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

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      06-26-2022, 10:34 PM   #1
comebackid
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Has anyone locked in a rate for '23 models?

So I received an allocation and placed my order for a '23 M4 Competition on 6/15. My SA asked if I wanted to lock in the rate. I figured the way things are going on in this world, why not. He told me I'm locked in at 3.99 with $500 loyalty credit. Fine. However, when I went on the website, it stated 3.49. I asked about this, and he tells me that 3.99 is the rate.

I reached out to my friend at BMW Corporate who will look into the matter and give me closure by end of the week. He did say, however, that sometimes BMW Financial Services will update the rates internally before the team that updates the website can get the rates updated.

I asked if the dealership is trying to pocket .50 for themselves, but he said that financing goes directly through BMW Financial Services.

I checked again today (6/26), and the rate is still 3.49. In all fairness, however, this is based on 2022 and not 2023 M4 models.

Anyone else have luck in locking in a rate and what rate you received?

Thanks.
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      06-26-2022, 10:46 PM   #2
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I have not. however I recall on my M2 competition purchase, the dealer I was working with did Jack up the rate on me by .75 percent. Such a dastardly sales tactic.

Last edited by HRCsp2; 06-27-2022 at 12:02 AM..
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      06-26-2022, 10:50 PM   #3
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The rate they should be locking is 3.49 IF they are giving you the base rate. That was the rate I locked on Friday at a dealership with a credit app. They are probably marking up the rate.

Go to the BMWUSA site and go to the section where you apply for credit. Enter the info like it's your first time, pick any dealership within your zip and when you pick the model and type of financing (2023 models are available to select), it will give you the rate which is 3.49%. Show this to your dealer if they insist they are giving you the base FS rate.
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      06-26-2022, 10:55 PM   #4
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The dealer can inflate the interest rate up to 1% on top of BMWFS base rate. So yes, the dealer is profiting an extra 0.5% in this case.
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      06-26-2022, 11:12 PM   #5
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And they are already making $$on the car at msrp
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      06-26-2022, 11:42 PM   #6
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Quote:
Originally Posted by gs1403 View Post
The rate they should be locking is 3.49 IF they are giving you the base rate. That was the rate I locked on Friday at a dealership with a credit app. They are probably marking up the rate.

Go to the BMWUSA site and go to the section where you apply for credit. Enter the info like it's your first time, pick any dealership within your zip and when you pick the model and type of financing (2023 models are available to select), it will give you the rate which is 3.49%. Show this to your dealer if they insist they are giving you the base FS rate.
I did exactly that.

Thanks for the advice.

Now what happens when I get approved? I assume the dealer has to honor the 3.49?
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      06-26-2022, 11:46 PM   #7
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Quote:
Originally Posted by comebackid View Post
I did exactly that.

Thanks for the advice.

Now what happens when I get approved? I assume the dealer has to honor the 3.49?
My bad, I should have said just grab that info and don't actually submit it since the dealer has already run your credit with BMW FS. It shouldn't ding your credit history with another inquiry since your dealer ran your credit recently and the bureaus will know you're shopping around for an auto loan.

Three possible outcomes: 1. Dealer will give you the 3.49; 2. Dealer will stick to the 3.99 and admit the rate is marked up; 3. 3.99 was the best rate you qualified for due to credit score/history. I'd say #2 is the most likely scenario.
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      06-27-2022, 12:07 AM   #8
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Quote:
Originally Posted by gs1403 View Post
Quote:
Originally Posted by comebackid View Post
I did exactly that.

Thanks for the advice.

Now what happens when I get approved? I assume the dealer has to honor the 3.49?
My bad, I should have said just grab that info and don't actually submit it since the dealer has already run your credit with BMW FS. It shouldn't ding your credit history with another inquiry since your dealer ran your credit recently and the bureaus will know you're shopping around for an auto loan.

Three possible outcomes: 1. Dealer will give you the 3.49; 2. Dealer will stick to the 3.99 and admit the rate is marked up; 3. 3.99 was the best rate you qualified for due to credit score/history. I'd say #2 is the most likely scenario.
Thanks for the insight.

Credit score is top tier so I expect they'll admit to the markup which ticks me off. I didn't know the dealer could do that and wish he was transparent with me when I originally asked why.
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      06-27-2022, 05:54 AM   #9
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I recommend looking into local credit unions you may be eligible to join, which often have lower rates. (Mine still has 1.99% up to 84 months, though only county residents are eligible.)
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      06-27-2022, 06:35 AM   #10
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Your dealer is most likely marking up the rate.

Also it might be too early to lock your rate. Pre-Covid, BMW locked rates for 60 days (for east coast) and it became 90 days. Dealers were able to request rate extension for vehicles outside this time frame but it was a case by case scenario.
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      06-27-2022, 07:40 AM   #11
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Is there profit for the dealer within the base rate, or do they need to mark-up the rate to make a profit on the financing?
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      06-27-2022, 07:46 AM   #12
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Quote:
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Is there profit for the dealer within the base rate, or do they need to mark-up the rate to make a profit on the financing?
They do get kickback from BMW with base rate. Markup is additional profit.
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      06-27-2022, 12:58 PM   #13
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OK, I reapplied through BMW FS and got the 3.49. Dealer said ok, but I need to take delivery by August 31. Car is currently at 'Production Begins' status, and I'm in NJ (NYC metro area). I'm thinking 50/50 I'll get it by then.

He didn't admit to jacking the rate, but when I originally got the 3.99 rate, he reassured me that if it goes longer than 60 days, I'm still good. He didn't
say that this time so I hope he doesn't pull a fast one.
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      06-27-2022, 01:00 PM   #14
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Quote:
Originally Posted by NightWriter View Post
I recommend looking into local credit unions you may be eligible to join, which often have lower rates. (Mine still has 1.99% up to 84 months, though only county residents are eligible.)
I'm with PenFed, but their rates are at 4.54% on a 60 month term.
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      06-27-2022, 01:04 PM   #15
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Quote:
Originally Posted by comebackid View Post
OK, I reapplied through BMW FS and got the 3.49. Dealer said ok, but I need to take delivery by August 31. Car is currently at 'Production Begins' status, and I'm in NJ (NYC metro area). I'm thinking 50/50 I'll get it by then.

He didn't admit to jacking the rate, but when I originally got the 3.99 rate, he reassured me that if it goes longer than 60 days, I'm still good. He didn't
say that this time so I hope he doesn't pull a fast one.
He probably would have eaten the difference if the rate went up, since he was marking up by .5%

They cant go lower than bmw fs rate, so if the base rate goes up it is what it is unless you get some sort of exception from bmw corporate.
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      06-27-2022, 01:21 PM   #16
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Quote:
Originally Posted by comebackid View Post
OK, I reapplied through BMW FS and got the 3.49. Dealer said ok, but I need to take delivery by August 31. Car is currently at 'Production Begins' status, and I'm in NJ (NYC metro area). I'm thinking 50/50 I'll get it by then.

He didn't admit to jacking the rate, but when I originally got the 3.99 rate, he reassured me that if it goes longer than 60 days, I'm still good. He didn't
say that this time so I hope he doesn't pull a fast one.
Chances are you won't get the car by then. Not impossible, but highly unlikely considering all the shipping delays, etc. Last I know, rate locks with BMWFS should be good for 120 days, even on the East Coast and BMW does grant extensions if it does in fact go past 120 days. This is based on discussions with several dealers. Sounds like they're just looking for an excuse to mark up your rate again, especially if the FS rates do go up.
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      06-27-2022, 06:37 PM   #17
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I did today 3.49% with $750 loyalty for 60months. BMWFS extended it to 120 day lock because there have been so many delays.
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      06-27-2022, 07:22 PM   #18
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Quote:
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I did today 3.49% with $750 loyalty for 60months. BMWFS extended it to 120 day lock because there have been so many delays.
How did you get $750 loyalty? I thought it was usually $500.

Plus this time around they didn't specify the loyalty amount.
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      06-27-2022, 07:41 PM   #19
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Quote:
Originally Posted by comebackid View Post
Quote:
Originally Posted by MIKE_M2C View Post
I did today 3.49% with $750 loyalty for 60months. BMWFS extended it to 120 day lock because there have been so many delays.
How did you get $750 loyalty? I thought it was usually $500.

Plus this time around they didn't specify the loyalty amount.
I thought the financial department may give me extra $250 from their gain I was trying to ask 1k credit…Based on my loan amount, monthly payment is about same compared with my local credit union offer 2.74%
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      06-27-2022, 08:22 PM   #20
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Quote:
Originally Posted by NightWriter View Post
I recommend looking into local credit unions you may be eligible to join, which often have lower rates. (Mine still has 1.99% up to 84 months, though only county residents are eligible.)
What credit union?
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      06-27-2022, 08:39 PM   #21
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What credit union?
https://www.aplfcu.org/Vehicle-Loans
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      06-27-2022, 08:43 PM   #22
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I locked in at 3.49 last week. 500 loyalty. Interestingly only a 90 day lock. Car is in Bremerhaven now pushing a month. Would be surprised if I don't have it by late august.
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