You were more than helpful. Wow, the more I read this place the more impressed I become.

 

If you belong to a Credit Union at work they would be willing to loan you mooney probably faster than a bank would. Try that besides it will probably be a lower rate anyway.

 

Hey, would you please let me know how that PenFed application goes? Like as to what the requirement is for joining, etc? I am in no way related to any Uniform Services. So I don't know how that'll go. Thank you! (:

I applied for MINI financial and got approved but was told that since I was a first time car buyer and eventhough my credit score is really good [760+] the lowest they could give me was 7.99%. I have a joint account at a Credit Union with my cousin and got approved for 6%, but the thing is, they told me that since it was a joint account and I was not the primary holder, my MINI would also have to be registered under my cousin's name! They wouldn't let me open an account of my own since I'm not an "immediate family member". That's one of the requirements.

Now anyway, I applied for another one which is not a Credit Union and got approved for 6.89%. Looking at it, it's like the middle-man between the other two rates I got approved for and would likely be my best bet.

Do you guys think I should just open up my own account with another Credit Union, and take a chance with another application? I don't know if they'll just give me the same rate because of my credit [1st time car-buying] history?

 

Tweecky - We just got our Penfed check on Friday after applying online Tuesday night. All you have to do is pay the $20 to join the NMFA(option 6) and then put at least $5 in your new account. The whole process took maybe 15 minutes and when I called Wednesday morning they already had a check in the mail. No messing around with faxing, notaries, etc. Your credit score should be plenty good and it doesn't hurt to try. Good luck!

 

This is what I am going to try to do in the next month, closer to when my Mini should arrive. I was told by the financing manager that I should get a rate in the lower 5% so I will check to see what the PenFed rate is in July. This seems to be the best rate around. My first car purchase isn't showing up on the credit report that Mini pulled up so that is the only concern I have going with Mini Financing.

 

GREAT!! Thank you so much! I will try within this week and probably wait 'til the end of this month to apply for the loan. I was told my MINI won't get here 'til July 18. That's the ETA so far, but since production started a week early, I dunno, we'll see.

But I will definitely take your advice. Will update you on it!

 

How long is the Penfed check good for? We have a deal for 7% (I much prefer the 4.25%!) the check is here but good for only 90 days, so we will have to reapply.

 

90 days on the Penfed check also.

 

So if you don't end up using the check is there anything you have to do? Just contact them and tell them you went with other financing?

 

Yes, that sounds right to me. I'd assume they could then tell you if they wanted the check back or if you could just destroy it.

 

Hey guys, a quick update. After many emails back and forth between my MA, I informed him that I was denied. He asked me to fill out another application for him and sent me the following:

"It is similar to what you did on line, but my business manager can not pull that up on line. He will not pull your credit a second time, but will enable him to view your credit in full and find out from MINI and BMW what they need to do. Most of the time even when it denies you, with a simple phone call can get that corrected."

He also sent me an email offering an additional $500 to help me out! Are they really able to get me approved even after I've been denied. I trust him, but just want to hear your opinions.

Thank you!

 

Yes!! I was given the same story when I knew my credit is great! Wow, I didn't get an additional $500 though, good for you.
I just went in to the dealership filled out a paper application and I was all good, especially when I told them I had a good size down payment. The next day when I came back to buy the finance manager told me he could probably even get me a low interest rate too since my credit was so good.

Don't worry.

 

Thanks bro! Here's the best part, I went to leasecompare.com and saw excellent rates. So I told my dealership that I would be going through them. It was then that they were so anxious to earn my business. I was told that my payments should be in the $350's with $1,500 down. To clarify, the $500 was off of the originally required $1,000 deposit. The MSRP for my car as configured is: $25,300.

This is looking pretty good so far

 

See I told ya not to worry :D Yeah I put down $1000 to have my car built.
I forgot you are leasing, I'm buying.

 

hmm...no deposit required for my ordered car.

 

*cryface*
The dealers are so good at making it seem like they are doing you a favor, huh? They got me! Haha.

 

That doesn't bother me. It goes towards my down payment anyways so no big deal.

 

I've ordered 4 cars in my life, and the only one I've ever had to put a deposit down on is SMART, but that's because they have a national $99 reservation program.

Jeep, Porsche, and Mini did not require a deposit.

 

Crap! I mean, like it was stated, it's not a big deal since it goes towards the down payment, but I was told that it was a refundable $1,000 to place my order. Then I was told "I got approval from my manager for $500 to help you with your order!".

The $500 was off the $1,000 deposit. Basically it is an invisible $500. This is kind of frustrating me.

 

Hah, I was told it was non-refundable (even says that on the buyer's order). Guess it depends on the dealer.

 

I am starting to lean towards just financing the car and selling it in 3 years to get a new one! This leasing stuff is turning me off.

 

Our $500 deposit is refundable once the car, should I refuse to take delivery, is sold otherwise. I don't think its legal to keep half of your deposit without full disclosure to you. That $1000 you paid should be applied to the cost of your MINI. I would be sure to make that clear with the MA.

 

Hi,

I'm finally getting ready to order my Mini, and plan to lease, since though I plan to buy it at the end, feel the finance payments otherwise would be too much. Anyway, I just checked my credit report last night and fear that they will reject me based on some of the good scores I've seen in the posts being rejected. I have a 639 currently. Has anyone been able to get a lease approved with a low score like that? Also, I do plan on making a high downpayment, like 8-10,000 if they let me. Will this better my chances?

Your thoughts would be appreciated.

Thanks,

James

also, I saw that they also have a payment plan option where it sounds like you have lease like payments and then at the end of the term there is a "balloon payment", this sounds like it would be a great option since it has no restriction on mileage but would be interested to see if anyone has done this option and your thoughts on it.

 

James, how much can you spend on a car payment per month max? And how much is the MSRP of your build?

 

msrp is 24,400.

As for amount for monthly payments, there in lies the rub. Going into this my plan was to make the min downpayment and have as close to the entirety of the lease amount (36 months) in my bank account, that way I didn't have to worry about coming up with the monthly payments each month since it would already be there ready to be sent. Even with a large down payment now and lower monthly payments, it would still work , as long as the rate I get isn't absolutely crazy. Based on the number I got form MINI(which they didn't check my credit score so I've no idea what the actual rate will be or if I'll get approved) If I put down 5000 up front, then my lease payments would be 282.

So long story short, I could handle that.

I just reread the MINI Select option and that is sounding more and more enticing, since I am 99% sure I will be buying it at the end, though I don't know how much more it would be, leasing is about 6k over sticker price when all is said and done(with me owning it afterwards).