topic Re: MINI Cooper MINI Select in Auto Loans

MINI Cooper MINI Select

MontegoMack — Sun, 15 Apr 2012 01:50:58 GMT

MINI Cooper had a purchase program called MINI Select. Low initial payments and then a balloon payment of the value of the car (in my case the MINI Countryman) at the end of the term. No mileage restrictions (despite the lease like payments).

Does anyone have any experience with this program?

What are the down sides that aren't so clear?

Who does MINI (may be BMW financing) pull?

Re: MINI Cooper MINI Select

marty56 — Sun, 15 Apr 2012 11:31:20 GMT

I have never used a program like that but if you want to keep the car beyond the initial term of the loan, I might be tempted to do that. Based on your credit at the end of the loan and value of the car, you could get a good refi rate for it. If your iincome allows, you could save money in a CD to be able to put towards the balloon paymnt at the end.

My next car might be a BMW and if they had a program like that, I would consider doing that or a lease.

Re: MINI Cooper MINI Select

Anonymous — Sun, 15 Apr 2012 17:05:04 GMT

Actually in Europe that is the prefered form of Financing. Lets you get into one of those E class Mercedes or BMWs on the cheap and encourages trade ins after 3 or so years.

Re: MINI Cooper MINI Select

MontegoMack — Sun, 15 Apr 2012 17:07:47 GMT

Looks like they only offer the program through the end of the month.

I hate the pressure of making such a big purchase with someone else's timeline.

The program itself sounds awesome!

Re: MINI Cooper MINI Select

Anonymous — Tue, 24 Apr 2012 18:06:48 GMT

@MontegoMack wrote:
Looks like they only offer the program through the end of the month.
I hate the pressure of making such a big purchase with someone else's timeline.
The program itself sounds awesome!

Then waiting until you're better positioned might make more sense.

I haven't shopped for a car in a while but think some of those awesome deals are really only for people with better credit ratings. I think people see 0% or "We're gonna give you candy!" on commercials, test drive the car, and then convince themselves the instant gratification is more important than interest rate.

In general, I'd argue dealerships have a lot more flexibility when people have a down payment saved, great credit, and a willingness to walk away.

Re: MINI Cooper MINI Select

Anonymous — Sat, 19 May 2012 14:22:46 GMT

Does anyone know what kind of score they are looking for on this program? Currently at 658 (TUC).

Also, I have an open car loan that I am going to pay off after a private party sale. I owe about $2K on it. Should I wait to go shopping til that payoff updates on my report, and that amount comes off my credit useage?

I have heavy useage on four accounts (85%), and a tax lein, which are holding my score down, but I have no late payments in the past eight years

Trying to figure out if leasing is even a possibility for me.

Anyone?

Thanks!

Re: MINI Cooper MINI Select

Anonymous — Sat, 19 May 2012 15:02:10 GMT

Whenever I hear "balloon payment", I walk away.

Any type of loan with the combination of words "variable", "rate", "balloon", and "payments" within the same sentence... tends to give my wallet a stroke.

Re: MINI Cooper MINI Select

Anonymous — Sat, 19 May 2012 15:21:57 GMT

I I am not mistaken, the cool thing about the Mini program is that the balloon payment is at your option. You can drive the car for the period of time prior to the balloon, and at the time the balloon is due, you can choose to walk away, or move in to somethig newer. Or, you can choose to pay the balloon.

Going to the dealership in a while here to check it out, but I think after April 30, it is only available in Illinois and Texas (according to the Mini website).

More to come.

Re: MINI Cooper MINI Select

boomhower — Sun, 20 May 2012 17:57:25 GMT

@Anonymous wrote:
I I am not mistaken, the cool thing about the Mini program is that the balloon payment is at your option. You can drive the car for the period of time prior to the balloon, and at the time the balloon is due, you can choose to walk away, or move in to somethig newer. Or, you can choose to pay the balloon.

Going to the dealership in a while here to check it out, but I think after April 30, it is only available in Illinois and Texas (according to the Mini website).

More to come.

Do you have a link to it? Unlimited mileage with the option to walk away sounds like a big money loser for the lender.

Re: MINI Cooper MINI Select

Anonymous — Sun, 20 May 2012 18:28:50 GMT

It isn't unlimited mileage. Just like a regular lease, you choose your level. I am looking at 15,000 miles a year.

If you go to the Mini site, and buil your own, then select "Owners Choice" (it may only show as an option if you select IL or TX as your state).

Re: MINI Cooper MINI Select

Anonymous — Sun, 24 Mar 2013 07:29:56 GMT

Higher the better in financing. MiniUSA will by the loan with a 640 or better. I am buying a countryman this weekend, before end of March. Be sure to add tax and aquisition fee to any loan calculator. I verified this through their finance offiice at my local dealer. Base model 24,200 + T&L. .Remember they only take Premium fuel (91 Octane) and when you turn in the car after leasing make sure the tire depth has 1/8th tread wear and have the run flat tires the car had on it when you leased it or similars.

Re: MINI Cooper MINI Select

Anonymous — Sat, 25 Apr 2015 22:31:37 GMT

Hi - what do you mean by USAMIni willbuy the loan with a 640 or better? They will lease to you with a score of 640 or better?