LOL!

I am going to find a way to do that. I've got another couple weeks till my MCS comes in. First I'll need to make enough money to pay it all at once. Then I'll need to get the "motorcade" gang....... the dealer's face should be priceless!!!

Okay, I think I watch too many movies too.

 

Believe it or not this thing actually happend to my uncle when he was selling Shelby Cobra 427... 4 guys on crotch rockets and two black land rovers pulled up outside his house gave him three suitcases with the total amount in it (alot) and got in the car and drove away...

Two Weeks later:
Cops return car to him
Confiscate the money

seems that they were part of some drug ring out of chicago...

He decided to keep the car.

Mikey

 

Lol!

That would be soo cool! I would keep the car just to tell the story about it

 

financed at MINI (Chase Bank) for 36 months at about 5%.
paid it off in about 2 years.

 

Personal check and down the road.
No muss, no fuss, no having to deal with F&I strong-arm sales tactics.
Priceless.

 

I'd look to a credit union, I use mine nearly exclusively for anything financial. The best rates, the best service, etc.

 

How about FREE! WooooHooooo!

"06 MCS AB, LSD, DSC...more to be added!

 

Sounds good to me. I have actually considered buying an MCC in addition to my MCS.

 

I took the gap insurance on a purchased vehicle from my credit union.

 

One thing to note about Gap:

Depending on the size of your downpayment (and car's depreciation) you may not need it. If you're putting 1/3+ down on a mini with a decent interest rate you should never be upside down on the car.

Now if you're financing most of the car it's a very good idea, but I thought I'd throw this out there in case anyone is confused on whether it's worthwhile for a car that's only 50 or 70% financed.

 

Very good point.

But I don't think you need 1/3 down to achieve that. I have been watching the value of my car and it is amazing how a year later it is worth darn near what the MSRP was when I bought it.

 

This should work fine at a credit union, but watch the terms on dealer financing. A guy I work with got financing through a dealer and missed in the fine print that accelerating payments was essentially penalized to the point where paying on the loan for the full term made the most sense.

 

lease. owning a depreciating asset just isn't my idea of fun. add to the fact that you get a tax deduction for the lease payment, if you have you're own business, and it makes even more sense. yes, you can write off mileage in a financed/owned car, but lease write offs are easier. then you've got the fact that after the 3 year mark maintenance starts to get expensive., might as well turn it in and get a new one.

 

Except that it's probably more expensive to make even more monthly payments on your rented car than it would be to save the money and make repairs when necessary.

For me I am paying cash (or personal check anyway and little bit to a credit card to get the FF miles). I may own a depreciating asset, but at least I will own it. Since I tend to hold onto a car for 5-6 years it makes the most sense for me.

Everybody's situation is different.

 

exactly. i wasn't saying everyone should do it, but between the tax write-off and the repairs/maintenance that appear around the 3-4 year mark (tires, brakes, etc...) leasing makes more financial sense for my situation.

 

Cash, as it were. Paid by personal check. This was my retirement gift to myself...something for which I had been saving for several years. No more car payments for me.

 

Trade in paid for the majority of my MCS...

I'll be selling my a** on the street corners for another 5 years or so to pay the rest off.

 

yeah sorry that wasn't clear, "decent sized down payment" would've been a better phrasing on my part.

 

Which is fine if you can get someone to pay that amount... The true 'value' is waht an individual or dealer will give you for it, and I'm not sure about the rest of the country, but here in Cincinnati there are a lot of Minis used and new sitting on dealer lots...

 

Well my supposed trade in value according to both Kelly and NADA is up there. Also every time I see a used MINI the price is such that I don't understand why anyone would buy used since new is so close in price and usually with better financing.

 

Wrote a personal check for my MINI, first time I've ever done that on a new car, great feeling. Who knows how long I'll keep it, but when/if I do sell it, the value will be clear. I am leasing my other car. Don't mind always having a car payment, like the low maintenance of a new car, will get something new in 3 years. NEVER put money down on a lease other than what's required for drive off, I only had to pay the first month's payment. For the best general info on leasing I've ever seen in one place, go see bimmerfest.com's Ask-a-Dealer forum. If you don't understand everything about a lease, don't do it.

 

Very true! When we've leased in the past, we put down the required first, last, whatever, etc plus pay the taxes. Why pay interest on the taxes! Here in Illinois, we have to pay tax on a lease. And the worst part, if you decide to keep the car after the lease, Illinois requires you pay the tax a second time We've never kept a leased car.

As far as gap coverage, I put down 40%. I should be okay with out gap I guess.

 

About a year ago I took delivery of my '05 MCS. I put $10K cash down and financed the rest with www.capitaloneautofinance.com on a 30 month loan @ 4.09% APR.

I currently owe about $9,500 on the loan and have only 18 months left of payments (Probably will pay it off sooner). About 60% of the car is fully paid off. The current market value of my '05 MCS is around $20K-$21K so I have nearly $11K cash equity as we speak.

I highly recommend www.capitaloneautofinance.com All my 3 MINIs were initially financed through them and the loan rates and customer service have always been top notch. 10-15 minute online loan approvals and a "Blank Check" in about 2 days in your mailbox. You buy your car as a "Cash customer" and gives you excellent leverage at purchase time.

My dealer has never had a problem accepting Capital One's blank checks. BMW Financial services has never been able to match or better Capital One's rates, in despite of my excellent credit rating.

Well worth it and completely hassle free experience.

 

Leasing only makes financial sense for business owners. For the regular Joe six packs out there, leasing may be a bad idea and a never ending treadmill of car payments and nasty lease end fees.

A lot of people are entinced into the idea of leasing, but they don't understand what they are getting themselves into. Most people are "monthly payment shoppers" and this is exactly how leasing is presented to them....As an alternative to drive more car for less money per month. The problem is that the REAL costs of leasing crop up at the end of the contract in the form of excess mileage, fines, disposition fees, wear and tear fees, etc. Dealers and manufacturers love leasing because they can get customers into vehicles they can't reallistically afford otherwise, thus ensuring quick sales, great profit margins and repeat purchases.