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      01-16-2013, 01:43 AM   #1
nikneo
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BMWFS loan rates

I'm not sure if this has been posted before. My search only returned results for leasing.

Anyhow, I've got a 2013 328i sport order en route. I'm buying this car and plan to put about half the tag in down payment. For the other half, I've already gotten a pre-approval from an external credit union. But I'd rather go with BMWFS since I qualify for the new grad incentive.

My question is - for those of you that financed your cars through BMWFS, what kind of rates did you get? Can you get rates better than the advertised 3.19% on the website? My credit score is currently about 745. This will be my first car and auto loan so I appreciate all the input I can get
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      01-16-2013, 03:48 AM   #2
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Originally Posted by nikneo View Post
I'm not sure if this has been posted before. My search only returned results for leasing.

Anyhow, I've got a 2013 328i sport order en route. I'm buying this car and plan to put about half the tag in down payment. For the other half, I've already gotten a pre-approval from an external credit union. But I'd rather go with BMWFS since I qualify for the new grad incentive.

My question is - for those of you that financed your cars through BMWFS, what kind of rates did you get? Can you get rates better than the advertised 3.19% on the website? My credit score is currently about 745. This will be my first car and auto loan so I appreciate all the input I can get

Not sure about loan apr to be honest. You said you qualified for grad discount which is $1000, did you also order before 1/2/13? If you had a production number before that date, then you also qualify for $1000 holiday credit. Those combined might make it worthwhile to finance through BMWFS. You can also look around credit unions or pen fed for example, some of them have interest rate specials much lower than bmwfs, but you just wont' qualify for the incentives. GOod luck!
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      01-16-2013, 04:16 AM   #3
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Yes the incentives are my primary motivation for going with BMWFS. I do have a production number prior to the date you mentioned but I'm not sure if that is sufficient to get the holiday credit (others on this thread talked about locking the incentive with their dealer but I was unable to do so).
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      01-17-2013, 12:17 AM   #4
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so.... nobody else took an auto loan through BMWFS?
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      01-17-2013, 12:28 AM   #5
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BMWFS rates suck, but what I'm doing is financing with them and then after completing 3 payments I'm going to refinance. This way for a little bit of hassle I get all of the incentives and a low interest rate.
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      02-04-2013, 12:09 PM   #6
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BMWFS rates suck, but what I'm doing is financing with them and then after completing 3 payments I'm going to refinance. This way for a little bit of hassle I get all of the incentives and a low interest rate.
Werd!

Most states dont allow you to get pre payment penalty
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Long story short. He was a huge black male. Probably 6'2" or taller and 250 lbs. He was angry as hell, and I am a tiny 5'4 white male. So, I did the only thing I could, I threw my car into reverse and no one was behind me, and I drove thru the red light as I went around him.
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      02-04-2013, 01:33 PM   #7
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Werd!

Most states dont allow you to get pre payment penalty
It's not a penalty for paying off the loan early, it's a penalty where you lose the additional discounting (Loyalty, etc) if you don't make a minimum number of payments. In my case, it's 6 payments.

In other words, they are conditional-based discounts that you lose. These do not impact them sticker price of the car if you choose not to use BMW FS, or pay it off early.
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      02-04-2013, 01:47 PM   #8
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It's not a penalty for paying off the loan early, it's a penalty where you lose the additional discounting (Loyalty, etc) if you don't make a minimum number of payments. In my case, it's 6 payments.

In other words, they are conditional-based discounts that you lose. These do not impact them sticker price of the car if you choose not to use BMW FS, or pay it off early.
Personally, i dont remember signing anything that says that if I pay off the lease before 6 months i get chargedback any incentives or anything at all for that matter.

I know there are some back end padding incentives for the dealer like finance reserve and other stuff, they get charged back for that, some up to a year
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Originally Posted by MWM1166
Long story short. He was a huge black male. Probably 6'2" or taller and 250 lbs. He was angry as hell, and I am a tiny 5'4 white male. So, I did the only thing I could, I threw my car into reverse and no one was behind me, and I drove thru the red light as I went around him.
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      02-04-2013, 01:50 PM   #9
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Personally, i dont remember signing anything that says that if I pay off the lease before 6 months i get chargedback any incentives or anything at all for that matter.

I know there are some back end padding incentives for the dealer like finance reserve and other stuff, they get charged back for that, some up to a year
You may not be held to that restriction. I know I signed such a sheet while in the Financing office, despite my best efforts to avoid it. You pick your battles... I'll make my 6 payments, then move it over to PenFed.
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      02-04-2013, 01:53 PM   #10
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You may not be held to that restriction. I know I signed such a sheet while in the Financing office, despite my best efforts to avoid it. You pick your battles... I'll make my 6 payments, then move it over to PenFed.
there are also different legality issues in every state, i registered in NY, which i believe has laws that are on the side of the consumer in this situation
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Long story short. He was a huge black male. Probably 6'2" or taller and 250 lbs. He was angry as hell, and I am a tiny 5'4 white male. So, I did the only thing I could, I threw my car into reverse and no one was behind me, and I drove thru the red light as I went around him.
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