[Berzerker]

Originally Posted by dkm808

Initially BMWFS was trying to give me 7.99% (72 months) and then tried to get me a lower rate to compete with USAA 6.24% w/ an additional .25% off for automatic payments (72 months).

The finance department tells me they give people with 700+ credit rating the lowest rate possible. I came in with 840 credit and still got a crap rate of 7.99%

Credit score isn't everything. Financial institutions algorithms for determining interest are impossible to guess and are only known by people way above the person you're talking to's paygrade.

If you're getting that rate directly from BMWFS, that's the rate, then.

[iviegatron]

Originally Posted by Berzerker

Credit score isn't everything. Financial institutions algorithms for determining interest are impossible to guess and are only known by people way above the person you're talking to's paygrade.

If you're getting that rate directly from BMWFS, that's the rate, then.

I disagree with that. Some BMW dealerships are known to markup rates just because they can. I am cool with couple of dealerships here in Houston where I know the GM personally. They all have offered me the going rate. Unfortunately I'm getting my M3 from an out of state dealership and since I don't have history with them they were marking up the rate, one complaint to the GM and they are willing to offer me the going rate which is 5.29% for 60 months.

[Berzerker]

Originally Posted by iviegatron

I disagree with that. Some BMW dealerships are known to markup rates just because they can. I am cool with couple of dealerships here in Houston where I know the GM personally. They all have offered me the going rate. Unfortunately I'm getting my M3 from an out of state dealership and since I don't have history with them they were marking up the rate, one complaint to the GM and they are willing to offer me the going rate which is 5.29% for 60 months.

I'm aware, but the commenter said that BMWFS was giving them this rate, it wasn't made clear whether this was directly or through a dealer. I assumed it wasn't. If it's through a dealer than it's a markup, but they're only allowed to mark up 1%, as far as I've read on here, so even then they're not getting the lowest rate.

[xxyion]

Had a similar experience. Bought my M4 last Sunday. Have a 823 credit score. They told me i qualify for Tier 1. I say great. They come back with 7.99% as my rate. Literally almost lost my business right then and there. Luckily the salesperson i was working with knew i was about to walk and went to go talk to them. I told them that my credit union had already pre-approved me for 60k at 6.29% at 72 months and that i would walk (it was 7pm at this point and an hour past closing) if they couldnt match it. We had already been there for 4 hours because we were there unexpectedly and finance had a bunch of people before us. So i get that. But i also knew they didnt want to lose the sale. Luckily they came back with a match.

35k down.

[OckEME3]

I just locked a 5.29% for 60 months with Navy Fed, let's see what BMWFS can do when I pickup my car next weekend.

[DefiantVitreous]

Originally Posted by xxyion

Had a similar experience. Bought my M4 last Sunday. Have a 823 credit score. They told me i qualify for Tier 1. I say great. They come back with 7.99% as my rate. Literally almost lost my business right then and there. Luckily the salesperson i was working with knew i was about to walk and went to go talk to them. I told them that my credit union had already pre-approved me for 60k at 6.29% at 72 months and that i would walk (it was 7pm at this point and an hour past closing) if they couldnt match it. We had already been there for 4 hours because we were there unexpectedly and finance had a bunch of people before us. So i get that. But i also knew they didnt want to lose the sale. Luckily they came back with a match.

35k down.

BMWFS tier 1 rate is 5.29%. With a credit score over 800, you should have been able to get 5.29%. The dealer just pocketed an extra 1%.

[blist7782]

I was locked in at 5.99 over the summer for 60 mos, but went to the table knowing I was asking going to shift to 72 mos. So at most, I was thinking 6.49 for 72 mos. Finance person came back with 6.79 at 72 mos, and was playing hard ass. Then I got the 'do you want the car or not' question, and I about lost it. Yes, the percentage values are small, but it was more on principle and how I felt I was being treated after buying a 90K car. A 20 sec call with the GM, he told Finance to honor whatever my CA and I discussed, so I walked out with 5.99 at 72 mos. $50K down.

So in the end, they still got .2% profit over the 5.79% prime rate for 72 mos. Bottom line is most buyers are not aware of the 1% allowed mark up, so be sure you go in with this information and know the prime rate before taking delivery if you plan on financing with BMWFS.

[iviegatron]

I am having the worst f*cking experience ever with the dealership. Its been over three weeks since they ran my credit report and they haven't given me a rate yet. I have left multiple voicemail and messages to the finance manager to call me since she's the one who ran my credit check. No answer. Left voicemail to the General Sales manager, no answer. Finally I left a message to the front desk saying tell the GSM to call me or I'll contact the GM. The GSM calls me right back and says "I don't know where we got off on the wrong foot, but you're threatening me?" He then proceeds to tell me you will never get to speak to the GM because I run this place and if we can't be professional about this then we dont have to do business. I told him your finance manager has ran my credit report since November and she doesnt have the decency to call me and give me a rate. He goes you're already locked in the Nov rates. I asked him what is that rate, it hasn't been communicated to me. He said I'll let you know in couple of days and the proceeds to tell me you'll get the best rate of 6.29% which is a f*cking mark up. I said you mean 5.29% since you guys dont mark up.

I feel like since I'm buying out of state these guys are being assholes. To them it's a one time sale because I wont be coming back to them for service. Regardless that GSM is an asshole. I'm thinking of getting a loan from my local credit union instead and dont finance with BMW at all. Tired of them.

[NicolasB]

Originally Posted by iviegatron

I am having the worst f*cking experience ever with the dealership. Its been over three weeks since they ran my credit report and they haven't given me a rate yet. I have left multiple voicemail and messages to the finance manager to call me since she's the one who ran my credit check. No answer. Left voicemail to the General Sales manager, no answer. Finally I left a message to the front desk saying tell the GSM to call me or I'll contact the GM. The GSM calls me right back and says "I don't know where we got off on the wrong foot, but you're threatening me?" He then proceeds to tell me you will never get to speak to the GM because I run this place and if we can't be professional about this then we dont have to do business. I told him your finance manager has ran my credit report since November and she doesnt have the decency to call me and give me a rate. He goes you're already locked in the Nov rates. I asked him what is that rate, it hasn't been communicated to me. He said I'll let you know in couple of days and the proceeds to tell me you'll get the best rate of 6.29% which is a f*cking mark up. I said you mean 5.29% since you guys dont mark up.

I feel like since I'm buying out of state these guys are being assholes. To them it's a one time sale because I wont be coming back to them for service. Regardless that GSM is an asshole. I'm thinking of getting a loan from my local credit union instead and dont finance with BMW at all. Tired of them.

F that, I would peace out of there. Shady/shitty dealers like that shouldn't be in business.

[iviegatron]

Originally Posted by NicolasB

F that, I would peace out of there. Shady/shitty dealers like that shouldn't be in business.

I would too, but my car is at the port already and I don't want to start the process all over again.

[xxyion]

Originally Posted by DefiantVitreous

BMWFS tier 1 rate is 5.29%. With a credit score over 800, you should have been able to get 5.29%. The dealer just pocketed an extra 1%.

yeah, unfortunetly a lot of the threads i saw on interest rates had people quoting in the higher 6's at the time so i felt like i was getting a decent considering its what my credit union was quoting me.

That being said though i thought it was only 5.29% for 60 months? I financed at 72 so rate usually goes up about half a percent so even at 6% its not a massive loss. I plan on refinancing once rates go down anyways, assuming i even keep the car for that long.

[DefiantVitreous]

Any update for January '24?

[iviegatron]

Originally Posted by DefiantVitreous

Any update for January '24?

Same rate. 5.29% for 60 months

[LuckyBrand]

Originally Posted by iviegatron

I am having the worst f*cking experience ever with the dealership. Its been over three weeks since they ran my credit report and they haven't given me a rate yet. I have left multiple voicemail and messages to the finance manager to call me since she's the one who ran my credit check. No answer. Left voicemail to the General Sales manager, no answer. Finally I left a message to the front desk saying tell the GSM to call me or I'll contact the GM. The GSM calls me right back and says "I don't know where we got off on the wrong foot, but you're threatening me?" He then proceeds to tell me you will never get to speak to the GM because I run this place and if we can't be professional about this then we dont have to do business. I told him your finance manager has ran my credit report since November and she doesnt have the decency to call me and give me a rate. He goes you're already locked in the Nov rates. I asked him what is that rate, it hasn't been communicated to me. He said I'll let you know in couple of days and the proceeds to tell me you'll get the best rate of 6.29% which is a f*cking mark up. I said you mean 5.29% since you guys dont mark up.

I feel like since I'm buying out of state these guys are being assholes. To them it's a one time sale because I wont be coming back to them for service. Regardless that GSM is an asshole. I'm thinking of getting a loan from my local credit union instead and dont finance with BMW at all. Tired of them.

Hows it going with your situation with this dealer?

[iviegatron]

Originally Posted by LuckyBrand

Hows it going with your situation with this dealer?

I gave up on those assholes. They still haven't given me a rate yet. I literally told my sales person "f*ck your finance manager and GSM. I'm financing from a third party."

[g80.py]

Im still being offered the 6.29. Is it worth the hassle of trying to get it lowered or should I try getting another bank. If so does anyone recommend a credit union

[iviegatron]

Originally Posted by g80.py

Im still being offered the 6.29. Is it worth the hassle of trying to get it lowered or should I try getting another bank. If so does anyone recommend a credit union

Read page 55 some guy got an interest rate of 3.29% for 60 months. He mentions the credit union.

https://www.bimmerpost.com/forums/sh....php?t=1903522

[Berzerker]

Originally Posted by iviegatron

Read page 55 some guy got an interest rate of 3.29% for 60 months. He mentions the credit union.

https://www.bimmerpost.com/forums/sh....php?t=1903522

Seems to be a local CU with membership only allowed to those in the area.

[iviegatron]

Originally Posted by Berzerker

Seems to be a local CU with membership only allowed to those in the area.

I plan to give them a call and find out.

[road rage richie]

Originally Posted by g80.py

Im still being offered the 6.29. Is it worth the hassle of trying to get it lowered or should I try getting another bank. If so does anyone recommend a credit union

When I go on to the "estimate payment" section of BMW Corp website the rate is 5.29. Last month it was 6.29. I would ask them whats up with that? There is "post your rate" thread where people reco credit unions. Yes its worth it.

[snyder268]

Originally Posted by g80.py

Im still being offered the 6.29. Is it worth the hassle of trying to get it lowered or should I try getting another bank. If so does anyone recommend a credit union

I’d would just say you have been pre approved at your local bank for 5.29%. If you can match that I’ll fit with BMWFS. They will match it.

[iviegatron]

Originally Posted by snyder268

I’d would just say you have been pre approved at your local bank for 5.29%. If you can match that I’ll fit with BMWFS. They will match it.

I tried that. They wanted proof.