03-06-2022, 11:11 PM | #1 |
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Dealer asking for 1% over BMW FS rate
I am seeing 2.99% for 60 months for M3 finance. What happened to 0.9% or is that for lease only? The dealer is asking for 1% over BMW FS and no markup.
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03-06-2022, 11:14 PM | #2 |
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The 0.9% ended at the end of 2021 unfortunately. It was 1.9% a month or two ago but I'm seeing 2.9% on bmw's FS site. I think the fed is raising rates soon that might be why.
Not sure what the lease rate is. |
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03-06-2022, 11:18 PM | #3 |
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Dealers don't have to honor the BMW FS rate. That said, a lot of them do. I was able to lock 0.9 end of 2021 and picked up my car last week and my dealer honored the rate.
This and other factors such as MSRP, allocation wait list, etc should be considered when placing that order.
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03-06-2022, 11:28 PM | #4 |
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03-07-2022, 12:02 AM | #5 |
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0.9% Ended Dec.31st.
Current is 2.49% for 60 months & 2.99% for 72 months My dealer is also asking for 1% on top of the BMWFS rate. I financed through Penfed for 2.39% for 72 months....however they would only finance up to $96,125.... so with my build I'm going to be putting down roughly 13k (vehicle cost + taxes, tags, etc.) This is the most expensive vehicle I have ever purchased and learned a lot about LTV % (Loan to Value) on vehicle loans. Penfed had the highest by far. Basically they have an perceived value of the vehicle + a certain percentage & that final number is the max loan amount for the vehicle regardless of how many options you want. Navy Fed was around $75,000 Bank of America was around $86-88,000 Penfed was $96,125 If you're a member of Navy Federal Credit Union they have a promotion for $1,500 off of the vehicle for being a member. You cannot finance or lease through BMW if using this offer, & you do not have to finance using Navy Fed either. ***EDIT Looks like the APR went up for March, was 2.49% & now 2.99%. Last edited by Grumpy514; 03-07-2022 at 02:14 AM.. |
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03-07-2022, 12:53 AM | #6 |
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If this is for a G8x that is physically at your dealer and ready for delivery to you, at msrp but with a +1% bump in bmwfs’ best rate, if it were me, I’d likely jump at that chance right now. Most likely, there are going to be extreme delays in production for at least a few months, if not longer. Together with likely increasing interest rates, and pricing generally.
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03-07-2022, 03:40 PM | #8 | |
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03-07-2022, 04:07 PM | #9 |
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My car is scheduled to be delivered to the dealer in the next 3 weeks. 1.99% with PenFed for 60 months.
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03-07-2022, 04:30 PM | #10 |
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03-08-2022, 12:24 AM | #11 |
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Thanks everyone for your inputs. Is it possible to lock in the rate and have them honor the lower rate in the unlikely event that the rates drop?
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03-08-2022, 12:27 AM | #12 |
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Credit apps are usually good for 60-90 days. You can lock in your rate (they do a hard credit check) and they will honor it up to 60-90 days, if a lower rate comes up then you can choose to go with that....the likelihood of a rate going down I would say is slim to none right now. They should continue to raise or stay the same.
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03-08-2022, 01:59 AM | #13 |
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Yes thats possible. You can lock the current rates for 90 days if you're an East Coast and for 120 days if you're in West Coast.
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03-08-2022, 11:09 AM | #14 |
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Rates aren't going down, most likely will go up again, if anything. But if they do go down, you won't have to do anything (unless you've already taken delivery). As to the next point, if the dealer wants to mark up the rate, they're going to mark it up. You can try negotiating, but most of the dealers that are marking up rates, won't negotiate.
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03-09-2022, 03:36 PM | #15 |
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The dealer is saying the BMW loyalty credit only applies if I go with BMW FS. Is this true? If not, can someone point me to some official text from BMW NA that says otherwise?
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03-09-2022, 04:06 PM | #16 | |
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Source: https://www.bramanbmw.com/incentives/md36/ |
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03-09-2022, 04:14 PM | #17 | |
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03-11-2022, 06:21 PM | #19 |
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12-07-2022, 08:51 PM | #20 | |
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12-07-2022, 11:09 PM | #21 |
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I read that in the Western US you can get the full Military incentive regardless of whether or not you finance with BMWFS.
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12-09-2022, 11:08 AM | #22 |
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