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      06-02-2020, 03:57 PM   #1
nocosine
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2017 340i MSport Deal and Loan Evaluation

Hi all,

This is my first time financing a car and I'm trying to gather as much info and feedback throughout this process, so bear with me if I am missing any info

PRICE: $25,800 (Up from 24,700 just a couple days ago..)
• 2017 340i Auto - 44K miles, Personal lease
• Pkgs: MSport, Tech
• No accidents on carfax BUT there is damage reported. ~Seems like it was minor perhaps, but I can't be 100% sure since I haven't inspected it.

On financial side:
Down payment including trade in: $12500
Pre approved loan from Capital one:
$333/mo @ 3.51%/48mo ~ Financing 14.9k if asking price is 24.8k

I am in the bay area and will be cross shopping for more loans. Please let me know if anyone has good sources.

Regarding the overall deal, how does it look? It's a bit higher on miles and there's been 2 minor accidents. I'm thinking if I could lower the asking to below 24.5 it might be worth it.

Thanks in advance!
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Last edited by nocosine; 06-04-2020 at 03:51 PM..
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      06-02-2020, 05:55 PM   #2
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You should ask them to match "last week's" price if not lower. Cars aren't exactly flying off the lots right now. Hope it's a CPO vehicle, as factory 50k miles warranty will run out soon.
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      06-02-2020, 09:24 PM   #3
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If its a CPO, check with BMW Financial and see if they got any current offers. I was able to get .9% on my 328i a few years back, and got 1.9% on the 340i last year.
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      06-03-2020, 01:05 AM   #4
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Thanks for the reply guys

Torquey , it isnt CPO unfortunately and it did cross my mind that 50k is approaching, however, it seems like this generation of BMWs are fairly reliable. Nonetheless, anything can happen and I'll keep that in mind.

esoj37 I was just scrolling through bmw financial while reading your message! That's amazing... I may pay more for CPO in that case. Do you know if CPO warranty can be extended if negotiated into the purchase? Not sure if that's a thing, but just out of curiosity.
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      06-03-2020, 11:59 AM   #5
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Quote:
Originally Posted by nocosine View Post
Thanks for the reply guys

esoj37 I was just scrolling through bmw financial while reading your message! That's amazing... I may pay more for CPO in that case. Do you know if CPO warranty can be extended if negotiated into the purchase? Not sure if that's a thing, but just out of curiosity.
I wanna say no, but doesn't hurt to ask. They also offer extended maintenance programs.
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      06-03-2020, 03:26 PM   #6
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Quote:
Originally Posted by nocosine View Post
Thanks for the reply guys

Torquey , it isnt CPO unfortunately and it did cross my mind that 50k is approaching, however, it seems like this generation of BMWs are fairly reliable. Nonetheless, anything can happen and I'll keep that in mind.
I personally would pass on this car. Having the CPO certification to me is one of the main reasons one should choose to buy from the dealer, especially since it's nearing the factory warranty. There has to be a significant reason why they are not CPO-ing this car (usually happens to cars modified by the previous owner). Plus did you say the car was a 'loaner'... if so, that would be an automatic disqualification for me. IMO there's a big difference between loaner cars and cars that were leased. Lot of people treat loaner cars like trash, just like a rental.

I recently bought my '16 335i GT from the BMW dealer and also financed through Capital One. It was at 46k with factory warranty ending in 11/20 (or 50k). BUT the car was CPO, and that offered me peace of mind until 11/21. Since I planned to keep the car long term, I added BMW's unlimited mileage platinum coverage (expensive!) for another 2 years. But this coverage is refundable if you ever trade in/sell your car or just happen to change your mind.

If you are preapproved through Cap One, you must have access to their cars portal, which I found pretty 'clunky'. When I was looking, I would use cargurus or autotrader to find the cars that met my criteria and then plug the VIN# for those cars into Capital One's search to quickly see if those were from an approved dealer, and then save under my favorites. This way you are not limited to the "500 mile" radius of your ZIP code. There is a dealer out of Florida called Offleaseonly I think, part of CapOne's network... they sell a ton of 340/440s with low miles for way cheaper than the dealer. Pretty sure they'll ship the car to you too. If I were to buy a non CPO car, I would probably look at someplace like that.

Last edited by Torquey; 06-03-2020 at 03:32 PM..
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      06-04-2020, 01:22 PM   #7
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I think you're right and I'm starting to see the benefits of CPO and financing through BMW Financial with 0.9% too.. Also good to know that the added plat coverage is refundable, so thank you for that info!

I should have specified earlier, but its a personal lease if that makes it any better, not loaner. I'm also using cargurus to cross-shop and checking finance payments through Cap One, been working fairly well, but the selection is definitely limited for my area so I'll take a look at seeing other options especially if they ship.

Last edited by nocosine; 06-04-2020 at 02:46 PM..
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      06-04-2020, 04:40 PM   #8
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Quote:
Originally Posted by nocosine View Post
I think you're right and I'm starting to see the benefits of CPO and financing through BMW Financial with 0.9% too.. Also good to know that the added plat coverage is refundable, so thank you for that info!

I should have specified earlier, but its a personal lease if that makes it any better, not loaner. I'm also using cargurus to cross-shop and checking finance payments through Cap One, been working fairly well, but the selection is definitely limited for my area so I'll take a look at seeing other options especially if they ship.
just fiy, they didn't want to give me the .9 APR and marked it up 1% so I have a 1.9%, car was exactly what I was looking for so I took it
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      06-04-2020, 06:22 PM   #9
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Quote:
Originally Posted by Torquey View Post
You should ask them to match "last week's" price if not lower. Cars aren't exactly flying off the lots right now. Hope it's a CPO vehicle, as factory 50k miles warranty will run out soon.
Cars actually are flying off the lots right now... Many independent and franchise dealerships in the west are reporting their best weeks and months of all time. My private dealership ran out of cars last month which is unheard of.

Last edited by ProjektAutoScott; 06-04-2020 at 06:44 PM..
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      06-04-2020, 06:37 PM   #10
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Quote:
Originally Posted by Torquey View Post
I personally would pass on this car. Having the CPO certification to me is one of the main reasons one should choose to buy from the dealer, especially since it's nearing the factory warranty. There has to be a significant reason why they are not CPO-ing this car (usually happens to cars modified by the previous owner)...
Sorry, gonna have to fact check this one too. More than 70% of the used cars sold at BMW dealerships are not CPO, and most customers are not willing to pay for CPO. Often times a car is made a CPO to mask other issues, or previous accident history (yes, it may sound crazy... you'd be shocked what a carfax can miss) to give you that "peace of mind" you think you are getting with a CPO. BMW dealerships will also sell loaners, and demos as CPO for the same reason...

BMW franchise salesmen will often offer you a better deal on a non-cpo with the option of third party warranty from someone like Alpha Warranty (use caution, warranty companies suck including BMW extended and CPO).

The CPO warranty also has plenty of limitations. I will say It's a great trick for dealers to make more money on the front end, and prevent you from digging too deep into the history of a car.

It can vary dealer to dealer depending on their reputation, and I'm not hating here, nor saying all CPOs are trash, but it generally doesn't mean too much, and many are just regular auction cars from Adesa, Manheim, and BMW Group Direct.

Don't get me started on the "strict 150 point mechanical inspection"

Mainly, I just don't want anyone to think there is anything wrong with buying a clean non-cpo car. It's a great way to save a ton of money, that would be better placed into an emergency savings account, should any issue come up. Don't be blinded by labels, find a clean one, consider the price/value for your situation, get a real PPI and if it checks out, go for it!

Thanks for reading

Source: I've been selling BMWs for years, and work closely with the local dealers here.

Last edited by ProjektAutoScott; 06-04-2020 at 06:51 PM..
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      06-07-2020, 03:58 PM   #11
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Quote:
Originally Posted by Socaln54 View Post
just fiy, they didn't want to give me the .9 APR and marked it up 1% so I have a 1.9%, car was exactly what I was looking for so I took it
Man 1.9 is still really good! Have you connected with Irvine BMW before? They recently put out a clean '17 340i MSport. Might just have to give them a visit

ProjektAutoScott

I agree with all the third-party warranties, my current car has "lifetime" transmission warranty that was bundled with the dealer, but has a long fine print about all the limitations.

Wouldn't CPO coverage be worthwhile since it would potentially cover a wide range of problems that could come up? BMW Financial has low rates right now, so I am leaning towards that too.
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      06-09-2020, 12:21 AM   #12
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Quote:
Originally Posted by nocosine View Post
Man 1.9 is still really good! Have you connected with Irvine BMW before? They recently put out a clean '17 340i MSport. Might just have to give them a visit

ProjektAutoScott

I agree with all the third-party warranties, my current car has "lifetime" transmission warranty that was bundled with the dealer, but has a long fine print about all the limitations.

Wouldn't CPO coverage be worthwhile since it would potentially cover a wide range of problems that could come up? BMW Financial has low rates right now, so I am leaning towards that too.
Yeah, I've never been one to push those 3rd party warranties, and it's a rare occasion to ever see them pay out much.

It's hard to know which way to go. A CPO car is marked up even higher than the regular used inventory (already way overpriced, but they get away with it for being an official BMW dealership). To me, it's always felt like you are just paying for your future repair costs up front.

The CPO warranty itself isn't very comprehensive and has never been enough for me to have any interest in it. Here is a nice link, basically the CPO warranty covers main powertrain only (internal engine and transmission), and just about nothing else. VERY different from the original factory 4 year/50K.

https://cpo.bmwusa.com/Content/docs/...NotCovered.pdf

My main point is to say CPO isn't for everyone, and the majority of customers don't take that route. If it's something that would truly make you feel more comfortable, then that's your answer.

Last edited by ProjektAutoScott; 06-09-2020 at 12:22 AM.. Reason: link
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      06-09-2020, 02:20 PM   #13
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I'd pass. Two Carfax issues which means insurance claims were made. Could be anything and I would do a hard pass or expect decreased trade in/resale in the future.
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      06-09-2020, 02:39 PM   #14
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I've had two CPO F30s and don't regret it. Both have had issues that would've been very costly but were all covered under the warranty.

I'd be way too scared to buy a car that new with no warranty.

Unless it's a super specific spec you're looking for, just wait for a better deal and/or one that's CPO.

Anecdotal of course, but I'm just adding to the pot.

Hope it goes well regardless!
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      06-12-2020, 04:37 PM   #15
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Just wanted to update you all... Flew across the state to pick up a beautiful '17 Black MSport w/ 32k miles and yep I went with cpo! So thank you to all those who chimed in and gave their input/advice, appreciate it!

For anyone in the market or curious, some financials below:
27.5k~ sale price
30.5k OTD

I'll post a picture when I get a chance

Last edited by nocosine; 06-15-2020 at 12:29 PM..
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      06-14-2020, 12:38 PM   #16
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Quote:
Originally Posted by nocosine View Post
Just wanted to update you all... Flew across the state to pick up a beautiful '17 Black MSport w/ 32k miles and yep I went with cpo! So thank you to all those who chimed in and gave their input/advice, appreciate it!

For anyone in the market or curious, some financials below:
34k~ MSRP
27.5k~ sale price (included $1k rebate from promo)
48mo/0.9% APR
30.5k OTD

I'll post a picture when I get a chance
That's an awesome deal dude. I can't find anything below 32k here in my area and those cars all xdrive which I hear does not have the 704 m sport suspension even with the M sport package. May have to start looking all the over the country lol
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      06-19-2020, 05:13 PM   #17
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