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G80 BMW M3 and M4 General Topics Pricing, Ordering, Leasing / Purchasing, Delivery

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      10-19-2021, 03:29 PM   #1
bgexpress
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My car is at the port in Bremerhaven so I inquired with my CA about locking the advertised .9% rate in since we are within 60 days. My CA is saying that 1.9% is the best rate given my credit score which is 770+. The dealer website and bmwusa both reference .9% apr being available.

What am I missing here? Are they trying to mark the rate up on me or do I need an 800+ score to get the .9% apr? Thanks for your help!
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      10-19-2021, 03:31 PM   #2
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770 is plenty. I think you can get pre approved online. If so, do that. If not, print it out and insist on it.
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      10-19-2021, 03:31 PM   #3
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Quote:
Originally Posted by bgexpress View Post
My car is at the port in Bremerhaven so I inquired with my CA about locking the advertised .9% rate in since we are within 69 days. My CA is saying that 1.9% is the best rate given my credit score which is 770+. The dealer website and bmwusa both reference .9% apr being available.

What am I missing here? Are they trying to mark the rate up on me or do I need an 800+ score to get the .9% apr? Thanks for your help!
Did you already apply? If not, go to BMWFS website and apply directly. Then you'll know if they are playing games.
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      10-19-2021, 03:41 PM   #4
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The BMWFS app just forwards your info to the dealer. In my experience, if the dealer already has your info from a previous app, it does not trigger an approval email from BMWFS. The approval email from BMWFS does not include the rate, but that doesn't matter. At the end of the day, you have to be willing to walk away from deals when dealers do stupid shit like this.

EDIT: to clarify what I did...
1. applied via BMWFS
2. Dealer verified and placed order for car
3. After many production delays, I called BMWFS to get updated rate lock. They said call dealer.
4. I emailed dealer saying I wanted rate in writing, with lock. They pushed back, saying it was already approved.
5. I told them great, so sending me an email with the rate and term shouldn't be an issue.
6. Fini manager sent me email with .9 and term with December expiry two minutes later.
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      10-19-2021, 03:57 PM   #5
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You qualify for .9% w/ a 740+ score. They're trying to mark up the rate
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      10-19-2021, 04:04 PM   #6
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Originally Posted by SintAFM View Post
You qualify for .9% w/ a 740+ score. They're trying to mark up the rate
Thank you for this info… I was told at time of deposit I would receive best advertised rate and all available incentives so not happy about this at all. Will report back after I visit the dealer tomorrow
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      10-19-2021, 04:10 PM   #7
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Originally Posted by bgexpress View Post
Thank you for this info… I was told at time of deposit I would receive best advertised rate and all available incentives so not happy about this at all. Will report back after I visit the dealer tomorrow
If this is a South Florida dealer (i.e., Braman, Vista, etc.), I won't be surprised.
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      10-19-2021, 04:13 PM   #8
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Quote:
Originally Posted by bgexpress View Post
My car is at the port in Bremerhaven so I inquired with my CA about locking the advertised .9% rate in since we are within 60 days. My CA is saying that 1.9% is the best rate given my credit score which is 770+. The dealer website and bmwusa both reference .9% apr being available.

What am I missing here? Are they trying to mark the rate up on me or do I need an 800+ score to get the .9% apr? Thanks for your help!
Actually I called BMW NA financial department directly two months ago and asked similar questions, they said the final APR is decided by each BMW dealer, dealer can decide any APR they want and it is totally legit.
However there are a few BMW dealers (which are operated directly by BMW NA) will honor the APR from BMW website, since these dealers only provide financial service through BMWFS.
So here as long as you have certain credit score, they can decide the APR by themselves.
Back in August, there was one BMW dealer provides me 5.99% APR even my credit score is 780+.
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      10-19-2021, 04:14 PM   #9
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The 0.9% is what BMW advertised, but the dealership doesn’t have to participate in it. It’s up to the dealership. If they don’t give it to you, you can walk away if you like.
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      10-19-2021, 04:19 PM   #10
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The 0.9% is what BMW advertised, but the dealership doesn’t have to participate in it. It’s up to the dealership. If they don’t give it to you, you can walk away if you like.
Anybody know if the dealer makes any money by honoring the .9%? My plan, if the dealer says no, is to start writing a check for the car (not an empty threat). But, if they don't make any money at .9%, that won't work.
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      10-19-2021, 04:29 PM   #11
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Quick update, spoke to the finance and sales managers. All is well, they will stick to their word of not going above the advertised rate but they made it clear that they do have that option.
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      10-19-2021, 05:27 PM   #12
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There is a limit how much the dealer may markup the buy-rate. Most manufacturers limit the markup to one point, some may allow two points.
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      10-19-2021, 05:45 PM   #13
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Quote:
Originally Posted by bgexpress View Post
Quick update, spoke to the finance and sales managers. All is well, they will stick to their word of not going above the advertised rate but they made it clear that they do have that option.
I was told same thing by dealer here in south Florida. They said they add a point to the .9% and they don’t participate with BMW financial. With me they are sticking with the 1.9%, doesn’t matter my credit score or the fact this is the 6th car I am buying from them.
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      10-19-2021, 05:54 PM   #14
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Originally Posted by bruce911_ View Post
I was told same thing by dealer here in south Florida. They said they add a point to the .9% and they don’t participate with BMW financial. With me they are sticking with the 1.9%, doesn’t matter my credit score or the fact this is the 6th car I am buying from them.
Secure financing elsewhere. I’d rather pay a bank more than a dealer pulling that.

They’ll probably change their mind real quick as I have read they get some kickback regardless. But if not, oh well. Not giving it to them.
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      10-19-2021, 06:13 PM   #15
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Quote:
Originally Posted by sutekidane View Post
Actually I called BMW NA financial department directly two months ago and asked similar questions, they said the final APR is decided by each BMW dealer, dealer can decide any APR they want and it is totally legit.
However there are a few BMW dealers (which are operated directly by BMW NA) will honor the APR from BMW website, since these dealers only provide financial service through BMWFS.
So here as long as you have certain credit score, they can decide the APR by themselves.
Back in August, there was one BMW dealer provides me 5.99% APR even my credit score is 780+.
5.99% w/ 780+ is criminal. You can easily find 100 banks/credit unions with a better rate.
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      10-19-2021, 08:32 PM   #16
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Quote:
Originally Posted by tmilnthorp View Post
Quote:
Originally Posted by bruce911_ View Post
I was told same thing by dealer here in south Florida. They said they add a point to the .9% and they don’t participate with BMW financial. With me they are sticking with the 1.9%, doesn’t matter my credit score or the fact this is the 6th car I am buying from them.
Secure financing elsewhere. I’d rather pay a bank more than a dealer pulling that.

They’ll probably change their mind real quick as I have read they get some kickback regardless. But if not, oh well. Not giving it to them.
+1

Just tell them that you will be using financing at your preferred institution as they are offering the same 1.9% rate and term as them.

They should budge as they still make a profit when they keep financing with BMWFS at their buy rate.
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      10-19-2021, 08:45 PM   #17
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Just bring your own financing. I bet they'll knock it down to 0.9 real quick
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      10-20-2021, 05:23 PM   #18
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never walk in to a finance room without your own financing. If they won't give me .9% I will simply go with DCU. I can get the same 0.9% with them since I am a plus customer.
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      10-20-2021, 05:39 PM   #19
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The dealer is making a nice profit selling at msrp. They are greedy and want to make as much as possible by jacking up the interest rate or the mf on a lease. Can’t really blame them as the m3/4 is very limited with high demand right now. The buyer is at a very disadvantage time right now. Most dealerships is take it or leave it as they can sell the car quick at msrp or even with a mark up.
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      10-20-2021, 08:08 PM   #20
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PennFed is 1.99% for 60 up to $100k similar cost alternative to BMWFS via the dealer.

May be the leverage for them to give the buy rate and take the flat rather than get $0.
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      11-16-2021, 05:59 AM   #21
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Quote:
Originally Posted by modat View Post
Just bring your own financing. I bet they'll knock it down to 0.9 real quick
Just as a followup to this, I've talked to my dealer about the 0.9% at length, as I understood I was getting the base rate. The purchase agreement was slyly marked up to 1.9%, the payment was updated, but they didn't write down the actual percentage anywhere, so they are holing me to the higher rate. I showed them an earlier paper that wrote the 0.9% but they won't honor that.

I tried everything to convince them to give me the 0.9%, including saying that I have secured my own financing, which they said is fine, and they insist there is no way they can do the 0.9% because they would be "losing money" on the loan.

The sellers market is working strongly in their favor, as they know I'm unlikely to walk away from this car.
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      11-16-2021, 06:18 AM   #22
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Quote:
Originally Posted by amzbimmer View Post
Quote:
Originally Posted by modat View Post
Just bring your own financing. I bet they'll knock it down to 0.9 real quick
Just as a followup to this, I've talked to my dealer about the 0.9% at length, as I understood I was getting the base rate. The purchase agreement was slyly marked up to 1.9%, the payment was updated, but they didn't write down the actual percentage anywhere, so they are holing me to the higher rate. I showed them an earlier paper that wrote the 0.9% but they won't honor that.

I tried everything to convince them to give me the 0.9%, including saying that I have secured my own financing, which they said is fine, and they insist there is no way they can do the 0.9% because they would be "losing money" on the loan.

The sellers market is working strongly in their favor, as they know I'm unlikely to walk away from this car.
Ok that is total BS. Like I said on other recent posts, I don't mind paying fair price for where the market is. What I do mind is being taken advantage of. If you have the .9% in writing and then gave a deposit, what you have is a contract and the dealer is in breach. I'd use that term with the manager and see if it's compelling. I'd also complain to BMWNA. They simply can't put something in writing and then say just kidding.

Now of course there is also reality. They know you want the car and they know you'd probably pay the extra $2,000 to get it.
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