How soon did you all fill out financing paperwork

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zedzag

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Hi All,

I've finally placed the order for a new SE and the sales guy from the dealer I chose messaged that he is going to get the financing paperwork ready. Is that normal considering the car hasn't even been built yet? I'm assuming the car can take upwards of 6 months, wouldn't I be doing the paperwork closer to delivery?

I'm Houston btw I chose mini of clear lake if that makes any difference.
 
The paperwork (in my experience) can be prepared any time, but they better not expect you to sign until you have given the car a good once-over and take delivery.

ETA: I should add that my dealership did a credit check on the spot when I paid my deposit and signed the order sheet.
 
I wouldn't expect any financing paperwork to be done until delivery, or very close to it.

You can certainly sign a buyers agreement/etc, but what's the point of looking at any sort of financing this early? Rates will change monthly, and nothing you look at today will hold for more than a month.

I placed my reservation online and the only thing I signed was a copy of my build sheet confirming my order/selection. I won't look at financing stuff until the next week or so, seeing as my SE has finally arrived in the states this weekend (but will still be a 1-2 weeks before I can take delivery).
 
SameGuy said:
I signed my order sheet with 3.99% APR.
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Things may be a bit different up north, but I've never signed any sort of financials until close to delivery or at delivery. Most auto loans in the US are only good for 30 days from the time of application (at least any that I've ever looked into) so I don't really see the point. Maybe if your dealer thinks you aren't "good" for the purchase they'd want to do so, but I wouldn't expect even that to deter a dealer these days. Most dealers would be happy to have a buyer back out or not be good to the purchase since they can throw it on the lot with a markup.

I would personally never sign anything allowing a credit check/hard pull until the car is either close to the dealer or at the dealer.
 
We had to complete a basic credit application when we signed our original order sheet & submitted our deposit. They still ran our credit (or will be at the time of delivery) even though we're writing a check for the car.
 
My dealership did not ask me for any financing paper work as of yet but I heard my friend that ordered from Marin and his dealership did ask for financing paperwork, so I guess it is a common practice. I most likely will go to my credit union and ask for the rate first and see if my dealership will match.


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Seems unusual and as stated most finance agreements are only valid 30 days, sometimes 60.
When people order a Tesla they have to submit how they intend to pay (cash, finance etc) and if finance agree to the quoted rate before the car will go into build. As it takes the best part of a year to get one now the 60 day finance agreement will naturally run out and have to be re-run which is just stupid imho.bad enough when they were quoting 90 day delivery, but ridiculous now they’re at close to 12 months…
Anyway, the point is the same applies to the Mini, you won’t get it for 3-4 months so any finance offer will expire.
 
I filled out the financing application on line the day i got a production number. I wanted to lock in the rate.

When I put $ down on the red one I was told my deposit (not through the website) was non refundable, but could be used for another car. I said if they charge over sticker, or the interest rate goes up I dont want the car. The store manager suggested I apply to BMW financial simultaneously with the deposit to lock in the rate.
 
methorian said:
Rates will change monthly, and nothing you look at today will hold for more than a month.
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AndysComputer said:
...you won’t get it for 3-4 months so any finance offer will expire.
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When I signed my order sheet in March, my Motoring Advisory emailed, "...your MINI is estimated to arrive at the dealership towards the end of July/August. If you would like to apply for financing via MINI Financial and lock in the current stated interest rates please complete/sign and email back a copy of the attached credit application and I will submit it to MINI Financial for review." (emphasis added)

After submitting the application, he emailed me, "MINI Financial has approved your loan at the terms you selected on the sales proposal."

The rate I was approved at is 3.99%. The rate currently showing on the MINI site for the SE is 5.76% My understanding from the above is that I will still get the 3.99% rate.
 
Scrambler said:
When I signed my order sheet in March, my Motoring Advisory emailed, "...your MINI is estimated to arrive at the dealership towards the end of July/August. If you would like to apply for financing via MINI Financial and lock in the current stated interest rates please complete/sign and email back a copy of the attached credit application and I will submit it to MINI Financial for review." (emphasis added)

After submitting the application, he emailed me, "MINI Financial has approved your loan at the terms you selected on the sales proposal."

The rate I was approved at is 3.99%. The rate currently showing on the MINI site for the SE is 5.76% My understanding from the above is that I will still get the 3.99% rate.
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I stand corrected. I wasn't aware MINI/BMW Financial did such a thing.
 
Scrambler said:
When I signed my order sheet in March, my Motoring Advisory emailed, "...your MINI is estimated to arrive at the dealership towards the end of July/August. If you would like to apply for financing via MINI Financial and lock in the current stated interest rates please complete/sign and email back a copy of the attached credit application and I will submit it to MINI Financial for review." (emphasis added)

After submitting the application, he emailed me, "MINI Financial has approved your loan at the terms you selected on the sales proposal."

The rate I was approved at is 3.99%. The rate currently showing on the MINI site for the SE is 5.76% My understanding from the above is that I will still get the 3.99% rate.
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I was told this as well. I was told I will get 2.99 when my car gets here next week. Should be in port on the 4th.
 
sage major said:
I was told this as well. I was told I will get 2.99 when my car gets here next week. Should be in port on the 4th.
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Jealous I missed that rate, but definitely happier with 3.99 instead of 5.76%.

I just looked at the fine print on the MINI USA site, and noticed this: "Qualified rate lock applicants must take delivery within 120 days of initial lock." My rate was locked on March 23, so 120 days would be July 21. My current production date is slated for June 8. My Advisor didn't mention anything about the lock expiring, and my estimated delivery window starts right about that time.
 
sage major said:
Check with your local credit union. Mine is still offering 2.74%, so we will use that if BMW does not match it.
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Hello! How soon did you apply with your credit union? I have my vin for a long time and the car is still at the port… not sure if I should do it now.


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We did it back when we ordered and they were still putting you on the list for 2022 builds back in November. They just sent me a new email this morning saying its still valid.
 
sage major said:
We did it back when we ordered and they were still putting you on the list for 2022 builds back in November. They just sent me a new email this morning saying its still valid.
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Thank you! I will go to my credit union tomorrow! I just wasn’t sure if it is too soon for me to apply /inquire


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In CO if you finance with BMW they knock the 2500 state tax credit off the bill. Otherwise one has to wait for a refund/credit when they file their tax return. BMW says you have to stay with them 3 months. An agent from a local CU said i can pay it off after one payment and BMW wont do anything. I will have to read the fine print - ugh.
 
What the what! Here's how MINI's doing a dealer markup on the SE. Look at how much higher the interest rate is for the SE. Every other model is 3.69%.

upload_2022-6-2_22-25-8.webp


I guess that's indicative of how popular and successful the SE is.
 
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