I would like some feedback please. I went into the dealership yesterday to "order"my new 2008 Mini Clubman S.Here is a breakdown of my car:

Dark Silver, Leather Lounge(Black), Premium Package, Multi-func. steering wheel,Chrome line interior,Armrest,piano black , Xenon headlights, Aero kit.

The total was $ 30,600, I choose the Mini Select financing for 48 months, $ 2,000 Down Payment, my final agreed monthly payment is $ 463.84 (tax included), What do you guys think???Please advise!!!

Could I probably get more attractive financing deal without using BMW? I have excellent credit...

 

That doesnt make sense. For a loan of 28600 (30600-2000 downpayment), evne with no interest, you'd need to pay $595.83/month for 48 months to pay it back. Are you sure you didn't pick 60 or 72 months? @ 72 months, you could get that payment if the rate was ~5.25%

 

Mini select means you are not purchasing the car. At the end of the payments you have an option to buy the car. Personally, I don't see much difference between Mini select and a lease.

So, the car is NOT being paid back in 48 months.

To evaluate how good or bad it is you have to find out what the price of the car is after 48 months should you choose to purchase it.

 

He will need to pay back the residual on the car after the 48 month period, i forget what the numbers are but im pretty sure the residual after 48 months on a Clubman is anywhere from 50 - 60 % of the car's total value (which can also be financed).

 

See your other post for more detail numbers

BTW it is in poor taste to post the some thing twice in different areas of the forum.

 

If I remember correctly, The last payment at the end of the 4 year loan, will be a large balloon payment.

I did a similar thing. 2 year mini select with $8,000 down, and monthly payments @ $204.00 a month. I make additional payments when I can. I am forecasting my final balloon payment to be about $4k when I am done.

 

sorry, for the double post... now I know, I appreciate the feedback..

 

The answer is a definite YES. Pentagon Federal Credit Union is offering 4.5% financing up to 72 months. Apply online for the special rate. If you are not a member, its easy to get membership.

I applied for my loan online and was approved 2 hours later for the full price of the car. I am going to borrow less however and pay most in cash. Their interest rate is probably a full 1% better than MINI Financial.

www.penfed.com

--chad