Just want to share another data point using the Penfed incentive, there were quite a few threads recently regarding this topic but I couldn't find a conclusive one that solves all my doubts (so I tried it out myself!). I was able to apply the $3250 bonus cash for purchasing 2021 G05 xdrive40i financed with my own credit union instead of BMWFS nor PenFed. It seems to be still a fairly new thing that the FI manager didn't include it initially because he thought it's a post-sale rebate. It took me a hot sec to sort it out with him. I'm happy with the result though, now waiting for BMW CCA to cut me the $1k check to sweeten up the deal to 17% off
Shoutout to
TurtleBoy and
Auricom , I finally decided to drop the hammer after seeing your posts in this thread:
https://g05.bimmerpost.com/forums/sh....php?t=1771691 
One final nitty-gritty detail: this incentive is considered bonus cash, which means it's a direct reduction on top of MSRP, unlike the BMWFS incentive, which you still need to pay tax for. The sale tax is calculated after it's applied along with the dealer discount, at least in California. This may shake off another few hundred bucks off your final bill
