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I have had my mini for 6 months on the mini select payment option. Is anyone else on this? I'm wondering what I do if I want to end my contract early?
 

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MCS AB Owner! =D
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I have had my mini for 6 months on the mini select payment option. Is anyone else on this? I'm wondering what I do if I want to end my contract early?
I'm on MINI Select myself (2 months in). Give MINI Finance a ring and see what your options are. I assume if may cost you a bit to finish early and you'll have to pay some sort of charge.
 

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I have always (apart from the first MINI) had MINI Select and always ended it early, but ive always traded the car in for a newer one rather than paying it off :eek:

Do you want to end it early and pay it off? Or end it early to trade in for another car?
 

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Am I right in saying at the end of the agreement, you can give the car back, then use the GMFV of that car as a deposit for another?
 

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Yep :)

On MINI Select there are 3 options (I think :p)

You either :

Hand the car back and use the 'profit' for a deposit on a new one
Pay off the 'bubble' at the end of the 3/4years
Hand back the car
 

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Yep :)

On MINI Select there are 3 options (I think :p)

You either :

Hand the car back and use the 'profit' for a deposit on a new one
Pay off the 'bubble' at the end of the 3/4years
Hand back the car
aha :D:D

I knew of the other two, but if i were to buy an S :aargh: I probably wouldn't afford the final payment :p

On other finance sites, every S I spec has a £10k final payment, and I can't be doing with that :p:p

Cheers Jo :) Just wish they had a calculator online :hmph:
 

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MINI used to have an online calculator but they dont now :hmph:
There are other calculators, but they would never be as accurate as a MINI one... Ah well :p

Now I'm aware of the fact you can just trade up and not pay the final payment, when I'm in full time work, I might wait and get my first MINI on Select :) Something else to consider now :p

Anyway, enough thread hi-jacking from me, sorry!! :(:(
 

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If the MINI in question is over a certain age they wont do it on Select ;) they will only do it on Hire Purchase, and the only problem with Hire Purcase is the ridiculous amount of interest they add :eek:
 

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Hot Chocolate Roll Call
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Select

I always buy my MINI's on the select package.,i always have money left over,my last car which was a cooper a part exchanged after about 2 years and the money my car was worth basicly offset what i had left to pay.,my MINI garage have told me this time to take a 4 year select then part ex the car at about three years then i might have some dosh to out towards a new MINI, :) how cool
 

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owt else is just traffic
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There's always lease purchase which is similar ,the only difference I believe is that they don't guarantee the final value , not too much of a problem with MINI having good residuals,on my first MINI it worked out cheaper than the select pcp,.You can always haggle over the interest rate and don't forget it all depends on what you put down as a deposit.
Some people scoff at these sort of plans but ultimately you either buy it outright and it costs an arm and a leg per month or buy with select type schemes which reduces your monthly payments. Sometimes it means the difference between having a nice MINI or driving round in another good but ultimately dull car.
Lets face it a lot of people who buy cars on regular finance quite often don't pay the full loan off before they trade in for something else anyway.
 

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Discussion Starter · #12 ·
When I bought mine, the guy in the mini garage said I should put my mileage down as only 6k a year (even though I do 12k) because my monthly payments will be lower, and ill only have a mileage fee to pay if I give the car back to the finance company, where as if I plan to just swap the car after 2/3 years, I can do with no extra charge/monthly increase.

Did anyone else get this advice?
 

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When I bought mine, the guy in the mini garage said I should put my mileage down as only 6k a year (even though I do 12k) because my monthly payments will be lower, and ill only have a mileage fee to pay if I give the car back to the finance company, where as if I plan to just swap the car after 2/3 years, I can do with no extra charge/monthly increase.

Did anyone else get this advice?
Yeah i got the same thing, i do about 15k a year and i was advised to put it at 10. They worked the milage charge out for me, i think it was about £30 per 1000 miles but they said you only pay that if you hand the car back at the end of the term.
 

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I have always done the 6000 mile a year thing on PCP, I would be careful at the moment though with the market the way it is and manufacturers keen to be competitive with PCP quotes I think that more and more people will end up giving the car back at the end of the PCP as cars fall towards their GFV. I have always bought my cars on it, I think it is an excellent way to own a car, to be honest I don't think that I would want to have anything in the car market without the security of a guaranteed value just in case!
 
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