[CoopersF15]

Can anyone verify if the rate for MF be locked in if I did a credit app now with 7xMSD and currently have a fleet incentive of 0.0002 discount too?

I'm getting frustrated as the car I want is in reach but I'm under pressure so want to give myself time and keep the MSD discount locked in.....

Also if I lock - can it be applied to any car or only the one I'm dealing on?

[CoopersF15]

This question is specifically related to an in stock car I want to lease...not an ordered car...but maybe I should order one to get the exact spec I want?

[jjrandorin]

Originally Posted by CoopersF15

Can anyone verify if the rate for MF be locked in if I did a credit app now with 7xMSD and currently have a fleet incentive of 0.0002 discount too?

I'm getting frustrated as the car I want is in reach but I'm under pressure so want to give myself time and keep the MSD discount locked in.....

Also if I lock - can it be applied to any car or only the one I'm dealing on?

I dont know, thats a pretty good question (with the question being " If I submit a credit app prior to May 2nd, using aprils programs, can I still do a deal that includes MSDs when I take delivery of the car?)"

I am not a CA but I am going to take a guess and say YES as long as the rate is locked, meaning you would have to submit a credit app. If you have not done this, and are not aware of the BMW credit lock process, the credit app HAS to be submitted to a SPECIFIC DEALER.

You can submit multiple credit apps to multiple dealers (for example if you are negotiating) but you can not submit one credit app and move it to another dealer (in general.. have heard someone say they did it before but that would be an exception).

So if you submit a credit app to your dealer to lock in the ability to get MSDs, THEY will also know that you had to submit a credit app there to lock in aprils programs (so will have even less leverage with them than whatever you have now).

Checking some MSD question / answers that were answered by a current CA on the other big bmw blog here is a copy and paste of the information he provided:

============================
Questions from the poster:



Quote:
Originally Posted by Tintin714 View Post
Hello, we're planning to special order a 540i and I would really appreciate it if I can to get some clarification from those in the know on some issues:
If I placed a special order before May as opposed to buying one off the lot, can we use MSD before the May deadline? The CA I spoke with says its not possible as he says submitting a credit app would only lock in the program for 30 days and we would receive the car much later than that.
How about the $1500 AARP incentive, which also expires on May 1? Can we apply this when we receive the car in around 3 months?
We also received another offer from BMW FS for 3 monthly payments waived on our present lease. When I called them, they said could it could only be redeemed if we purchased a car now and not by simply placing an order.
Finally, regarding the lease quote, we got an offer for $68,825 with MSRP of $72745 The lease was calculated with with no down payment, 12k/36 months and 61% residual with .00146 MF. Based on this, he gave us a monthly figure of $1036. Also, this is in TX where we have to pay tax on full vehicle price. How would you rate this deal?

If we are able to buy a similar vehicle off the lot before May, we could most likely get $5.5k additional discounts through the MSDs and incentives above but there don't seem to be any available that are similar to the way we configured. Which route would you advise?

I'v covered a lot of bases, but if you guys can advise on any of the above points, It would help a lot!. Thanks!
====================================

Answers from a current CA related to those questions which might help you:

You can only use MSDs for a future delivery if you have a credit lock with BMWFS before May 2nd.
Credit locks are good for 60 days from the end of the program period for all regions except the Western Region, which is 90 days.
The AARP is a Corporate Fleet Incentive and does not expire May 1st. It is a year long program and can be used at any time.
With AARP you also get a 0.00020 MF reduction. If they quoted 146, it would be 126 with the AARP program.
They are somewhat accurate on the Loyalty Lease Program. BMWFS will absorb up to 3 remaining payments if the BMW Center agrees to take in your lease return vehicle. Technically you can do this on an ordered car, but they are correct that your order might not arrive in time. It's designed to be used for in-stock or inbound sales.

[CoopersF15]

Thank you very much JJRandorin!! So I essentially would have to submit my credit apps to multiple dealers to keep any sort of leverage...but it would likely hurt my credit score in the short to mid term if I did that....not that I have any need for credit check in the next year after this car is secured.

Also, the car in the spec I want is hard to get so it makes it even less likely that one of my chosen locked dealers is going to get the car I want in that time period.

So in my instance it's a bit of a gamble- but this info could be really helpful for someone who has a more common car or isn't as picky about their spec.

Thanks again, at least I know it's possible

Decisions decisions ....

[CoopersF15]

One more question are the lease incentives from this month locked in too???

[jjrandorin]

Originally Posted by CoopersF15

Thank you very much JJRandorin!! So I essentially would have to submit my credit apps to multiple dealers to keep any sort of leverage...but it would likely hurt my credit score in the short to mid term if I did that....not that I have any need for credit check in the next year after this car is secured.

Also, the car in the spec I want is hard to get so it makes it even less likely that one of my chosen locked dealers is going to get the car I want in that time period.

So in my instance it's a bit of a gamble- but this info could be really helpful for someone who has a more common car or isn't as picky about their spec.

Thanks again, at least I know it's possible

Decisions decisions ....

Locked incentives is always a much more complicated question than it seems to be. The answer is "it depends" which I know does not help you. The reason the answer is "it depends" is it depends on the incentive. Some lock, some dont and you have to look at the fine print to see which do and which dont.

That same CA who I got that information above from once told me that he has a binder full of incentive fine print so he can keep track of what is lockable and what isnt at any given time... and he sells BMWs for a living.

So, the answer to that is, "see your preferred dealer".

As for your "submit multiple credit apps to keep leverage but ding your credit score" concern, when you are buying a car or a house, multiple credit applications in a short period of time count as 1 credit ding on your credit.

This is because the credit monitoring companies have built into their model the fact that people will (should) shop around for car and home loans. I believe all credit applications for a car within 2 weeks only count as 1 in the scoring model. For a home I think its all of them within 30 days (but could be 2 weeks as well).

(full disclosure.. I dont work in the credit industry either, but I did research this very very heavily because of my own concerns around this exact subject when I was shopping for my home loan).

All of the credit applications for the car or home loan will show on your credit, but only 1 "ding" or reduction for them over the short term. If you run your credit and then do it again in 45 days, you get another ding.

The above also does NOT apply to credit cars. Each one counts separately (and they stay there for 2 years, those "dings" so applying for a bunch of credit cards is a big no no if you dont want that reduced score.. even if you find a bunch of cards that are better than the bunch you carry now).

I would pick 2-3 dealers and submit your credit apps to them if you want to lock in MSDs and are going to order a car, or try to work it out with your chosen dealer.. quickly of course lol.

[MG 228i]

Did a credit app back in March for my 340i order and my CA said I can still use MSD despite taking delivery after May 1.

Now I just need to confirm if the $2500 marketing incentive for March was locked. Anyone know if that one is lockable?

[jjrandorin]

Originally Posted by MG 228i

Did a credit app back in March for my 340i order and my CA said I can still use MSD despite taking delivery after May 1.

Now I just need to confirm if the $2500 marketing incentive for March was locked. Anyone know if that one is lockable?

Right, because you still have March programs you are using (which also have lower money factors.. make sure you take delivery before you lose the lock for March).

[CoopersF15]

I contemplated all the factors raised in this thread earnestly- really really thought about the full extent of trying to lock in incentives and MSDs and building a custom car to order. In the end I figured I was too late to the custom order thing to 1. Build the specific car and 2. Negotiate with a dealer to get it below cost and 3. Get enough credit apps lodged with dealers to still give me leverage in future if something in the deal went awry

So I hope this thread is useful for others but I decided to cut my losses and get a car this weekend. It wasn't the ideal spec but beggars can't be choosers!

Thanks!