Got an excellent deal on one of these - 3.9 Fixed APR with mini chucking in £1000 etc etc
Anyway I have dropped a ball on the mileage - I put down 10k a year however the missus is averaging 14k per year in current mini
The excess mileage is only 3.6p per mile - so even after 4 years if she was 16,000 over the 40k she would only have to pay £576. I am assuming there is no maximim excess ?
Can I amend the finance agreement before we pick the car up to make the mileage per annum higher ?
One more thing I assume that at the end of 4 years I can either pay the £6800 odd owed or take out new finance. So would I see anything come back on the current car ? So if say it was worth £8500 and the balance to pay was £6800 I assume thats £1700 I could use as equity in financing a new one ?
I wouldn't worry about the excess mileage, they will only charge you if you hand the car back at the end of agreement or 'voluntary surrender' the car before the agreement ends. If you plan to settle the finance or plan to trade in the Countryman excess mileage becomes irrelevant.
You are correct on the equity scenario, if the car is worth more than the balloon payment you can ask some of the equity to be paid in cash to you whilst using the rest as deposit or use the full equity as deposit.
3.9% is a very good rate, been looking at sourcing a hatchback as a second car and MINI UK/FS are providing £1k 'loyalty bonus' for already being a MINI Owner and some dealers are contributing a further £500.
After my finance falling through earlier in the year on a used Countryman, I have just got the same deal 3.9% and £1k dealer contribution on a new one. Just need to get my mini cleaned now before it goes back to them ha!
I'm new to the group and new to MINI. I'm waiting for my new 2013 to arrive here in the states. I'm really confused about the MINI Select financing. Can someone please explain how this works. Also, how the equity scenario works. I'm planning on keeping this car forever(!) and I don't plan on working until next year sometime so I feel the MINI Select is the way I should go. Any advice would be great.
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