[SintAFM]

Originally Posted by chicagofan00

You can submit the application and lock it in at any time, however, the lock is only good for 60 days on the east coast and 90 days on the west coast.

With all the delays it can be hard to say exactly when the best time is though…

I just got my production # yesterday and they ran my credit at BMW FS. CA came back and said he's not too sure if they've released the future rates (guessing beyond 2 Aug) but said I'll get whatever the best rate is between now and when I when take delivery.

Admittedly I have yet to read any fine print

[Tyga11]

Originally Posted by Limegrntaln

Just to clarify, It is a lot. But this is my first time financing with BMW, and this car is about twice what I usually finance. So, I may have to show them I'm serious, for them to approve me.

My FICOs are in the mid to high 700s and I live at about a 13% debt to income ratio. $100k isn't a big number for me, but that may be what I need to come in at.

I'll see what they offer me when I sit down and talk finance. If I can come in with less, then maybe I will. And why make a $1,700 a month car payment, when $10k is about a month and a half of overtime. I work overtime when I want toys and don't want it making a dent in my base income.

I had the same approach. 13% debt to income is pretty ridiculous - congrats man

[Gfit]

Originally Posted by SintAFM

I just got my production # yesterday and they ran my credit at BMW FS. CA came back and said he's not too sure if they've released the future rates (guessing beyond 2 Aug) but said I'll get whatever the best rate is between now and when I when take delivery.

Admittedly I have yet to read any fine print

You should try not to have them run you credit when you order the car even if they insist. They will run it again prior to delivery and that's 2 hard inquiries on your credit report which will ding your score.

[SintAFM]

Originally Posted by Gfit

You should try not to have them run your credit when you order the car even if they insist. They will run it again prior to delivery and that's 2 hard inquiries on your credit report which will ding your score.

Yeah it was an oversight on my part for not being more careful. I'll see what I can do on delivery since they already pulled it

[Limegrntaln]

Originally Posted by Tyga11

I had the same approach. 13% debt to income is pretty ridiculous - congrats man

Thank you. I only have a mortgage and my commuter car. I bought a 2021 Accord Touring, and loaded, loaded, they're like $39K. Hard to find a house in my area for under $500K, so there's that. But those are my only bills. 15% pretax into retirement. And I don't really pay attention to my spending. I buy what I want. My son is 18 and out, and I've been divorced for 14 years. So, its been pretty good for me.

Originally Posted by Gfit

You should try not to have them run you credit when you order the car even if they insist. They will run it again prior to delivery and that's 2 hard inquiries on your credit report which will ding your score.

True. Are they going to run your credit twice, if you lock in? I just got off the phone with the dealer, and I was going to try to lock in before 8/2. The sales manager told me I could lock in the month my car was ordered. So, if that's a good idea, Ill do that. I'm looking at locking in on 7/27. I ordered the car with someone I knew, inside, so I didn't put a deposit down, and they didn't run my credit. I literally ordered the car, it was accepted for production, 112, that day, and I walked out.

[Gfit]

Originally Posted by Limegrntaln

Thank you. I only have a mortgage and my commuter car. I bought a 2021 Accord Touring, and loaded, loaded, they're like $39K. Hard to find a house in my area for under $500K, so there's that. But those are my only bills. 15% pretax into retirement. And I don't really pay attention to my spending. I buy what I want. My son is 18 and out, and I've been divorced for 14 years. So, its been pretty good for me.

True. Are they going to run your credit twice, if you lock in? I just got off the phone with the dealer, and I was going to try to lock in before 8/2. The sales manager told me I could lock in the month my car was ordered. So, if that's a good idea, Ill do that. I'm looking at locking in on 7/27. I ordered the car with someone I knew, inside, so I didn't put a deposit down, and they didn't run my credit. I literally ordered the car, it was accepted for production, 112, that day, and I walked out.

They will run your credit again if it's outside 60 days in most states although I read earlier it's 90 days in cali or somewhere out west.

[Limegrntaln]

Originally Posted by Gfit

They will run your credit again if it's outside 60 days in most states although I read earlier it's 90 days in cali or somewhere out west.

I'll ask. I'm in California. Weird if I lock in the rate, that they would run it, again.

[Gfit]

Originally Posted by Limegrntaln

I'll ask. I'm in California. Weird if I lock in the rate, that they would run it, again.

Yeah, I think it's just a precaution because peoples financial situation can change at any time.

[Limegrntaln]

Originally Posted by Gfit

Yeah, I think it's just a precaution because peoples financial situation can change at any time.

That part of it makes sense. I guess even if you lock in the rate, you don't own the car, yet, and you're not making payments on it, yet, so, anything can change.

[TrevorM3]

Originally Posted by Limegrntaln

I'll ask. I'm in California. Weird if I lock in the rate, that they would run it, again.

west coast has 90 day lock, east has 60 day.

[TrevorM3]

Originally Posted by Limegrntaln

Just to clarify, It is a lot. But this is my first time financing with BMW, and this car is about twice what I usually finance. So, I may have to show them I'm serious, for them to approve me.

My FICOs are in the mid to high 700s and I live at about a 13% debt to income ratio. $100k isn't a big number for me, but that may be what I need to come in at.

I'll see what they offer me when I sit down and talk finance. If I can come in with less, then maybe I will. And why make a $1,700 a month car payment, when $10k is about a month and a half of overtime. I work overtime when I want toys and don't want it making a dent in my base income.

oh, you're financing. I thought you said you were leasing, hence my comment. Disregard.

[Limegrntaln]

Originally Posted by TrevorM3

west coast has 90 day lock, east has 60 day.

Ok, but even if I lock the rate, they run credit at the beginning, and at delivery?

[Limegrntaln]

Originally Posted by TrevorM3

oh, you're financing. I thought you said you were leasing, hence my comment. Disregard.

I was looking at leasing. I was just saying this car is about twice as much as I've ever financed. I will see what numbers look right for me. I do know, why pay the full $103K plus interest, for something I'm going to want to get rid of in 3 years, anyway. My first forte into Electric vehicles, is imminent. Tesla Model S Plaid, or Roadster, next.

[TrevorM3]

Originally Posted by Limegrntaln

Ok, but even if I lock the rate, they run credit at the beginning, and at delivery?

you lock within the time period your car is expected to arrive..

For example, we built my brothers m4, submit the order etc.. since it's an individual order, it wont be here for 90 days. So no sense putting in a credit app right now, as it will expire (60 days EC) before the car gets here... And i will have to resubmit and pull credit again. Now, im not sure if some dealers may want you to pull credit before they give you an allocation, to show that you are serious etc.. because that is a different ball game. You would have no choice.

[TrevorM3]

Originally Posted by Limegrntaln

I was looking at leasing. I was just saying this car is about twice as much as I've ever financed. I will see what numbers look right for me. I do know, why pay the full $103K plus interest, for something I'm going to want to get rid of in 3 years, anyway. My first forte into Electric vehicles, is imminent. Tesla Model S Plaid, or Roadster, next.

I've had some dealers offer me bmwselect, but haven't looked into it. I also understand M cars may be eligible for .9% finanacing? Not sure how accurate that is. My father has a CS on the way, so he will toy around with the different options since the CS lease will likely be dog water.

[Limegrntaln]

The only reason I was looking at getting locked in, was because BMWFS current rates are set to expire on 8/2. If I lease, and the current money factor is .00093 (x2400) and it goes up to .00100 or .00120, I'm paying a nit more if I decide to lease. Plus my car is in 112 status, and shouldn't take 90 days to receive it.

[aznvpo4sho]

Hey guys, long-time lurker here. However, I decided that I wanted to purchase a BMW M4 Competition pretty soon. I live in the Las Vegas area and talked to the two dealerships here in the local area.

The best one I found was MSRP for an allocation with a $5K for the allocation spot, which will go towards the downpayment of the car. A document fee of $550.00, a title fee of $29.25, and a Nevada state tax of 8.375%. The interest rate for 5 years was 2.9%. What do you guys think? I feel like this is a pretty good deal with COVID going around. I wasn't sure if I can get below MSRP at the neighboring state with the Nevada state tax or lower state tax.

[jimbethesda]

Originally Posted by aznvpo4sho

Hey guys, long-time lurker here. However, I decided that I wanted to purchase a BMW M4 Competition pretty soon. I live in the Las Vegas area and talked to the two dealerships here in the local area.

The best one I found was MSRP for an allocation with a $5K for the allocation spot, which will go towards the downpayment of the car. A document fee of $550.00, a title fee of $29.25, and a Nevada state tax of 8.375%. The interest rate for 5 years was 2.9%. What do you guys think? I feel like this is a pretty good deal with COVID going around. I wasn't sure if I can get below MSRP at the neighboring state with the Nevada state tax or lower state tax.

Price is about right. They are padding the interest rate big time. BMWFS is at .9%.

[Multimodal]

Originally Posted by Limegrntaln

Just to clarify, It is a lot. But this is my first time financing with BMW, and this car is about twice what I usually finance. So, I may have to show them I'm serious, for them to approve me.

My FICOs are in the mid to high 700s and I live at about a 13% debt to income ratio. $100k isn't a big number for me, but that may be what I need to come in at.

I'll see what they offer me when I sit down and talk finance. If I can come in with less, then maybe I will. And why make a $1,700 a month car payment, when $10k is about a month and a half of overtime. I work overtime when I want toys and don't want it making a dent in my base income.

You will be approved by BMWFS with mid to high 700 FICO. Don’t worry about that.

Don’t put down $10K on a lease. You’re better off using that money to put down the maximum number of security deposits (“MSDs”) to lower your money factor (interest rate). You’ll get the MSDs back when your lease is over.

[Limegrntaln]

I'll definitely look at all of the options. I'll heard about the MSDs, and Ill see how that looks on paper. But, from what I've read about it, I think I'm definitely going to do that.

[jailonacs99]

Originally Posted by Mr. Maboomba

You will be approved by BMWFS with mid to high 700 FICO. Don’t worry about that.

Don’t put down $10K on a lease. You’re better off using that money to put down the maximum number of security deposits (“MSDs”) to lower your money factor (interest rate). You’ll get the MSDs back when your lease is over.

This x10.

My rule of thumb is to never put money down on a lease. If you wreck that car driving out of the dealership, that money is gone forever. MSDs on the other hand serve the same purpose but you get the money back.

Dealers will push the money down because that's money in their pocket and it tricks the consumer into paying for their own reduction in monthly payments. In the end you're out the $$ either way. Extra money down only makes sense for a purchase/loan.

After some quick research, it looks like Super Elite for BMW FS is 740+ right now. And the advertised rates are good for 2022s at least until August 2nd.

[Limegrntaln]

Originally Posted by jailonacs99

This x10.

My rule of thumb is to never put money down on a lease. If you wreck that car driving out of the dealership, that money is gone forever. MSDs on the other hand serve the same purpose but you get the money back.

Dealers will push the money down because that's money in their pocket and it tricks the consumer into paying for their own reduction in monthly payments. In the end you're out the $$ either way. Extra money down only makes sense for a purchase/loan.

After some quick research, it looks like Super Elite for BMW FS is 740+ right now. And the advertised rates are good for 2022s at least until August 2nd.

I was mainly putting the money down, because why pay $1,600-$1,700 a month for a lease. I'm at $103K. It's not that its not manageable, I'd just rather be at $1,300-$1,350.