04-04-2022, 05:26 PM | #1 |
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**Refinancing Questions with PenFed 1.99% Rates**
Hey all,
Quick question about refinancing a BMW loan... if I get a new loan through BMW for 4% and want to refinance with PenFed lets say right away after I buy the car, will that work with 0 penalties? I actually see PenFed has 1.99% for 60 months for a new car refinance plus $150 bonus. If you get a new car loan with Penfed it is 2.54% for 60 months. It seems to me that it makes better sense to just take my dealerships 4% loan, then refinance with Penfed the next month... Does this make the most sense and will this work without any kind of loan payoff penalties through BMW Fiance? |
04-04-2022, 05:43 PM | #2 |
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Interesting, and good catch on the refinance rate. I'm 98% certain that BMWFS does not charge an early payoff penalty. (They certainly don't if buying your car back, I know that much.)
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04-04-2022, 06:07 PM | #3 | |
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05-22-2022, 08:49 AM | #5 |
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05-22-2022, 06:23 PM | #7 |
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I don't think there is a charge an early termination fee. There wasn't on m240 a few years ago. I always ask the dealer to show me in the contract when I'm filling out paperwork.
However I do believe the dealership gets a chargeback of incentives if the loan is paid off in less than 6 months. |
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05-22-2022, 10:13 PM | #8 |
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I've been wondering about this... in this case where dealers may be offering msrp but are inflating the interest rate by a full %... wouldn't it be in their best interest to just offer the base rate to avoid risking someone either shopping around for 3rd party financing or refinancing the loan immediately? Or are there so few people that actually go through the process like that to where they feel they can charge the inflated interest rate even at the expense of those few people leveraging 3rd party financing?
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05-22-2022, 10:44 PM | #9 |
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This may be a dumb question, but what does this mean? The only "incentive" I got on the M3 was the $500 loyalty. Are you saying they are gonna take that back?
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05-23-2022, 05:13 AM | #10 | |
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05-23-2022, 05:15 AM | #11 | |
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05-23-2022, 07:41 AM | #12 | |
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I know in "normal" times getting base rates at bmw is fairly easy as long as you have the creditworthiness... but seems in these times now every dealership in the midwest is inflating MF and finance rates without any room for negotiation.
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05-23-2022, 07:49 AM | #13 | ||
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