Yes - on a 2008.

I've got a call into him right now to verify the 4% and will report back. I originally told him I'd pay cash or use my private banker for 24 month financing, and then he threw out this low rate.

 

cannot find the site now that had the 2.9 and 3.9% i should have book marked it. but the new mexico site says the 4.9 is irregardless of credit rating. a texas site is also offering 1500.00 off on their one day sale that has been on for about a month.... sure is a long day. and the san diego site says 500.00 off every 2007.

 

My Credit Union is now offering 4.9% as well.

 

found the site it is ottos mini in west chester pa. if you go to autotrader and clik one of his cars the interest rate comes up. I knew i saw it somewhere.

 

I read about Pentagon Federal Credit Union on this website. I joined The National Military Family Association for $20 (as I didn't want to take the time to find a qualifying family member) and funded my new bank account with $5. I applied for the loan last week and had the check in hand 5 days later, and that included a weekend. Even called them a few times on the weekend and was able to get a response. Pretty amazing to be able to get answers over the weekend. Turned out to be a simple and quick process. Not sure about a prepayment penalty, nothing about it in the paper work I received. Maybe I will give a call tomorrow and post back. Haven't taken delivery of the MINI yet, hopefully next weekend.

BTW my loan is for 60 months @ 4.99%. Someone did tell me over the phone that in order to qualify for the 72 months @ 4.99% the loan had to be for a minimum of $20,000. For 60 months and under the min was $7500 to a max off $100k.

This was the best rate I could find (thanks to this website). Next was Costco/Capital One @ 5.39% (executive membership for 60 months), which was just lowered from just over 6% a few weeks ago.

Hope this helps!

 

Another good thing Pentagon offers is there reward credit card.

Big thing it offers that makes it a great deal is 5% cash back on
gas purchases when paid at the pump. Makes having to put premium
in the Mini S not so bad a thing afterall <g>.

Side note , while applying for the credit card I asked a few questions
about there car loans. Mentioned I would be ordering my new Mini, and
wanted to know what I needed to do to get preapproved (without having
the VIN number.) She told me what I needed to do, processed the credit
card app, and came back saying I was approved for the card, and btw
good to go on the car loan up to 35k with no further credit check needed. <g>.

Now I just have to decide what dealer to give my business to <g>.

 

Thanks to all of you on the info on Pentagon Federal Credit Union. It was easy. I did exactly what you guys said to do (I'm not military). I filled out my application online, got approved in 1 day and had my check 3 days latter made out to me and my MINI dealer. I pick my MINI up next weekend. My credit is excellent and the 4.99% was the best I could find. I called them to see how the process was going and it was done already...with my check in the mail. Very easy to deal with.

Thanks again everyone....Tom

 

You may want to consider in the future, the idea of paying cash for the car. The amount of money spent on interest is like throwing it down the drain unless you have 0% financing. So start saving for the next one as soon as you can - whatever the next one will be.

Always having a car payment is not necessarily a fact of life in the US.

 

I've been waiting for my Clubman for over 770 days now. Finally at the VDC after its arrival last Saturday.
I spent the last year saving for it by selling many of my collectibles on Ebay. Saved almost half of its cost.
Instead of going with a car loan we are using our credit line at Wells Fargo. It is low interest, but the best thing about it is that the interest is fully deductible. I always need deductions and this seemed the best way to have something good come out of paying interest.

 

I read about the rates at Costco and looked into it. I got my rate at 5.39% Thanks for the info.
Gary

 

Good afternoon...

I bought a 2008 MCS about two weeks ago... 4.9%...

-jw

 

Certainly you're correct insomuch as paying interest on anything is a waste of money- but you can't ignore the fact that sinking $20K worth of liquid capital into a depreciating asset is a losing investment. Find any halfway-decent mutual fund and you could earn 1.5X the interest rate people are paying on 4.99% auto loans.

Now, that's the argument, at least...of course most people recognize this to be true and then don't invest anything, and continue to pay interest...like me.

Honestly, though, if I had $26,900 sitting in a checking account ready to pay for a car, I most CERTAINLY wouldn't take it to a dealership, I'd take it to a money manager and earn money above and beyond what I 'lose' in interest costs.

Truth is, 4.99% isn't hard to overcome. Trouble is, I couldn't buy a car straight-cash if I wanted to!

 

Just called Pentagon Federal today; check was disbursed two days ago, payments start April 1 and car should arrive around March 15. 4.99% over 72 months? Certainly.

I also signed up for their Visa card somebody mentioned earlier in the thread- previously I'd been using an Amex that deposits 1% into a high-yield savings account, but the Visa 5% back on gas and 1.25% back on everything seems pretty appealing.

I loving this credit union.

 

What is your credit line secured by? Hopefully not your home!! It would be a shame to lose a house because of a car.

I assume that the credit line is attached to a business in order to make that interest deductible...

 

Who did you get the 4.9 through? Thanks.

 

Hey there! BB&T... I tried to work a better rate via my own bank, and my bank couldn't beat it...

 

A car loan is secured by the car itself. If someone defaults on their auto loan, the bank repossesses the car. No need to put up any collateral. That's the major reason people are required to have full insurance (not just liability) when they have a car loan.

 

I think that the question/concern was based on an earlier post that indicated that someone had found a way to use their auto interest as a tax deduction. In most cases the interest on an auto loan is NOT tax deductable (I can only speak to Federal and Virginia tax law, so YMMV...).

 

Oh, I see now. It wasn't very clear that the post was in response to something else. Just looked like a general comment against getting a car loan.

 

Narkose,

Good morning! I respectfully disagree... Over the last two years, I've made far better than a 4.9% return on most of my investments. Paying cash for a car would also be like flushing money down the toilet, it's just a question of the quantity... ;-) Credit is just a tool used to balance cash flow...

Best!

<jw>

 

Narkose,

Sorry about the dupe post... Cat walking on the keyboard... ;-)

Best!

<jw>

 

Thanks to everyone that posted in this thread, I am now approved for 4.9% through Pentagon Federal! My bank thought I was crazy and my MA was happily surprised when I told the rate I had secured. This is going to save me a LOT of money through the life of my loan.

Also, someone earlier was asking about a pre-payment penalty. That's one of the questions I asked before I got the loan (my bank DOES have a pre-payment penalty) ... the answer was NO. They didn't even have an application fee or closing costs which will save me about $150 over my bank just in paperwork fees.

I too am not a member of the military, but signed up for the supporting organization. Went through the application on the phone and was approved in about 10 minutes.

 

This is exactly what I'm talking about- I can't believe how easy it was to make this all come together. The savings are absolutely great over the life of the loan.

Way to go- enjoy the new mini!

 

Originally I was going with Pentagon as well, heck I hadn't signed anything and they sent me a check! I happened by my Credit Union today and they gave me a rate of 3.99, sweet!

On a related note, the mini is at the dealership and I'll pick it up on Saturday!

 

And just how does one become a member of your credit union?

I haven't signed anything with Pentagon yet either...perhaps there is a better offer to be found out there...