[gohawks23]

Originally Posted by amuk

Do you have any more details on the rate lock extension process?

I asked my CA "Doesn't BMW have a process to extend the rate lock before it expires?"

He said they don't.

You just reapply online preferably the last day of the month.

[amuk]

Originally Posted by gohawks23

You just reapply online preferably the last day of the month.

Wouldn't that just approve me for the lowest current rate offered by BMW (i.e. 1.9% instead of the 0.9%)?

Or are you saying applying again before my 0.9% lock expires extends it again for another 60 days?

[gohawks23]

Originally Posted by amuk

Wouldn't that just approve me for the lowest current rate offered by BMW (i.e. 1.9% instead of the 0.9%)?

Or are you saying applying again before my 0.9% lock expires extends it again for another 60 days?

Yes, if reapplying now in January.

Nope, you needed to reapply before the end of December to refresh those 0.9 rates and lock expire.

[amuk]

Originally Posted by gohawks23

Yes, if reapplying now in January.

Nope, you needed to reapply before the end of December to refresh those 0.9 rates and lock expire.

Makes sense. Wish my CA brought this up in December. But then again, I'm not sure they even know if the rate is going up.

[MKParris]

Originally Posted by amuk

Makes sense. Wish my CA brought this up in December. But then again, I'm not sure they even know if the rate is going up.

They dont know. You have to be on top of if it you like the current rate. I asked to re lock in Nov because i thought rates would go up in Dec.

[SpaceGhost]

Originally Posted by 2022M4COMP

How much do you need to put down for that ?

Nothing. Just be a member. Pretty easy to join. I have used them for every car the past 30 years.

[edofloat]

Since I am not sure when my car will arrive other than I think if it shows up in March I'll be lucky, I have concerns that BMW will hike rates again since the Feds will probably raise the rates soon.

Based on feedback here stating rate locks are now 90 to 120 days and being told in the past, no it is 60 days by the dealer, I should check to make sure.

So I call BMWFS directly and ask what the rate-lock period is for Minnesota and they literally said: "my supervisor told me to tell you to call the dealer". I explain it would be helpful to have an answer before I fill out an online credit app (again). Then the person on the phone finally says it is 60 days, I said "okay". Still think this is incorrect.

I call the dealer and am in the phone queue purgatory and then finally it is answered and I figure out I am speaking with the GM of the store (super nice guy). A short discussion ensues and yes it is a 90-day rate lock now. I explain I already locked the rate once (which expired) when we thought the car would show up and that I really am not anxious to keep having hard credit pulls for no apparent reason. He agrees and proceeds to tell me he will call BMWFS and get them to honor the old rate and that it isn't necessary to fill out the credit app again. I explain that while I believe what he says but would like him to verify all of this before the end of this month. Since he is the GM he should be smart enough (I hope) not to speak out of turn regarding "getting BMWFS to honor the previous rate" without knowing that can actually happen.

So it seems there *may* be a mechanism the dealer can use for the endless delays BMW is putting the customer and the dealers through.

We shall see. Maybe a few of you can see if your dealer says something similar and let us know.

[james550imanual]

My rate is locked until end of Feb and there's a 50/50 chance that I'll get it in time

My Sales guy said to sign the paperwork in Feb ahead of taking delivery if I wanted to stay with my rate. Risky - yes but I did this before with a lease…

[edofloat]

Originally Posted by james550imanual

My rate is locked until end of Feb and there's a 50/50 chance that I'll get it in time

My Sales guy said to sign the paperwork in Feb ahead of taking delivery if I wanted to stay with my rate. Risky - yes but I did this before with a lease…

All that amounts to is you're buying the car before it arrives. They could probably just unwind the deal if needed.

[luckylingy]

Originally Posted by edofloat

I call the dealer and am in the phone queue purgatory and then finally it is answered and I figure out I am speaking with the GM of the store (super nice guy). A short discussion ensues and yes it is a 90-day rate lock now. I explain I already locked the rate once (which expired) when we thought the car would show up and that I really am not anxious to keep having hard credit pulls for no apparent reason. He agrees and proceeds to tell me he will call BMWFS and get them to honor the old rate and that it isn't necessary to fill out the credit app again. I explain that while I believe what he says but would like him to verify all of this before the end of this month. Since he is the GM he should be smart enough (I hope) not to speak out of turn regarding "getting BMWFS to honor the previous rate" without knowing that can actually happen.

So it seems there *may* be a mechanism the dealer can use for the endless delays BMW is putting the customer and the dealers through.

We shall see. Maybe a few of you can see if your dealer says something similar and let us know.

I understand the Central Region extended its rate lock from the normal 60 days to 90, due to delayed deliveries, while the East and West Regions likewise extended their rate lock periods from the normal 90 days to 120.

The right/fair resolution for someone in your situation is exactly what your dealership GM did/proposed. Hopefully others who are victims of abnormally long delivery delays request or are offered rate lock extensions as well.

[razman]

Originally Posted by amuk

Makes sense. Wish my CA brought this up in December. But then again, I'm not sure they even know if the rate is going up.

Same, I wish mine brought it up too. Even if they didn't know the rate would increase it would have been smart to raise the issue anyway because I didn't even know that the rates were only locked for 90 day and mine expired in December.

[james550imanual]

Originally Posted by edofloat

All that amounts to is you're buying the car before it arrives. They could probably just unwind the deal if needed.

Exactly. That's what I did with a previous lease since the lease special was ending and delivery was 90+ days away. The car was delivered exactly how I ordered it so I have no concern bmw will mess that up.

[wowwitsgau]

So I'm in a situation much like some of you - got rate locked in September 2021 for .9%, called my dealer once I heard the rates went up in January 2022, they assured me they would take care of me and give me the old rate, and now that the car has arrived, are giving me the run around. My CA supposedly asked the manager today to get me an exception for the old rate and his response was that bmw doesn't set the rates, it has to do with the FDIC and there's nothing they can do. I'm supposed to be taking delivery of the car today but am starting to feel hesitant about it… has anyone actually successfully gotten their dealer to apply for a rate exception in the past? Any tips on how I should approach this? I've already told them I'm going to pay cash if they stick me with the 1.9% but they're not budging. Thanks all

[vj123]

Originally Posted by wowwitsgau

My CA supposedly asked the manager today to get me an exception for the old rate and his response was that bmw doesn't set the rates, it has to do with the FDIC and there's nothing they can do.

Lol on that, try talking to the manager.

A forum member (CA) confirmed that the extension can be done in another discussion and looks like your dealer doesnt want to do it.

[edofloat]

Originally Posted by wowwitsgau

So I'm in a situation much like some of you - got rate locked in September 2021 for .9%, called my dealer once I heard the rates went up in January 2022, they assured me they would take care of me and give me the old rate, and now that the car has arrived, are giving me the run around. My CA supposedly asked the manager today to get me an exception for the old rate and his response was that bmw doesn't set the rates, it has to do with the FDIC and there's nothing they can do. I'm supposed to be taking delivery of the car today but am starting to feel hesitant about it… has anyone actually successfully gotten their dealer to apply for a rate exception in the past? Any tips on how I should approach this? I've already told them I'm going to pay cash if they stick me with the 1.9% but they're not budging. Thanks all

The finance person needs to call their BMWFS rep and ask for the exception, they should be able to grant that. Others have indicated this can happen. The GM of the store handling my order said as much.

[edofloat]

See they bumped the buy rate on M and M performance cars to 2.49% today. Hope the alleged rate protection the dealer claims I can get works.

[GGG333]

Originally Posted by edofloat

See they bumped the buy rate on M and M performance cars to 2.49% today. Hope the alleged rate protection the dealer claims I can get works.

3.49% for 72 months right?

[MMM.PWR]

Originally Posted by edofloat

See they bumped the buy rate on M and M performance cars to 2.49% today. Hope the alleged rate protection the dealer claims I can get works.

Same. locked in .9% beginning of Jan (technically it was still part of Dec according to the dealer). Now the car just needs to come 90 days from that.

[Vishal50028]

Car finishes production 2/10, with the 90 day extension and a rate locked in January I think I'm ok if car arrives before end of March

[adr_M3]

Originally Posted by edofloat

See they bumped the buy rate on M and M performance cars to 2.49% today. Hope the alleged rate protection the dealer claims I can get works.

I brought this up with my CA today and he said that if it looks like my delivery date goes past my rate lock expiration he will have the GM reach out to BMW so I'm hoping that means there's a chance I can keep my rate. He previously indicated that there was nothing they could do.

I'm also looking at PenFed as a backup since they're currently offering 1.79% APR but I'm not familiar with how their rate locks work (the person I spoke to on the phone said their rate lock is good for 30 days but that rates can change anytime; another via email said you have 7 days to sign the promissory note once an application is approved.)

[edofloat]

Originally Posted by DK__LA

3.49% for 72 months right?

Yes, if the dealer takes a markup.

[yami sukehiro]

Is there any place where we can find historical data for BMWFS rates by mm/yy?