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Originally Posted by rayhorn
Congrats on the baby and the purchase! Sounds like a pretty good deal. Bmw Usa's website is currently showing 3.99% as the lowest in the NY area. I think it went down slightly. It was showing 4.29% a few weeks ago. Did you go to a dealer in the tri-state area?
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Thanks a lot. Yes, I went to a dealer in Brooklyn, NYC. I also spoke with BMW Bayside in Queens so that the two dealers would compete with each other for the sale. BMW FS at my dealer is offering 3.99% right now. It's likely that July's offering will be the same. The Fed already announced no interest rate hike for the second half of 2019. Assuming the borrower has decent credit quality, I don't see the possibility of BMW FS offering a rate above 3.99% to a customer. Bank of America is offering 3.49%, and I will try to get pre-approval to negotiate with BMW FS. Freddie Mac's data shows a 30-year fixed rate mortgage at about 3.84% right now and 15 years at 3.48%. An auto loan has a shorter tenor (i.e. up to 5 years), but of course you can't compare the long-term asset value of an automobile vs a piece of real estate. Well, it's BMW FS, so I'm not surprised that they will try whatever to maximize their profits.