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G80 BMW M3 and M4 General Topics Pricing, Ordering, Leasing / Purchasing, Delivery

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      01-04-2022, 10:55 AM   #23
modat
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Quote:
Originally Posted by edofloat View Post
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.
Penfed is 1.99 now
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      01-04-2022, 10:56 AM   #24
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Quote:
Originally Posted by discountbarber View Post
Quote:
Originally Posted by edofloat View Post
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.
The point is how many of us have been sitting here waiting like idiots for our cars? We put down deposits and now you shaft us one point? In the long run this is the same as a 5k market adjustment in terms of interest…


I'm hoping I can get out of the Baltimore vpc and delivered before my rate expires…. I've had a stop order since 11/29 and my rate lock ends 1/31/22
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      01-04-2022, 11:07 AM   #25
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BMW should honor the 0.9% rate at least for people whos vehicles are already produced or scheduled for production.

On a bigger picture, BMW wouldnt care about these minute details. They might look into it if several people escalate the issue.
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      01-04-2022, 11:08 AM   #26
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My situation is annoying, but it isn't that bad. If you are in a situation where your car is in build/delivery purgatory and the dealership tries to stick you with a higher rate because of the delay, I would raise fucking hell. If the dealership claims the financing terms are out of their hands, you should show them the difference in interest payments over the life of the loan and demand a credit. Assuming you're financing ~85k over 60 months, one point on the loan is about $2,000.
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      01-04-2022, 11:25 AM   #27
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Originally Posted by discountbarber View Post
My situation is annoying, but it isn't that bad. If you are in a situation where your car is in build/delivery purgatory and the dealership tries to stick you with a higher rate because of the delay, I would raise fucking hell. If the dealership claims the financing terms are out of their hands, you should show them the difference in interest payments over the life of the loan and demand a credit. Assuming you're financing ~85k over 60 months, one point on the loan is about $2,000.
Exactly! Look I get it if you just walked into the dealer got all allocation and put down a deposit fine. Raise the rate.

But if my car is at the port waiting for you to fix something you didn't finish at the factory or my car is being transported or even if it is at the factory waiting for a part let's be real.

We were under the assumption the car would be here in under 90 days because bmw and all the dealers said so. Honestly what is 1 point going to do for them how much money do they stand to make on all of these orders vs how many customers are they going to upset.
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      01-04-2022, 02:45 PM   #28
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Quote:
Originally Posted by discountbarber View Post
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.
They will not be able to paper out the car at .9% even if they want to and are willing (unless BMWFS lets them buy down the rate), they will have to adjust the price down to offset the additional carrying cost to get you to your payment.
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      01-04-2022, 04:23 PM   #29
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bmw penfed rebate has also been removed as of today

that sucks for all the purchasers
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      01-04-2022, 05:37 PM   #30
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So I just got off the phone with me dealership since I am going to be affected by the rate change. They said not to worry, if the car was ordered when the old rate was avail, then they can submit a waiver and get me the 0.9%. He said not to worry..

My car hit production today, so we'll see if thats true in a few months when I take delivery.
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      01-04-2022, 05:40 PM   #31
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Question for you guys. I applied for financing in late dec and got approved and fully expect the .9% due to my credit. Got approved same day. But where the heck do I see the terms. I see nothing other than "approved". Is this something only my dealer would have ?
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      01-04-2022, 06:16 PM   #32
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So, how does this work. Locked in 0.9 end of December and taking PCD. When do I actually do the financing since I won't be going to the dealership. I'm sure they wanna get paid before having the car shipped to SC versus Arizona if I didn't pay for it.
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      01-04-2022, 06:25 PM   #33
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Quote:
Originally Posted by modat View Post
So I just got off the phone with me dealership since I am going to be affected by the rate change. They said not to worry, if the car was ordered when the old rate was avail, then they can submit a waiver and get me the 0.9%. He said not to worry..

My car hit production today, so we'll see if thats true in a few months when I take delivery.
Good to know, makes sense to have a mechanism available to deal with late deliveries.
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      01-04-2022, 06:52 PM   #34
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Originally Posted by edofloat View Post
Good to know, makes sense to have a mechanism available to deal with late deliveries.
What's to stop the dealer from submitting the waiver and telling you there's nothing they can do and that it's 1.9%, and pocketing the difference? Especially those dealerships that were already playing fast and loose with the numbers and saying 1.9 was the best they could do back when rates actually were 0.9?
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      01-04-2022, 07:01 PM   #35
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Originally Posted by razman View Post
What's to stop the dealer from submitting the waiver and telling you there's nothing they can do and that it's 1.9%, and pocketing the difference? Especially those dealerships that were already playing fast and loose with the numbers and saying 1.9 was the best they could do back when rates actually were 0.9?
We don't know all the details regarding waivers at this point but a call directly to BMWFS may resolve that. A waiver should allow the dealer to honor what was agreed to previously...whatever that may have been. Doubtful the dealers really like the rate change anymore than customers plenty of reasons already stated in the thread.
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      01-04-2022, 09:44 PM   #36
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Randolph-Brooks Federal Credit Union is 1.95 up to 72 months. Rbfcu.org
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      01-05-2022, 05:50 PM   #37
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My CA told me I had to wait for my car be in hand to get my rate. After seeing this page I asked him about it, which he said he didn't have my credit app to run. He then recieved a screenshot of him confirming he had ran my credit in July and saying had to wait on car to know. Which he responded with needing talk to his manager..
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      01-05-2022, 06:24 PM   #38
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Originally Posted by tac3331 View Post
My CA told me I had to wait for my car be in hand to get my rate. After seeing this page I asked him about it, which he said he didn't have my credit app to run. He then recieved a screenshot of him confirming he had ran my credit in July and saying had to wait on car to know. Which he responded with needing talk to his manager..
Wow what a little bitch. See this is why people hate dealers
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      01-05-2022, 06:29 PM   #39
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Originally Posted by 2022M4COMP View Post
Wow what a little bitch. See this is why people hate dealers
Only a bitch if dont make it right after speaking with manager. Otherwise I was lied to in way that affects personal finance. Either it was a mistake or for reputation sake I can't see them being head strong but if so yall will hear lol.
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      01-05-2022, 06:30 PM   #40
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Randolph-Brooks Federal Credit Union is 1.95 up to 72 months. Rbfcu.org
How much do you need to put down for that ?
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      01-05-2022, 06:53 PM   #41
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Originally Posted by merlin3008 View Post
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.
You're on the right track: being subject to higher rate (lease or financing) because your BMW FS rate lock expired, because BMW didn't release your car from the VPC to the dealer -- BMW USA can (and should) remedy/offset the financial cost. Have your CA engage your dealership's general manager, who will in turn engage her/his BMW USA rep. BMW dealers have the means to offer customer concessions, and BMW USA has the means to compensate dealers for their own screw-ups.
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      01-05-2022, 07:04 PM   #42
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Quote:
Originally Posted by aimetti View Post
Question for you guys. I applied for financing in late dec and got approved and fully expect the .9% due to my credit. Got approved same day. But where the heck do I see the terms. I see nothing other than "approved". Is this something only my dealer would have ?
If you applied on the BMW FS website, you should have received an email confirming approval, which includes an approval number, the dealership you specified when you applied, and the expiration date (60 days in Central Region; I believe 90 days in East and West Regions). 'Terms' implies 1 of 2 things: BMW FS finance/lease contract terms, which the dealer has and can provide in advance of signing (it's boilerplate stuff). Or terms as in down payment amount, trade in amount, length of contract, and vehicle options which you provided in the online credit app.

By virtue of applying directly with BMW FS online, you applied for and were approved for their base rate (e.g., 0.9% for cars, 1.9% for light trucks, for up to 60 months) -- and not for a rate the dealer chooses to mark up (up to 1.0% above the base rate).
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      01-05-2022, 08:34 PM   #43
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Originally Posted by luckylingy View Post
If you applied on the BMW FS website, you should have received an email confirming approval, which includes an approval number, the dealership you specified when you applied, and the expiration date (60 days in Central Region; I believe 90 days in East and West Regions). 'Terms' implies 1 of 2 things: BMW FS finance/lease contract terms, which the dealer has and can provide in advance of signing (it's boilerplate stuff). Or terms as in down payment amount, trade in amount, length of contract, and vehicle options which you provided in the online credit app.

By virtue of applying directly with BMW FS online, you applied for and were approved for their base rate (e.g., 0.9% for cars, 1.9% for light trucks, for up to 60 months) -- and not for a rate the dealer chooses to mark up (up to 1.0% above the base rate).
Thanks for the explanation! Mine is good till end of February (end of the 3rd month) shows in the email. Just gotta hope it comes by then lol.
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      01-06-2022, 04:59 AM   #44
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Thanks for the explanation! Mine is good till end of February (end of the 3rd month) shows in the email. Just gotta hope it comes by then lol.
I was getting down to the wire myself several weeks ago. I was scheduled for PCD, and of course the car was held up for RAM stop sale at the Greer VPC. I had the dealer prep the sales paperwork a couple days before the rate lock was 'naturally' scheduled to expire (allegedly it could have been extended, but I didn't want to risk it). We executed the sale as I'd arranged, and delivery occurred ~10 days later.
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