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      10-19-2021, 12:37 PM   #265
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Originally Posted by jimbethesda View Post
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Originally Posted by Sinjen View Post
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Originally Posted by jimbethesda View Post
Why does anyone apply for financing before the car is fully built?
To get a rate lock, and a lot of dealers won't take orders unless they know a customer can pay and/or os serious. Unless the rates are lousy and you think you'll be able to get a better rate at delivery, which isn't happening at .9%, getting the lock is always better than rolling the dice IMO. If someone's credit is at the point where a hard pull would negatively affect their rate, they shouldn't be financing $100k cars.
Still seems like BS to me. What if you're paying cash? I've never been asked for more than $1,000 deposit using my credit card to place an order. I didn't even have to do that with my G83, although I've bought all my previous BMWs from them
If you're paying cash, then they'll just take a deposit with no credit app. They run the credit to ensure you can get approved before locking up an allocation for you
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      10-19-2021, 01:05 PM   #266
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Originally Posted by jimbethesda View Post
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Originally Posted by Sinjen View Post
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Originally Posted by jimbethesda View Post
Why does anyone apply for financing before the car is fully built?
To get a rate lock, and a lot of dealers won't take orders unless they know a customer can pay and/or os serious. Unless the rates are lousy and you think you'll be able to get a better rate at delivery, which isn't happening at .9%, getting the lock is always better than rolling the dice IMO. If someone's credit is at the point where a hard pull would negatively affect their rate, they shouldn't be financing $100k cars.
Still seems like BS to me. What if you're paying cash? I've never been asked for more than $1,000 deposit using my credit card to place an order. I didn't even have to do that with my G83, although I've bought all my previous BMWs from them
If you're paying cash, then they'll just take a deposit with no credit app. They run the credit to ensure you can get approved before locking up an allocation for you
Right, so say cash. Then apply on your own if necessary once your delivery gets close.
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      10-19-2021, 01:10 PM   #267
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Originally Posted by jimbethesda View Post
Yes. Or, apply for the .9% from BMWFS directly.

Before I got an allocation from my preferred dealership, I reached out to two more. One wanted me to fill out a credit app before putting me on the list. I said no, and he still called me to tell me he had an allocation before my preferred dealership had a chance to.

No doubt many may ask for one. Still makes no sense to do it though
The .9% is direct. The app through BMWFS goes straight to the dealer. To re-up my rate lock, BMWFS told to me to talk to the dealer, wouldn't take another app. BMWFS does nothing but underwrite the loan. I emailed the FM and asked for the updated lock in writing and got it.

Again, it makes sense to get a rate lock when the rate is favorable especially when there are supply issues. Normally, you'd never come close to expiring a rate in the duration of a normal car purchase. This isn't a normal car purchase. I ordered my car in July...it hasn't left the factory yet. By the time my contract is ready to be signed, two full lock cycles will have passed.

It does zero harm to get the app done, and can only work in your favor.
If it does zero harm why was this topic posted? Seems like the harm is time, hassle, and being locked to a dealership with no allocation (yes, he eventually got one).

To each there own, no way I'd sign a credit app that early. Then again, I can easily pay cash for it if the dealership starts playing games or if the rate jumps substantially (which in this case it hasn't yet).

Sales 101 is to create a sense of urgency. In this case it's the fear of rates going up.
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      10-19-2021, 01:28 PM   #268
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Originally Posted by jimbethesda View Post
If it does zero harm why was this topic posted? Seems like the harm is time, hassle, and being locked to a dealership with no allocation (yes, he eventually got one).

To each there own, no way I'd sign a credit app that early. Then again, I can easily pay cash for it if the dealership starts playing games or if the rate jumps substantially (which in this case it hasn't yet).

Sales 101 is to create a sense of urgency. In this case it's the fear of rates going up.
Lol...It was posted because he has no idea how car buying works. His is a non-issue. He'd be in the same scenario if he didn't do an app. They can play the same games.
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      10-19-2021, 01:33 PM   #269
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Originally Posted by jimbethesda View Post
If it does zero harm why was this topic posted? Seems like the harm is time, hassle, and being locked to a dealership with no allocation (yes, he eventually got one).

To each there own, no way I'd sign a credit app that early. Then again, I can easily pay cash for it if the dealership starts playing games or if the rate jumps substantially (which in this case it hasn't yet).

Sales 101 is to create a sense of urgency. In this case it's the fear of rates going up.
Lol...It was posted because he has no idea how car buying works. His is a non-issue. He'd be in the same scenario if he didn't do an app. They can play the same games.
No, he can apply now, get .9% for ninety days. Not the same at all.

I see the current rate is good until Oct 31st. I plan on applying the day before my car is due to arrive at the dealership or Oct 31st, whichever is sooner.

Not sure why you're saying it's the same? But, I don't really care. Again, to each their own.
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      10-19-2021, 01:50 PM   #270
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No, he can apply now, get .9% for ninety days. Not the same at all.

I see the current rate is good until Oct 31st. I plan on applying the day before my car is due to arrive at the dealership or Oct 31st, whichever is sooner.

Not sure why you're saying it's the same? But, I don't really care. Again, to each their own.
He already has an approval. He has the same rate. He's worried about a pull on his credit which should be meaningless. Either way, this is a useless argument about nothing. That I'll agree on...do whatever you want.
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      10-19-2021, 05:07 PM   #271
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Quote:
Originally Posted by jimbethesda View Post
I’m was only suggesting the lawyer card as a last resort and only as a bluff.

Here’s what I think you should do now. Email your salesperson and say….”I don’t think my car will be ready by the time my rate lock ends. In hindsight, I really don’t know why you asked me to apply for financing so early. In any event, how can I extend the rate lock? I see that the current rates are good until Oct 31st plus a 90-day lock which brings it to Jan 31, 2022. Can you guarantee my rate will be the same once my car is ready? If not, I’m going to shop around for other financing now”

He’ll probably help you extend the lock. You are not threatening to not buy the car, just not finance through BMWFS, which the dealership will get a cut.

That's what i'm going to find out. I didn't ask him about the extra 30 day extension yet. I just asked him if they really have to run my credit again once the 90 days are up at the end of the month. Basically indirectly letting him know i'm well aware of the 90 day lock in case they secretly tried to run my credit without me knowing. Which has been done by some dealer as posted in another thread here.

I'm NOT concerned about any 5-10 point drop because of a hard pull. Or whatever points i'll lose because of a hard inquiry. I am more against ANOTHER pull on my credit at all. I have great credit. I know i'll instantly get approved again.

What concerns me is the possibility of another credit pull just so they can probably create some story about a different rate, can't sell the car at MSRP anymore because of high demand and all that shit.

I was ok with my monthly, i was ok with waiting, the car is almost done so i don't need/want another roadblock just because my 90 days are up.

Like how would i even dispute them running my credit in the first place just to order the car? I don't have anything to show for it. I can't say oh you said this, or you said that. I placed my deposit, filled out the credit app and then found out there was more to it after the fact. The salesman just said, "you'll get the car in about a month or so". This was before i filled out the credit app. That's why i did it.

I didn't know i had a fake allocation and now knowing i have a RAM stop sale. I didn't know any of this.

Quote:
Originally Posted by mahmoodster View Post
Although technically they can do that, I think it's unlikely, unless they're notorious for doing that (other complaints or reviews, etc. of that dealership). Typically, a respected dealership wouldn't do that.

Like you, I've bought most of my cars from the lot (whether new or used), but I've ordered before, and dealers have kept their word on what was negotiated. As a matter of fact, my last purchase was an order in February 2020. Negotiated the car down (good old days), and I thought "this is good, but I'll negotiate it a little bit more when the far is delivered." Car arrived in May 2020, and the world was a different place by then, as you know, and they could have come up with an excuse to sell me the car above our agreed price, let alone above MSRP, but they didn't, and we had no official documents signed before delivery. Obviously I didn't dare to ask for a lower price than what was already negotiated lol.

Just telling you this long story to let you know that, although not always the case, there are still those out there that value relationships, so it'll likely be the case for you. The only issue is the 90-day thing, which they could say "the rate has to be higher, blah blah blah", but you could tell them you'll get financing elsewhere.

So, technically the ball is in their court, but the most-likely scenario is that they'll keep their word on the agreed price. The biggest difference between ordering and buying off the lot is the time between the handshake and signing the paperwork.

Just my opinion, and I really hope I'm right and all goes well. Keep us posted!
Most of what i typed above can be a reply to your post as well. However i do want to add that they're one of the big major dealers in NJ. So i don't really worry too too much however i know they could find any buyer within days of me cancelling, and they'll make 20k+ on top of MSRP because it's a brand new comp, in a hot color combo spec people would want. So i just hope the dealer hasn't thought about that already and maybe choose me that's still waiting for the car just to think, "yeah we can make more money on that car, let's just tell him his rate is a lot more so he'll cancel".

lol idk

I do appreciate all the replies though.
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      10-21-2021, 05:43 PM   #272
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Just sharing my personal update. Was just told that the car will be at the dealer this week or beginning of next week. Car got to the states over the weekend and was told VPC will fix the RAM issue this week, hence "work order started" in grey. Will keep you all posted on whether it gets done as quickly as they say 👍🏼
@Mahmoodster - any update? Everything I received from my SA this morning is exactly like yours, but 3 days later. Did you leave the VPC today as the Estimated Date suggested?
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      10-21-2021, 10:05 PM   #273
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My car arrived at the Baltimore VPC on the 19th of Oct.

Spoke to a genius today who told me the work order has started and they don't start em unless the parts are there and that my dealership should receive the car on the 24th.

My broker however was much less optimistic about the chances of that happening.

Guess we will see who's right and who's wrong.
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      10-22-2021, 10:45 AM   #274
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Originally Posted by mahmoodster View Post
Just sharing my personal update. Was just told that the car will be at the dealer this week or beginning of next week. Car got to the states over the weekend and was told VPC will fix the RAM issue this week, hence "work order started" in grey. Will keep you all posted on whether it gets done as quickly as they say 👍🏼
@Mahmoodster - any update? Everything I received from my SA this morning is exactly like yours, but 3 days later. Did you leave the VPC today as the Estimated Date suggested?
@grantj1983

I actually just sent a text to my sales rep for an update. Hopefully he sends me a screenshot again. What I did notice is that on the Recall Details Tool it now shows the RAM status as "closed", so that's a good thing (see attachment). I'm assuming it did leave VPC, but will post and update and tag you as soon as my rep replies 👍🏼
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      10-22-2021, 11:26 AM   #275
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@grantj1983

I actually just sent a text to my sales rep for an update. Hopefully he sends me a screenshot again. What I did notice is that on the Recall Details Tool it now shows the RAM status as "closed", so that's a good thing (see attachment). I'm assuming it did leave VPC, but will post and update and tag you as soon as my rep replies 👍🏼
Man, that’s very good news. I appreciate the info, thank you. Looks like the RAM issue is being resolved quite quickly. Mine still shows open, but this is only day 2 at the VPC so fingers crossed.
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      10-22-2021, 02:08 PM   #276
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Quote:
Originally Posted by Dolemite79 View Post
My car arrived at the Baltimore VPC on the 19th of Oct.

Spoke to a genius today who told me the work order has started and they don't start em unless the parts are there and that my dealership should receive the car on the 24th.

My broker however was much less optimistic about the chances of that happening.

Guess we will see who's right and who's wrong.
I hate to be the bearer of bad news, but I sat with an open work order for ~45 days...I don't think it takes that long to install the camera module I was missing. My guess would be an open work order is required to get you in line for the part, to signal demand so they know one needs to go to the VPC.
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      10-22-2021, 02:33 PM   #277
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I hate to be the bearer of bad news, but I sat with an open work order for ~45 days...I don't think it takes that long to install the camera module I was missing. My guess would be an open work order is required to get you in line for the part, to signal demand so they know one needs to go to the VPC.
Im 100% not expecting the car before Christmas.
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      10-22-2021, 02:55 PM   #278
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Im 100% not expecting the car before Christmas.
they seem to be moving pretty fast, now. my car has been at the VPC for a lil over a week and the RAM is done. just waiting on the camera. after that, it'll still be a a 3-4 week wait while we get PCD scheduled. but im expecting it before christmas. i'd think you'd get yours well before that...
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      10-22-2021, 02:56 PM   #279
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Im 100% not expecting the car before Christmas.


My car got to Galveston 2 days ago and RAM was fixed this afternoon. Thats pretty quick!
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      10-22-2021, 03:05 PM   #280
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My car got to Galveston 2 days ago and RAM was fixed this afternoon. Thats pretty quick!
fingers crossed!!!!!!!!!
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      10-22-2021, 03:45 PM   #281
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@grantj1983

I actually just sent a text to my sales rep for an update. Hopefully he sends me a screenshot again. What I did notice is that on the Recall Details Tool it now shows the RAM status as "closed", so that's a good thing (see attachment). I'm assuming it did leave VPC, but will post and update and tag you as soon as my rep replies 👍🏼
Man, that’s very good news. I appreciate the info, thank you. Looks like the RAM issue is being resolved quite quickly. Mine still shows open, but this is only day 2 at the VPC so fingers crossed.
Even better news for you (and me) now— I didn't expect this news today, but the car is at the dealership! He sent me the following: "I need to get the pre-delivery inspection done I'm gonna see if I can get done today if it gets done today you can pick it up later"
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      10-22-2021, 04:55 PM   #282
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Originally Posted by mahmoodster View Post
Even better news for you (and me) now— I didn't expect this news today, but the car is at the dealership! He sent me the following: "I need to get the pre-delivery inspection done I'm gonna see if I can get done today if it gets done today you can pick it up later"
I don’t know what’s more beautiful: that news or your car…no wait, your car!
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      10-22-2021, 07:12 PM   #283
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FYI. G83 was at the Galveston VPC for two weeks waiting on the RAM resolution. All good now and the car arrived at the dealership today.
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      10-23-2021, 07:11 AM   #284
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Hi all what link are you using for the stop sale status, the one I found just states if there is an issue but no details
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      10-23-2021, 08:21 AM   #285
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Hi all what link are you using for the stop sale status, the one I found just states if there is an issue but no details
https://bmw-recall-tool.netlify.app/
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      10-23-2021, 09:16 AM   #286
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Even better news for you (and me) now— I didn't expect this news today, but the car is at the dealership! He sent me the following: "I need to get the pre-delivery inspection done I'm gonna see if I can get done today if it gets done today you can pick it up later"
I don’t know what’s more beautiful: that news or your car…no wait, your car!
Hahaha thank you— ended up picking it up last night! Hope you get your hands on yours this week!
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