[darrena]

Hello,

I ordered a new BMW this weekend and my dealer gave me:
A copy of the order sheet (Which turned out to be wrong) but I got the correct order number today.
A document with our agreed price and my deposit but it doesn't reference the order.
A verbal statement that they have pre-authorized me for the 1.9% interest rate that expires on May 31st which will hold it until my car arrives.

Should I have received more formal documents? For example should I have received some sort of loan document showing the agreed to interest rate and the date to which it is being held? Should I have received a document with the details of my order and agreed to price?

I had a great purchasing experience, the salesman was very laid-back and did not pressure me (which I greatly appreciated!) but now a couple of days after purchasing I wonder if maybe I should have gotten more formal paperwork particularly with the loan promotion expiring in 3 days.

Then again maybe I am just surprised because it was all too easy

[328iGurl]

I'm in the same boat. I ordered on 5/21. They did the loan approval (1.9%) and told me the deal would be held until I take delivery but nothing in writing specific to the loan. You should receive your production number in a few days. I got mine yesterday. That's what made it all 'real' for me.

[mntbiker]

I'm inclined to say that this is fairly normal, but I've only done it once so I'll let others with more experience chime in...

[JasonX4MComp]

Originally Posted by darrena

Hello,

I ordered a new BMW this weekend and my dealer gave me:
A copy of the order sheet (Which turned out to be wrong) but I got the correct order number today.
A document with our agreed price and my deposit but it doesn't reference the order.
A verbal statement that they have pre-authorized me for the 1.9% interest rate that expires on May 31st which will hold it until my car arrives.

Should I have received more formal documents? For example should I have received some sort of loan document showing the agreed to interest rate and the date to which it is being held? Should I have received a document with the details of my order and agreed to price?

I had a great purchasing experience, the salesman was very laid-back and did not pressure me (which I greatly appreciated!) but now a couple of days after purchasing I wonder if maybe I should have gotten more formal paperwork particularly with the loan promotion expiring in 3 days.

Then again maybe I am just surprised because it was all too easy

By order number, do you mean the production number? If so, you got that and the buyers order with the price and deposit so thats all you need. Typically the production number doesnt get put on there. Some dealers may and others wont, or you can ask them to right it on there for you. If you're curious about the loan, ask them to show you the approval letter to verify it got called in and approved for the rate.

[darrena]

Originally Posted by Jason335iMsport

By order number, do you mean the production number? If so, you got that and the buyers order with the price and deposit so thats all you need. Typically the production number doesnt get put on there. Some dealers may and others wont, or you can ask them to right it on there for you. If you're curious about the loan, ask them to show you the approval letter to verify it got called in and approved for the rate.

Sorry that is correct it is the production number. So I will just ask for the approval letter and file it with everything else I have. The dealer has been great to work with, but sometimes I guess I expect things to be harder

[JasonX4MComp]

Originally Posted by darrena

Sorry that is correct it is the production number. So I will just ask for the approval letter and file it with everything else I have. The dealer has been great to work with, but sometimes I guess I expect things to be harder

Yeah they shouldn't have a problem with doing that. It doesn't have to be a hard process, people make it that way sometimes.

[ADizZY]

I would get the loan rate and statement that says your rate won't change until you get the car, or if the current loan rate once you get the car is lower, then you get the lower rate on papers!

[darrena]

Originally Posted by Jason335iMsport

Yeah they shouldn't have a problem with doing that. It doesn't have to be a hard process, people make it that way sometimes.

Mmm now he says that the approval sheet from BMW is an internal document that they cannot send out but that I can see if I swing by. That sounds unusual and to make it even stranger I have credit monitoring and they have not alerted me to any inquiries.

I guess I will swing by, I am likely being concerned about nothing but just in case I want to have my bases covered.

[328iGurl]

I guess they just want us to take it on faith.

Like the order form I signed. They didn't reflect my $1000 deposit in the amount due at delivery. I told them I wouldn't sign it unless they reduced the amount by $1000 to reflect the money I had already given them. They said their computer system wouldn't allow them to show it that way so they ended up hand-writing it in. Like I was supposed to trust that they wouldn't demand the extra $1000 at delivery!

[JasonX4MComp]

Originally Posted by darrena

Mmm now he says that the approval sheet from BMW is an internal document that they cannot send out but that I can see if I swing by. That sounds unusual and to make it even stranger I have credit monitoring and they have not alerted me to any inquiries.

I guess I will swing by, I am likely being concerned about nothing but just in case I want to have my bases covered.

Yeah it is an internal document but I don't see a problem with showing the customer if they wanted to see it. I'd show a customer if they wanted to look at it

[328iGurl]

The OP got me thinking about my own deal - and I realized I didn't have any documentation of the interest rate or approval either. So I emailed my CA to request something in writing.

He just sent me a pdf of a document called "BMW Financial Group Approval Notification" which says I'm approved but does not show interest rate or terms. In the email he says I'm approved for 1.9% for 60 days. What if the car isn't here within 60 days?? Why doesn't it show the terms of the financing??

Why are these dealers making things so difficult?

[JasonX4MComp]

Originally Posted by 328iGurl

The OP got me thinking about my own deal - and I realized I didn't have any documentation of the interest rate or approval either. So I emailed my CA to request something in writing.

He just sent me a pdf of a document called "BMW Financial Group Approval Notification" which says I'm approved but does not show interest rate or terms. In the email he says I'm approved for 1.9% for 60 days. What if the car isn't here within 60 days?? Why doesn't it show the terms of the financing??

Why are these dealers making things so difficult?

It never shows the rate. It should say something on there with an abbreviation of Super Elite/Elite. That is top tier for BMW and qualifies you for the 1.9%. If better rates are available when your car comes in, you can get the better rate/deal as well. If it is past 60 days though, unfortunately it will be based off whats available

[328iGurl]

Originally Posted by Jason335iMsport

If it is past 60 days though, unfortunately it will be based off whats available

^^thats what I'm afraid of.

Here's what it says:
Retail Rate Level: SLTE

[JasonX4MComp]

Originally Posted by 328iGurl

^^thats what I'm afraid of.

Here's what it says:
Retail Rate Level: SLTE

Thats Super Elite so your good there. Do you know what staus your is in right now?

[328iGurl]

Good to know, thanks.

I just received my production number on Tuesday - so it's still showing as "Order Documented." I know I should receive it within 60 days but always worry about worst case scenario.

[darrena]

Originally Posted by 328iGurl

Good to know, thanks.

I just received my production number on Tuesday - so it's still showing as "Order Documented." I know I should receive it within 60 days but always worry about worst case scenario.

You are in the exact same situation I am in, I trust the dealer but a lot of this is out of their control (Build being delayed longer than 60 days, etc..) so I worry a little.

Out of curiosity how long did they tell you it would take to build your car? Mine went in on Tuesday as well and they said around 4 weeks.

[328iGurl]

8 weeks