Financing through BMW

LAGWAGN · 09-02-2016, 05:39 PM

Does anyone know a reason why I shouldn't finance through BMW? I was approved @ 1.99% with PenFed, but there finance manager at the dealership offered 1.9% with the same term.

Norcalmav23 · 09-02-2016, 06:02 PM

1.9 is better than 1.99. Do it, very very regulated industry. Nothing to worry about.

m2tek · 09-02-2016, 07:02 PM

How much discretion do the finance managers at BMW Dealerships have over the advertised rate? Will they typically beat deals from local banks? I don't recall that being standard practice when purchasing cars. Usually the rates set from corporate are what they offer.

LAGWAGN · 09-02-2016, 09:01 PM

Quote:

Originally Posted by m2tek

How much discretion do the finance managers at BMW Dealerships have over the advertised rate? Will they typically beat deals from local banks? I don't recall that being standard practice when purchasing cars. Usually the rates set from corporate are what they offer.

That's kind of what I was wondering. I'm a little sceptical that the rate is lower than the published rate.

I'll certainly take a better rate though!

CAVU · 09-02-2016, 09:41 PM

I'll defer to the experts, but my understanding is that BMWFS has financing rates based on your credit score that are adjusted on a monthly basis. Dealers know what these rates are. Not everybody will qualify for the best rate "tier". The dealer doesn't have to offer you the best tier that you qualify for. Obviously the dealer and BMWFS make more money if you sign up for a higher rate than you qualify for, and they are under no obligation to tell you what that 'best' rate is, so do your research, and understand your credit score. If you have your own financing, they have an incentive to try to beat your rate, if you qualify for it.

I got 0.9% from BMWFS in July. I don't know what their best rate is for September.

Swimfanrick · 09-02-2016, 10:27 PM

I just got 1.79% (48 mos) through AAA two days ago. It pays to shop around for the best rate.

dasblack · 09-03-2016, 05:30 AM

Quote:

Originally Posted by Swimfanrick

I just got 1.79% (48 mos) through AAA two days ago. It pays to shop around for the best rate.

Yes, I got a loan from a credit union @ 1.75% and bmw could only offer 1.9%

zenmaster · 09-05-2016, 11:06 AM

BMW is now offering an unbeatable deal at 72mo 0.9% financing on all their models except for the M2. For the M2, they have 2.97%!

http://www.bmwusa.com/special-offers.html

ydoc · 09-05-2016, 11:09 AM

I got 0.9% from BMWFS in July. I don't know what their best rate is for September.[/QUOTE]

Was the 0.9% rate on an M2?

atxsk8r · 09-05-2016, 11:38 AM

There's no way someone got 0.9% on the M2 from BMWFS. I got my car back in June, credit score was 830 and the best they offered me was 2.9%. Went to credit union instead and got 1.5%

CAVU · 09-05-2016, 12:22 PM

Quote:

Originally Posted by atxsk8r

There's no way someone got 0.9% on the M2 from BMWFS. I got my car back in June, credit score was 830 and the best they offered me was 2.9%. Went to credit union instead and got 1.5%

I got 0.9% from BMWFS on my M2. In July. I signed the deal and am now driving the car.

zenmaster · 09-05-2016, 12:34 PM

Quote:

Originally Posted by CAVU

I got 0.9% from BMWFS on my M2. In July. I signed the deal and am now driving the car.

Nice!

atxsk8r · 09-05-2016, 12:36 PM

Quote:

Originally Posted by CAVU

I got 0.9% from BMWFS on my M2. In July. I signed the deal and am now driving the car.

Wow, congrats but how did you get this rate? Everyone on here has been quoted 2.9 from the dealer.

nopslide · 09-05-2016, 01:41 PM

I just want my car, I don't give a damn about financing terms. Even 2% APR difference is only like $2k over the 48 month term. $500/yr...

zenmaster · 09-05-2016, 02:30 PM

I give a damn and will always be looking for a financing deal. 2% APR saved is an MPE!

CAVU · 09-05-2016, 04:16 PM

Quote:

Originally Posted by atxsk8r

Wow, congrats but how did you get this rate? Everyone on here has been quoted 2.9 from the dealer.

atxsk8r, I had been keeping in contact with my CA on lease and finance rates after I put my deposit down last year and waited for my build allocation to be available (and watching the forums!). I configured the car in January, car was built in May, and shipped to the US in June. In early July, he told me about the 0.9% rate, but I was skeptical ... I had been planning to go through PenFed. I had seen this post http://f87.bimmerpost.com/forums/sho...7&postcount=13, but never saw the 0.9% rate specifically for the M2 actually published (and I looked too). I had my CA reconfirm several times in the days before I came in to sign the paperwork.

Current offers of 0.9% seem to specifically exclude the M2, but there MUST be others out there who also got 0.9% in July.

nopslide · 09-05-2016, 06:54 PM

Quote:

Originally Posted by zenmaster

I give a damn and will always be looking for a financing deal. 2% APR saved is an MPE!

Hah ok, good way to look at it. I'm sure I'll be retracting that statement as soon as I see my car loaded onto a ship.

blackholescion · 09-05-2016, 07:49 PM

Quote:

Originally Posted by CAVU

atxsk8r, I had been keeping in contact with my CA on lease and finance rates after I put my deposit down last year and waited for my build allocation to be available (and watching the forums!). I configured the car in January, car was built in May, and shipped to the US in June. In early July, he told me about the 0.9% rate, but I was skeptical ... I had been planning to go through PenFed. I had seen this post http://f87.bimmerpost.com/forums/sho...7&postcount=13, but never saw the 0.9% rate specifically for the M2 actually published (and I looked too). I had my CA reconfirm several times in the days before I came in to sign the paperwork.

Current offers of 0.9% seem to specifically exclude the M2, but there MUST be others out there who also got 0.9% in July.

How long is your loan term? That affects rates too.

CAVU · 09-05-2016, 07:54 PM

Quote:

Originally Posted by blackholescion

Quote:

Originally Posted by CAVU

atxsk8r, I had been keeping in contact with my CA on lease and finance rates after I put my deposit down last year and waited for my build allocation to be available (and watching the forums!). I configured the car in January, car was built in May, and shipped to the US in June. In early July, he told me about the 0.9% rate, but I was skeptical ... I had been planning to go through PenFed. I had seen this post http://f87.bimmerpost.com/forums/sho...7&postcount=13, but never saw the 0.9% rate specifically for the M2 actually published (and I looked too). I had my CA reconfirm several times in the days before I came in to sign the paperwork.

Current offers of 0.9% seem to specifically exclude the M2, but there MUST be others out there who also got 0.9% in July.

How long is your loan term? That affects rates too.

Up to 72 months.

atxsk8r · 09-05-2016, 08:40 PM

Quote:

Originally Posted by CAVU

atxsk8r, I had been keeping in contact with my CA on lease and finance rates after I put my deposit down last year and waited for my build allocation to be available (and watching the forums!). I configured the car in January, car was built in May, and shipped to the US in June. In early July, he told me about the 0.9% rate, but I was skeptical ... I had been planning to go through PenFed. I had seen this post http://f87.bimmerpost.com/forums/sho...7&postcount=13, but never saw the 0.9% rate specifically for the M2 actually published (and I looked too). I had my CA reconfirm several times in the days before I came in to sign the paperwork.

Current offers of 0.9% seem to specifically exclude the M2, but there MUST be others out there who also got 0.9% in July.

Cool, your CA must of had some magical hookup powers at the dealer to get 0.9% LOL but awesome you got it! First person i heard of on the forums who got this rate from BMWFS.

nopslide · 09-05-2016, 09:27 PM

Quote:

Originally Posted by blackholescion

How long is your loan term? That affects rates too.

Adversely? I was planning on going in at 48mos...do you get a lower rate for longer term? If so I can just pay off early and save some money for an MPE

jtfields · 09-05-2016, 10:21 PM

Quote:

Originally Posted by nopslide

Adversely? I was planning on going in at 48mos...do you get a lower rate for longer term? If so I can just pay off early and save some money for an MPE

Generally, but not always, shorter term loans will have lower rates.

09-02-2016, 05:39 PM	#1
LAGWAGN First Lieutenant 272 Rep 376 Posts Drives: 2001 M Roadster, '24 BSM M2 Join Date: Oct 2013 Location: Dallas, TX iTrader: (1)	Financing through BMW Does anyone know a reason why I shouldn't finance through BMW? I was approved @ 1.99% with PenFed, but there finance manager at the dealership offered 1.9% with the same term. __________________ '01 M Roadster, '24 BSM M2
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09-02-2016, 06:02 PM	#2
Norcalmav23 Second Lieutenant 292 Rep 254 Posts Drives: AW DCT M2 Join Date: Jan 2016 Location: Knoxville, TN iTrader: (0)	1.9 is better than 1.99. Do it, very very regulated industry. Nothing to worry about. __________________ 2017 M2 - AW DCT - BM3 93 oct, Pure Stage 2, FBO, happy 2013 BRZ - was a GREAT car... just not fast enough 2008 VW GTI - first experience with boost 97 Integra GSR - crashed it
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09-02-2016, 07:02 PM	#3
m2tek Private First Class 78 Rep 182 Posts Drives: '17 M2 Join Date: Aug 2016 Location: NY iTrader: (0)	How much discretion do the finance managers at BMW Dealerships have over the advertised rate? Will they typically beat deals from local banks? I don't recall that being standard practice when purchasing cars. Usually the rates set from corporate are what they offer.
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09-02-2016, 09:41 PM	#5
CAVU Captain 151 Rep 929 Posts Drives: '16 F87 M2 Join Date: Jun 2013 Location: Ohio iTrader: (0)	I'll defer to the experts, but my understanding is that BMWFS has financing rates based on your credit score that are adjusted on a monthly basis. Dealers know what these rates are. Not everybody will qualify for the best rate "tier". The dealer doesn't have to offer you the best tier that you qualify for. Obviously the dealer and BMWFS make more money if you sign up for a higher rate than you qualify for, and they are under no obligation to tell you what that 'best' rate is, so do your research, and understand your credit score. If you have your own financing, they have an incentive to try to beat your rate, if you qualify for it. I got 0.9% from BMWFS in July. I don't know what their best rate is for September. __________________ *F87 '16 M2 ...* Mineral Grey, 6MT, Exec, MPE Gone: E82 '13 135is 475/586 ... Mineral Grey / Oyster, DCT, Premium, Tech, HK, Michelin PSS, BMW Performance Suspension
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09-02-2016, 10:27 PM	#6
Swimfanrick Private 51 Rep 68 Posts Drives: M2 Join Date: Jun 2016 Location: Tennessee iTrader: (0)	I just got 1.79% (48 mos) through AAA two days ago. It pays to shop around for the best rate.
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09-05-2016, 11:06 AM	#8
zenmaster Brigadier General 1577 Rep 3,888 Posts Drives: '17 M2 Join Date: Mar 2007 Location: Atlanta iTrader: (1)	BMW is now offering an unbeatable deal at 72mo 0.9% financing on all their models except for the M2. For the M2, they have 2.97%! http://www.bmwusa.com/special-offers.html
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09-05-2016, 11:09 AM	#9
ydoc Private First Class 10 Rep 113 Posts Drives: 2017 F87 M2 Join Date: Feb 2012 Location: USA iTrader: (2)	I got 0.9% from BMWFS in July. I don't know what their best rate is for September.[/QUOTE] Was the 0.9% rate on an M2?
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09-05-2016, 11:38 AM	#10
atxsk8r Major 1570 Rep 1,298 Posts Drives: 2020M2C Join Date: Dec 2015 Location: Austin, Tx iTrader: (0)	There's no way someone got 0.9% on the M2 from BMWFS. I got my car back in June, credit score was 830 and the best they offered me was 2.9%. Went to credit union instead and got 1.5%
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09-05-2016, 01:41 PM	#14
nopslide Private First Class 87 Rep 139 Posts Drives: M2 Join Date: Jun 2016 Location: Austin, Texas iTrader: (0)	I just want my car, I don't give a damn about financing terms. Even 2% APR difference is only like $2k over the 48 month term. $500/yr... __________________ 2017 M2 Order Process (Complete)
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09-05-2016, 02:30 PM	#15
zenmaster Brigadier General 1577 Rep 3,888 Posts Drives: '17 M2 Join Date: Mar 2007 Location: Atlanta iTrader: (1)	I give a damn and will always be looking for a financing deal. 2% APR saved is an MPE!
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