[wtwo3]

Originally Posted by Sopiarz3

I was just given back a BMWFS rate of 8.99%

This most likely has the dealer markup on it, but still VERY high.

This was at Westmont? I haven't filled out my credit app with them yet. Trying to see if I can fill it out closer to delivery... Of course they'd have to get their shit together first and fix my build

[Sopiarz3]

Originally Posted by wtwo3

This was at Westmont? I haven't filled out my credit app with them yet. Trying to see if I can fill it out closer to delivery... Of course they'd have to get their shit together first and fix my build

yeah, Westmont. I was told I could lockin the rate now so I filled it in just if anything happens to come up.

I've never had a vehicle loan for anything so might be why it's high.

Most likely will not using them though.

[wtwo3]

Originally Posted by Sopiarz3

yeah, Westmont. I was told I could lockin the rate now so I filled it in just if anything happens to come up.

I've never had a vehicle loan for anything so might be why it's high.

Most likely will not using them though.

Yeah 100% that's the reason. From my understanding BMWFS isn't too kind to first time loan holders.

Also automotive loans use a different credit score than your typical FICO score. You can see what your FICO "auto" score is by paying for it, but if you've never had an auto loan, that would be the main reason for them quoting such a high rate.

[wtwo3]

I just applied for financing at Barrington for my X7... let's see what they give me

[Bimmerfun82]

Originally Posted by Sopiarz3

I was just given back a BMWFS rate of 8.99%

This most likely has the dealer markup on it, but still VERY high.

Sheesh. Used car? Or bad credit? Or $200k loan? Haha

[MPower9525]

I just locked today at 5.29% for 60 months

[ChiTownM]

Originally Posted by wtwo3

Yeah 100% that's the reason. From my understanding BMWFS isn't too kind to first time loan holders.

Also automotive loans use a different credit score than your typical FICO score. You can see what your FICO "auto" score is by paying for it, but if you've never had an auto loan, that would be the main reason for them quoting such a high rate.

Go back to Westmont and tell them you are able to secure a lower loan outside of BMW., start with your own bank, credit unions, etc. They have the ability, as all dealers, to get loans from any bank, and that was a very common practice before money was literally free. They mark that rate up too since they can procure wholesale rates. They will not necessarily step up for you unless you put on the pressure. Give other local dealers a call, including in Indiana, they may have allocations popping up now as well.

[vj123]

Looks like this month's base rates are 4.29% for 60 months and 4.79% for 72 months.

They are still not publishing this info in BMW's official page.

[NorCalAthlete]

I'm seeing 3.39% at Patelco, 3.29% with Navy Fed, checking others. M4CX being built so I still have some time before I need to lock in.

[jummo]

3.29% USAA 60 months.

[wtwo3]

Got 4.49% for 72 months at motorwerks BMW in Barrington through BMWFS on the X7 we just picked up tonight.

[Fugly M3]

Originally Posted by wtwo3

Got 4.49% for 72 months at motorwerks BMW in Barrington through BMWFS on the X7 we just picked up tonight.

That's lower than the August rate, no? I thought it was 4.79% for August?

[1BAD4DR]

3.49 up to 79 months BMW offered 4.78 @72mo.

[canigetaxm]

sun coast is 3.75 for 72 months

https://www.suncoastcreditunion.com/...-and-financing
referral to join

https://love.suncoastcreditunion.com/DONALD

[wtwo3]

Originally Posted by F8SEVEN

That's lower than the August rate, no? I thought it was 4.79% for August?

Yeah I was surprises by that as well. I didn't ask to many questions... just quickly signed

[gininteacups]

Originally Posted by wtwo3

Yeah 100% that's the reason. From my understanding BMWFS isn't too kind to first time loan holders.

Also automotive loans use a different credit score than your typical FICO score. You can see what your FICO "auto" score is by paying for it, but if you've never had an auto loan, that would be the main reason for them quoting such a high rate.

My FICO Auto is 807 and my rate was 6.99
This is my 4th auto loan. Will obviously be refinancing.

[Fishbuddy]

All these rates are largely dependent on your Credit score. So keep that in mind.

[wtwo3]

Was able to negotiate 4.49% for 72 months at Westmont. They were dead set on standing ground on inflating it to 5.49%, but a few threats got them down. I asked them a simple question. At the end of the day, are you telling me you'd rather me go through a 3rd party bank than give me base rate?

[dct203]

Originally Posted by wtwo3

Was able to negotiate 4.49% for 72 months at Westmont. They were dead set on standing ground on inflating it to 5.49%, but a few threats got them down. I asked them a simple question. At the end of the day, are you telling me you'd rather me go through a 3rd party bank than give me base rate?

Why don't you guys just take the rate and refinance right away? Had this happen last year, they wouldn't sell me a car without going through their financing. Refinanced for half the rate before even making the first payment lol.

[wtwo3]

Originally Posted by dct203

Why don't you guys just take the rate and refinance right away? Had this happen last year, they wouldn't sell me a car without going through their financing. Refinanced for half the rate before even making the first payment lol.

Well my car won't arrive for another few months at least.

As for my X7 that I picked up this past week, I do plan to at some point refinance. But I'd like to avoid multiple refinances, so I'm planning to wait until rates actually start coming down (maybe in a year?) to truly take advantage of better rates.

[vj123]

Originally Posted by dct203

Why don't you guys just take the rate and refinance right away?

Refinancing right away isn't going to significantly improve the rate when compared to what OP got.

[dct203]

Originally Posted by vj123

Refinancing right away isn't going to improve the rate significantly when compared to what OP got.

Yea, makes sense