05-10-2021, 02:49 PM | #67 |
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05-10-2021, 02:53 PM | #68 |
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05-10-2021, 05:55 PM | #69 | |
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05-10-2021, 07:18 PM | #70 |
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I will be averaging about 5000 miles a year, so buying is a no brainer over leasing and I'm willing to bet that this car in three years with only 15k miles or so will be worth at least 50 to 60k, my out the door price was 85K. After the 3 years I'm planning on a Macan GTS before they go Electric.
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05-10-2021, 10:40 PM | #71 |
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BMW Select does sound quite good. Is it available in all states? I never hear about it in WA. It seems to me the only downside is being upside down on the loan for quite a long time but as mentioned, gap can alleviate this. You do also lose the benefit of a lease that is you don't own the car and get to turn it in free at the end. This is an advantage if there is an accident, negative carfax situation then you can walk away. Good luck selling/trading a negative equity car with a bad carfax.
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05-11-2021, 12:17 AM | #72 | |
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It’s as cheap as any other balloon style loan. Few hundred less than a typical lease. It’s main difference is that like a lease you pick allotted miles and pay .10 a mile overage. This is of course so they can better predict depreciation to even be able to offer the walk away option. And as long as the car is in one piece accidents don’t count against you. At the end you can just walk away, pay the car off, sell it or refinance. Last edited by OSee; 05-11-2021 at 12:22 AM.. |
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05-13-2021, 02:04 PM | #73 |
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Has anyone looked into PenFed's payment saver program?
I called yesterday for more information on a 2021 BMW M3 comp to figure out what percentages they use to determine ballon payment. They couldn't tell me a specific % but here's what I was told for a price/total loan amount (100% value/MSRP)at $72,800: 36 month with ballon payment: 2.99% rate $893/m $46,918 ballon 48 month with ballon payment: 3.49% $914/m $37,564 ballon I may go this route as I would put around 8k-6k miles a year and after either term, I could refi or trade in for something I really want. I'm waiting on allocation and the only car that's in route that may be available is a frozen white comp with no carbon seats. Don't really like the paint due to maintenance and really want carbon seats. Not many options here in Hawaii.
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05-13-2021, 02:25 PM | #74 |
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Is BMW Select available in Hawaii? I would never pay 3.49% for a 48 month PenFed Payment Saver loan when I could pay 0.9% for a 60 month BMW Select loan. But if BMW Select isn't available...
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05-13-2021, 02:42 PM | #75 |
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It doesn't look like it, I selected the BMW Select program with a Honolulu zip code and it shows 3.9% with no ability to modify it lower.
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05-13-2021, 02:54 PM | #76 |
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Everything is more expensive in Hawaii, eh?
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05-13-2021, 05:04 PM | #77 | |
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05-14-2021, 09:58 PM | #78 |
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I bought my car today. They wouldn't give me the .9% on the balloon. They Wanted 1.9%. I ended up just going with regular 60 month financing as the Balloon was working out about $6k more expensive over long run so I took the higher payment on the chin
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05-15-2021, 08:16 AM | #79 |
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Dumb question...but is the balloon payment due at the end only if you decide to keep the car beyond the original term? Would you be able to tradr in the car at that point, or are you obligated to pay it?
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05-15-2021, 08:57 AM | #80 |
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I got .9 on my select. 0 down, with 28k balloon.
You are obligated to pay the balloon. You can redo, trade in, or sell, but you owe the entire balloon either way. Last edited by mattssi; 05-15-2021 at 06:47 PM.. |
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05-15-2021, 11:12 AM | #81 | |
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That balloon is pretty good. He was quoting me $33k balloon and with the higher rate I just went for the straight forward option. He just really didn't want to sell me the balloon so was putting blockers in front of me |
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05-15-2021, 11:20 AM | #82 | |
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They can finance what you owe on another car but I don't think you can report a part of the cost of a brand new car to later without making any capital payments.
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05-15-2021, 02:35 PM | #83 | |
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One other variable to consider is the time value of the money that you aren't putting into the car. Since less money per month is going into BMW select and lease options, that frees up more money to be invested and earn the 6-8% in the market for those options. Which make them more appealing. I wish there was a spreadsheet that someone made that also takes that into account. I found the dealers did not want to negotiate at all with the Penfed deal. They would much rather give me the $2500 off and have me finance through BMW without the Penfed program. |
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05-15-2021, 04:33 PM | #84 |
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If you qualify for big rebates like the $2500 military incentive I wouldn’t mention it until you’ve agreed on a net selling price / dealer discount. If a salesman knows you qualify for a big rebate they probably are going to be more resistant to give you a big dealer discount because the net net number feels so low, even though it’s nothing out of their pocket.
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05-15-2021, 06:50 PM | #85 | |
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You are contractually obligated to pay the 28k (in my case). The balloon payment is based on a % of the MSRP amount. Now, if magic happens and the car is worth more than the 28k at the end of 5 years, you could trade it in for that higher amount, yes. But behind the scenes, that 28k is getting paid off. It will never change. This is my first balloon, but I did some math and I should be able to do much better with the 15K I originally planned on putting down on a standard finance (60 or 72 mo) and investing it over a 5 year period to use towards the balloon at the end. Going to be weird being so upside down for the entire time I own the car, but who cares. Kind of a YOLO thing for me.
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05-15-2021, 07:20 PM | #86 | ||
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05-16-2021, 01:57 AM | #87 | |||||
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The day after i picked up my g82 dealers started taking orders for awd Resale value in the east coast is interesting but you also have to remember there's going to be somewhat of a price barrier between awd and rwd so keep this in mind Moreover most people who buy m3/m4 second hand are likely not dailying them making rwd more attractive but only time will tell
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05-16-2021, 05:56 AM | #88 | |
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I've thought about the resale factor in the northeast, but it just doesn't seem to be worth it for that point alone. Worst case, someone from FL, TX or CA will buy our cars. Plus, I think it's better to put the 4k difference towards really good snow tires, which you will need on either version of the car to daily drive, regardless of if it is AWD. |
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