So I think I might get a 07 MCS. I currently have a 2002 WRX wagon (modified) but want something that gets better gas milage. I looked into a Golf TDI but they are impossible to find and have 90k+ miles on them.... Seems like the 07 MCS gets fairly good gas milage due to the direct injection system. I am also a fan of turbos and although I will miss my AWD in the northwest, the MCS has DSC and traction control and I would add the front differential. I checked them out online and noticed that MiniUSA has a College Grad buyers program. I meet all of the listed qualifications and have around a 740 credit score. Only problem is that they don't list what the college grad program offer is! Has anyone taken advantage of this? Is it a discount off the price of the car or a finance incentive?

Any help would be greatly appreciated!

 

I'm graduating in June and looked into the grad program. There was no incentive or special rate. Instead the finance rate was higher than the regular finance through Mini and I have excellent credit. I'm going through my bank which offers a whole point and a half lower than Mini.

 

Well that is sort of discouraging. Why would they even offer the program . VW and Ford (and probably others) offer at least a $500 to $1000 price cut from MSRP.

 

I thought about looking into it myself, but didn't really get to. I think the rate is higher because the program is designed for young professionals not making enough money to justify a new car loan. So...they figure they'll give you the benefit of the doubt and charge you a higher rate.

If you have good credit, I'd check with the bank. Warning though - I have good credit and because my job does not start until August they required someone to co-sign. I had the employment k and the whole nine yards, but they didn't care. Just so you know. It might be different in your situation; I didn't have a current paycheck to show and they wouldn't take my last year's income tax returns as proof of income.

Best of luck and let us know how the process goes for you! Also, FYI - if the only way to get the loan is through the grad program, get it and refinance it in like 3 months for a better rate. It is an inexpensive process.

 

Yea I think I might have to wait until July for that very same reason. I signed the contract that states I am hired but the contract also states that I am work part time until July. I dont get paid my full time salary ($5000/mo) until July. I will probably go through my current credit union. They seem to be very nice and I have had two loans through them in the last 5 years.

 

I went through a credit union too. Here's how things worked - I spoke to their loan specialist and explained the situation, he contacted their underwriter and they said I needed a co-signer so I used my mom's info and got everything set up. About 5 weeks later when it was time for delivery, I went to pick up the check and the same loan specialist tells me the underwriter notified him that I could get the car on my own once they saw the salary under the contract and my credit history. Needless to say, I was upset at them.

This was a very simple thing for them to take 5 weeks to get right. So I kept everything as it was at the time and will just refinance in Oct. or so if I find a better rate. Sorry, this got kind of long, but bottom line is, your credit union might be better informed and might be able to get you the loan on your own

Best of luck

 

Same here. I shall graduate this summer (August) and the APR offered by MINI was significantly higher than the regular bank rate. I guess the grad program is aimed at students with little or even poor credit history.

 

Yea it must be. I do not want to have a co-signer on my loan, so if I have to wait until July, I guess I will just have to wait! I am going to see if I can test drive one today!

 

Yup, it is designed to let someone without much credit history finance a car when they otherwise may not be able to.

 

Any responses on what ended up happening? I just ordered mine and was thinking of this fin. program and now im looking into something else. When you go to credit unions can you just run your credit through the 3 main bureaus and show them the hardcopy so that they dont have to continue to run your score and then hurting it? P.S Ive had a salary since may and I am recieving the mcs mid sept. Thanks.

 

Always check through sites like eloan.com, HSBC.com, and capitalone.com even before checking with your local bank. Usually their rates are about 3% points lower and they have better online payment systems making it easy to pay your bill.

Never, in my opinion, finance through a dealership.

 

Yeah capitalone is what I was planning on trying first. Do you know if I can show a print out of my current credit score/report from freecreditreport.com? It has the 3 main bureaus. I just dont want to have to get my credit checked multiple times b/c of it causing your score to drop.

 

So long as you limit your credit checks to five or less within a six month period it won't impact your credit score. Your 740 credit score is in a range that won't be impacted unless it drops to below 710, and checking your credit won't drop it even close to that (if it's impacted at all).

But, unfortunately, no, you can't send your credit report to lenders. That would make too much sense! And the credit system is pretty goofy.

 

Ok. Thanks. I didnt start this thread. I just searched for this topic and this thread came up. I was told that I would be approved from my ma but my rate was rediculous 10.99 but this was before I paid off a bunch of credit. I am determined to get this car, but in the process I dont want to get screwed. Anymore suggestions? How easy is it to get approved for a new car from a union like capital one? I also dont want to get turned down by a bank and then that look bad when I try somewhere else.

 

Credit "inquiries" typically are reported to the credit bureaus only once a month so an inquiry today won't impact your credit application tomorrow.

Also, I have lousy credit, and I got 10% APR from Capital One. Typically through dealerships they tack on up to four % points (you probably actually got a much better rate than 10%) to boost the finance company's profits, who then gives the dealership's finance office a kickback.

Again: never finance through a dealership.

 

I appreciate your time and input. Thanks. One other question. Would $1200 down really do much? I know banks love something down, I just wasnt sure if that would be good enough?