1st Gen Jersey Boy - Dying for my First MINI

Discussion in 'Starting Line - New Member Introductions' started by sk7123, Aug 9, 2011.

  1. sk7123

    sk7123 New Member

    Aug 9, 2011
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    Hi All! I have made the decision to get a MINI...Thats what brings me here of course! Money is the issue right now...i have looked and looked and looked for information on the mini select financing option and cant seem to find any helpful info. I know there is the 'balloon payment' at the end of term...but how much is it? I want a cooper s so bad! So i was hoping that you all could maybe offer some insight on mini select? thanks a bunch :D
     
  2. Nathan

    Nathan Founder

    Mar 30, 2009
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    Welcome to M/A, thanks for joining.

    I've looked into MINI Select and here is what I know.

    The term is flexible unless in Maine, then you have to have to go for at least 48 months. Being that the term is flexible it will cause the balloon payment to also be flexible. Of course the amount financed has a lot to do with it. Meaning that making the same payment on a Cooper vs a JCW S will mean a much larger balloon at the end for the JCW S.

    There are also some states where MINI Select is not available at all. I'm going to go out on a limb here and figure you are from New Jersey, where the plan is available.

    MINI does not go into great detail about the plan on the MINI site. I would recommend that you spend some time with your local dealer on this. Pick out a MINI you like and run the numbers.
     
  3. Mr. Jim

    Mr. Jim Mudshark
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    Jersey in the house! Welcome to M/A! Where in Jersey?
     
  4. jtbrown

    jtbrown New Member

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    MINI Select runs pretty similar to a leasing deal... your monthly payments are at a reduced rate from an outright purchase. The main difference between a lease and MINI select is at the end game: with a lease, you're returning the car at term end with an option to purchase the vehicle by paying off the balance. With MINI select, you simply don't have the option to return it. You can either pay the entirity of the balloon payment at the end of term, or you can then enter financing to pay the balloon off over time.

    I don't have the exact numbers in front of me, but when I got mine (2010 MC) the difference between the three options was along the lines of $225/mo (Select), $250-60/mo (lease) or $300-25/mo (purchase financing)... I know the Select and lease numbers are pretty close, but I may be off a bit on the purchase cost. This was from Princeton MINI, in Mercer County, NJ.
     
  5. Justa Jim

    Justa Jim Well-Known Member
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    Welcome aboard. :Thumbsup:

    Jim
     
  6. sk7123

    sk7123 New Member

    Aug 9, 2011
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    Hi and thank you....i am in the Morristown area. So i guess i should head over there for some of the details. Not ready to buy just yet...since i have to unload my crap 03 Element....but as soon i do ill be ready to go and i want to be sure i have all the info i need.
     
  7. Mr. Jim

    Mr. Jim Mudshark
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    See Brian Blute at Morristown MINI, that's who I bought mine from in 06. Great guy!
     
  8. Crashton

    Crashton Club Coordinator

    Jun 4, 2009
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    Welcome sk7123. :)

    Be careful with balloon payment plans, they can bite you in the arse.
     
  9. INIMINI

    INIMINI New Member

    Apr 22, 2010
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    Mr. Jim said it...My wife bought 3 cars from Brian Blute at Morristown.
     
  10. alwzopn

    alwzopn New Member

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    Brian sold me my current R52 and so far has managed to mishandle the paperwork by sending the title to the wrong bank, gave me the run-around for a week on the paperwork for my wheel/tire warranty refund and to top it off, my convertible top quit on me after a month and they're refusing to cover the repair.

    My first Mini was sold to me by Dave Dobler (also at Morristown), who came across as more knowledgeable, didn't mishandle any of my paperwork and also gave my wife and me the attention we felt we deserved for being his customer.

    Pick whomever you want, but be very careful if you decide on a used car.
     

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