[DocWeatherington]

Originally Posted by Icealicy

KrustyTheClown thanks for the information!

So based on the information you gave I am unable to find out the rate did I catch that right? That just seems so odd. Because how would I know I am approved at x rate with a 1% markup??? For all we know I could be approved at 4% then marked up at 5% correctly or dealer could be shady and say sorry you’ve been approved at 7%…. Am I getting this right lol? I’ll check that thread out.

But how would I lock in a rate with BMWFS then?

Also, how long in are you able to refinance? My understanding is you have to stick with the original financing for x months before you can refinance, correct?

When you applied the system would of told you want the base rate was via the calculator when it projects a payment based upon model selected.

Or do you apply via the dealership? I would think you would be able to find the base rate at the time of applying. Have you called BMW FS to ask at what the base rate was/is at the time if applying?

Also some dealerships have rates posted.

[barryc365]

So I bought an M3 18 months ago at 0.9% interest.

I was thinking of trading it in for something else in the BMW family.

Is there anyway to keep My current rate and payment or is absolutely have to be a whole new loan if I trade in the car?

Just bought a Kia Telluride for my wife today. Nearly $60k and over 6% interest : I'll be paying off the whole thing pretty much immediately. 6% is a big hurdle!

[vj123]

Originally Posted by barryc365

Is there anyway to keep My current rate and payment or is absolutely have to be a whole new loan if I trade in the car?

It has to be a new loan.

[barryc365]

Originally Posted by vj123

It has to be a new loan.

That sucks.

In the UK when you buy a house you can transfer the mortgage to the next house and keep Your rate . Very handy now if you had a low rate locked in and rates jumped on you to 7/8% trapping you in a house

They can't lock in for a long tho I believe

[GAMESM4N]

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[DocWeatherington]

Originally Posted by barryc365

That sucks.

In the UK when you buy a house you can transfer the mortgage to the next house and keep Your rate . Very handy now if you had a low rate locked in and rates jumped on you to 7/8% trapping you in a house

They can't lock in for a long tho I believe

That's a scam but a good one.

[DocWeatherington]

Originally Posted by barryc365

So I bought an M3 18 months ago at 0.9% interest.

I was thinking of trading it in for something else in the BMW family.

Is there anyway to keep My current rate and payment or is absolutely have to be a whole new loan if I trade in the car?

Just bought a Kia Telluride for my wife today. Nearly $60k and over 6% interest : I'll be paying off the whole thing pretty much immediately. 6% is a big hurdle!

Like others have said nope...new transaction= new loan. Only thing to do is rate shop and see if any local banks are doing less. Might find some sub 5% credit unions.

Keep the M3.. But if you sell it you may have equity or profit in it to make the new higher rate easier to swallow. But 0.9 is basically free money.

[DocWeatherington]

What's funny...or not so funny?..is all the banks are going to make a killing on the new interest rates. Its going to be record profits

I believe the US key rate is what 3.25?

[barryc365]

Originally Posted by DocWeatherington

What's funny...or not so funny?..is all the banks are going to make a killing on the new interest rates. Its going to be record profits

I believe the US key rate is what 3.25?

Rates up = less transactions and less volume for them. Fed is trying to curtail spending so while they might get better margins they will feel a slow down too I bet

[DocWeatherington]

Originally Posted by barryc365

Rates up = less transactions and less volume for them. Fed is trying to curtail spending so while they might get better margins they will feel a slow down too I bet

Agree...people will avoid high rates if they can, but everyone will get taken.

Why its always good to have a large and good credit union in your back pocket.

[canigetaxm]

Originally Posted by jmg

Lease it an lock in your residual when you order the car. If the economy tanks, you still return your car in 36 months, no additional depreciation. If the car is worth more, sell it and pocket the additional residual.

FYI as of 2020 only the original leasee can purchase the car , that means no trades or private sales

[barryc365]

Originally Posted by DocWeatherington

Agree...people will avoid high rates if they can, but everyone will get taken.

Why its always good to have a large and good credit union in your back pocket.

Any idea what your credit Union rates are right now? They can't be much better. Rates have blown out everywhere

[DocWeatherington]

Originally Posted by barryc365

Any idea what your credit Union rates are right now? They can't be much better. Rates have blown out everywhere

It depends on the credit union and how they fund loans. Unions unlike big banks aren't profit driven. Thus they can go below market rates unless they are borrowing "fed" money if that makes sense and or using member assets.

Members are finding unions doing sub market rates but often they are locally or membership limited. Have to hunt

Look in the upper remarks folks are finding them.

Seeing your in NY- plenty of unions beating big bank rates

https://www.nymcu.org/rates/rates.aspx

https://www.hvcu.org/Personal/Accounts/Rates/Loan-Rates

https://www.mynorthern.com/loans/auto-loans-ny/

https://nyufcu.com/auto-loans


Some of those are sub 2%

Let us know what you find.

[jmg]

Originally Posted by canigetaxm

FYI as of 2020 only the original leasee can purchase the car , that means no trades or private sales

I sold my leased M3 CS to a BMW dealer December 2021. I mentioned this in another post, but you can always purchase the car then do with it as you please. You just have to pay the sales tax. What you are referring to is a lease buyout, which doesn't involve sales tax. BMW stopped approving 3rd party lease buyouts, in favor of allowing BMW dealerships to buy you out.

[Rayien]

i tend to swap cars alot..but with the steady rise of rates to unreasonable levels (IMO) i might hold on to the m3 a bit longer than usual.

[DocWeatherington]

Originally Posted by canigetaxm

FYI as of 2020 only the original leasee can purchase the car , that means no trades or private sales

That's not entirely true. There is a work around but requires a 2nd party associated with bmw

[amrh]

What's the difference between a lease buyout and purchasing your leased car? I know taxes are paid on a purchase. But, for a buyout, does that require a dealership or trade for another car?

[robopp]

Originally Posted by barryc365

Any idea what your credit Union rates are right now? They can't be much better. Rates have blown out everywhere

Mine is quoting 3.5% for 60 months on used and new cars. I haven't really looked around too much, but that's solid from what I've seen.

[Gfit]

Originally Posted by amrh

What's the difference between a lease buyout and purchasing your leased car? I know taxes are paid on a purchase. But, for a buyout, does that require a dealership or trade for another car?

When a dealership purchases your car directly you avoid paying sales tax. When buying out your lease and reselling you pay the tax. Only BMW dealers can buy out your lease now same as most other cars.

[DocWeatherington]

Originally Posted by Gfit

When a dealership purchases your car directly you avoid paying sales tax. When buying out your lease and reselling you pay the tax. Only BMW dealers can buy out your lease now same as most other cars.

amrh
Correction dealership networks that sell BMWs can only buy out your car.

[DocWeatherington]

Originally Posted by robopp

Mine is quoting 3.5% for 60 months on used and new cars. I haven't really looked around too much, but that's solid from what I've seen.

I have seen some sub 2 on 60 months but was specific to special members only

[Aalfred]

Originally Posted by DocWeatherington

I have seen some sub 2 on 60 months but was specific to special members only

Its also region specific. Ive looked at like 6 credit unions in the SE Wisconsin area and most of them start out at 5% for 60 months. Only two had lower rates and the lowest was 2.9% for 36 or 3.35% for 60 months. Maybe bigger metro rates might be lower with the credit unions