I am still in the configuring stage and plan to buy a MCS. I have spoken to at least a dozen people at various MINI dealerships and they all told me that MINI never does financing specials because "we don't have to." My MA didn't even tell me about it, I found out by looking at the dealership websites yesterday. Is this the first financing special they have had?

 

4.9% on 07's until january 2nd i believe. And its an approved or no approved thing. There are no tier's like normal. Its either a go or no go.

 

I went to order my 08 mini S on Saturday and was surprised to see 4.9% marked on the windshields of the showroom minis. They of course were 07"s and they had nothing on the lot that I really wanted so I'll pay 5.94% through BMW. By the time mine comes in...6-8 weeks the rate may be lower and I'll feel a little better.

 

5.94% is a pretty good rate, how did you get that? I've been shopping around and lowest I can find is 5.74 with Bank of America, but there are many stipulations which they won't disclose until I fill out an app. My credit is excellent so any suggestions would be great.

 

Not sure that it really means anything...it depends on your personal credit score. I'm financed at less than 4% and there was no special being advertised at the time, it's just what they offered me.

 

Best I got w/ BMW is 6.43% and best w/ local bank is 6.25% for trad 60 mos finance w/ excellent credit.

Where are you folks getting such low rates?

I'm getting an '08 MCS that won't be here till January. So, I have a little time.

Thanks in advance.

TK

 

I saw the Bank of America advertised rate as well and I too have excellent credit. Can you tell me what the rate actually is once you apply? I assume it is higher than the 5.74 right?

To the guy who got 5.94%....was that through Mini Financial? I was told their elite rate was 7.25%.

 

Maybe the times are catching up with Mini dealers. It would be a good thing to have them get hit in the wallet, and provide a more interactive buying process.

 

Financing is a funny thing I guess. I have as good a credit rating as you can get and three weeks ago when I took my first test drive they told me I could get 6.25%, same as my bank. That night I applied at E-loan for 6.09% and they sent me a check to be used by 1/6. Then Saturday the Mini dealer said they would give me 5.94% for 3 or 4 years and if the rate goes down by the time I take delivery I get the new rate but can't go higher.

 

When the dealer tells you that they can give you as low as X.X% after you tell them you found a better rate, it is not through Mini financial/BMW. The dealer doesn't have wiggle room for the BMW/MFS rates, those are spit out by the computer. They are able to give you 5.94% probably through another bank that they are partnered with.

Those of you who get rate quotes from your dealer, be sure to ask them whether it is through MFS or some other bank.

Also if you post your rate, be sure to specify the length of the term, 36/60/72 months. 36 month rate are usually lower than 60 or 72.

 

I got 5.9% through BMW Financing (who incidently got the loan through Bank of America). For reference, this is the first loan I've taken out.

 

I got 5.5 through my bank. It all depends on the bank and your credit.

 

I agree, the rate at my bank was 5.5% for 60 months when I checked a week or so ago.

 

Is BMW financing the same as Mini Financial Servies? As far as I know, MFS is their own bank. If you got it through your dealer, but it is going through Bank of America, then it is not through MFS.

 

I was able to get 5.5% through JPM; this was my first auto loan, and I have pretty good credit (above the 720 mark). This was back in June.

 

I have no idea. The MINI dealership was attached to the BMW dealership, and I walked into BMW Financing office to finish my paperwork. It's just what they had waiting for me, and I thought it acceptable.

 

The lowest I could find at the end of July was 6.0%, which the dealer got me through a credit union. I have good credit, but rates had just gone up and they didn't have any good specials.

 

...I wonder if I can renegotiate the financing rate? I bargained down to 6.3 6 weeks back when I ordered my car. -Jeff

 

You can always try. Getting another loan is usually the best way to do that. If you have decent credit look around at your bank, credit union, etc, for good rates. Most places will give you a blank-ish check to take with you, and you can either use it and get their rate or or use it to bargain with the dealer ("Can you get me lower than this?").

 

While waiting for your car, check rates online. Apply for some. Go into delivery with a check in hand from an online option. It's amazing how they can check for a better rate and come up with it.

Upon ordering I almost fell backward over their offered rates. I took it personally knowing the Hubby and I have better than excellent credit. While waiting for the car the Hubby found many MUCH better rates. We used one online with Capital One I believe that knocked the socks off the rate they quoted upon ordering. When it came time for delivery we had a check in hand. Behold, before handing it over they offer to do a check to see what they can come up with. They just barely beat our rate, but enough that it was surely worth it. Kicker was that it was through Suntrust who we use for our regular banking needs. They didn't give us that rate, but did through the dealership. Can you say...KICK BACK!!!

The next time I had business at the bank boy did I give them an ear full. They of course explained why the dealership can offer these rates with them. What a monopoly!!!

 

Thank you so much for keeping this thread going. I'm on the fence re buying a 2008 because I can't stand the thought of paying almost 7% on top of the really high price of the car as configured. I have excellent credit and can't justify such a high percentage, but MINI doesn't make it easy. If you got almost 5%, that's amazing! Please keep the responses coming. Maybe MINI will listen to us and give us some better purchasing options.

 

5% is awsome now-a-days, unless your buying a ford or chevy that lose 50% of its value in 20 minutes.

that is why MINI doesn't offer anything crazy like that. If MINI offered 0% financeing tommorow, every car since 2002 would drop in value. Maybe only a little but it would still be a drop.

anything uner 7 percent is good now, but 4.9 is great and i would def. take advantage of it.

 

4.9% is for a 60-month loan?

Thanks,
~Neal

 

up 66 months actually

 

Thanks!

~Neal