Mini Car Finance

Wonder_Woman

It comes with mini tlc so no servicing / repairs etc for the first couple of years I believe. I must say I'm shocked that yours went so drastically wrong after such a short period but I guess it can happen to any car can't it? Will take a look at the leasing you mentioned...

pheonixrising21

charlearose wrote: »

Just be aware that if anything goes wrong in year 4 your out of the warranty so wont be covered by the warranty (unless you have a extended warranty)

I bought my mini outright from BMW 3 years ago
My mini copper s is 5years old and only has 23,000 miles on the clock and I'm the second owner and the clutch has just gone costing me over 1k I hardly ever drive it anywhere just around town and in the 3 years that i have had it I've only done about 8,000 miles in it since i have had it

check that there are no penalties for getting out in year three and trading up to a different car My dh leases an Audi tt convertible he only paid £1,000 deposit and pays 335 a month for three years including the tax
check if it includes road tax as well. You might find a better deal from leasing rather than going direct to the bmw look at lings car leasing and see what prices that they have

just checked lings prices and they are coming in at 314 for the coupe ( new model over three years inc tax so you would put down around 900 but at the end of the three year you just hand it back Ive leased from her in the and had no problems
plus this would be a 13 plate not a 12 plate So a newer car

I've done a lot of mystery shops on car finance, and to my knowledge there are no penalties for trading in at/before the end of the agreement. In fact, this is what they want you to do. If you go ahead and do this, fully expect a phone call from the dealership 6-12 months before the end of your agreement, inviting you a "VIP Event" or similar to try and persuade you into a new car.

In PCP type agreements there are usually only penalties if you get to the end of the agreement and decide to hand the car back and walk away. Even then, this is only if you go over the agreed mileage

iolanthe07

I hardly ever drive it anywhere just around town and in the 3 years that i have had it I've only done about 8,000 miles in it since i have had it

There's the reason you've had problems. Cars are much better for being used, especially for long motorway journeys, and not standing idle a lot of the time.

Cornucopia

Wonder_Woman wrote: »

Thanks for the advice everyone. I've just been going over the quote and the numbers don't make sense to me (although quite possible I am being a bit daft)

The deal is essentially a PCP deal I think - so £700 deposit, £300 per month for 48 months and then a balloon payment of £6,146.

I work this out to mean that I am paying a total back of £21,246. The price of the car is £15,860 so total interest £5,286. This seems an awful lot if the rate is as low as 4.9%?

Also, the saleswoman said that I would have the option to trade up after 3 years and so the balloon payment (the GFV) of £6,146 surely applies after 36m and not 48?

I thought I had it sorted but I've confused myself! I did ask her to explain when I was at the dealership but she just kept repeating that I wouldnt want to keep the car as no one on these deals ever does and so I shouldnt worry about the balloon payment etc as I would just trade up!

Is this a croc of a deal? Help

It doesn't look like a great deal based on those figures. I very much doubt that it is 4.9% APR. (More like 10-12% APR, which ties in with 4.9% flat).

Bear in mind also that with a PCP you are paying interest on the entire balloon payment figure for the life of the deal.

There are way better deals available on new vehicles at the moment.

As a comparison, new:-

Citroen DS3 1.6 eHDi DStyle Plus

£13990 OTR
£1000 Deposit
1 x £335
46 x £236
1 x £5967
APR 11.4%

3yrs Servicing, 3 yrs Breakdown, £0 Road tax

taylor11_2

Cornucopia wrote: »

It doesn't look like a great deal based on those figures. I very much doubt that it is 4.9% APR. (More like 10-12% APR, which ties in with 4.9% flat).

Bear in mind also that with a PCP you are paying interest on the entire balloon payment figure for the life of the deal.

There are way better deals available on new vehicles at the moment.

As a comparison, new:-

Citroen DS3 1.6 eHDi DStyle Plus

£13990 OTR
£1000 Deposit
1 x £335
46 x £236
1 x £5967
APR 11.4%

3yrs Servicing, 3 yrs Breakdown, £0 Road tax

The OP has advised that she is looking at a Countryman which cannot be compared with a DS3. I would also not pay that for a Citroen.

OP - The £300 may not be bad actually. I had a look at a brand new model is around £380 per month

Wonder_Woman

Yeh sorry Cornucopia but a Citroen DS3 is not comparable - specifically chose Countryman as it's the 5 door mini.

Cornucopia

Wonder_Woman wrote: »

Yeh sorry Cornucopia but a Citroen DS3 is not comparable - specifically chose Countryman as it's the 5 door mini.

Sorry - missed that bit.

Wonder_Woman

Well, I am determined to get a deal so will keep you posted Thanks for all the advice.

mustangu

Wonder_Woman wrote: »

Thanks for the advice everyone. I've just been going over the quote and the numbers don't make sense to me (although quite possible I am being a bit daft)

The deal is essentially a PCP deal I think - so £700 deposit, £300 per month for 48 months and then a balloon payment of £6,146.

I work this out to mean that I am paying a total back of £21,246. The price of the car is £15,860 so total interest £5,286. This seems an awful lot if the rate is as low as 4.9%?

Also, the saleswoman said that I would have the option to trade up after 3 years and so the balloon payment (the GFV) of £6,146 surely applies after 36m and not 48?

I thought I had it sorted but I've confused myself! I did ask her to explain when I was at the dealership but she just kept repeating that I wouldnt want to keep the car as no one on these deals ever does and so I shouldnt worry about the balloon payment etc as I would just trade up!

Is this a croc of a deal? Help

You have the option trade in at anytime not just at 36months. if you trade in at 36months you would of paid over £11k with about £8k left on the loan. Your car would be worth around 8 to 9K so you will have very little to trade up with.
I think a low rate bank loan would be the best deal to buy the car. you would be paying 50-£60 more per month but will save you £2K in interested payment.

downhiller

chanz4 wrote: »

Be warned mini's have regular issues

Now on my 3rd Mini in 7 years

1st was a supercharged Cooper S
2nd was a turbocharged Cooper S
Current is a turbocharged Countryman Cooper S

Driven 100k+ in total over the three cars and had absolutely zero problems with any of them