[amzbimmer]

Originally Posted by amzbimmer

FYI BOA has a 0.5% preferred member discount on auto loans (i.e. if you have 100k assets with them/Merrill Lynch)- which could bring the rate down from 2.29% to 1.79%, if the dealer lets you apply that. They will even give you a bonus ($300-600) for transferring your assets to Merrill if you ask.

DCU (digital federal credit union) is 1.49% if you can manage to qualify, which is not too hard- either via referral or with some nominal fee. See the process below.

https://financialpanther.com/dcu-referral-bonus/

Just as an update, as soon I suggested I am bringing my own financing and that I want the bigger Penfed discount we originally agreed to, the finance manager agreed to the original 0.9% I was promised. Claimed he was "calling in a favor" with his friend to get me that rate.

One word- Shady.

[Indo Rider]

Originally Posted by amzbimmer

FYI BOA has a 0.5% preferred member discount on auto loans (i.e. if you have 100k assets with them/Merrill Lynch)- which could bring the rate down from 2.29% to 1.79%, if the dealer lets you apply that. They will even give you a bonus ($300-600) for transferring your assets to Merrill if you ask.

DCU (digital federal credit union) is 1.49% if you can manage to qualify, which is not too hard- either via referral or with some nominal fee. See the process below.

https://financialpanther.com/dcu-referral-bonus/

I decided to try DCU based on seeing it mentioned here. 1.49% sounded better than the 1.9% at the dealership...

WARNING TO ALL: DCU is trash, their website is very misleading.

After going through the trouble of becoming a member, including paying the $10 to join some school charity, I found that I won't be able to get the advertised 1.49% rate. Not because my credit isn't good (it's 820), but because I won't direct deposit 100% of my paycheck with them to obtain the level 2 (Plus) membership status that you have to have to get the 0.5% rate discount on an auto loan.

Everything on their website says:

Plus Member Benefits Enjoy all the Basic Member Benefits plus: Paid up to two days early with Direct Deposit. Up to $10 per month ($120 per year) in reimbursements for ATM fees charged by other institutions. 0.50% discount on most consumer loans, when the loan is paid with electronic payment. How to Qualify: Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income).

But then after you actually create and log in to your account, it says to qualify for Plus status you need:

"Direct Deposit of net pay, Social Security, or pension into a DCU Checking Account"

Every other bank account I have that provides some benefit for having direct deposit uses a dollar value of total direct deposits within a specified time frame to qualify for the benefit. For example, "regular direct deposits totaling $1000 or more each calendar month". No way I'm putting all my money into this shitty credit union and losing benefits at other banks. Multiple customer service people (after waiting hours to talk to someone) gave me the same "take it or leave it" response. That direct deposit of several thousand a month wasn't enough, it had to be the entirety of my net pay. Frankly, I'm surprised that they can even tell what my full net pay is from the direct deposit, but they claim to... So yeah, fuuuuuuck these guys. I'll happily go elsewhere.

Can get 1.89% through USAA with zero bullshit. Will see if BMW has any interest in giving me better than 1.9% when car arrives. If not, they get nothing and loan goes to USAA.

[amzbimmer]

Originally Posted by Indo Rider

I decided to try DCU based on seeing it mentioned here. 1.49% sounded better than the 1.9% at the dealership...

WARNING TO ALL: DCU is trash, their website is very misleading.

After going through the trouble of becoming a member, including paying the $10 to join some school charity, I found that I won't be able to get the advertised 1.49% rate. Not because my credit isn't good (it's 820), but because I won't direct deposit 100% of my paycheck with them to obtain the level 2 (Plus) membership status that you have to have to get the 0.5% rate discount on an auto loan.

Good point, I found this out just before I was about to apply, it's hidden in the fine print.

FYI- I spoke with the branch rep to find out -how do they know if it's your net pay, and the short answer is that there is no way they would know. I asked what if I do $3k a month direct deposit with a $1500 loan, and the rep said "off the record" that it "should be ok", as long as the direct deposit is covering the car payment.

Whether it would actually work out is unknown, so I get that most of us wouldn't want that headache for a few percentage points. I was going to give it a shot, but luckily I don't have to. I agree with you-there was no way I was going to give up my sizable benefits through my other bank.

[BMWRacer523]

Another data point. Finance guy told me BMWFS qualified me but the rate was 1.9% (I had applied online). I told him I had DCU rate for 1.49% pre-approved (I did). He quickly reversed and said 0.9% was fine. They really wanted to get the deal done for Nov and DCU loan finalization might have gone to Wed.

Re DCU above: Yes, that rate is only for Plus members (direct deposit) which I am. They are my primary bank. I don't think they have any way of knowing what your income is so even if you DD partial they will not know.

[BMWRacer523]

I think most finance guys will try to mark up the rate because most people pay little attention to the rate and only focus on the monthly payment. Always pays to have alternate source of funding to use as leverage.

[amzbimmer]

Originally Posted by BMWRacer523

I think most finance guys will try to mark up the rate because most people pay little attention to the rate and only focus on the monthly payment. Always pays to have alternate source of funding to use as leverage.

Agree, any leverage is good. They gave me 0.9% but took away my free car mats!

['Cane]

Originally Posted by amzbimmer

Agree, any leverage is good. They gave me 0.9% but took away my free car mats!

That's some bullshit, the mats are shipped with the car.

[retroviol3t]

They just pulled my credit to rate lock me since I'm 90 days or less from delivery according to them.

I asked what the rate was and my CA told me she would check with finance and confirm for me.

My credit is 800+ so my expectations are high but they kind of have me over a barrel with $5k non refundable deposit.

[Tyga11]

Originally Posted by frozenrobot

They just pulled my credit to rate lock me since I'm 90 days or less from delivery according to them.

I asked what the rate was and my CA told me she would check with finance and confirm for me.

My credit is 800+ so my expectations are high but they kind of have me over a barrel with $5k non refundable deposit.

So you gave them $5K and didn't even confirm the rate? You got money to burn I guess...

[retroviol3t]

Originally Posted by Tyga11

So you gave them $5K and didn't even confirm the rate? You got money to burn I guess...

You can't confirm the rate when you're over 90 days out. Was told 90 days is only rate lock time period.

[Tyga11]

Originally Posted by frozenrobot

You can't confirm the rate when you're over 90 days out. Was told 90 days is only rate lock time period.

Gotcha. Was there anyway to sign an agreement or anything like that? That seems like an awful deal for the consumer especially since you're stroking a check for $5K

[retroviol3t]

Originally Posted by Tyga11

Gotcha. Was there anyway to sign an agreement or anything like that? That seems like an awful deal for the consumer especially since you're stroking a check for $5K

I could of went with a dealer that had no guarantee of an allocation and gave a refundable deposit plus paid a 5-10% markup on MSRP.

I opted to go with dealer who gave MSRP but $5k non refundable due to BMW Individual selections. They also guaranteed a minimum value on my trade in regardless of mileage etc out since agreeing to deal.

I ultimately know that I can go to another financial company and get whatever rate so it's not a deal breaker.

[amzbimmer]

Originally Posted by frozenrobot

I could of went with a dealer that had no guarantee of an allocation and gave a refundable deposit plus paid a 5-10% markup on MSRP.

I opted to go with dealer who gave MSRP but $5k non refundable due to BMW Individual selections. They also guaranteed a minimum value on my trade in regardless of mileage etc out since agreeing to deal.

I ultimately know that I can go to another financial company and get whatever rate so it's not a deal breaker.

In most states there is no such thing as a non-refundable deposit. They just tell you it is to scare you. There are so many things that could go wrong between now and then, including them changing the rate, you could use any of these things to back out of this non-written contract. Or worst case even do a chargeback, although I wouldn't recommend that route. A simple letter from a lawyer friend could go a long way.

[BMWRacer523]

Originally Posted by amzbimmer

In most states there is no such thing as a non-refundable deposit. They just tell you it is to scare you. There are so many things that could go wrong between now and then, including them changing the rate, you could use any of these things to back out of this non-written contract. Or worst case even do a chargeback, although I wouldn't recommend that route. A simple letter from a lawyer friend could go a long way.

Sent a carefully worded but polite letter to the GM and was given back my "non-refundable" deposit at a previous dealer.

[BMWRacer523]

Originally Posted by frozenrobot

They just pulled my credit to rate lock me since I'm 90 days or less from delivery according to them.

I asked what the rate was and my CA told me she would check with finance and confirm for me.

My credit is 800+ so my expectations are high but they kind of have me over a barrel with $5k non refundable deposit.

BMWFS will qualify you for 0.9% but dealer may try and mark that upto 1.9% Go in with outside financing pre-approval as leverage.

[Podar]

They tried to mark up the rate. It happened to me a while ago. The worst part is you can't protect yourself from this. You have two options, whether you take the loan or not.
In the beginning, they put a lot of questions sort as "what is credit scores?" or "do you have any debts?". And in the end, they anyway try to make a fool of you. Being in such a situation I decided to give up on their loan. Many banks offer loans faster at better rates possible.