01-16-2013, 12:43 AM | #1 |
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BMWFS loan rates
I'm not sure if this has been posted before. My search only returned results for leasing.
Anyhow, I've got a 2013 328i sport order en route. I'm buying this car and plan to put about half the tag in down payment. For the other half, I've already gotten a pre-approval from an external credit union. But I'd rather go with BMWFS since I qualify for the new grad incentive. My question is - for those of you that financed your cars through BMWFS, what kind of rates did you get? Can you get rates better than the advertised 3.19% on the website? My credit score is currently about 745. This will be my first car and auto loan so I appreciate all the input I can get |
01-16-2013, 02:48 AM | #2 | |
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Not sure about loan apr to be honest. You said you qualified for grad discount which is $1000, did you also order before 1/2/13? If you had a production number before that date, then you also qualify for $1000 holiday credit. Those combined might make it worthwhile to finance through BMWFS. You can also look around credit unions or pen fed for example, some of them have interest rate specials much lower than bmwfs, but you just wont' qualify for the incentives. GOod luck! |
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01-16-2013, 03:16 AM | #3 |
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Yes the incentives are my primary motivation for going with BMWFS. I do have a production number prior to the date you mentioned but I'm not sure if that is sufficient to get the holiday credit (others on this thread talked about locking the incentive with their dealer but I was unable to do so).
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01-16-2013, 11:28 PM | #5 |
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BMWFS rates suck, but what I'm doing is financing with them and then after completing 3 payments I'm going to refinance. This way for a little bit of hassle I get all of the incentives and a low interest rate.
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02-04-2013, 11:09 AM | #6 | ||
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Most states dont allow you to get pre payment penalty
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02-04-2013, 12:33 PM | #7 |
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It's not a penalty for paying off the loan early, it's a penalty where you lose the additional discounting (Loyalty, etc) if you don't make a minimum number of payments. In my case, it's 6 payments.
In other words, they are conditional-based discounts that you lose. These do not impact them sticker price of the car if you choose not to use BMW FS, or pay it off early. |
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02-04-2013, 12:47 PM | #8 | ||
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I know there are some back end padding incentives for the dealer like finance reserve and other stuff, they get charged back for that, some up to a year
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02-04-2013, 12:50 PM | #9 | |
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02-04-2013, 12:53 PM | #10 | |
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there are also different legality issues in every state, i registered in NY, which i believe has laws that are on the side of the consumer in this situation
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