Timeline for paperwork

kendoka · 02-08-2014, 12:59 PM

Hi,

I'm in the market for getting a 320i ordered from the factory and I'm wondering what the normal timeline is for the paperwork.

What do you have to sign when you put in an order? I gather a $1000 deposit is pretty normal, but do you also have to sign a purchase order or lease agreement at that time, even before the terms are settled? That doesn't seem to be right, how can you commit to something that you don't know the terms of? I understand that the dealer would like some kind of assurance that you won't walk away, but there must be a better way. I also thought (based on other threads on here) that you only sign the final PO/lease agreement when you take delivery, since only then can you be absolutely sure the vehicle is 100% ok?

Any help or insight would be greatly appreciated!

Matts435coupe · 02-08-2014, 01:01 PM

I have ordered several cars. $500 is more then enough, I wouldn't do $1000 and no I have never signed anything. They just give you a print out with your price, months and miles. Which you lock in and are subject to change depending on the best program when your car arrives.

I hope this helps.

BMWMico · 02-08-2014, 01:08 PM

Quote:

Originally Posted by kendoka

Hi,

I'm in the market for getting a 320i ordered from the factory and I'm wondering what the normal timeline is for the paperwork.

What do you have to sign when you put in an order? I gather a $1000 deposit is pretty normal, but do you also have to sign a purchase order or lease agreement at that time, even before the terms are settled? That doesn't seem to be right, how can you commit to something that you don't know the terms of? I understand that the dealer would like some kind of assurance that you won't walk away, but there must be a better way. I also thought (based on other threads on here) that you only sign the final PO/lease agreement when you take delivery, since only then can you be absolutely sure the vehicle is 100% ok?

Any help or insight would be greatly appreciated!

Yes, $1,000 deposit is normal. In most states it is fully refundable, so it only serves as an indication to the dealer that you are serious. You don't want to order a car without a deposit, and suddenly the dealer decides to sell your car to someone that offers more for it.

There is nothing to sign, but we usually required a filled and signed credit application, mainly to secure current financing programs through BMW FS, in case you decide to finance or lease.

Also it might be a good idea to put your order and the agreed price on paper, and for you and the CA to sign it.

kendoka · 02-08-2014, 01:48 PM

Thank you to both of you for the fast reply!

I've been told that part of the reason they want me to sign the PO/lease agreement is that this is an "unusual configuration" (I want to order non-xDrive, which supposedly no one does in the Northeast...).

To complicate matters even more, it wouldn't be a good idea to file the financing application right now because I'm waiting for some related paperwork to come through, which should be in about a month.

The idea was to get the order in now to save time (I need the car at the beginning of May), and then file the application with BMWFS once the paperwork comes through. As a fallback option in case BMWFS makes trouble I've been pre-approved for a loan by my credit union. I'm happy to put down the deposit, but I really don't think it would be a good idea to sign the unfinished PO/lease agreement at this point. Am I missing something?

BaLLzZz · 02-08-2014, 02:16 PM

Your not signing your actual lease paperwork or finance paperwork. Your signing a document that specifies your colors and options and your deposit amount. So if you were to wake up and change the color or options after the car goes into production we have a document that states otherwise. Hopefully that clears up your confusion.

fecurtis · 02-08-2014, 02:28 PM

I've only done this once but here is my experience, once the dealer and I agree on final OTD price, the CA gave me the print out summarizing the final price, with the car MSRP itemized (basically MSRP less approximately 7%-7.5% which gets you to invoice). Less any dealer incentives and, in my case, plus $200. Some are very particular about not paying more than invoice but a $200 mark up is fair in my opinion.

After that I sign as does my CA which indicates we agree on price. After that I gave a $1000 fully refundable deposit and the dealer places the order with BMW. I was just going to write a check but they recommended I use a credit card to take advantage of any miles, cash back, etc I may receive so I did that instead.

While the dealer did that, I filled out a credit application for a lease and was approved. The finance guy summarizes my credit score (I already had the info prior anyway just in case something went awry) and they'll try to sell you extra shit. Buy it if you want to but I found most of it to be a waste of money.

After that I was done. Total process took about 45 minutes. Most of the time was spent making sure the order was accurate before submitting it to BMW for production.

Once the car is ready for pick up, final monthly payments are then finalized. They told me what the money factor would be (I never signed anything agreeing to it so I'll try to negotiate that down but if I can't then so be it). Once I go to sign the final paperwork we decide how much I'd put down. Since it's a lease I'm just paying the fees, tax, security deposit, and first month's payment upfront using the $1000 I already put down plus whatever is left over then off I go.

I already told the dealer upfront what I was planning on paying upfront and they were fine with that.

02-08-2014, 12:59 PM	#1
kendoka New Member 3 Rep 8 Posts Drives: - Join Date: Jan 2014 Location: CT iTrader: (0)	Timeline for paperwork - what to sign when? Hi, I'm in the market for getting a 320i ordered from the factory and I'm wondering what the normal timeline is for the paperwork. What do you have to sign when you put in an order? I gather a $1000 deposit is pretty normal, but do you also have to sign a purchase order or lease agreement at that time, even before the terms are settled? That doesn't seem to be right, how can you commit to something that you don't know the terms of? I understand that the dealer would like some kind of assurance that you won't walk away, but there must be a better way. I also thought (based on other threads on here) that you only sign the final PO/lease agreement when you take delivery, since only then can you be absolutely sure the vehicle is 100% ok? Any help or insight would be greatly appreciated!
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02-08-2014, 01:01 PM	#2
Matts435coupe Major 111 Rep 1,262 Posts Drives: 2014 BMW 435i Coupe Msport 6MT Join Date: Sep 2009 Location: Fort Lauderdale, Florida iTrader: (1)	I have ordered several cars. $500 is more then enough, I wouldn't do $1000 and no I have never signed anything. They just give you a print out with your price, months and miles. Which you lock in and are subject to change depending on the best program when your car arrives. I hope this helps. __________________ 2013 BMW 335is Coupe AW/CR 6MT 2012 BMW 335 coupe ( Sold) 2012 Audi S5 coupe( Sold) 2010 BMW 335i coupe( Sold) 2009 BMW 335i coupe ( Sold)
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02-08-2014, 01:48 PM	#4
kendoka New Member 3 Rep 8 Posts Drives: - Join Date: Jan 2014 Location: CT iTrader: (0)	Thank you to both of you for the fast reply! I've been told that part of the reason they want me to sign the PO/lease agreement is that this is an "unusual configuration" (I want to order non-xDrive, which supposedly no one does in the Northeast...). To complicate matters even more, it wouldn't be a good idea to file the financing application right now because I'm waiting for some related paperwork to come through, which should be in about a month. The idea was to get the order in now to save time (I need the car at the beginning of May), and then file the application with BMWFS once the paperwork comes through. As a fallback option in case BMWFS makes trouble I've been pre-approved for a loan by my credit union. I'm happy to put down the deposit, but I really don't think it would be a good idea to sign the unfinished PO/lease agreement at this point. Am I missing something?
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02-08-2014, 02:16 PM	#5
BaLLzZz Colonel 127 Rep 2,298 Posts Drives: e92 335i Join Date: Aug 2007 Location: NYC iTrader: (5)	Your not signing your actual lease paperwork or finance paperwork. Your signing a document that specifies your colors and options and your deposit amount. So if you were to wake up and change the color or options after the car goes into production we have a document that states otherwise. Hopefully that clears up your confusion. __________________ Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius and a lot of courage to move in the opposite direction. - Albert Einstein 01 e46 m54 - Current : 14 f10 n26 - Boring & Gone : 15 f30 n26 - Current : 08 e92 n54 - Gone & Missed!!!
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02-08-2014, 02:28 PM	#6
fecurtis Banned 3262 Rep 6,299 Posts Drives: 2014 BMW 335i M-Sport Join Date: Jan 2014 Location: Arlington, VA iTrader: (0)	I've only done this once but here is my experience, once the dealer and I agree on final OTD price, the CA gave me the print out summarizing the final price, with the car MSRP itemized (basically MSRP less approximately 7%-7.5% which gets you to invoice). Less any dealer incentives and, in my case, plus $200. Some are very particular about not paying more than invoice but a $200 mark up is fair in my opinion. After that I sign as does my CA which indicates we agree on price. After that I gave a $1000 fully refundable deposit and the dealer places the order with BMW. I was just going to write a check but they recommended I use a credit card to take advantage of any miles, cash back, etc I may receive so I did that instead. While the dealer did that, I filled out a credit application for a lease and was approved. The finance guy summarizes my credit score (I already had the info prior anyway just in case something went awry) and they'll try to sell you extra shit. Buy it if you want to but I found most of it to be a waste of money. After that I was done. Total process took about 45 minutes. Most of the time was spent making sure the order was accurate before submitting it to BMW for production. Once the car is ready for pick up, final monthly payments are then finalized. They told me what the money factor would be (I never signed anything agreeing to it so I'll try to negotiate that down but if I can't then so be it). Once I go to sign the final paperwork we decide how much I'd put down. Since it's a lease I'm just paying the fees, tax, security deposit, and first month's payment upfront using the $1000 I already put down plus whatever is left over then off I go. I already told the dealer upfront what I was planning on paying upfront and they were fine with that.
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