MINI2

olliewc · Jul 20th, 2008, 08:20 PM

Is anyone able to advise on Mini select? I think this works well for me, as I like the guaranteed
value at the end. It's for a Mini One pepper.
But I have some reservations as
- the quote is 14.1 % apr, £259 a month on £13,237, the car price is £12565. Seems high,
you can still apparently get loans at 8%, although I haven't applied for one. (Appreciate
an HP deal is going to be more, as you do not run the course of the loan)
- the GMV/final payment is £6,951, I think it's unlikely the car would be worth less than that
after 3 yrs, so most of the depreciation risk is still there
- I will probably settle early after 2 yrs or so, and it's not clear if after settling, the car is yours,
or some other shady scenario takes place!..

I would never want to be in the position where they value the car, and give you the 'equity' back,
as it will likely all be gone.

Any advice please? what sort of deals is anyone else being offered, recommending at the
moment?

Cheers
Ollie

Mr Slippy · Jul 22nd, 2008, 10:37 AM

i bought my cooper on Select @10.1% IIRC

thetope · Jul 22nd, 2008, 11:01 AM

The select quote i got had an APR of 11.4% and if i had wanted to keep the mini at the end of 3 years the total sum paid would have been 5k more than the list price... I decided to borrow from the AA at 6.9% instead

zyo · Jul 22nd, 2008, 04:51 PM

You can always negotiate a a reduction in the APR.

RobW · Jul 24th, 2008, 07:19 PM

You could always get a quote from Lloyds TSB.
carselect.co.uk

Thats who I've used for the last 3 cars.

Jul 20th, 2008, 08:20 PM	#1
olliewc MINI2 Newbie Join Date: Jul 2008 Local Time: 02:30 AM Posts: 1 Offline	Mini One - Select Is anyone able to advise on Mini select? I think this works well for me, as I like the guaranteed value at the end. It's for a Mini One pepper. But I have some reservations as - the quote is 14.1 % apr, £259 a month on £13,237, the car price is £12565. Seems high, you can still apparently get loans at 8%, although I haven't applied for one. (Appreciate an HP deal is going to be more, as you do not run the course of the loan) - the GMV/final payment is £6,951, I think it's unlikely the car would be worth less than that after 3 yrs, so most of the depreciation risk is still there - I will probably settle early after 2 yrs or so, and it's not clear if after settling, the car is yours, or some other shady scenario takes place!.. I would never want to be in the position where they value the car, and give you the 'equity' back, as it will likely all be gone. Any advice please? what sort of deals is anyone else being offered, recommending at the moment? Cheers Ollie

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Jul 22nd, 2008, 10:37 AM	#2 (permalink)
Mr Slippy MINI2 Newbie Join Date: Jun 2008 Location: Manchester Local Time: 02:30 AM Posts: 35 Offline	i bought my cooper on Select @10.1% IIRC

Jul 22nd, 2008, 11:01 AM	#3 (permalink)
thetope settling in nicely Join Date: Jun 2008 Location: near(ish) Ballymena Local Time: 02:30 AM Posts: 101 Offline	The select quote i got had an APR of 11.4% and if i had wanted to keep the mini at the end of 3 years the total sum paid would have been 5k more than the list price... I decided to borrow from the AA at 6.9% instead

Jul 22nd, 2008, 04:51 PM	#4 (permalink)
zyo owt else is just traffic Join Date: Sep 2003 Location: The Edge of Reason Local Time: 02:30 AM Posts: 1,428 Offline	You can always negotiate a a reduction in the APR.

Jul 24th, 2008, 07:19 PM	#5 (permalink)
RobW Mini Mid-Life Crisis! Join Date: Jul 2008 Location: Wales Local Time: 02:30 AM Posts: 9 Offline	You could always get a quote from Lloyds TSB. carselect.co.uk Thats who I've used for the last 3 cars.

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