[s58]

Originally Posted by tbaig

What rates are those local to the MD area getting from credit unions ?

I used Navy Fed last week to get a 90day lock of 5.44% for 72 months. Doing only $23k, rest is cash. I am using Navy Fed to take advantage of the $2000 coupon through truecar for members: https://navyfederal.truecar.com/prices-new/bmw/

[Aalfred]

Originally Posted by SigmaShift

Dealer did this to me, BMWFS has no prepayment penalty. I just refinanced with my CU the next day. No issues.

Legally, the dealer can reject financing from another bank. For those wondering which dealer did this was, it was Westlake BMW outside of Cleveland, OH.

Was there any issues with refinancing the next day itself ? Like getting the title and documents etc? Dont know when my car is getting delivered but my CU rate lock expires 12/22. Want to make sure i refinance before that. Might give me like 2 wks of a time difference between BMWFS and refinance

[SigmaShift]

Originally Posted by Aalfred

Was there any issues with refinancing the next day itself ? Like getting the title and documents etc? Dont know when my car is getting delivered but my CU rate lock expires 12/22. Want to make sure i refinance before that. Might give me like 2 wks of a time difference between BMWFS and refinance

No issues that I can see if your dealer is originally sticking you with a marked up BMWFS loan.

Not only did I refi the next day, it was also an out of state purchase. Everything moved over to my new bank with my Pennsylvania title in under a month.

[robopp]

Originally Posted by SigmaShift

No issues that I can see if your dealer is originally sticking you with a marked up BMWFS loan.

Not only did I refi the next day, it was also an out of state purchase. Everything moved over to my new bank with my Pennsylvania title in under a month.

The dealership likely lost out on the loan commissions too. Haha, that's what they get for being greedy!

[Aalfred]

Originally Posted by SigmaShift

No issues that I can see if your dealer is originally sticking you with a marked up BMWFS loan.

Not only did I refi the next day, it was also an out of state purchase. Everything moved over to my new bank with my Pennsylvania title in under a month.

Thanks. Yeah Im doing an out of state buy too and they seem to be very adamant on me financing through BMWFS. They quoted me 5.5% for 60 months when the going rate was 3.9% like 3 months ago. God only knows how much its going to be as Im prepared to hear that the rate lock has expired and here is ur new rate...lol. So having my back up options in place in case they get too greedy

[SigmaShift]

Originally Posted by robopp

The dealership likely lost out on the loan commissions too. Haha, that's what they get for being greedy!

They most certainly did lose out, I even told them, I had an approval from my local CU, and could call them with an approval code in 5 minutes. They declined, so I told them, I'm going to refinance this tomorrow, and if they wanted to make anything on the back end, I'd give them 30 minutes to call another bank, or to give me the loan for the buy rate and not the marked up rate, they declined again.

Such an oddity, I did get the car for sticker, so I guess they were banking off that 3% rate markup.

The only negative to this was, it showed as two trade lines on my credit report, with the original only having a few weeks of life.

[itrocks4u]

Originally Posted by tifa3

I got approved for a mid 3% interest rate from my credit union - worried that the dealer will force me into taking the much higher BMW financing interest rate when I sign the documents when I pick up my car. Can they legally not allow me to use the approved loan from my CU?

Hi,
What credit union is this?

[tifa3]

Originally Posted by SigmaShift

They most certainly did lose out, I even told them, I had an approval from my local CU, and could call them with an approval code in 5 minutes. They declined, so I told them, I'm going to refinance this tomorrow, and if they wanted to make anything on the back end, I'd give them 30 minutes to call another bank, or to give me the loan for the buy rate and not the marked up rate, they declined again.

Such an oddity, I did get the car for sticker, so I guess they were banking off that 3% rate markup.

The only negative to this was, it showed as two trade lines on my credit report, with the original only having a few weeks of life.

Did they still sell you the car?

[Aalfred]

Originally Posted by SigmaShift

They most certainly did lose out, I even told them, I had an approval from my local CU, and could call them with an approval code in 5 minutes. They declined, so I told them, I'm going to refinance this tomorrow, and if they wanted to make anything on the back end, I'd give them 30 minutes to call another bank, or to give me the loan for the buy rate and not the marked up rate, they declined again.

Such an oddity, I did get the car for sticker, so I guess they were banking off that 3% rate markup.

The only negative to this was, it showed as two trade lines on my credit report, with the original only having a few weeks of life.

Wow, in this day and age, Im surprised you were able to pull that openly without the dealership threatening to sell it to someone else. MSRP on a M3 and they still sold it to u with the threat. You’re the man

[SigmaShift]

Originally Posted by tifa3

Did they still sell you the car?

Yes

[SigmaShift]

Originally Posted by Aalfred

Wow, in this day and age, Im surprised you were able to pull that openly without the dealership threatening to sell it to someone else. MSRP on a M3 and they still sold it to u with the threat. You’re the man

It was for a 2023 M4 Comp xDrive.

I think a lot of times dealerships just assume buyers won’t put in the effort to refinance so quickly. Or they just think we are stupid.

Not sure the usage of the word “threat” really applies here. I gave the dealer multiple opportunities to either process the transaction at the buy rate of the loan or to call another bank. They refused. I signed the papers with their marked up rate and even told them while I am signing, this will get refinanced tomorrow. They let their own stubbornness ruin it for themselves.

[wtwo3]

Originally Posted by SigmaShift

It was for a 2023 M4 Comp xDrive.

I think a lot of times dealerships just assume buyers won’t put in the effort to refinance so quickly. Or they just think we are stupid.

Not sure the usage of the word “threat” really applies here. I have the dealer multiple opportunities to either process the transaction at the buy rate of the loan or to call another bank. They refused. I signed the papers with their marked up rate and even told them while I am signing, this will get refinanced tomorrow. They let their own stubbornness ruin it for themselves.

Funny enough I used this exact tactic a month ago and they ended up agreeing to buy rate. I didn't even have an approval from a CU, I literally just pulled up the rates shown on Navy Federal's website and told the CA I can easily just do outside lending for much less with a rate lock, but would prefer to work through BMW. After a couple back and forths with the finance manager, they agreed to buy rate. (Car is being sold at MSRP).

I'm surprised your dealer didn't budge. The only thing I can think of is they were being too prideful to admit defeat, but that's idiotic. Even at buy rate there's money in the form of kickback for the dealer from BMWFS. And it's not an inventory-able asset where they hold on to it for the next customer that'll pay more.... They're still selling you the car.

[MaxechosM3]

Originally Posted by tifa3

I got approved for a mid 3% interest rate from my credit union - worried that the dealer will force me into taking the much higher BMW financing interest rate when I sign the documents when I pick up my car. Can they legally not allow me to use the approved loan from my CU?

Don't think they can force you to use their preferred bank. Just tell them your buying a house and can't run your credit. So your pre-approval is your only option. You should be fine. Never have had an issues doing this and I buy cars yearly.

[lorob121]

Originally Posted by Aalfred

Thanks. Yeah Im doing an out of state buy too and they seem to be very adamant on me financing through BMWFS. They quoted me 5.5% for 60 months when the going rate was 3.9% like 3 months ago. God only knows how much its going to be as Im prepared to hear that the rate lock has expired and here is ur new rate...lol. So having my back up options in place in case they get too greedy

Still waiting to pickup my car, but got approved back in september before the rate hike and got 3.24%, missed 2.99 by a week. Was good for 60 days and would expire next week. Closed on the loan last week since the car was expected this week. Now sitting with the check waiting on the car still, bank said the check is good for 90 days. Just glad I dont have to worry about further interest rate increases.

[SeekTheFinest]

Originally Posted by lorob121

Still waiting to pickup my car, but got approved back in september before the rate hike and got 3.24%, missed 2.99 by a week. Was good for 60 days and would expire next week. Closed on the loan last week since the car was expected this week. Now sitting with the check waiting on the car still, bank said the check is good for 90 days. Just glad I dont have to worry about further interest rate increases.

Did you have to produce a signed purchase and sale order to get a check cut? I have arranged financing for an incoming vehicle and they said to close on the loan that I need a signed purchase and sale, along with an insurance binder and RMV form to close on the loan. Trying to figure out how to do this when the car will be sitting at the dealership waiting for delivery. Was able to lock 3.00% for 48 through a CU in MA.

[docjavier]

I am week 48. I had my interest rate locked since August. I had to singed the loan by Oct 31 to keep my 4.8% (84mos) rate. I submitted the purchased order with the production order # to finalized the loan. Check with you CU if they will issued the loan and wait until the vin# is issued to send the money to the dealer. If I didn't do it that way the interest rate will doubeld.

[lorob121]

Originally Posted by SeekTheFinest

Did you have to produce a signed purchase and sale order to get a check cut? I have arranged financing for an incoming vehicle and they said to close on the loan that I need a signed purchase and sale, along with an insurance binder and RMV form to close on the loan. Trying to figure out how to do this when the car will be sitting at the dealership waiting for delivery. Was able to lock 3.00% for 48 through a CU in MA.

I did'nt have to sign the purchase agreement, but dealer did fill it out and scan it after they signed it. So when the car does come all I have to do it show up and sign it and hand over the check.

To close the loan, CU needed the dealer signed purchase agreement with VIN included to tie the loan to. Picked up the cashier check and its made payable to me/dealership. The purchase agreement also lists a sale date and says if the vehicle is not ready within 15 days buyer can opt out for refund, so there is protection for the lender on that agreement if deal doesnt go through, I can just cash the check with my bank to pay the loan off.

Originally I wasn't sure how the loan worked if I would be able to close before car was ready. I called and spoke with my lender and explained everything that the car was on a ship and was just hitting delays and they had no issue closing on the loan since the dealer provided the purchase agreement for the vehicle. I likely could have went in and signed the purchase agreement if needed since it does have wording in their that gives you the option to opt out if vehicle delivery is delayed more than 15 days from purchase date, which obviously I wouldnt be doing.

[Aalfred]

Originally Posted by lorob121

I did'nt have to sign the purchase agreement, but dealer did fill it out and scan it after they signed it. So when the car does come all I have to do it show up and sign it and hand over the check.

To close the loan, CU needed the dealer signed purchase agreement with VIN included to tie the loan to. Picked up the cashier check and its made payable to me/dealership. The purchase agreement also lists a sale date and says if the vehicle is not ready within 15 days buyer can opt out for refund, so there is protection for the lender on that agreement if deal doesnt go through, I can just cash the check with my bank to pay the loan off.

Originally I wasn't sure how the loan worked if I would be able to close before car was ready. I called and spoke with my lender and explained everything that the car was on a ship and was just hitting delays and they had no issue closing on the loan since the dealer provided the purchase agreement for the vehicle. I likely could have went in and signed the purchase agreement if needed since it does have wording in their that gives you the option to opt out if vehicle delivery is delayed more than 15 days from purchase date, which obviously I wouldnt be doing.

That’s pretty good. Which CU did u go with ? Had a 2.15% for 60 with Summit that expired and now they r like 5%. Have a 2.95% for 36 with ECU but worried about further delays. Rate expires 12/22. I need to buy with BMWFS and then refinance with them. ECU rates r already up to 4.5% for 60 now.

[Anderson11]

Have a 4.5% rate for 60 months with my local CU. 45 day lock. Car hit port on 11/4.

[Bostro]

After very long discussion … 4.4% BF for 5 years.

[BMW1983]

2.29% locked for 60 days 9/21/22 with Amplify Credit Union Austin, Texas.

Now 60month term is 4.09%

I was very fortunate and was able to finalize purchase yesterday.

Doing PCD 11/15/22.

[Draper]

Originally Posted by MaxechosM3

Don't think they can force you to use their preferred bank. Just tell them your buying a house and can't run your credit. So your pre-approval is your only option. You should be fine. Never have had an issues doing this and I buy cars yearly.

This will vary based on the dealer.

I paid cash when I took delivery of my M3 last month and the dealer still insisted on running credit 'to protect the community'. After a lot of back and forth the only thing they were willing to offer was to wait 7-10 days for funds to clear before taking delivery.