MINI2

moosedump · Jul 30th, 2002, 03:36 PM

I applied online for my MINI financing last week and was approved with the "Elite Tier" rating. When I called my dealer to get the date I could pick up my MINI I asked him what interest rate I would get on my loan. He told me he couldn't give me the rate until I filled out a credit application at the time of purchase. This seems really strange since I was already approved with BMW Financial (even gave me a pre-approved account number). I would appreciate any info on the subject from others who used BMW Financial.

BTW - Anyone know what the best % rate I can get from BMW Finance???

chiph · Jul 30th, 2002, 04:17 PM

What? They tell you you're approved, but not at what interest rate? That's worthless. I mean, you can't do *any* financial projections without that bit of information.

Chip H.

BonitaBMW · Jul 30th, 2002, 04:35 PM

It doesn't seem like they pulled your credit report. The application would allow them to do so. I am not sure what you went through to get this "elite" rating. They should be able to tell you some ballpark figure for an interest rate...

I have never used BMW finance, but from other expericnces in buying a car... the dealership normally farms out your application to a bank.

moosedump · Jul 30th, 2002, 07:22 PM

BonitaBMW,

They (BMW Financial) did pull my credit report - they even called me to verify some information as I am self employed. They told me I have a FICO score of 760 which I think is pretty good.

They gave me an approval code and told me to take it to my dealer and then I would be given the interest rates?!?!

I'm sure someone on this board has gone this route before... your insight would be very helpful.

kcmini · Jul 30th, 2002, 08:02 PM

I was given Elite status (nothing special, just good credit).

Their rate for Elite status is 6.85%. The next level I think is 7.85%.

Sejanus · Jul 30th, 2002, 11:19 PM

My advice (for whatever little it may be worth) is to line up financing somewhere other than BMW before you go to collect the car and then see if the dealer will beat the rate you've already been offered. It is bad enough we have no room to maneuver over the price of a MINI so don't let them trap you into whatever rate they decide to offer without having another option.

kcmini · Jul 30th, 2002, 11:37 PM

Always a good idea Sejanus.

You also can shop afterwards and find someone that will give you a better deal at no cost. There is no penalty for paying the loan early.

Aurel · Jul 31st, 2002, 12:16 AM

I just applied on MINIUSA for the BMW financing and got an e-mail back in 10 minutes that I got approved and to see my dealer with the approval #

I doubt a human looked at my application as it is 11PM here in NY ?!?!?!

What does this mean .. what rate am I getting?

My local bank offers only 7.2 % as the lowest rate for car loans ... so if I get 6.8% from BMW that would be better.

Sejanus · Jul 31st, 2002, 01:41 AM

Obviously rates differ based on people's finances, but some of these quotes seem rather high compared to what I've seen. You might want to try LendingTree.Com and see what you can come up with.

OUSOONER · Jul 31st, 2002, 01:43 AM

Applied online and received credit approval but had to call dealership for rate. Was given 6.25% at Roadshow Mini in Memphis.

----------------
2002 MCS Red/Black Roof and Mirrors, Black Leatherette, Premium Package, Fog Lights, Xenons...Leaving Southampton on the TANABATA on August 7th.

monica · Jul 31st, 2002, 11:43 AM

I don't think anyone would give me a loan. I blew my credit back in my wild and crazy college days

I'm planning on actually buying the car, does anyone do this any more? or am I going to just end up with the IRS up my b*tt because they track any purchase paid in cash over $10,000?

Sejanus · Jul 31st, 2002, 02:01 PM

Quote:

Originally posted by monica
I don't think anyone would give me a loan. I blew my credit back in my wild and crazy college days I'm planning on actually buying the car, does anyone do this any more? or am I going to just end up with the IRS up my b*tt because they track any purchase paid in cash over $10,000?

The answer to your first question is yes. The answer to your second question is probably yes. Good luck!

monica · Jul 31st, 2002, 04:32 PM

Sejanus,

Well then I'm in trouble, think I've only filed twice, EVER. I reeeeely streched out those college days.

And just in case Big Brother is watching, you owe ME for last year.

chiph · Jul 31st, 2002, 04:33 PM

Quote:

Originally posted by monica
I don't think anyone would give me a loan. I blew my credit back in my wild and crazy college days I'm planning on actually buying the car, does anyone do this any more? or am I going to just end up with the IRS up my b*tt because they track any purchase paid in cash over $10,000?

There are people who will give you a loan, but you won't like the interest rate. Best thing to do is spend 10-30 dollars and get copies of your credit history from Experian, Equifax, and Trans Union. You can get a free copy under certain circumstances (recently denied credit, divorced, etc.)

Look for the word "score". Each has different systems for arriving at a score. What I've seen is anything above 750 is outstanding. 700-750 is good. 650-700 is OK. Less than 650 is below average.

Chip H.

Sejanus · Jul 31st, 2002, 06:58 PM

Quote:

Originally posted by monica
Sejanus,

Well then I'm in trouble, think I've only filed twice, EVER. I reeeeely streched out those college days.

And just in case Big Brother is watching, you owe ME for last year.

Will you be able to access MINI2 from federal prison? Just kidding.

I hope.

Jul 30th, 2002, 03:36 PM	#1
moosedump MINI2 Newbie Join Date: Jun 2002 Local Time: 11:11 PM Posts: 28 Offline	Question regarding BMW Finance (US) I applied online for my MINI financing last week and was approved with the "Elite Tier" rating. When I called my dealer to get the date I could pick up my MINI I asked him what interest rate I would get on my loan. He told me he couldn't give me the rate until I filled out a credit application at the time of purchase. This seems really strange since I was already approved with BMW Financial (even gave me a pre-approved account number). I would appreciate any info on the subject from others who used BMW Financial. BTW - Anyone know what the best % rate I can get from BMW Finance??? 2002 Indi Blue/White Cooper, Sport Pkg, Premium Pkg, Cold Pkg, Xenons (dropped from order), white bonnet stripes. Scheduled production date 7/12/02

Jul 30th, 2002, 04:17 PM	#2 (permalink)
chiph Spectator Join Date: Feb 2002 Location: Raleigh, NC Local Time: 07:11 PM Posts: 1,574 Offline	What? They tell you you're approved, but not at what interest rate? That's worthless. I mean, you can't do any financial projections without that bit of information. Chip H. ex-MINI Cooper S owner and all around good-guy

Jul 30th, 2002, 07:22 PM	#4 (permalink)
moosedump MINI2 Newbie Join Date: Jun 2002 Local Time: 11:11 PM Posts: 28 Offline	BonitaBMW, They (BMW Financial) did pull my credit report - they even called me to verify some information as I am self employed. They told me I have a FICO score of 760 which I think is pretty good. They gave me an approval code and told me to take it to my dealer and then I would be given the interest rates?!?! I'm sure someone on this board has gone this route before... your insight would be very helpful. 2002 Indi Blue/White Cooper, Sport Pkg, Premium Pkg, Cold Pkg, Xenons (dropped from order), white bonnet stripes. Scheduled production date 7/12/02

Jul 30th, 2002, 08:02 PM	#5 (permalink)
kcmini MINI2 Regular Join Date: Mar 2001 Location: Kansas City, Missouri Local Time: 06:11 PM Posts: 237 Offline	I was given Elite status (nothing special, just good credit). Their rate for Elite status is 6.85%. The next level I think is 7.85%. Most fun on 4 wheels. #9 Cooper at Baron KC. June 2002 build. Sport Chili Red/White.

Jul 30th, 2002, 11:37 PM	#7 (permalink)
kcmini MINI2 Regular Join Date: Mar 2001 Location: Kansas City, Missouri Local Time: 06:11 PM Posts: 237 Offline	Always a good idea Sejanus. You also can shop afterwards and find someone that will give you a better deal at no cost. There is no penalty for paying the loan early. Most fun on 4 wheels. #9 Cooper at Baron KC. June 2002 build. Sport Chili Red/White.

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Jul 30th, 2002, 04:35 PM	#3 (permalink)
BonitaBMW MINI2 Newbie Join Date: Jul 2002 Location: Europe Local Time: 12:11 AM Posts: 14 Offline	It doesn't seem like they pulled your credit report. The application would allow them to do so. I am not sure what you went through to get this "elite" rating. They should be able to tell you some ballpark figure for an interest rate... I have never used BMW finance, but from other expericnces in buying a car... the dealership normally farms out your application to a bank.

Jul 30th, 2002, 11:19 PM	#6 (permalink)
Sejanus Moderator Join Date: Feb 2002 Location: West Sacramento Local Time: 04:11 PM Posts: 4,222 Offline	My advice (for whatever little it may be worth) is to line up financing somewhere other than BMW before you go to collect the car and then see if the dealer will beat the rate you've already been offered. It is bad enough we have no room to maneuver over the price of a MINI so don't let them trap you into whatever rate they decide to offer without having another option.

Jul 31st, 2002, 12:16 AM	#8 (permalink)
Aurel MINI2 Senior Join Date: Mar 2002 Location: New Amsterdamn Local Time: 07:11 PM Posts: 407 Offline	I just applied on MINIUSA for the BMW financing and got an e-mail back in 10 minutes that I got approved and to see my dealer with the approval # I doubt a human looked at my application as it is 11PM here in NY ?!?!?! What does this mean .. what rate am I getting? My local bank offers only 7.2 % as the lowest rate for car loans ... so if I get 6.8% from BMW that would be better.

Jul 31st, 2002, 01:41 AM	#9 (permalink)
Sejanus Moderator Join Date: Feb 2002 Location: West Sacramento Local Time: 04:11 PM Posts: 4,222 Offline	Obviously rates differ based on people's finances, but some of these quotes seem rather high compared to what I've seen. You might want to try LendingTree.Com and see what you can come up with.

Jul 31st, 2002, 01:43 AM	#10 (permalink)
OUSOONER MINI2 Newbie Join Date: Jun 2002 Location: Norman, Oklahoma Local Time: 05:11 PM Posts: 35 Offline	Interest Rate from BMW Finance Applied online and received credit approval but had to call dealership for rate. Was given 6.25% at Roadshow Mini in Memphis. ---------------- 2002 MCS Red/Black Roof and Mirrors, Black Leatherette, Premium Package, Fog Lights, Xenons...Leaving Southampton on the TANABATA on August 7th. 2002 Red/Black Cooper S

Jul 31st, 2002, 11:43 AM	#11 (permalink)
monica Moderator & Sponsor Join Date: Jul 2002 Location: Edison, NJ Local Time: 07:11 PM Posts: 537 Offline	I don't think anyone would give me a loan. I blew my credit back in my wild and crazy college days I'm planning on actually buying the car, does anyone do this any more? or am I going to just end up with the IRS up my b*tt because they track any purchase paid in cash over $10,000?

Jul 31st, 2002, 02:01 PM	#12 (permalink)
Sejanus Moderator Join Date: Feb 2002 Location: West Sacramento Local Time: 04:11 PM Posts: 4,222 Offline	Quote: Originally posted by monica I don't think anyone would give me a loan. I blew my credit back in my wild and crazy college days I'm planning on actually buying the car, does anyone do this any more? or am I going to just end up with the IRS up my b*tt because they track any purchase paid in cash over $10,000? The answer to your first question is yes. The answer to your second question is probably yes. Good luck!

Jul 31st, 2002, 04:32 PM	#13 (permalink)
monica Moderator & Sponsor Join Date: Jul 2002 Location: Edison, NJ Local Time: 07:11 PM Posts: 537 Offline	Sejanus, Well then I'm in trouble, think I've only filed twice, EVER. I reeeeely streched out those college days. And just in case Big Brother is watching, you owe ME for last year.

Jul 31st, 2002, 04:33 PM	#14 (permalink)
chiph Spectator Join Date: Feb 2002 Location: Raleigh, NC Local Time: 07:11 PM Posts: 1,574 Offline	Quote: Originally posted by monica I don't think anyone would give me a loan. I blew my credit back in my wild and crazy college days I'm planning on actually buying the car, does anyone do this any more? or am I going to just end up with the IRS up my b*tt because they track any purchase paid in cash over $10,000? There are people who will give you a loan, but you won't like the interest rate. Best thing to do is spend 10-30 dollars and get copies of your credit history from Experian, Equifax, and Trans Union. You can get a free copy under certain circumstances (recently denied credit, divorced, etc.) Look for the word "score". Each has different systems for arriving at a score. What I've seen is anything above 750 is outstanding. 700-750 is good. 650-700 is OK. Less than 650 is below average. Chip H. ex-MINI Cooper S owner and all around good-guy

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Jul 31st, 2002, 06:58 PM	#15 (permalink)
Sejanus Moderator Join Date: Feb 2002 Location: West Sacramento Local Time: 04:11 PM Posts: 4,222 Offline	Quote: Originally posted by monica Sejanus, Well then I'm in trouble, think I've only filed twice, EVER. I reeeeely streched out those college days. And just in case Big Brother is watching, you owe ME for last year. Will you be able to access MINI2 from federal prison? Just kidding. I hope.

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