Ballon payments, no mileage,can or don't have to buy at end... sounds too good to be true what's up with this..besides the fact it's a mini

 

Pehaps if you reformulate your post in English and in complete sentences, someone might be able to determine what question you are trying to ask and offer you some good advice.

Andrew

 

I am toying with the idea of buying a new Mini .It costs just over $30000.I can't lease because I drive over 25000 miles per year.I can't finance more than 22000.What would be the negatives to the Mini Select financing program ?
<http://www.miniusa.com/crm/load_mini.jsp?link=waystopay/miniselect>

I have a call into a Mini dealer but they have not returned my call.I was wondering if anyone here on this forum had any experience with the Mini Select program.Thank you in advance

 

It looks like a good deal at first, but you CANNOT give the car back at the end. You either have to make the ballon pymt, or finance the remaining balance, no third option. so it is like financing a car over an 8-10 year period which is a really long time for 1 car. You will be completely upsidedown the minute you drive out the door.

So I would have to say pass on this deal

 

Thanks, seemed too goood to be true

 

I saw some GM local ads with a $30K car for something like $99/mo but with a $18K balloon after 30 months (or something). The point was I guess to get the cars sold to people who could only afford used cars. But the problem comes after 30 months when you'd owe $18K for acar that's only worth $12K.

 

This plan opted for 1500 down and then payments of 454 for 48 months.. that adds up to 21792 .At the end where you refinance 30500-21792 plus loan or mini select charges,say 7.5% I could be responsible for around 11000 and still not own the car..I have to find out more

 

Wow - this is definitely creative financing! Who came up with this one, realtors? Is there an interest only options?

 

No.. it's not a great deal.. at the end you have to buy and you are refinanced on the residual like a lease or in the Mini's case 47% of the original cost you still owe.. so basically you amost pay for the car twice..the only benefit I can see is if you lease the percent say 9% is reduced to 6% ,so says the Mini car finance guy

 

Minis sell very well so they have no incentive to offer attractive rates.
I was shopping for a new a 6months back and was deciding b/t a G35 and a Mini type S. The MSRP were $27K and $35K but the lease payment ended up to be $10 different/month. Reading the fine print shows that Infiniti interest is about 3% and Mini is 12%. When I told the salesman that my credit score is 800+ and there's no reason why I should be charged 12% interest, he simply laugh and said, we charge that b/c we know you want the car. Look at my sig now.