Definition

A credit contract is a consumer credit contract when:

  • it is for individuals; and
  • the motor vehicle is primarily for personal, domestic, or household use.

You are protected by responsible lending laws. Because of these protections, the recommendations given to you about Motor Vehicle Loans & Finance Leases are not regulated financial advice.

This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.



Fees and Interest Rate

Credit Fees

  • Establishment Fee – $349 is charged for the establishment of a new contract.
  • PPSR Fee – $10.35 is charged for the registration of security interest.

Other Fees

  • Dealer Origination Fee – $350 may be charged by the dealer/agent for the purpose of arranging a new contract.

Default Fees

  • Dishonoured Payment – $9 is charged in the event that a payment tendered is dishonoured by your bank.
  • ITR Fee – $9 is charged when an ITR (Intention to Repossess) letter is issued if your loan account goes into arrears.
  • Warrant to Act Fee – $3 is charged when a Warrant to Repossess is issued due to a breach of terms.
  • Post Repossession Fee – $40 is charged when a Post Repossession Notice is issued after we have repossessed the Motor Vehicle.

Interest Rates

Personal Loans / Finance Lease: Motor Vehicle

  • Current Annual Interest Rate – New: Up to 10.95%
  • Current Annual Interest Rate – Used: Up to 10.95%

Personal Loans – MINI Flex: Motor Vehicle

  • Current Annual Interest Rate – New: Up to 11.45%

Default Interest Rates


If you fail to make any payment on the due date, the default interest is payable on the overdue amount from the due date until the date full payment of the overdue amount is received by BMW.

Default interest is calculated at the rate of 5% per annum plus the annual interest rate stipulated in your contract.

*for Loans/Finance Leases through BMW, MINI & Rolls Royce Authorised Dealers.

BMW Financial Services lending criteria and terms and conditions apply.

Interest rates and fees are subject to change at any time; please refer to your BMW or ALPHERA dealer or phone 0800 639 269 on date of application.

Complaints Process

BMW Group Financial Services is committed to providing products and services of the highest standard. If for any reason you feel we have not lived up to your expectations or you are not entirely satisfied with any aspect of our service, please let us know.

Click the link below to download information on how we deal with complaints, our customer complaints process and where to direct any complaints.

Our Complaints Process

Downloads

Assistance during COVID-19
Key features of a Loan
Loan Agreement
Disclosure Statement – Loan
Hardship Application
Repayment Difficulty FAQ
MINI Flex Agreement

To apply for a hardship variation, you need to:

  1. make an application in writing; and
  2. explain your reason(s) for the application; and
  3. request one of the following:
    1. an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
    2. a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
    3. both of the above; and
  4. send the application to us via email at hardshipnz@bmw.co.nz or contact us at 09 573 2535.

Do this as soon as possible using the Hardship Application provided under the Downloads section (https://www.mini.co.nz/fees-legal-contracts/). If you leave it for too long, we may not have to consider your application.

MINI Financial Services is a member of the Financial Services Federation – a non-profit organisation representing New Zealand’s responsible, non-bank financial institution.

Q&A

What to do if you are experiencing financial difficulty due to COVID-19?

If you’re experiencing financial hardship as a result of the coronavirus pandemic (for example through redundancy or reduced/nil hours), please contact us through hardshipnz@bmw.co.nz as you may be eligible for hardship.

What to do if I change my address?

Please contact us so that we can update your information.

What happens if I can’t make my payments?

If you fail to meet your payments we may be entitled to repossess and sell the Vehicle described on the front page of your contract. If the Vehicle is repossessed and sold, you will continue to be liable if the proceeds from the sale of the Vehicle are not enough to repay your obligations to BMW. Please contact us as soon as you know that you can’t meet your payments to discuss your options.

Can I repay my loan early?

Yes, you can. If you pay the unpaid balance in full before the final payment is due (full prepayment), you may be required to pay a fee or charge to compensate us for any loss arising out of the full prepayment. Please see Disclosure Statement for the formula used.

What to do if you suffer unforeseen hardship?

If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to us for a hardship variation.

Can I repay my loan by cash deposit?

MINI Financial Services are no longer able to accept cash deposits through their banking partner for repayment of your loan. Please call us on 0800 639 269 to discuss and set up an alternative payment method.

Get In Touch

Your Business Manager at your Auckland MINI Garage will work with you to find a solution that suits your needs, so all you have to worry about is picking the colour of your MINI. Call us on + 64 9 573 2535, or use the form below and we’ll get back to you as soon as we can.

Want to know more?

Discuss the right finance option for you with your local MINI business manager.

Find A Dealer