Hey everyone! Today is the day I have been waiting for the past 6 months! I am going after work to order my MINI!

I do have a quick question though before I go (I apologize if it's been asked, but I need to make sure I have the right answer).

MSRP: $28,050 - $1,500 down payment = $26,550. I am going to be financing through PenFed of course. But when I go to place my order today I want to make sure the dealership has the numbers right.

Does the dealership take the $26,550, add their dealer fee ($599.95), and then add tax (7%)? Or do they just add their dealer fee and I pay tax on my monthly payment? I am ver confused as to what numbers to expect from the dealership.

Someone please help clear this up for me. If you need any other details or info from me to help, please let me know.

Thanks in advance guys! I look forward to becoming a more active part of this community once I receive my MINI!

 

Which PenFed financing program are you going to choose? The standard finance or the (I forget the official name) Saver program?

I do not have my paperwork in front of me, but the dealer fee should be added after the tax is applied. You will also be paying title and registration.

 

I am just doing the standard financing.

So do they take the MSRP ($28,050 - $1,500 = $26,550 * 7% sales tax = $28,408.50 +tag &title?) So am I going to need to finance the $28,408.50? I was under the impression that your monthly payments are taxed. *Sigh* I'm confusing myself, haha.

 

Nope. Not unless Florida is wildly different than most states in how they handle vehicle taxes. You'll pay tax on the final sale of the car, you can certainly choose to finance the taxes as well.

If you are ORDERing today, you wont need anything besides the amount they charge for a deposit. When you sign for your order, you'll get a purchase agreement that spells out the final costs. You can choose to put more down now if you feel like it, but why would you do that?

 

You can finance everything in florida...

 

Ok, ok I think I got it, thank you!

They keep offering to order with me over the phone, but I want to do it in person. Will they show me the numbers before I place my order?

(Edit): Actually after running some numbers through the calculator, the monthly payments are almost identical regardless if they charge you tax on the monthly payment or on the total of the vehicle price.

 

Not a PenFed person but the dealer will need from you on delivery the total amount for your MINI.... that means MSRP, Administrative Fees (mine included a Document Fee $50 and a Lien Fee $2), Title, Registration & License Plate Fees and Sales Tax.

You will need to bring the check from the credit union and your down payment with you when you pick up your MINI.

Pretty Exciting! Congrats!

 

Unless you are locked in at 4.25%, PenFed just raised its auto loan rate to 4.5%.

 

IIRC they take the total price of the car you paid example MSRP not including any down payment along with additional Florida government miscellaneous fees,dealer fees and tax that amount.

And Pen-Fed offers either a conventional loan rate currently 4.5% where the final payment you own your car or Auto Payment Saver Rate currently 4.75%where you pay less per month but owe a final payment (balloon) at the end of the loan period (like the MINI Select option).

 

So you're saying that they tax the dealer fees, etc on top of taxing the MSRP?

And thanks for the congrats, guys! I can't waiiitttt!!! (Hopefully later this year I will also be ordering the Clubman for my woman! )

 

The fees shouldn't be taxed.... not sure why they would. The tax should only apply to the MSRP.

 

That's what I would think. I was planning on paying the fees in cash. And financing the rest, minus the down payment, with PenFed!

 

Bear in mind that the interest on that tax compounds monthly as well. Lets say that you buy a car for $30,000 and owe 5% in taxes. That is $1,500. You can pay this at the time you pick up the car or finance it. If you wrap it into your loan at 5% for 60 months, the total you pay will be $1,925.04 at end of the loan. That works out to be 6.4% in "taxes" paid, versus the 5% you should have paid.

I know that everyone has different financial means, but paying an additional $425 or 28% in taxes seems like a poor financial choice to me.

 

I think you will find that taxed amount is the final sale number excluding specific registration costs and such. Unless the dealer carves it out as a registration fee it should be included in the cost of the vehicle. If this was not the case, then dealers could get very cute with how the cars are priced to save customers money in taxes and that gets the local taxing jurisdictions in a fuss.

 

I just remembered I worked at a bank. I went and talked to our finance guy and he said it is MSRP + dealer fees. The sum of those 2 are taxed.

 

I'm supposed to have a sheet of final costs (including tax) for my car? I didn't get one when I ordered my MINI. I just have the spec sheet I took in when I did my order, plus the receipt for my deposit. Guess I need to contact my MA so I know how much to ask for in financing!

 

Yes, you should also have a copy of your "Vehicle Inquiry Report" that shows your order, your Production #, your build with all your options (but not dealer installs) and the MSRP for those items, and possibly some additional information such as your port location. If you have neither, call your MA and ask for them, they are your safeguards against any funny business later on.

 

Bah! I knew the MA I got stuck with the day I went to do my order was not top notch. I'm calling today! Thanks! Maybe I can use this to get back with the cool MA I was working with before I placed my order.

 

$599.95 "dealer fee"? Fee for what?

 

For their pocket? I don't know. I'm finding out that car buying sucks and is confusing. I am only 22, so this is my first time.

I thought I was settled on knowing what to expect and what number I can use to estimate my payments.

Can someone please help me. All my numbers are in the first post of this thread.

Thanks and sorry I'm so confused!

 

While this is a pretty standard rate for those poor folks out in California, $600 does seem a bit high for Florida, but it may just be that's what they can charge because the market is great for them right now.

I'm betting you're getting yours from Ferman MINI in Tampa? It looks like the next closest dealer is in Orlando some 90 miles away. You might call Downtown MINI in Orlando and see what their rates are, mabye it'll be worth a 90 mile drive? Mabye not.

I paid $230ish in Dealer fees here in NJ.

 

Ferman is correct. I travel to Orlando all the time to one of our other branches, and Downtown MINI is on my trip. Here's my question, if I oder from Downtown MINI, do I have to service it there? Or can I bring it to the MINI in Tampa near me? How does that work?

 

You can get it serviced anywhere. I used to live on Rt580 (Main St) in Dunedin and would never deal with Ferman, by far the worst dealer in Florida.

 

I'm right there with you. I'm 23 and it was my first new car buying experience. It could be worse...you could have to throw in negotiations as well. "Luckily" (ha!) we get to pay MSRP. But don't be dismayed. You have 6 weeks to work this financing all out, right now your only concern is what you want option wise!!

However the numbers as calculated with the Cars.com Auto Payment Calculator (Google it, I dont have the link) are as follows:

Vehicle Price: $28,500 (went for a rough estimate on fees and other items. This is is likely to be different, but will help give a rough idea...)
Down Payment: $1,500
Trade-In: $0
Sales Tax: 7%
Interest Rate: 4.5% (I used the 4.5% from PenFed ...)

Term:
36 Months: $862.51 ($32,550 final)
48 Months: $661.18 ($33,236 final)
60 Months: $540.55 ($33,933 final)
72 Months: $460.26 ($34,639 final)

 

Zoned, I really appreciate how much you've helped me. Those numbers look just about right.

I went ahead and emailed the Orlando MINI to see if they could persuade me to order with them. I feel bad because I have been communicating with the guy at Ferman for a month or so, but I have just haven't been 100% comfortable. Almost as if I sense something sneaky. I could be wrong, but just a hunch.

Yay for paying MSRP! Haha. Being about my same age, we can relate on how bad it sucks to grow up! Haha, I wish my parents would just do it all for me!