[NightWriter]

Originally Posted by Grumpy514

Just got off the phone, the check was disbursed today & is already in the mail to me. I asked if there was a limit of amount of checks I get re-issued, she stated she has never heard of a limit and knows of people getting multiple checks.

This is fantastic news, take advantage of the current APR & apply now. Once approved your check is sent out, give yourself 5-7 business days to call ahead of expiration date to get a new check going. This is the time it takes (only took me 2-3 days) for them to put a stop on your current check, once the stop is completed a new check is generated from that date with another 30 day extension.

This is called "Loan Maintenance" and can be done. The only downside to the whole process is paying for a vehicle that you don't own yet, for me that was perfectly fine.

Good luck!

Yeah, that is great news indeed. I'm not even sure if this is a real downside, since you'll just be paying off the loan early. Presumably any payments made can/will be refunded if anything falls through with the actual delivery for any reason?

I'll definitely be trying this hack as soon as I get my VIN... hopefully interest rates aren't 15% by then.

[M3GALLY]

Lost my 0.99 with bmw and went up to 2.99

Called Penfed and got 1.99 over 60m - just waiting on the check now

[OfficiallyBroke]

Originally Posted by Grumpy514

Just got off the phone, the check was disbursed today & is already in the mail to me. I asked if there was a limit of amount of checks I get re-issued, she stated she has never heard of a limit and knows of people getting multiple checks.

This is fantastic news, take advantage of the current APR & apply now. Once approved your check is sent out, give yourself 5-7 business days to call ahead of expiration date to get a new check going. This is the time it takes (only took me 2-3 days) for them to put a stop on your current check, once the stop is completed a new check is generated from that date with another 30 day extension.

This is called "Loan Maintenance" and can be done. The only downside to the whole process is paying for a vehicle that you don't own yet, for me that was perfectly fine.

Good luck!

Any idea if this is standard practice or specific to this institution? My credit union is typically understanding and semi-flexible but this sounds like it may be a bit of a reach. I guess it can't hurt to ask them…

[razman]

Originally Posted by Grumpy514

I went with PenFed.

2.39% @72 months.

Approval/check is good for 30 days & then you need to request a new check be sent for an additional 30 days. You will need to make your monthly payments regardless of cashing check or not. (boat I'm in).



They also have a $1000-1500 cash incentive is you are a member, took $1500.00 off my build.

https://g80.bimmerpost.com/forums/sh....php?t=1899184

To be clear, penfed does not have this $1500 discount, Navy does right?

[Brpnw17]

1.9 through Bmw since I locked in mid January and am a west coast delivery.

[Grumpy514]

Originally Posted by razman

To be clear, penfed does not have this $1500 discount, Navy does right?

Correct. I got the discount through NFCU being a member & financed with PenFed.

[Afrostry]

Originally Posted by DrePrime

I'm doing Navy Federal
72 mon @ 2.29 % with no down payment.

To be a member, you have to be active duty, retire military, veteran or family member of said individual.

Navy Fed never did wrong by me and I've been with them with multiple auto loans. They are highly flexible and offer a 96 month loan, which I wouldn't suggest but if it works for you then hey.

Did you have to open an account with them before you can even apply for a loan/see the rates you're qualified for?

[Grumpy514]

Originally Posted by OfficiallyBroke

Any idea if this is standard practice or specific to this institution? My credit union is typically understanding and semi-flexible but this sounds like it may be a bit of a reach. I guess it can't hurt to ask them…

I don't have a clue if any other bank does this, I would imagine some do. It's almost like an unspoken thing, half the people at PenFed said it couldn't be done too....

I received my 2nd check on Saturday. My first check was cut 3/3/22, I contacted them Monday of last week & got the process going, it takes a few days as they have to put a stop check on the first one. My new check arrived & was dated 3/29/22, good for another 30 days! I will most likely have to do this again as I don't believe my vehicle will arrive this month. Regardless my first payment is in due in less than 2 weeks.


For PenFed they called it "Loan Maintenance" they are just re-issuing another check to extend it another 30 days, kind of like you lost the check. They can't go back and date a check the 3rd when it's the 29th, so you automatically get another 30 days. I hope this helps.

[BKC4242]

Originally Posted by DRM3GALLY

Lost my 0.99 with bmw and went up to 2.99

Called Penfed and got 1.99 over 60m - just waiting on the check now

Secured 0.9 w/ BMW FS in October 2021 but was allocated week 1 production so by Feb they told me 1.9%. I fought but lost and ended up w 1.9 for March 2022 delivery.

[M3GALLY]

Originally Posted by BKC4242

Secured 0.9 w/ BMW FS in October 2021 but was allocated week 1 production so by Feb they told me 1.9%. I fought but lost and ended up w 1.9 for March 2022 delivery.

I've been trying to fight and no dice so stupid they could be making the interest instead of Penfed. Makes no sense

[wooblewobble]

0.9 for 60 months with 0 down thru BMWFS, grabbed an inbound inventory car while it was still on its way to the dealership back in May.

[M3GALLY]

Penfed people how long did it take for your check to come in the snail mail? They told me 7-10 days but I have a hard time thinking it will take that long being I'm ny from PA. Approved Friday and waiting.

[modat]

Originally Posted by DRM3GALLY

Penfed people how long did it take for your check to come in the snail mail? They told me 7-10 days but I have a hard time thinking it will take that long being I'm ny from PA. Approved Friday and waiting.

In Nj. Took about 4 days

[M3GALLY]

Originally Posted by modat

In Nj. Took about 4 days

Damn any day now!

[YamaLink]

Just emailed my SA about the M4 Military Incentive. The M4 is $2000 according to BMW site. It is stackable.

Does NFCU or PenFed give additional discount?

I belong to NFCU and PenFed. I am not going through their buying service since I already have my VIN and build complete. Someone else asked the question of "can the credit union buy my car if I have a VIN and it's been ordered" but no one gave reply.
Or is there something I'm missing with that? Will NFCU or PenFed "purchase" my M4 if I already have it inbound?

For non truecar purchases, I could pay cash for the car, but NFCU is 1.79% for 36 months and 2.19% for 37 to 60 months. My local CU can't beat that. PenFed is higher by a hair, but having them buy my M4 gets me a slightly lower APR.

But from experiences in this thread, and the rates not going up til May 3 at least, I should wait for the 30 day window if using PenFed because the car doesn't land in California until estimated May 5 and then waits for a truck and then hauled to Washington State. NFCU has a 90 day lock. Did message my local CU today just in case they can match like they have before, but a .6% lower rate may not be doable. Doesn't hurt to ask.

[adr_M3]

Originally Posted by YamaLink

Just emailed my SA about the M4 Military Incentive. The M4 is $2000 according to BMW site. It is stackable.

Does NFCU or PenFed give additional discount?

I belong to NFCU and PenFed. I am not going through their buying service since I already have my VIN and build complete. Someone else asked the question of "can the credit union buy my car if I have a VIN and it's been ordered" but no one gave reply.
Or is there something I'm missing with that? Will NFCU or PenFed "purchase" my M4 if I already have it inbound?

For non truecar purchases, I could pay cash for the car, but NFCU is 1.79% for 36 months and 2.19% for 37 to 60 months. My local CU can't beat that. PenFed is higher by a hair, but having them buy my M4 gets me a slightly lower APR.

But from experiences in this thread, and the rates not going up til May 3 at least, I should wait for the 30 day window if using PenFed because the car doesn't land in California until estimated May 5 and then waits for a truck and then hauled to Washington State. NFCU has a 90 day lock. Did message my local CU today just in case they can match like they have before, but a .6% lower rate may not be doable. Doesn't hurt to ask.

I tried using the new car buying service but it didn't work since you have to select a car in the dealer's inventory. PenFed didn't give me their lowest available rate (2.19% vs 1.99%) so I went with a Los Angeles based credit union and after some negotiating they gave me 1.75% for 60 months

[YamaLink]

Originally Posted by adr_M3

I tried using the new car buying service but it didn't work since you have to select a car in the dealer's inventory. PenFed didn't give me their lowest available rate (2.19% vs 1.99%) so I went with a Los Angeles based credit union and after some negotiating they gave me 1.75% for 60 months

Thanks! Your post was the one I referenced. My local CU said they would match PenFed and NavyFed.
Appreciate the info.

[Limegrntaln]

Ordered my car in July, collected it in October. I took the 0.9% for 60. Don't really want to give that up. The finance charge is only like $80 a month. Im retired military, unless there is anything else, better. Well, not better, but like a 1.79 for 72 or 84 months.

[Vishal50028]

If anyone has any interest, I use a bmw Mastercard for everyday purchases and the cash back can be applied to bmwfs. It will pretty much pay for my interest every year

[YamaLink]

Originally Posted by Grumpy514

Correct. I got the discount through NFCU being a member & financed with PenFed.

Did you have PenFed purchase your BMW via TrueCar to get a lower rate? Or did you take that Navy Federal "coupon" and financed with PenFed without using TrueCar?
I just printed my NFCU $1500 BMW Manufacturer Incentive Offer Form, and I'm thinking it's stackable with the BMW Military Incentive. That they are two separate incentives. And all that needs to be done is take the form into my dealership, and they follow the instructions to process claim: "Enter Customer ID and Offer Code during RDR to process claim and payment."
It seems too easy to be true.
Tried calling the Customer hotline, but it's terminal hold.

[xShadows]

Locked in through BMW at 1.99% back in December when I got my allocation.

[Afrostry]

Originally Posted by YamaLink

Did you have PenFed purchase your BMW via TrueCar to get a lower rate? Or did you take that Navy Federal "coupon" and financed with PenFed without using TrueCar?
I just printed my NFCU $1500 BMW Manufacturer Incentive Offer Form, and I'm thinking it's stackable with the BMW Military Incentive. That they are two separate incentives. And all that needs to be done is take the form into my dealership, and they follow the instructions to process claim: "Enter Customer ID and Offer Code during RDR to process claim and payment."
It seems too easy to be true.
Tried calling the Customer hotline, but it's terminal hold.

Let me know what you find out. I'm in the same predicament.