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      01-27-2018, 06:16 PM   #1
galeface
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Can dealer re-run BMW credit app before first one expires?

Hey guys,

Taking delivery of my 2018 440i this week -and likely before February officially starts- with my BMW credit app set to expire on Jan 31st (approved on November 6th).

My question to you: Since 2018 4 series incentives/residuals have been the same since July and are likely to get better and probably not worse, is there a way for me to ask dealership to run my credit again so I can lock January-Feb-March rates before the first credit app officially expires?

Other option I'm considering is waiting to pick it up on Friday of next week, which would force them to re-run credit regardless and give me ability to lock February-March-April rates.

Let me know your thoughts.
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      01-27-2018, 09:42 PM   #2
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Quote:
Originally Posted by galeface View Post
Hey guys,

Taking delivery of my 2018 440i this week -and likely before February officially starts- with my BMW credit app set to expire on Jan 31st (approved on November 6th).

My question to you: Since 2018 4 series incentives/residuals have been the same since July and are likely to get better and probably not worse, is there a way for me to ask dealership to run my credit again so I can lock January-Feb-March rates before the first credit app officially expires?

Other option I'm considering is waiting to pick it up on Friday of next week, which would force them to re-run credit regardless and give me ability to lock February-March-April rates.

Let me know your thoughts.
They should be able to lock you into newer rates without rerunning your credit report, if they are better.

And do you really want a second hit on your credit report anyway?
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      01-28-2018, 10:36 AM   #3
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Quote:
Originally Posted by IK6SPEED View Post
They should be able to lock you into newer rates without rerunning your credit report, if they are better.

And do you really want a second hit on your credit report anyway?
Believe my current approved credit app means they can lock me in for November-December or January rates/offers which are all the same.

Believe it or not, I never received a hard inquiry even though I got approved online via bmwusa.com...maybe because I'm an existing BMW Financial customer with a perfect track record of on-time payments. But I'd be ok with them running my credit if it was to potentially secure February-March-April rates...there's a very good chance things will get better.
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      01-28-2018, 12:44 PM   #4
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Quote:
Originally Posted by galeface View Post
Believe my current approved credit app means they can lock me in for November-December or January rates/offers which are all the same.

Believe it or not, I never received a hard inquiry even though I got approved online via bmwusa.com...maybe because I'm an existing BMW Financial customer with a perfect track record of on-time payments. But I'd be ok with them running my credit if it was to potentially secure February-March-April rates...there's a very good chance things will get better.
Out of curiosity, why? The fed has hiked rates and interest rates are on the rise.

Only reason they would get better would be if BMWFS wanted to subsidize for some reason.
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      01-28-2018, 02:26 PM   #5
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Quote:
Originally Posted by IK6SPEED View Post

Out of curiosity, why? The fed has hiked rates and interest rates are on the rise.

Only reason they would get better would be if BMWFS wanted to subsidize for some reason.
You are correct that the state of the economy influences interest rates to have gone up but that's a small overall impact on a lease. Issue right now is weak residuals on 2018 4 series justified by mid-cycle refresh and BMW focused on pushing out MY2017 in July-December 2017. That's now over with and MY2018 will become the more fairly priced model.

Trend year after year is a 2-4 point increase in residuals in March/April as they get ready for new model year. It's in my interest to be seen by BMW as a Q2 2018 buyer vs. Q4 2017 of a MY2018. Same car, cheaper monthly. It's like negotiating more on the car.

All speculations at the end of the day...there are current cash incentives that may go away that may play against me. All in all will probably take delivery when made possible.
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      01-28-2018, 03:17 PM   #6
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Quote:
Originally Posted by galeface View Post
You are correct that the state of the economy influences interest rates to have gone up but that's a small overall impact on a lease. Issue right now is weak residuals on 2018 4 series justified by mid-cycle refresh and BMW focused on pushing out MY2017 in July-December 2017. That's now over with and MY2018 will become the more fairly priced model.

Trend year after year is a 2-4 point increase in residuals in March/April as they get ready for new model year. It's in my interest to be seen by BMW as a Q2 2018 buyer vs. Q4 2017 of a MY2018. Same car, cheaper monthly. It's like negotiating more on the car.

All speculations at the end of the day...there are current cash incentives that may go away that may play against me. All in all will probably take delivery when made possible.
But as your car will be ready this week, you will NOT be Q2 2018 Buyer.
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      01-28-2018, 07:37 PM   #7
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Quote:
Originally Posted by IK6SPEED View Post
But as your car will be ready this week, you will NOT be Q2 2018 Buyer.
Pretty sure your dealer doesn't want to hold onto your ordered car for two months for you to get it in April. Why would they?

As you are east coast and the lock is for 60 days from the end of the program period, you are correct in that your lock is done at the end of the month.

There is no way to continue the current lock. It will be over on the 31st.

If you want to lock January programs ( and as you said through the end of March,) a new credit submission will be required. It was also replace your lock from November.

BMW FS 100% will run an Experian Auto credit bureau score. Check your Experian bureau to see if a credit pull was done.

Bottom line is you should do some careful math. Check rates and residuals. If you have CorpFleet, January fleet lease cash went down on some models.

mjb
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      01-28-2018, 07:51 PM   #8
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Quote:
Originally Posted by MJBrown62 View Post
Pretty sure your dealer doesn't want to hold onto your ordered car for two months for you to get it in April. Why would they?

As you are east coast and the lock is for 60 days from the end of the program period, you are correct in that your lock is done at the end of the month.

There is no way to continue the current lock. It will be over on the 31st.

If you want to lock January programs ( and as you said through the end of March,) a new credit submission will be required. It was also replace your lock from November.

BMW FS 100% will run an Experian Auto credit bureau score. Check your Experian bureau to see if a credit pull was done.

Bottom line is you should do some careful math. Check rates and residuals. If you have CorpFleet, January fleet lease cash went down on some models.

mjb
Think you meant to direct at galeface

I can tell you I ordered name car on Feb 28th to lock in Feb rates and car sat at port 3 1/2 weeks waiting to load on a ship. Did not arrive at Dealer until 5/5 and they honored the rate without redoing application (rates did not change either), so there appears to be a little leeway, depending on circumstances.
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