[leemj84]

My car is financed through BMW with the CPO rate. I stopped in at the bank for a standard withdrawal that I always do, but the teller saw my car out the window and was asking me if they can try to win my business so I told her she would have to beat the rate, not just meet it. Well...she just contacted me and said that they can beat it by 25 bps.

Am I missing something or should I jump at it? What else do I get from staying with BMW finance?

[Tomo366]

Both of my Banks asked my but I got 0.9 % on my BMW CPO they couldn’t come close!

[leemj84]

Originally Posted by Tomo366

Both of my Banks asked my but I got 0.9 % on my BMW CPO they couldn't come close!

0.9%??? What?!? Was this recent or pre-rate hikes?

I got top tier bracket and still nowhere near 0.9%

[Billfitz]

When you finance through a dealer he gets a cut of the action. When you get your own financing he doesn't, so that may get you a better rate. But sometimes BMW will give a lower rate to push sales, especially if Mercedes or Lexus and the like are doing so. Exercise due diligence. No one ever gets what they deserve, they get what they negotiate.

[BeerHerder]

Credit unions are often a good source of cheap auto loans. I got my CPO through BMW Finance at 1% lower than the local bank and credit union, though. Sometimes it can be as simple as an improvement in credit score since you have established payments. Just make sure there aren't any extra weird fees that would negate the savings. .25% in rate is like the equivalent of making one additional payment now, depending on how long you have left.

[Fredo]

+1. My wife and I are financing our vehicles (X3 and 335i) thru a credit union. Their rates are usually better than the bank.

[leemj84]

I actually did a lot of shopping around when I got the vehicle and BMW was beating all of them, even my local credit union.

The situation now is that a bank here just wants me to refinance with them for the 25bps savings. Financially it's the better move, but I'm just wondering if I'm missing out on any perks of BMW by moving from BMW financing to retail bank....not to mention, another hassle of application, hit on my credit for another refinance...

[ooshnoo]

I got 0.9% on my CPO through BMWFS. All that was needed was a credit score above 700.

[leemj84]

Originally Posted by ooshnoo

I got 0.9% on my CPO through BMWFS. All that was needed was a credit score above 700.

When was this? I can understand if this was pre rate hikes...they clocked me at above 800 and still nowhere near that. Also, what was the term? 36 mo?

[yoon_209]

i got 1.99% CPO from bmwfs

idk how you got 0.99%

you must have had a huge down payment or something

[Gen13 F36]

Mine also was 0.9% financing thru BMWFS back in 2016. But I could remember other manufacturer like Audi and Mercedes offer 3.9%. Even Ford was 4.56%.

I don't know if a credit score 848 is good... I heard people have 950

[leemj84]

Originally Posted by Gen13 F36

I don't know if a credit score 848 is good... I heard people have 950

Is this a serious comment?

[yoon_209]

Originally Posted by leemj84

Is this a serious comment?

isnt the highest fico possible 850?

[leemj84]

Originally Posted by yoon_209

isnt the highest fico possible 850?

Yes.

[328iX]

I almost always go with the dealership because they usually have something to offer to deter you from going with your own bank.

You ever hear the ads say "1000 customer cash when financed through BMW financial" if there's no incentive then yes, find your own bank. But for CPO i think they have their own program

[leemj84]

Originally Posted by 328dX

Nobody here mentioned incentives?

I almost always go with the dealership because they usually have something to offer to deter you from going with your own bank.

You ever hear the ads say "1000 customer cash when financed through BMW financial" if there's no incentive then yes, find your own bank.

Any incentives you can think of once you already are a customer through BMW financial?

[328iX]

Originally Posted by leemj84

Any incentives you can think of once you already are a customer through BMW financial?

I'm not sure you'd have to ask and they're always changed every few months. Usually they have something to offer to make you want to choose them

[Gen13 F36]

Originally Posted by yoon_209

isnt the highest fico possible 850?

Transunion 848 max at 850
Equifax 878 max 900

I don't know where that guy get the 950 he told me

[SoCal_NSX]

Rates are still high these days...even PenFed is high with excellent credit.

I went with BMW last year when I bought my CPO....they had best rate and made my first two payments up to $1000 ....it was a win win for me

[ronanz]

Manufacture Subvented and/or Credit Union rates can not be marked up, however, standard conventional rates (even from manufacture) can be

.

[Gran_Turismo]

.9% financing is real, I remember they had that program for CPO 3 series about 2 years ago. I just got 1.99% on my CPO f34 thru BMW financial.

[ooshnoo]

Originally Posted by leemj84

When was this? I can understand if this was pre rate hikes...they clocked me at above 800 and still nowhere near that. Also, what was the term? 36 mo?

I was offered .9% for up to 60 months or 1.9% for 72 months. It was in 2017.