Auto Loan Rates. Post your Rate!

modat · 03-02-2022, 05:40 PM

hey guys,

Seeing that BMW is jacking up rates I wanted to come together to see if we can start posting lower rates that you are aware of so people can shop around.

Penfed
1.99%
Need to open a account with them and have a membership
Loan is good for 30 days from approval

vj123 · 03-02-2022, 05:47 PM

University of Michigan Credit Union.

1.99% for 72 months and rates can be locked for 60 days.

MIM5 · 03-02-2022, 06:25 PM

Quote:

Originally Posted by vj123

University of Michigan Credit Union.

1.99% for 72 months and rates can be locked for 60 days.

Was that when you applied, because I'm seeing 2.99% for 72 months with them?

yami sukehiro · 03-02-2022, 06:32 PM

Quote:

Originally Posted by MIM5

Was that when you applied, because I'm seeing 2.99% for 72 months with them?

it's showing '61-72 months 1.99-11.99%' on the site for me
https://www.umcu.org/Resources/Rates

MIM5 · 03-02-2022, 06:38 PM

Quote:

Originally Posted by yami sukehiro

Quote:

Originally Posted by MIM5

Was that when you applied, because I'm seeing 2.99% for 72 months with them?

it's showing '61-72 months 1.99-11.99%' on the site for me
https://www.umcu.org/Resources/Rates

Oh man, I was thinking msufcu. Guess this is a different credit union. Now I need to look into that.

vj123 · 03-02-2022, 06:50 PM

Quote:

Originally Posted by MIM5

Was that when you applied, because I'm seeing 2.99% for 72 months with them?

I applied today and got my approval immediately.

I have been their member for a very long time and its a great organization.

adr_M3 · 03-02-2022, 08:04 PM

Quote:

Originally Posted by modat

hey guys,

Seeing that BMW is jacking up rates I wanted to come together to see if we can start posting lower rates that you are aware of so people can shop around.

Penfed
1.99%
Need to open a account with them and have a membership
Loan is good for 30 days from approval

I posted this question in another thread but has anyone used PenFed's car buying service to get their discounted rate on a previously ordered car with a specified dealer? I see that they're offering 1.49% for 60 months and was wondering if you'd be able to select the dealer you're already working with when you apply for the loan.

DrePrime · 03-02-2022, 08:57 PM

I'm doing Navy Federal
72 mon @ 2.29 % with no down payment.

To be a member, you have to be active duty, retire military, veteran or family member of said individual.

Navy Fed never did wrong by me and I've been with them with multiple auto loans. They are highly flexible and offer a 96 month loan, which I wouldn't suggest but if it works for you then hey.

2022M4COMP · 03-02-2022, 10:26 PM

Quote:

Originally Posted by DrePrime

I'm doing Navy Federal
72 mon @ 2.29 % with no down payment.

To be a member, you have to be active duty, retire military, veteran or family member of said individual.

Navy Fed never did wrong by me and I've been with them with multiple auto loans. They are highly flexible and offer a 96 month loan, which I wouldn't suggest but if it works for you then hey.

.9

BrooklynGreyM3 · 03-03-2022, 01:33 AM

Service Credit Union - Same military rules apply to be a member as Navy Fed & USAA

I got 1.74 for 72 months.

M3GALLY · 03-03-2022, 06:10 AM

Subscribed

k1ng · 03-03-2022, 07:48 AM

Quote:

Originally Posted by DrePrime

I'm doing Navy Federal
72 mon @ 2.29 % with no down payment.

To be a member, you have to be active duty, retire military, veteran or family member of said individual.

Navy Fed never did wrong by me and I've been with them with multiple auto loans. They are highly flexible and offer a 96 month loan, which I wouldn't suggest but if it works for you then hey.

... and the preapproval is good for 90 days.

petrol_phxz · 03-03-2022, 07:49 AM

following this.. Please post requirements as well if there are stipulation such as living in a certain area, military service, etc.

vj123 · 03-29-2022, 11:41 AM

Quote:

Originally Posted by vj123

University of Michigan Credit Union.

1.99% for 72 months and rates can be locked for 60 days.

My CU increased the base rates from 1.99% to 2.49% yesterday.

Gfit · 03-29-2022, 11:53 AM

My advice would be to lock in rates now if you can. As fast as possible. Sucks that they went up but in a month or two these are going to look like great rates. Sometimes it pays to wait but not at this time. Rates are going one way for a while. Up!

adr_M3 · 03-29-2022, 05:34 PM

I'm trying to decide between a 48 month loan at 1.85% with a Los Angeles based credit union or a 60 month loan at 2.19% with PenFed.

modat · 03-29-2022, 05:43 PM

Quote:

Originally Posted by adr_M3

I'm trying to decide between a 48 month loan at 1.85% with a Los Angeles based credit union or a 60 month loan at 2.19% with PenFed.

Which cu?

adr_M3 · 03-29-2022, 06:14 PM

Quote:

Originally Posted by modat

Quote:

Originally Posted by adr_M3

I'm trying to decide between a 48 month loan at 1.85% with a Los Angeles based credit union or a 60 month loan at 2.19% with PenFed.

Which cu?

Los Angeles Federal Credit Union. The 1.85% is promotional rate that may or may not be available still. Unlike PenFed, they only serve LA residents.

Grumpy514 · 03-30-2022, 09:41 AM

I went with PenFed.

2.39% @72 months.

Approval/check is good for 30 days & then you need to request a new check be sent for an additional 30 days. You will need to make your monthly payments regardless of cashing check or not. (boat I'm in).

Quote:

Originally Posted by DrePrime

I'm doing Navy Federal
72 mon @ 2.29 % with no down payment.

To be a member, you have to be active duty, retire military, veteran or family member of said individual.

Navy Fed never did wrong by me and I've been with them with multiple auto loans. They are highly flexible and offer a 96 month loan, which I wouldn't suggest but if it works for you then hey.

They also have a $1000-1500 cash incentive is you are a member, took $1500.00 off my build.

https://g80.bimmerpost.com/forums/sh....php?t=1899184

NightWriter · 03-30-2022, 10:40 AM

Quote:

Originally Posted by Grumpy514

I went with PenFed.

Approval/check is good for 30 days & then you need to request a new check be sent for an additional 30 days. You will need to make your monthly payments regardless of cashing check or not. (boat I'm in).

Just to clarify: You got the loan approved when you had the VIN, and since you didn't take delivery within 30 days, you were able to request a new check and they effectively extended the lock by another 30 days? Can you keep doing that in perpetuity until the car is delivered, all while making monthly payments on it before the check is cashed? I'm skeptical...

Grumpy514 · 03-30-2022, 10:59 AM

Quote:

Originally Posted by NightWriter

Just to clarify: You got the loan approved when you had the VIN, and since you didn't take delivery within 30 days, you were able to request a new check and they effectively extended the lock by another 30 days? Can you keep doing that in perpetuity until the car is delivered, all while making monthly payments on it before the check is cashed? I'm skeptical...

Correct. This is what I was told. I do not have check in hand as I just requested it but I was told it would be a non-issue. This is the 2nd loan officer that told me this. The first loan officer went into more detail in saying she knew people to get multiple extensions (re-issued check) before actually cashing it.

I was very surprised to hear this as well, I will update again once I know the re-issued check has been sent out, I will be calling them daily until it's sent because it expires on the 3rd ( I was a bit late in doing this all, thought it would be same day).

It sounded weird for me as well, but this is what I was told by PenFeds loan officers.

Grumpy514 · 03-30-2022, 01:35 PM

Just got off the phone, the check was disbursed today & is already in the mail to me. I asked if there was a limit of amount of checks I get re-issued, she stated she has never heard of a limit and knows of people getting multiple checks.

This is fantastic news, take advantage of the current APR & apply now. Once approved your check is sent out, give yourself 5-7 business days to call ahead of expiration date to get a new check going. This is the time it takes (only took me 2-3 days) for them to put a stop on your current check, once the stop is completed a new check is generated from that date with another 30 day extension.

This is called "Loan Maintenance" and can be done. The only downside to the whole process is paying for a vehicle that you don't own yet, for me that was perfectly fine.

Good luck!

03-02-2022, 05:40 PM	#1
modat Lieutenant Colonel 2463 Rep 1,738 Posts Drives: 2022 IOMG M3 Xdrive Join Date: Feb 2014 Location: NJ iTrader: (0)	Auto Loan Rates. Post your Rate! hey guys, Seeing that BMW is jacking up rates I wanted to come together to see if we can start posting lower rates that you are aware of so people can shop around. Penfed 1.99% Need to open a account with them and have a membership Loan is good for 30 days from approval
	Appreciate 5 BmwM941.50 adr_M3368.50 G-Mann413.00 SimsimmaM3172.00 ch3k_m855.50 Tweet Quote

03-02-2022, 05:47 PM	#2
vj123 Brigadier General 3786 Rep 3,624 Posts Drives: 2022 M3c - sold Join Date: Mar 2015 Location: The Detroit iTrader: (0)	University of Michigan Credit Union. 1.99% for 72 months and rates can be locked for 60 days.
	Appreciate 6 G-Mann413.00 DrePrime83.50 2022M4COMP229.50 Krypt-Nick15.00 ch3k_m855.50 Twon9073.00 Quote

03-02-2022, 08:57 PM	#8
DrePrime Private 84 Rep 68 Posts Drives: 2022 BMW M4 Comp xDrive Join Date: Apr 2015 Location: New York, NY iTrader: (0) Garage List 2022 BMW M4 Competi ... [0.00]	I'm doing Navy Federal 72 mon @ 2.29 % with no down payment. To be a member, you have to be active duty, retire military, veteran or family member of said individual. Navy Fed never did wrong by me and I've been with them with multiple auto loans. They are highly flexible and offer a 96 month loan, which I wouldn't suggest but if it works for you then hey. Attached Images
	Appreciate 1 k1ng13.50 Quote

03-03-2022, 01:33 AM	#10
BrooklynGreyM3 ///MFlight Member 451 Rep 246 Posts Drives: 2022 BMW M3CX G80 Join Date: Dec 2020 Location: Germany iTrader: (0)	Service Credit Union - Same military rules apply to be a member as Navy Fed & USAA I got 1.74 for 72 months. __________________ Current - 2022 M3 G80X Competition/Brooklyn Grey/Silverstone - 2022 X3 M40i/Brooklyn Grey *Sold* - 2021 M3 G80 RWD Competition/Brooklyn Grey/Merino Black Follow Me on IG: BrooklynGreyM3
	Appreciate 2 Limegrntaln13409.50 DO_e903.00 Quote

03-03-2022, 06:10 AM	#11
M3GALLY Captain 644 Rep 604 Posts Drives: 2022 M3, 2020 MDX, 2003 c320 Join Date: Sep 2021 Location: Bayside, Ny iTrader: (0)	Subscribed
	Appreciate 1 Limegrntaln13409.50 Quote

03-03-2022, 07:49 AM	#13
petrol_phxz Second Lieutenant 287 Rep 286 Posts Drives: 2022 M3 X-Drive Comp. Join Date: Aug 2021 Location: PHX iTrader: (0)	following this.. Please post requirements as well if there are stipulation such as living in a certain area, military service, etc. __________________ Driving: 2022 M3CX \| Skyscraper Grey \| Full leather Silverstone Interior \| Carbon Fiber Trim \| M Carbon Bucket Seats \| Parking Pack \| Executive Pack \| Laser Lights \| M Shadowline Lights \| 826M Jet Black Wheels \| Red Calipers
	Appreciate 1 Limegrntaln13409.50 Quote

03-29-2022, 11:53 AM	#15
Gfit Lieutenant Colonel 2709 Rep 1,658 Posts Drives: 2023 X3M, 2024 X5M. Sold 2022 Join Date: Mar 2007 Location: Westchester, NY iTrader: (0)	My advice would be to lock in rates now if you can. As fast as possible. Sucks that they went up but in a month or two these are going to look like great rates. Sometimes it pays to wait but not at this time. Rates are going one way for a while. Up!
	Appreciate 1 SpeedyATL1862.00 Quote

03-29-2022, 05:34 PM	#16
adr_M3 Second Lieutenant 369 Rep 235 Posts Drives: G80 Comp RWD Oxide Grey Join Date: Aug 2021 Location: Los Angeles, CA iTrader: (0)	I'm trying to decide between a 48 month loan at 1.85% with a Los Angeles based credit union or a 60 month loan at 2.19% with PenFed.
	Appreciate 0 Quote

03-30-2022, 01:35 PM	#22
Grumpy514 Major 625 Rep 1,140 Posts Drives: 2022 M3X Join Date: Feb 2007 Location: DMV iTrader: (1) Garage List 2022 BMW M3X [0.00] 2014 Toyota 4Runner [0.00]	Just got off the phone, the check was disbursed today & is already in the mail to me. I asked if there was a limit of amount of checks I get re-issued, she stated she has never heard of a limit and knows of people getting multiple checks. This is fantastic news, take advantage of the current APR & apply now. Once approved your check is sent out, give yourself 5-7 business days to call ahead of expiration date to get a new check going. This is the time it takes (only took me 2-3 days) for them to put a stop on your current check, once the stop is completed a new check is generated from that date with another 30 day extension. This is called "Loan Maintenance" and can be done. The only downside to the whole process is paying for a vehicle that you don't own yet, for me that was perfectly fine. Good luck!
	Appreciate 1 NightWriter4841.00 Quote