08-11-2022, 06:52 AM | #1 |
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Rate Lock Question - Very Specific
(Not M specific, but you guys are the most informed, which makes this is my preferred forum...)
My dealer locked my rate in late May (5/26) for what we thought was a MY2022, July build. Unfortunately they did not get enough allocations to fill my order until August allocations were allotted. So, I got an August allocation (MY2023), the car is built and we are taking PCD on 8/24. My questions is: The dealer is telling me that my 3.49% (60 mon) lock does not apply as the car is a 2023 and they locked for a 2022. Does this seem right? I'm within the 90/120 lock window, why should it matter that I had to take a MY2023 car (with the price increase I might add)? Thanks for your constructive input.
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2023 X4 30i MSport BSM/Cognac 2018 BMW S1000XR & BMW R1200RT 2015 Yamaha FZ-09 Last edited by SpeedyATL; 08-11-2022 at 07:26 AM.. |
08-11-2022, 09:09 AM | #2 | |
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08-11-2022, 09:47 PM | #3 |
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I'm in the same shoes and the answer varies by whom you ask. It seems like nobody really knows.
Both cases, ordered a MY'22 car in March/April with no allocation and locked MY'22 rate (2.99%) with a credit check at time of order. With no MY'22 allocation received, my build switched over to MY'23 for which I finally received a production number. CA #1: Rate is locked regardless of model year. As car will be delivered 120 days past rate lock, the dealership will request BMWFS to make an exception on the lock period and honor the MY'22 rate - which they should have no issues with. I should be able to get the 2.99 on my MY'23 car. CA #2: BMW will under no circumstances honor the MY'22 rate lock for a MY'23 car. Will need to re-lock MY'23 rate in order to even be able to request BMWFS to honor a MY'23 rate with an exception in the case car is delivered past the 90/120 days. I canceled my order with CA#2 because CA#1 got my allocation first. We'll see what happens at time of delivery.
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08-12-2022, 08:40 AM | #4 |
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It's crazy that there doesn't seem to be a publicly available policy on this. This obviously happens every year....and BMWFS customer service can't/won't address the issue for me.
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08-13-2022, 11:06 AM | #5 |
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Usually, when the new model year comes out there are differences in incentives. In the past few years of low rates, I don't think that has applied to finance rates, but it certainly has to leases...with BMW pushing incentives on the outgoing model year until about October/November. I don't know what would happen with the '23 MY when you applied, but I can tell you right now it's 4.29%.
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