[trey100]

Originally Posted by merlin3008

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.

Maybe ask the dealership to offset on car price as an alternate if BMW won't do the right thing. They don't have to but I could see them doing that as a client service matter.

[BLVCKBURN]

Wanna know the f***ed up thing? Back in October my dealership was asking 2.9 and 3.9 when BMW FS was at 0.9. So with it being 1.9...I'm a little worried since my lock in expires soon.

[aimetti]

Originally Posted by luckylingy

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.

ahh so you pretty much finalized the deal prior to taking delivery? I have no problem doing that if I can. Heck id sign right now if the dealership would let me.

[merlin3008]

Originally Posted by aimetti

ahh so you pretty much finalized the deal prior to taking delivery? I have no problem doing that if I can. Heck id sign right now if the dealership would let me.

Glad it worked out for you. That's actually standard practice for PCD. The deal has to be fully executed by the dealer before your delivery date. It's usually about 10 days to two weeks ahead of delivery. My understanding is that the same arrangement does not work for non-PCD cars. Since the dealer does not have the car, or specifically the certificate of origin, the dealer does not own the car yet. They can't do the paperwork on a car they don't own.

Edit: Also from a practical standpoint, I don't want to take legal ownership of a car that I don't have in my possession. If that car is damaged in transit, arrives less than perfect, or has some other kind of mishap, you're on the hook.

[HorsePower]

Originally Posted by LoneAmerican

Wanna know the f***ed up thing? Back in October my dealership was asking 2.9 and 3.9 when BMW FS was at 0.9. So with it being 1.9...I'm a little worried since my lock in expires soon.

My understanding was that BMWFS only permits dealers to mark-up the buy rate by, at most, 1%? Assuming that to be true, I would think if nicely asked about this by a buyer who is educated on the issue, that a dealer would back down on marking up beyond that...if for no other reason than wanting to avoid a customer's bringing their 2-3% mark-up to BMWFS' attention.

Another interesting tactic that is mentioned on here, is simply applying directly through BMWFS online. Which apparently secures the best buy rate available at the time, without mark-up, and then the dealer is essentially stuck with it??

In either case, sorry your lock is expiring soon. Perhaps in the end, your dealer will be able to do something for you as a gesture of good faith. Once the market softens again, I hope dealers realize that we'll remember the ones who treated us well, and the ones who didn't...

[luckylingy]

True, merlin3008. In my case PCD delivery date was scheduled, so timing of executing the sale worked out normally. (VPC had days before released the car to the Performance Center.)

For non-PCD cars, I don’t know how much influence or latitude dealers have to secure the certificate of origin before the VPC releases the car to the carrier.

[HorsePower]

Originally Posted by Brian @ Grayson BMW

Max dealer markup is 1%. If the dealer sent it to BMW at a higher than 1% markup on the contract they would refuse the deal and the customer would have to come back to the dealer to resign the documents at the lower rate.

My guess is the customer did not qualify for the super-elite tier group and has a higher base rate + 1% markup. Simply ask your CA to clarify what your base rate is and if they are adding the 1% markup. If you ask they should simply tell you. Another thing that could have happened is they submitted you to a bank that pays a higher reserve and unfortunately has a higher rate. You get the make the decision on who you do financing with though.

As for applying on BMWFS, it doesn't lock you into a base rate. Dealer can still choose to markup.

As for your rate lock, you can EXTEND! Call your CA and tell them you want to extend your rate lock before it expires. It is extremely important you get a photo of the approval with the date on it. BMW just recently brought back 90 day rate locks also. DO NOT let your approval expire otherwise you lose on the previous incentives. You can always get whatever is best when you lock. In previous times incentives got better, not worse.

Brian, thanks for the clarifications! Helpful info for us all to have!! Much appreciated.

[2022M4COMP]

Did BMW used to charge higher than most other dealers a few years ago ? I feel like that is standard with the luxury brands because they feel they can. But this is my first car and rates are so low

[razman]

Why am I still seeing 0.9% (not 1.9%) on the BMW site? This looks like it's good at least through the end of this month.

https://www.bmwusa.com/special-offer...html?zip=91104

[yami sukehiro]

Originally Posted by razman

Why am I still seeing 0.9% (not 1.9%) on the BMW site? This looks like it's good at least through the end of this month.

https://www.bmwusa.com/special-offer...html?zip=91104

location based it looks like?

[modat]

Originally Posted by razman

Why am I still seeing 0.9% (not 1.9%) on the BMW site? This looks like it's good at least through the end of this month.

https://www.bmwusa.com/special-offer...html?zip=91104

Maybe its based off of your location? Its 1.9 for me

[razman]

Originally Posted by modat

Maybe its based off of your location? Its 1.9 for me

Yep, you're right. I entered a few other zip codes and for most of the US it's showing up as 1.9, but at least CA and Montana are 0.9 still. Let's see if I can lock that rate in.

[wowwitsgau]

Hmmm looks like it’s back to .9% although I could have sworn 2 days ago when I checked it was at 1.9% (Los Angeles). My CA is following up when he gets in the office, will update when I get more info

[razman]

Originally Posted by Brian @ Grayson BMW

Weird... Try it again. I just clicked your link and it shows me 1.9. Checking though internal systems the rate is 100% 1.9 @ 60mo

Omfg, it's at 1.90 now. If I hadn't taken a screenshot earlier today I would have thought I was seeing things. Well, this sucks.

[2022M4COMP]

Mine in Chicago is still 1.9

[modat]

Originally Posted by razman

Omfg, it's at 1.90 now. If I hadn't taken a screenshot earlier today I would have thought I was seeing things. Well, this sucks.

It was 0.9 when you originally posted. I clicked it and saw it. it changed a few min later

[jwt2440]

Originally Posted by 2022M4COMP

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

I'd just buy it cash if the point bothers you. That's what I'm doing.

[TrevorM3]

Originally Posted by Brian @ Grayson BMW

Weird... Try it again. I just clicked your link and it shows me 1.9. Checking though internal systems the rate is 100% 1.9 @ 60mo

question. If you dont know if you are leasing vs financing the car (it's on the way) does it matter what you put on the app? As in choosing lease vs finance? then when it actually gets to the dealer you can decide..

[gohawks23]

Originally Posted by TrevorM3

question. If you dont know if you are leasing vs financing the car (it's on the way) does it matter what you put on the app? As in choosing lease vs finance? then when it actually gets to the dealer you can decide..

Nope, it just means you are eligible to receive whatever program incentives/rates for lease/finance were in the month you applied/locked. As stated elsewhere those expire 60/90 days depending on where you are and you should extend or re-apply before expiration as those rates could change/get worse.

[luckylingy]

Originally Posted by gohawks23

Nope, it just means you are eligible to receive whatever program incentives/rates for lease/finance were in the month you applied/locked. As stated elsewhere those expire 60/90 days depending on where you are and you should extend or re-apply before expiration as those rates could change/get worse.

Well put and 100% accurate. Between the time I applied with BMW FS and when I took delivery, I changed from intending to lease to deciding to finance (purchase). No one batted an eyelid.

[jmg]

Originally Posted by modat

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

I'm locked at 0.9% and I'm probably a week from delivery. SA told me last month they will honor it. I just had to do the credit check at the time.

[amuk]

Originally Posted by Brian @ Grayson BMW

Max dealer markup is 1%. If the dealer sent it to BMW at a higher than 1% markup on the contract they would refuse the deal and the customer would have to come back to the dealer to resign the documents at the lower rate.

My guess is the customer did not qualify for the super-elite tier group and has a higher base rate + 1% markup. Simply ask your CA to clarify what your base rate is and if they are adding the 1% markup. If you ask they should simply tell you. Another thing that could have happened is they submitted you to a bank that pays a higher reserve and unfortunately has a higher rate. You get the make the decision on who you do financing with though.

As for applying on BMWFS, it doesn't lock you into a base rate. Dealer can still choose to markup.

As for your rate lock, you can EXTEND! Call your CA and tell them you want to extend your rate lock before it expires. It is extremely important you get a photo of the approval with the date on it. BMW just recently brought back 90 day rate locks also. DO NOT let your approval expire otherwise you lose on the previous incentives. You can always get whatever is best when you lock. In previous times incentives got better, not worse.

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.