06-26-2022, 10:34 PM | #1 |
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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. |
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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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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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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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, 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, 07:46 AM | #12 |
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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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06-27-2022, 01:04 PM | #15 | |
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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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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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06-27-2022, 07:41 PM | #19 | |
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06-27-2022, 08:22 PM | #20 |
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06-27-2022, 08:39 PM | #21 |
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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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