OK, thought maybe someone here could help enlighten me...

Getting to that time when I need to officially think (in the relative future, at least) about financing the R56S. I'm looking at MINI financing, as well as my local credit union and some other banks as well (depending on the rates and other stuff)

Playing with MINI's payment estimater online, the base MSRP on the S is listed close to $21,500 (+/-). It gives a place in the estimator for "dealer accessories". Adding ANY money to the "dealer accessories" box DRASTICLY increases the monthly payment.

For those who have use MINI financing... are options like the various packages, interior and other factory installed items & options considered "dealer accessories" (I sure hope not)... or is the MSRP considered the base price for financing purposes through MINI (even if it's well above the base price of the car)?

 

Hello,

I am a Motoring Advisor in AZ.

Dealer installed accessories are all of the options installed at the dealership. These are items that are not included in the MSRP. If your car has the premium, and sports packages you have added about 2800 dollars to your MSRP not dealer installed accessories. Dealer installed accessories is everything that is in step 5 of the build your own website. WHen you print your MINI from the build your own, it will list MSRP and then it will list dealer installed accessoreis. Next to every dealer installed accessory it will say DOES NOT INCLUDE INSTALATION.

When considering the monthly payment for your new MINI, you should really get ahold of your dealer and ask them what the total amount financed is going to be. Because if you are soley using the MINI finance calculator on line you will be shocked at how much more your payment is actually going to be when you get to the dealership. The payments will be much higher at the dealership because they have to charge you tax and license etc... in AZ that adds almost 11 percent if you are an AZ resident. Your payment could easily jump 40-50 bucks a month if you fail to figure tax and license into the equation.

My advice, check with the dealership get the total amount financed. Check with your credit union (likely the lowest rate) and tell the dealership to beat that rate. Its a win win, they win your business... you save some money. Also, IF you get one of those silly capitol one checks that let you write in the amount check with your dealership if they accept the check. MOST dealers will not accept it because they take FOREVER to fund and the dealership has to jump through hoops just to get the deal funded. It has taken close to 90 days for us to get funding from Capital One once. It is rediculous!

If you have any questions let me know! by the way which dealer are you getting your car from?

 

I've found edmunds calculator to be quite good:

http://www.edmunds.com/apps/calc/CalculatorController

You should be able to access your local DMV site for "Title Registration and other costs"

I think your motoring advisor should also be able to provide that information.

 

Thanks for the edmunds site...I was looking for one that took it all into consideration.

 

excellent advice! Thank you guy very much. It's my fist dealership/new car purchase, so I'll take whatever I can get.

My MSRP on the configurator is $30,100
Dealer accessoris are listed as $680. I wonder if they'd let me take those items and install them myself? Hmmmm...

I'm assuming %8-9 tax (which I intend to pay outright) in addition to AT LEAST a $2500 down payment... $500 licencing, maybe? We'll see.

 

You might want to explore local banks and credits unions. When bought my MINI in November, I found that financing with MINI was quite a bit higher than area banks. Captive audience....

 

I would highly recommend a Credit Union. Many allow you to join by opening a minimal savings account -- like 50.00 and they have (in my experience) loan rates that can not be beat. I'm not talking about a .25% rate difference I mean over 2-3 point diffence over Mini Financial. You can always see if MINI F can match their rate after you get approved. That way MINI can prosper instead of someone else (we do want them around.)
Do shop around. It's easy with the internet or even a phonebook and you'll save lots! This is one in NY I know of SEFCU - their rates are on their site.
As far as fees go, I can not imagine them being over a couple of hundred, if that.
In any case, do yourself a favor and elimate the unknowns -- the blanks that you allow someone else fill in can cost you.
Wouldn't it feel better to know exactly what will be leaving your pocket when you buy the car -- that way you will not wonder if you were taken advantage of.
There are many loan calulators online. The one on MINI's site does not take tax into account. Try http://autos.yahoo.com/finance/loan-calc/index.html
Any of the accesories that are on the MINI site (NOT factory options) can be purchased with or without install by the dealer. Discuss how this might affect your warrenty with a MINI Person.
Hope this helps.
Jim

 

Be sure to get a financing quote from your local bank or credit union, then present that rate to the dealer as mentioned before.

In my case I have financed all my cars for the last 10 years with my local credit union as their rates have been unbeatable.

But MINI financing beat their rate by at least a 1/2 percent. That wasn't their first offer, but confronted with an approved loan from the CR, MINI dropped the rate to get my business, and they did.

So do your homework, go in prepared, and you might be surprised.

Bill