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reclaim the supercharger
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Discussion Starter · #1 ·
After 19 months with my 54 reg R53 'S' i decided to see if it was possible to get myself into a new 'S' without much trouble.

I was basically told that my car would trade in at 8500 and i still owe 10500 to MINI finance so for me to get into a new car i need to find at least 3k to cover my negative equity and a grand deposit.

Im not happy as i feel im now never going to get into equity on my car in order to change

Had my eye on new Works aswel

Anyone else had the same situation? any ideas?

Chris
 

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reclaim the supercharger
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299 Posts
Discussion Starter · #3 ·
not sure, will have to look but i dont think it was mentioned to me.

i have a final payment that they mentioned was the future value but to be honest it looks like im stuck for the foreseeable future
 

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Would you be coming out of your current agreement early, i.e 19 months out of 24/36 etc?
Maybe try selling privately first and then ordering a new un?
 

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Stick with your Supercharged S - you'll miss it otherwise!

See this as a sign that the MINI-Gods are keeping you with your one! :)
 

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How much are you short of 50% of the total amount payable Chris?
I was going to ask that too.
Chris - have a look at your agreement - on many finance deals with balloon payments, if you have paid 50% or more of the finance amount, you have the option to terminate the finance arrangement and simply hand the car back. If you have paid more than 50%, then you can just hand your car back and start from zero again (and not worry about the negative equity).

I have done this in the past - the finance company weren't happy about it and tried to persuade me to sell the car and pay them the full outstanding amount as well as threaten my credit rating. I simply phoned the Financial Services Ombudsman to see if they could do this - they can't. So I told them that if they did anything to affect my credit rating, I would report them to the Ombudsman and suddenly they backed down. So I returned the car that was worth 2 grand less than the outstanding finance I owed and got a new car.:nice:
 

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If he is only 19 months through a 48 month finance deal with a baloon payment at the end, its highly unlikely he will have paid 50% of the total.

The main problem is now is not the time to sell an R53, what with the low mpg and the high tax. If I was you I would wait till all this doom and gloom blows over.
 

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Keep it, you will be in negative equity a good bit longer. As above, keep it until things are better, maybe another year/year and half...
 

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Crakle and pop!!
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Yeah i would keep it mate, its a cracking car still (i have one, also in engative equity) but it made me realise i didnt actually need to change it and lose a load of money, so i kept it and i am glad i did :)
 

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JCW 250
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After 19 months with my 54 reg R53 'S' i decided to see if it was possible to get myself into a new 'S' without much trouble.

I was basically told that my car would trade in at 8500 and i still owe 10500 to MINI finance so for me to get into a new car i need to find at least 3k to cover my negative equity and a grand deposit.

Im not happy as i feel im now never going to get into equity on my car in order to change

Had my eye on new Works aswel

Anyone else had the same situation? any ideas?

Chris
Did exactly the same thing myself a few weeks ago and got the same sort of answer as yourself. Keep it and enjoy it was my decision - perhaps add a few extras to it to give it a bit of a spruce??? When the gloom receeds people will be back in the market for the R53 so just a case of holding on till the time is right for selling...

I too was tempted by a new works but have decided to stay with my R53 - if the dealership cant do you a good deal to get out of your existing car then its not worth loosing all that money...
 

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Mini Design Philosopher
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1,028 Posts
Similar situation here - went for a test drive in the new factory works with the possibility of trading my R56 MCS in. Thankfully I didn't feel the factory works was significantly quicker so didn't want to trade in anyway.

December 2007 cost to me: £19,000
October 2008 trade-in offer: £12,000
Guaranteed December 2010 buy back price: £11,000

Don't think I'll be selling yet! Though that is a good thing! :D
 

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R.I.P MINI2
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If he is only 19 months through a 48 month finance deal with a baloon payment at the end, its highly unlikely he will have paid 50% of the total.
That's why I asked "How much are you short of 50%..."

If it's less then £3k it would be a cheaper (although still not ideal) way of changing the car now.
 

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...where´s the any-key?
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Mini's have certainly depreciated more since I last bought a new one. :(

As others have said I'd stick with what you've got. You'd miss the supercharger anyway.
 

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It's now S power!!
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563 Posts
Similar situation here - went for a test drive in the new factory works with the possibility of trading my R56 MCS in. Thankfully I didn't feel the factory works was significantly quicker so didn't want to trade in anyway.

December 2007 cost to me: £19,000
October 2008 trade-in offer: £12,000
Guaranteed December 2010 buy back price: £11,000

Don't think I'll be selling yet! Though that is a good thing! :D
But that's shocking! Is is just the S depreciating this much or what? In less that a year your S has lost £7k??? That's worse depreciation than renaults?? Has your car got lots of extras??
 

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After 19 months with my 54 reg R53 'S' i decided to see if it was possible to get myself into a new 'S' without much trouble.

I was basically told that my car would trade in at 8500 and i still owe 10500 to MINI finance so for me to get into a new car i need to find at least 3k to cover my negative equity and a grand deposit.

Im not happy as i feel im now never going to get into equity on my car in order to change

Had my eye on new Works aswel

Anyone else had the same situation? any ideas?

Chris

you'll gt outta the negative equity if you up your payment, i had the problem so im now paying £200 a week. this is a bit much like but its taken me 6 months to finish the 6k i had left on my car :biggrin:

if you cant do that and you really want rid take the knock on the chin and get on with it!! lol
 

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MINI2 Rebirth
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149 Posts
After 19 months with my 54 reg R53 'S' i decided to see if it was possible to get myself into a new 'S' without much trouble.

I was basically told that my car would trade in at 8500 and i still owe 10500 to MINI finance so for me to get into a new car i need to find at least 3k to cover my negative equity and a grand deposit.

Im not happy as i feel im now never going to get into equity on my car in order to change

Had my eye on new Works aswel

Anyone else had the same situation? any ideas?

Chris
If you wanted to upgrade to a new Works, why not simply tune the car you've got? Spend £500 on pulley and plugs and you'll have a car as fast as the new works, with more involving handling and which sounds much better too! Insurance needn't cost any more if you go to the right place either...
 
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