[edofloat]

Well, this was predictable. BMWFS took a 1 point jump on the M/M Performance cars up to 1.9%. So expect the dealers to tell everyone it's 2.9% now.

The fed hasn't even raised the rates yet, so BMWFS is just getting porky.

Dec 2020 buyrate .9%
Jan 2022 buyrate 1.9%
Feb 2022 buyrate 2.49%

[merlin3008]

Any idea of the MF on leases changed as well?

[modat]

I wonder what happens to us who locked in at 0.9 but haven't received their car yet.

[merlin3008]

Originally Posted by modat

I wonder what happens to us who locked in at 0.9 but haven't received their car yet.

That's sort of my question on leases. Since I've been stuck at the VPC, I'm more than 90 days after my rate lock BMWFS. Like so many others, I have no information on status, expected completion date, or delivery. I'd be pretty upset if they bumped my money factor as well.

[chicagofan00]

Originally Posted by modat

I wonder what happens to us who locked in at 0.9 but haven't received their car yet.

As long as you take delivery within your lock period you should be fine. If the lock period passes then you'll be looking at whatever the rate is at the time you sign the papers.

[merlin3008]

Originally Posted by chicagofan00

As long as you take delivery within your lock period you should be fine. If the lock period passes then you'll be looking at whatever the rate is at the time you sign the papers.

I get it, but I have to think that someone sitting at the port for two months with their car essentially in a black box with no information "should" be given special accommodation. They did nothing wrong and BMWFS should work with them.

[edofloat]

Originally Posted by merlin3008

I get it, but I have to think that someone sitting at the port for two months with their car essentially in a black box with no information "should" be given special accommodation. They did nothing wrong and BMWFS should work with them.

Agreed, I will call BMW USA or simply go to Penn Fed.

[chicagofan00]

Originally Posted by merlin3008

I get it, but I have to think that someone sitting at the port for two months with their car essentially in a black box with no information "should" be given special accommodation. They did nothing wrong and BMWFS should work with them.

They did expand the rate lock period due to the delays, however, I don't know what (if anything) they are doing for those that get delayed even more beyond that.

[monagram]

Originally Posted by merlin3008

Any idea of the MF on leases changed as well?

It's .00123 now, so my car that's sitting in QC for 2 months just cost me an extra $53 a month (was ordered in August at .00093).

[merlin3008]

Originally Posted by monagram

It's .00123 now, so my car that's sitting in QC for 2 months just cost me an extra $53 a month (was ordered in August at .00093).

Same exact situation here. Car is going to cost my $1,500 more due to a situation completely out of our control. I ordered and had rate lock to get me through my expected delivery date and beyond.

[modat]

So I am still locked into the 0.9 for a few more days. If they rerun my credit, will it still be locked into the old rate?

[merlin3008]

Originally Posted by modat

So I am still locked into the 0.9 for a few more days. If they rerun my credit, will it still be locked into the old rate?

No. The rate lock will begin today with the rates that are in effect today.

[Alpine300zhp]

Originally Posted by modat

So I am still locked into the 0.9 for a few more days. If they rerun my credit, will it still be locked into the old rate?

No. Once the 60 or 90 day lock expires, you can only relook at the current rate.

[gohawks23]

Originally Posted by modat

So I am still locked into the 0.9 for a few more days. If they rerun my credit, will it still be locked into the old rate?

If you had re-run in Dec I believe you would have reset lock period and locked those rates in.

[vj123]

Originally Posted by Alpine300zhp

No. Once the 60 or 90 day lock expires, you can only relook at the current rate.

Because of the delays, current duration is 90 days for east coast and 120 days for west coast.

[modat]

So BMW dropping the ball again. They increase rates and the ppl who ordered months ago at the older rate get screwed.

Really doubting if I'll ever get a new BMW again after this is all said and done.

[merlin3008]

Originally Posted by modat

So BMW dropping the ball again. They increase rates and the ppl who ordered months ago at the older rate get screwed.

Really doubting if I'll ever get a new BMW again after this is all said and done.

So I tend to give companies and people the benefit of the doubt in most cases. I don't blame BMW for the chip shortage. The whole world is struggling with this. What I do blame them for is the lack of any communication or information. That's totally on them and was avoidable. I don't know how anyone thought that we'd buy a $100,000 car and accept "You just have to wait indefinitely" as an answer.

Now that being said, this potential financing issue is also avoidable and in their control. They have the opportunity to do the right thing up front here and win back a little of that good will with their customer base. I will ask my CA about this. If they do not offer some sort of special program for those of us who have waited the longest, I will start going up the ladder.

[gohawks23]

Originally Posted by modat

So BMW dropping the ball again. They increase rates and the ppl who ordered months ago at the older rate get screwed.

Really doubting if I'll ever get a new BMW again after this is all said and done.

Honestly, your CA should have told you to resubmit credit before year end to lock Dec 21 rate in...but you would still be hosed if outside of delivery past the new 90-120 lock.

[elkid23]

that's a shame--unfortunately we're at the mercy of BMW FS!

Does anyone know how/if this affects the balloon payment on BMW Select? Is it still the same percentage? Or will that be changing as well.

[discountbarber]

Very interesting.

I am in the process of ordering an M4 Comp from a dealership in Colorado. When I went in for the first time in late December, I told them that it was very important to the deal that I get the advertised 0.9% rate. They told me I would get the rate, provided I was approved and submitted the order within 90 days of my approval. I specifically asked them what would happen if BMW USA raised the advertised rate. They told me they would honor the 0.9% deal, regardless of a subsequent change in January, again provided that I submitted the order within 90 days of my approval. Based on this promise, I submitted my credit application in late December and was approved for the 0.9% rate.

Called my CA today to get him to confirm what they told me last month. He had no idea the rates went up and said he would discuss with their finance manager. Will be interesting to see whether they honor their promise or try to back out.

[edofloat]

Originally Posted by discountbarber

Very interesting.

I am in the process of ordering an M4 Comp from a dealership in Colorado. When I went in for the first time in late December, I told them that it was very important to the deal that I get the advertised 0.9% rate. They told me I would get the rate, provided I was approved and submitted the order within 90 days of my approval. I specifically asked them what would happen if BMW USA raised the advertised rate. They told me they would honor the 0.9% deal, regardless of a subsequent change in January, again provided that I submitted the order within 90 days of my approval. Based on this promise, I submitted my credit application in late December and was approved for the 0.9% rate.

Called my CA today to get him to confirm what they told me last month. He had no idea the rates went up and said he would discuss with their finance manager. Will be interesting to see whether they honor their promise or try to back out.

Well, I'm sure they were not expecting the buy-rate to go up. My CA said they didn't expect it to go up. He also said rate locks in the upper mid-west only last 60 days, I have questioned him three times on that one.

I'll pay buy-rate which the dealer doesn't control but won't let the mark it up, if they do I will write the check and they will get nothing. In which case I may finance some with PenFed.

[discountbarber]

Originally Posted by edofloat

Well, I'm sure they were not expecting the buy-rate to go up. My CA said they didn't expect it to go up.

I don't really care whether they expected it to go up. I asked them an unambiguous, pointed question -- "If BMW increases the rate in January, will you honor the 0.9% rate if I am approved before the increase."

They told me yes - in writing. I'm a lawyer, so I don't really leave things ambiguous. I'm expecting them to try to back out, but I'll make it enormously uncomfortable for them if and when they do.