Has anybody talked to MINI about financing their new 07', my MA gave me what I think was a good rate through BMW group 6.55%,60 mth term I have excellent credit, and qualified for my credit unions best rate of 6.99%. Just wondering if anybody was able to get a lower rate from BMW ?

 

No...I haven't heard anything through my MA yet...but costco gives 60 month loans at 5.90% through their website.... that's what I've got my eye on right now

 

I don't have Costco yet in my area, that seems to be a spectacular rate, congrats!

 

If you own a home and have a home equity line of credit, use that, you can then deduct the interest off your income tax return. I'm putting half down and half on home equity loan account.

 

I wouldn't advise using a HELOC unless you plan to keep the home for the long haul or you can pay it off in 60 months or less. If you can do one or both of the above, it's a great idea.

 

I own a home but probably would not want the trouble of setting up a HELOC, I don't have one now I don't think intrest wise I would save much, yes the deduction would be nice, but I don't plan to carry the 60 mth car loan to term either.

 

not this month anyway. That's the absolute best mini can offer right now. it changes month to month.

 

i got 6% from mini finace

 

Here's my Credit Union's site they are the best rates I found and also offer a simular program to MINI Select called Auto Advantage -- I think it would be great if MINI financial can meet these rates and I have every intention of giving them every opportunity to earn my business -- I would prefer MINI make money on my loan but in the end unless there is some other incentive I'll go with the lowest bidder.
They consider all models from '04 to '07 as 'new' so the rates are even more advantagous for crs that have been previously owned up to 3 yrs old.
Anyway to give you an idea 60 or 48 months = 5.5, 36m = 5.45, 24 = 5.14
The Auto Advantage hasn't got a residual value for the 07 MINI yet but feb 1 they said they will probably update the residuals. In the meantime I'm estimating based on an 06 (I think they have the MINI listed as a sub-brand of BMW in the calculator).

http://www.sefcu.com/Pages/Help%20Ce...sumer%20Loans/

 

you are in a different country.

 

I noticed a new clause in my taxes this year in the HELOC area asking to verify whether/not the loan was used to improve the house, indicating the interest couldn't be deducted otherwise?

This is only my second year doing taxes and being a home owner...so I may have missed it last year?

But wouldn't this say that using a HELOC to buy a car/pay off credit cards and deducting the interest would be tax fraud?