[iviegatron]

I'm purchasing a new M3 and the dealership said they'll run a credit check to lock in the rate and if the rate is lower by the time I pick up my car then they'll give me a lower rate.

Well they have ran my credit check and they won't give me a rate, they are asking ME what the rate should be. Me being confused by this, I asked them can't you check what rate BMW financial is offering. I'm being told just bring in the lowest rate you have found online or what your credit union is offering you and we'll match that. This is a first.

What rate is BMW financial offering for 60 months?

[Tobster3]

My dealer has told me it’s currently 5.29% for 60.

[Pool Shark]

Wow...name your rate, huh? :-)

Across the board, I thought most banks and CUs are offering rates in the 6% + range, but in your case, I hope you find some obscure lender that provides a rate of <5%!!

[iviegatron]

Originally Posted by Pool Shark

Wow...name your rate, huh? :-)

Across the board, I thought most banks and CUs are offering rates in the 6% + range, but in your case, I hope you find some obscure lender that provides a rate of <5%!!

That's the surprising part. Might as well throw in a low number and see if they take the bait. PenFed is currently at 5.24%. Thinking of sticking to around 5% to make it look realistic. I have to let them know by Monday.

[Hit_Apex]

Feels like a tactic but never known it to be used for rates. This tactic suggests whomever throws out the first number is at a disadvantage. They probably want to feel you out so they can structure a deal that benefits them. Remain skeptical of anything they tell you and don’t hesitate to counter lower.

[kgelfen360]

Dealers are allowed to go up to 1% above official BMWFS rate and keep the difference as profit.

They 100% know what the rate is.

I think they just want to see if you bring something higher then what BMWFS and tell you they will match what you brought meanwhile keep the difference. If you bring something lower then what they can do they will just say they can’t beat it.

[christianb5s4]

I just got 6% flat on a 60 month, with over 800 on credit score. I will have it fully paid off in 6 months but ~6% seems to be the going rate for M cars.

[Needsdecaf]

Originally Posted by kgelfen360

Dealers are allowed to go up to 1% above official BMWFS rate and keep the difference as profit.

They 100% know what the rate is.

I think they just want to see if you bring something higher then what BMWFS and tell you they will match what you brought meanwhile keep the difference. If you bring something lower then what they can do they will just say they can’t beat it.

This 100%. What a bunch of absolute BS. Shame on that dealer.

Right now it’s 5.24% from BMWFS but I think that’s only up to 36 mo?

[Buckeyes]

BMW Rates Through Nov

[Rh6363]

Why does it say 6.29 on 60 months on the bmw website today?
Is true car out dated ?

[Buckeyes]

The rate is 5.29 but bmw allows a 1% bump. That’s why some get 5.29 and others get 6.29.

[snyder268]

Originally Posted by iviegatron

I'm purchasing a new M3 and the dealership said they'll run a credit check to lock in the rate and if the rate is lower by the time I pick up my car then they'll give me a lower rate.

Well they have ran my credit check and they won't give me a rate, they are asking ME what the rate should be. Me being confused by this, I asked them can't you check what rate BMW financial is offering. I'm being told just bring in the lowest rate you have found online or what your credit union is offering you and we'll match that. This is a first.

What rate is BMW financial offering for 60 months?

I would hold to 5.29% to be the highest you’d take. I picked my car up 10/31 and locked in at 5.29%. No reason you should be having any higher then that. Seems like they want you to throw a rate out so they can base their offer on that. Good luck!

[KimiKA]

Originally Posted by Rh6363

Why does it say 6.29 on 60 months on the bmw website today?
Is true car out dated ?

I got 6.29% for 60 months with a $40k downpayment

[RUNSOK]

20 days ago I got 6% for a 24 m4 with 820 credit score. 60 month loan 35k down. Take whatever it is worth.. good luck!!

[CanesM4]

I got 6.2% for 60 months. 6.5k down

[maguir2]

If you have a tier 1 credit, you should get 5.29% for 60 months with BMW FS. Don’t let them tell you anything different.

[iviegatron]

Originally Posted by maguir2

If you have a tier 1 credit, you should get 5.29% for 60 months with BMW FS. Don’t let them tell you anything different.

The dealer told me I have a high credit score (820+) so they should be able to give me the best deal. Not sure what their best deal is since they are waiting for me to throw a number first. I'm thinking of just saying 5.29% and see if they can offer me that. If they add 1% to that then I'll go with my credit union.

[g80.py]

Originally Posted by KimiKA

I got 6.29% for 60 months with a $40k downpayment

Same

[Berzerker]

Originally Posted by maguir2

If you have a tier 1 credit, you should get 5.29% for 60 months with BMW FS. Don’t let them tell you anything different.

Dealers are allowed to mark up rates up to 1%. Unless you walk or do anything drastic, they're not going to remove the markup.

[maguir2]

Originally Posted by Berzerker

Dealers are allowed to mark up rates up to 1%. Unless you walk or do anything drastic, they're not going to remove the markup.

I mean that’s up to you if you want to let them do that. I wouldn’t allow it.

[Berzerker]

Originally Posted by maguir2

I mean that’s up to you if you want to let them do that. I wouldn’t allow it.

You'll have to walk. This is usually dealer policy.

[iviegatron]

The finance lady was a complete ass, she wouldn't even negotiate. I told her I have buddies paying 5.29% and her response was "good for them." I'm being quoted 6.29% for 60 months. My sales person said she's just having a bad day and she'll talk to her tomorrow and see if she can come down on the rate. I'm getting a better rate from a credit union.