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Discussion Starter · #1 ·
For those of you who have BMW financing, how close is your monthly payment to the one you calculated on the MiniUSA website after building your Mini? I calculated a payment at the Capitol One auto loan site and it was quite different than the one I did on the MiniUSA site.

Also, what kind of interest rate did BMW give you?
 

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CapitolOne gave me a 3.75% rate for 36 months, I couldn't believe it. That's the best rate I've ever seen.

I also double checked with my MINI dealership to ensure that they'd accept the CapitolOne check. No problem, they said.

If you qualify, CapitolOne's rates are unbeatable.
 

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I am interested in this as well.... I've got a November build and plan to finance it with BMW special financing. I want my payments as low as possible.

The way my dealer explained it, BMW special financing will not give you as good of a rate, I think he said 6%, as you could get at a bank. But the reason that the BMW special financing payments come up so low on the Mini site is because the financed amount is for only part of the car. After 2 years or whatever you choose, you will have a balloon payment that you can either pay or refinance.

Is this how it works for those who have gone this route?
 

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MotorCityMadman
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Yeah, it's balloon financing. You end up paying a lower monthly payment, but more money in interest charges. It's basically a combination of a lease and finance, although BMWNA will hold the title on any "Select" financing and you must pay it off or refinance, no trading in, at the end of the term. Hope that helps! :)
 

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Discussion Starter · #5 ·
Cooper76 said:
Yeah, it's balloon financing. You end up paying a lower monthly payment, but more money in interest charges. It's basically a combination of a lease and finance, although BMWNA will hold the title on any "Select" financing and you must pay it off or refinance, no trading in, at the end of the term. Hope that helps! :)
Cooper76,

Do you know approximately what the interest rates are? And what it would be if you refinance?

Thanks for the info. I think I will probably go with my credit union. I think I can get 4.5%.
 

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MotorCityMadman
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MaryFlute said:
Cooper76,

Do you know approximately what the interest rates are? And what it would be if you refinance?

Thanks for the info. I think I will probably go with my credit union. I think I can get 4.5%.

The best bet is E-Loan or CapitalOne Auto. They are generally on pace with each other so if you get turned down with one, try the other. Credit unions also have great rates now (4.49 or less) so that is also an option. You can also try Lending Tree. Synergy Bank out of NJ is giving better rates than E-Loan or CapitalOne. Get approved by Synergy, then call CapitalOne (if you like them better) and they will beat Synergy's rate.

MINI is giving out 7.99% right now on financing. Generally, although it changes often, the going rate for a balloon or lease arrangement is 6-7%. Lower payments for sure, but in the end, more money will be dished out. For the Select Financing, you will have to come up with the end amount after the Select Term is over. You can always go with any financier you'd like at that point, but why not just do that at the start??? If you are strapped for $$$ however, then Select, followed by low-rate financing on your own for the remainder would be the best option.

Let me know if you need to know anything else! I'll try to help! ;)
 

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bmw financein is just a rip off.

look at this way

buy a cooper s 20,000 over 36 months in total you pay back around 22/23,000 in 3 yrs..you paid an extra 3k for a car plus the car has devalued a further 6k maybe more..in total you lost around 9k.

best way is to buy car straight out if not i would advise not to buy the car. :D
:p
 

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Go West young MINI!
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I financed my 2005 MCS through the dealer (Classic MINI in Ohio) and got a 5-year loan with 4.25% fixed interest rate. I'm not sure if the dealer works through a bank, or through BMW/MINI. This was better than what my bank would offer (more along the lines of 4.5%). When I looked through E-Loan (I didn't actually apply), it looked like they were offering 4.5% or so.

I would guess that interest rates are going to rise over the next 5 years, so any loan with a variable rate could be risky. On the other hand, it's easier to qualify for these types of loans.

Good luck.
 

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MotorCityMadman
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Goldie_Oldie said:
bmw financein is just a rip off.

look at this way

buy a cooper s 20,000 over 36 months in total you pay back around 22/23,000 in 3 yrs..you paid an extra 3k for a car plus the car has devalued a further 6k maybe more..in total you lost around 9k.

best way is to buy car straight out if not i would advise not to buy the car. :D
:p

And you might be in one of the lucky 1% of the country that is able to do this! :D
 

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MotorCityMadman
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landparkmini said:
I financed my 2005 MCS through the dealer (Classic MINI in Ohio) and got a 5-year loan with 4.25% fixed interest rate. I'm not sure if the dealer works through a bank, or through BMW/MINI. This was better than what my bank would offer (more along the lines of 4.5%). When I looked through E-Loan (I didn't actually apply), it looked like they were offering 4.5% or so.

I would guess that interest rates are going to rise over the next 5 years, so any loan with a variable rate could be risky. On the other hand, it's easier to qualify for these types of loans.

Good luck.

E-Loan, not sure about CapitalOne, lists the "best" rate on their website, but if you have A++ credit, you will more than likely get a better rate, anywhere from .25-.95% lower than advertised. So I would apply to E-Loan just to see what they give you.

And, like landparkmini said, make sure it's fixed. Interest rates are only going up (rumored to be mid-December).
 

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No Steenkin Preevileeg
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E-Loan not accepted everywhere

Watch out for E-Loan: a friend tried to use her E-Loan approval at MINI North Scottsdale and they would not take it, due to the fact that the dealership's wait time for funds exceeded their "requirements." She ended up going with MNS but they shopped around, for her fica exceeded 720. E-Loan offered 4.49, MNS matched it, but not thru BMWFS.

One month ago BMWFS offered 5.75 to fica 700+, 6.75 for fica 699 to 650, and 10.75 to fica 649 and below. I bet they're at least a 1/2 point higher by now. This is the burden of buying the only no-incentive car sold in America....

And if you're gonna use E-Loan make sure your dealership accepts. Jimbo

PS my dealings with BMW/MFS have nothing short of stellar, customer service-wise
 

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Discussion Starter · #12 ·
Cooper76 said:
Let me know if you need to know anything else! I'll try to help! ;)
If I order my MC next month with a January delivery, when should I start the process of getting the financing? I know I have to put $1,000 down when I order. I just want to be ready with the money when it arrives.

Thanks!
 

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MotorCityMadman
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MaryFlute said:
If I order my MC next month with a January delivery, when should I start the process of getting the financing? I know I have to put $1,000 down when I order. I just want to be ready with the money when it arrives.

Thanks!

About 45 days before estimated date of arrival. That is normally how long E-Loan/CapitalOne will hold your approval. I applied 60 days early to get a great rate and they told me to just give them a call if the approval expires (it will) and they will re-validate it.

And check to see, like sequence said, if your particular dealership accepts E-Loan or CapitalOne.
 

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Discussion Starter · #14 ·
Cooper76 said:
About 45 days before estimated date of arrival. That is normally how long E-Loan/CapitalOne will hold your approval. I applied 60 days early to get a great rate and they told me to just give them a call if the approval expires (it will) and they will re-validate it.

And check to see, like sequence said, if your particular dealership accepts E-Loan or CapitalOne.
Great. Thanks so much for the help!

Mary
 

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Goldie_Oldie said:
bmw financein is just a rip off.

look at this way

buy a cooper s 20,000 over 36 months in total you pay back around 22/23,000 in 3 yrs..you paid an extra 3k for a car plus the car has devalued a further 6k maybe more..in total you lost around 9k.

best way is to buy car straight out if not i would advise not to buy the car. :D
:p

could do alot with 9 large!!!
 
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you could indeed mr bizzel ofr instance could buy a ickle bit of land :d park your mini on it untill you got 70-80k to build a house on it. :p
 
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LETHAL BIZZLE said:
what about me? :D

My MCS = fully paid for :D only stress i have is whether to date a blonde chick - or brunette chick - or BOTH :D this weekend :D POW POW!!!!
is it Matchbox or Scaletrix?

Yadda Yadda Yadda, the Pizzle don't have a MINI, so don't listen to him folks

Bye from the 3 Billy Goats Gruff;)
 

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Cooper76 said:
And you might be in one of the lucky 1% of the country that is able to do this! :D
So you're saying that its really difficult to get this financing? I figured that I would do the select financing then pay off the rest or refinance when the balloon deal happened. I better check my other options...

Also, my MA said that I couldnt get the loan paperwork started til I have a VIN. Anybody get going prior to this? I would love to get it all ironed out.
 
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