01-04-2022, 08:25 AM | #1 |
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M car rate change
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% Last edited by edofloat; 02-01-2022 at 12:56 PM.. |
01-04-2022, 08:33 AM | #2 |
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Any idea of the MF on leases changed as well?
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01-04-2022, 08:37 AM | #4 |
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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.
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01-04-2022, 08:38 AM | #5 |
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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.
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01-04-2022, 08:41 AM | #6 |
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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.
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01-04-2022, 08:42 AM | #7 |
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Agreed, I will call BMW USA or simply go to Penn Fed.
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01-04-2022, 08:45 AM | #8 | |
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01-04-2022, 08:49 AM | #9 |
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01-04-2022, 09:05 AM | #10 |
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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.
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01-04-2022, 09:31 AM | #12 |
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No. The rate lock will begin today with the rates that are in effect today.
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01-04-2022, 09:33 AM | #13 |
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No. Once the 60 or 90 day lock expires, you can only relook at the current rate.
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01-04-2022, 09:45 AM | #14 |
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01-04-2022, 09:54 AM | #15 |
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01-04-2022, 09:57 AM | #16 |
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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. |
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01-04-2022, 10:08 AM | #17 | |
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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.
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01-04-2022, 10:12 AM | #18 |
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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.
Last edited by gohawks23; 01-04-2022 at 10:21 AM.. |
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01-04-2022, 10:16 AM | #19 |
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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. |
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01-04-2022, 10:33 AM | #20 |
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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. |
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01-04-2022, 10:38 AM | #21 | |
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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. |
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01-04-2022, 10:44 AM | #22 | |
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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. |
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