for taught.

 

I did some rough calculations for you. Assuming you decide to get a new "bare bones" '06 MCS, you are looking at paying around $22K for the car. If you put down $4,500 cash, you will be financing around $17,500 for 60 months (5 years).


Using Capital One Auto Finance's loan calculator, if you finance the $17.5K for 60 months @ 5.25% (Their best rate for that length of time), your monthly payment will be $332.35.

On the other hand, if you decide to get a "bare bones" MINI Cooper 5-speed for $19,000 (Give ot take) with the same $4,500 cash down, you are looking at payments in the $275 ballpark with the same loan as noted above.

If you want a new MINI for $200 that ain't gonna happen whether it is a loan or lease, unless, you are willing to put down at least $12,000 cash down and this is assuming you will opt for a very conservatively specced MINI Cooper or MINI Cooper S.

I don't think you are going to do that much better with an used one. So unless you are willing to give up the cash, or give up on the idea of getting a MINI (New or used) your reality is that payments will be in the $330-$350 ballpark for the next 5 years.

 

Few things to remember with leases, final buy out amounts rarely have anything to do with the value of the vehicle at the end of the lease. While the MINI currently has a high resale value, it may not in 2 or even 3 more years. It's possible that you could have a buy out value that's >$5k more than the actually value of your car. That's $5+k that you'd have to eat if you wanted to keep that car.

If you don't want to keep the car at the end of the lease period, make sure you watch your mileage throughout the lease period. Lower lease rates typically have lower mileage caps (I've seen as low as 10k a year) with excess mileage charges at $0.15 a mile or higher. If you turn the car in at the end of the lease period you're still responsible for the excess mileage which could result in a bill to the leasing company of several hundred dollars a month or two after you turn the car in.

Personally my feeling is that if you need to bend over backwards to scrape up every penny you can find in order to afford to make a large enough down payment so that you can afford you're monthly payment.... You're probably overextending yourself on the car in general. It may suck, but I personally think you should wait if the numbers on your monthly payment are as critical as you seem to describe them...

 

Alrighty- Thanks again-I definately might be able to swing in the 300 ballpark, I guess I have to be more patient than I am- Its not easy with MINI on the brain. Im gonna do some more homework and playin with figures and options and see what I can come up with!

I just wanna be out there motorin! Thanks again all-we'll see what happens soon enough!

JB

 

As stated figure about $20-$25 a month per $1000 financed on a 60 Month term. Thats basically with clean credit and under 8% interest.

$10,000 is about $200-$250/mo

My MINI at 6.9% is right at $540/mo, was about $35K Out the Door.
My Wife's at 4.5% is at $550, was about $38K Out the Door.
Good luck at the $200/mo range, plan on Financing no more than $10K.

 

I bought my Cooper almost barebones with $3,000 down, and this was at a low interest rate (I think it is 3%) and my payment is right at $300.

 

$1,100 per month in just car payments is a lot of dough!

You pay more for your cars than I do for my house.

 

Use this calculator to find out how much you can afford: http://partners.financenter.com/wesc...eng/auto11.fcs

You can enter the amount you intend to put down, the term in months, and the rate. Credit union rates are about 5% now.

 

Very good advice here - "What you can afford"

I know that getting MINIs in the blood is easy to do, and they're easier to reach than most other fun cars, but they're still not cheap. Bottom line: If you can only comfortably afford $200/mo right now, then you can't really afford a new MINI. As others have said, find a nice 'substitute car' for the immediate future, then step up in a few years.

Another factor that enters into things is your household situation. If you're young and single, pressing your car payment from $200 to $300 is going to mean a slight sacrifice in your party schedule, but if you're young and raising kids, living on the financial edge just to have a cool ride is not just unfair to the family, it's downright stupid. Oh, and along those lines, don't forget to price out insurance coverage. Again, if you're young and single, the insurance might cost you a LOT more than your payment!!

In my 20 years in the Air Force, I saw more than my share of people get in too deep, and their kids suffered, then the repo man came, and things just spiralled downhill from there. So you end up with no wheels and ruined credit. . .not cool.

Sorry - didn't mean to preach, and I don't want to imply that your priorities are turned around. . .just wanted to make sure that you don't get screwed just to have a MINI. . .I'd love to have a new Bentley Continental GT, but, well, that just ain't in the cards.

Good luck - hope you can find a solution that works for you and doesn't make you a slave to the car!

 

If you are male, unmarried, and under 25 years of age, you'll are guaranteed to pay the highest auto insurance premiums.

Get your degree, get married and by the time you do all of that, you'll be knocking on the 40 year old door.

 

Or knocking it off the damn hinges in a shower of splinters, in my case.

 

My situation is actually good. Im living with my Girlfriend, no kids, and I have a pretty good job. My insurance for that car is only $170 a month, and thats with everything.

I was planning to get the MINI and do a variety of work to it, one, because I Love to Mod cars and make them 'my own' and two, becuase I am starting a painting/airbrushing business and it could be a good source of advertisement and to help get myself out there a little.

 

You can mod the "Cheapest" and most basic MCS, so there is little need for you to go after a full decked out MINI.

I have seen "bare bones" MINIs that have been tastefully modded and look like a million bucks.