[robopp]

Originally Posted by JDUNITNOW

So it's ok to take advantage of a person?

No, it's definitely sleezy, but you always need to be an informed consumer and if you don't like the deal, walk away.

[Sopiarz3]

interesting that they don't list the BMWFS rate on their website anymore. Just has a link to contact dealer

[Wtfitzvi]

I see a lot of people applying for penfed…do you have to be a member or can you still apply for a loan?

[SpeedyATL]

Originally Posted by Wtfitzvi

I see a lot of people applying for penfed…do you have to be a member or can you still apply for a loan?

Yes, but anyone can become a member. Just open a low dollar checking account and poof, you are a member...unless things have changed in the last 2 years.

BMW used to offer a discount/rebate to PenFed members, but if you ordered in 2021 and your car did not arrive until 2022, BMW screwed you out of the rebate. Who me, bitter? No....

[PinkFlamingo]

Originally Posted by Wtfitzvi

I see a lot of people applying for penfed…do you have to be a member or can you still apply for a loan?

Penfed is great but unfortunately they don't have the best rates at the moment. Hopefully they get more competitive in the next few months.

[wtwo3]

Originally Posted by PinkFlamingo

Penfed is great but unfortunately they don't have the best rates at the moment. Hopefully they get more competitive in the next few months.

Yeah their rates seem to be worse than BMWFS.

[ddno1]

Originally Posted by SpeedyATL

No, just refi after taking delivery and originally financing with BMWFS. A little bit of a hassle, but for $500, why not....

Georgia's Own CU just locked 2.51% for 60 mon. No requirements to join the CU except to have a bank account with at least $5 in it. They also hold what's left of my mortgage at nearly the same rate.

I will send you a DM. Could you please check. Thank you!

[G-Mann]

This is exhausting shopping for the best rate. A lot of bait and switch out there. Rates pretty much suck, all the good ones had catches, had to work in that industry or have a family member associated. Worst case is still 3.49 BMWFS x 60 or 3.99 x 72.

Anybody ever use lightstream?

[MPower9525]

Originally Posted by G-Mann

This is exhausting shopping for the best rate. A lot of bait and switch out there. Rates pretty much suck, all the good ones had catches, had to work in that industry or have a family member associated. Worst case is still 3.49 BMWFS x 60 or 3.99 x 72.

Anybody ever use lightstream?

How are you getting 3.49 from BMWFS?

I was quoted at 5.99% X 60 this morning at my BMW dealer in NJ, I have very good credit so its not due to credit issues.

[vj123]

Originally Posted by MPower9525

I was quoted at 5.99% X 60 this morning at my BMW dealer in NJ, I have very good credit so its not due to credit issues.

Tier 1 base rate from BMWfs for 60 months is 4.29% and dealers are allowed to add 1% to the base rate.

[G-Mann]

Originally Posted by MPower9525

How are you getting 3.49 from BMWFS?

I was quoted at 5.99% X 60 this morning at my BMW dealer in NJ, I have very good credit so its not due to credit issues.

I locked at the end of June, after car sat at the port for 30 days and before continued rate increases. CA still saying not to worry despite the delay in taking delivery.

[IOIPOI]

Originally Posted by vj123

Tier 1 base rate from BMWfs for 60 months is 4.29% and dealers are allowed to add 1% to the base rate.

I called around most dealers are quoting 5.29%. I wish they would be more transparent, they are using the excuse that rates are fluid; they aren't THAT fluid. Hoping rates drop around December or January as I should be taking delivery of my M4 around then.

[IOIPOI]

Originally Posted by IOIPOI

I called around most dealers are quoting 5.29%. I wish they would be more transparent, they are using the excuse that rates are fluid; they aren't THAT fluid. Hoping rates drop around December or January as I should be taking delivery of my M4 around then.

My last rate was 0% in 2016, I'll never see that again.

[G-Mann]

Originally Posted by IOIPOI

I called around most dealers are quoting 5.29%. I wish they would be more transparent, they are using the excuse that rates are fluid; they aren't THAT fluid. Hoping rates drop around December or January as I should be taking delivery of my M4 around then.

Why are you calling dealers and not local CU's for best rates? Rates are likely not going down until the end of 2023, look for several .25 rate increases as the Fed Reserve meets up, Sep 20, Nov 1, Dec 13. Lock if you can before these dates.

[vj123]

Originally Posted by IOIPOI

I called around most dealers are quoting 5.29%. I wish they would be more transparent, they are using the excuse that rates are fluid; they aren't THAT fluid. Hoping rates drop around December or January as I should be taking delivery of my M4 around then.

Dealers can mark up and several of them are taking advantage of it.

[ChiTownM]

If you don't have a rate locked in I would try to negotiate the best rate with the dealer asap and lock it in. The probability that they will honor it later during delivery is pretty high. Rates are not going down, that's not going to happen for some time.

[MPower9525]

Originally Posted by vj123

Tier 1 base rate from BMWfs for 60 months is 4.29% and dealers are allowed to add 1% to the base rate.

Ironically I called again this morning and they said that the best they could do is 5.49.

They also said that I could only finance the car through them or purchase the car all cash. I'm thinking that purchasing the car all cash and refinancing later makes a lot more sense.

[G-Mann]

Originally Posted by MPower9525

Ironically I called again this morning and they said that the best they could do is 5.49.

They also said that I could only finance the car through them or purchase the car all cash. I'm thinking that purchasing the car all cash and refinancing later makes a lot more sense.

Earlier in a post I asked if anybody had used lightstream? I corresponded with them on how they work but basically when you are ready to do the transaction they will deposit the money in the financial institution of your choice which they made it sound as if that could be your bank account and you would simply write the dealer a check. With that said everything is pretty much 3.99 36mths - 72mths take your pick.

[vj123]

Originally Posted by MPower9525

They also said that I could only finance the car through them or purchase the car all cash. I'm thinking that purchasing the car all cash and refinancing later makes a lot more sense.

Walking in with cash is same as a cashiers check from CU but some dealers still try to enforce this on their customers.

[wtwo3]

Originally Posted by G-Mann

Earlier in a post I asked if anybody had used lightstream? I corresponded with them on how they work but basically when you are ready to do the transaction they will deposit the money in the financial institution of your choice which they made it sound as if that could be your bank account and you would simply write the dealer a check. With that said everything is pretty much 3.99 36mths - 72mths take your pick.

I know some people who've used lightstream and have had great experiences with them. I believe they cap the borrowed amount to $100k, but besides that pretty good rates.

[PinkFlamingo]

Originally Posted by G-Mann

Earlier in a post I asked if anybody had used lightstream? I corresponded with them on how they work but basically when you are ready to do the transaction they will deposit the money in the financial institution of your choice which they made it sound as if that could be your bank account and you would simply write the dealer a check. With that said everything is pretty much 3.99 36mths - 72mths take your pick.

Just a heads up the light stream loan impacts your credit score differently as is appears as a personal loan instead of an auto loan.

[V8MAN]

That is what my dealer also quoted me and was approved for, they said in order for me to get any incentives (loyalty) I would have to finance through BMWFS... I was kinda surprised the rate was already that high, I will be shopping around in October/November to see if I can do better than that, we will see what the rates are by then because 5.49 is pretty freaking high for 48 mos.

Originally Posted by MPower9525

Ironically I called again this morning and they said that the best they could do is 5.49.

They also said that I could only finance the car through them or purchase the car all cash. I'm thinking that purchasing the car all cash and refinancing later makes a lot more sense.