Down Payment
 

This is to all of you in the states. I want to finance a 2010/2011 MCS and will put down about $2500-$3000. I did the payment estimator on the Mini website and the interest rate now is at 0.9%. Through their estimator I would be paying like $355 in the traditional finance and $255 on the Mini Select deal. I need my payments to be like $350 or less. What do you guys think I should do and what did you put down?

No, your borrowing money to borrow more and digging a large hole. Banks are not just handing out personal loans now days. Much better to save the down payment. Don't think about buying now. The market will be better in about 18 months, giving you time to save that down. Don't save it in a savings acct. Look for a Money Mkt. that will give you a 4.5% to 6% return and keep it liquid. You can pull some money out of a 401 or IRA with out penalties( ck on those amounts) 10K? Shop, watch the prices come down, study your mkt.

cool, thanks man.

I did just that...
 

Last Tuesday I bought a 2011 MCS and I put $2000 down, a very nice MCS in fact. My payment is about $365 on the select program. The dealer did come off the sticker price about $1200 or $1500. You can PM me if you'd like me to be more specific.

see thats what im lookin for maybe put $3000 down and get it to like $350. Wana try to do it before the end of the 0.9% financing this month but dont know.

Be VERY cautious on Mini Select ... There is a BALLOON payment at the end to buy the car

Yes, I am aware of it. And it's a risk I am okay with. Especially if the MCS continues to hold value as it has been. You pay now you play later, eventually you pay.

I'm just warning as the $8k or more payment can be a bad thing if you don't listen to the motoring advisor and just look at the payment

well I got 3k together for a down payment but Im going to miss the 0.9% finance rate since I cant get to a dealer until the weekend. I wonder if they are going to have a christmas sale event lol.