I am interested in what the Mini Select Program is and how it works exactly. Have heard a little but still would like to hear what it is all about. Thanks.

 

I purchased MIB under the MINI Select Program. 4years of payments then they refinance for the final 3.

Not the best way to go. But if you gotta have a MINI....

We never finished the program as MIB had to be sold due to divorce.

 

Also, how does it compare to owner's choice? Why are these not good options?

 

owners choice has mileage restrictions... select only has mileage restrictions if u trade it in at the end of the first term... fyi, the more you put down the easier ur monthlies will be.... your downpayment doesn't affect your balloon payment... I put 6500 down and my monthlies are 136 but my balloon is like 15... at the end, u finance, trade in, or pay off... i intend to pay off...

 

also, owners choice i think is only for certain areas...

 

I'm doing the MINI Select thing. Helps keep the payments down, and I'll probably end up trading up in 3 years anyway.

 

owner's choice is offered in states where leasing is not good due to different tax laws on leases. it is only offered in a few states, and it is essentially a finance version of a lease. it has mileage restrictions, and it has a "walk away" option meaning at the end you can turn the car in and BMWFS will "buy it back" from you for the pre-determined price, minus any excess wear and tear fees or excess mileage.

a select is more of a traditional finance in that there is no ability to walk away. you can trade it in at any time, but there is no contractual obligation for BMW or the dealer to buy it back at any price, so you are taking the resale value risk. also, at the end of the term, you must make the final baloon payment in full or by refinancing... on an owner's choice, you have the ability to turn it in.

 

I am doing the Mini Select. It allows for lower monthly payments of a lease, but you own the car so you can modify it. The down side, on my 2 yr plan there is that there is one HUGE balloon payment at the end, equal to about 75% of the price of the car. Monthly payments are $215.