09-22-2021, 11:31 PM | #111 | |
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09-22-2021, 11:37 PM | #112 | |
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So what I did as a backup was edit a portion of the PDF form to show 2022 instead of 2020. Shady I know....but lucky I didn't have to use it since my dealer just accepted my code with no question asked. Last edited by motherkin; 09-23-2021 at 12:19 AM.. |
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09-23-2021, 01:42 AM | #113 | |
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22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-23-2021, 01:42 AM | #114 |
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Those of that financed with PenFed, did you call to get approved for your loan or filled out the application online?
I filled out the online application but there was no 2022 X5 45E as selection for the vehicle information, so max loan for approval was under 50k since I selected I don't have the car information. I also selected the checkbox that I used truecar buying service to see if I get the 0.9% APR. And how long does the check take to come in mail after approval? |
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09-23-2021, 01:45 AM | #115 | |
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22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-23-2021, 06:29 AM | #116 | |
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1. I put down 2021 X5 45e as there was no 2022 option and noted it in my application - they did not have an issue. I financed $80K of my 2022 45e. Even on my loan docs it said "2021" even though it was a 2022 but no one seemed to care. 2. I had to call them and inform them that I had used a TrueCar dealer to get the promotional rate. 3. They requested the final purchase agreement before approving the loan. Which was annoying because the dealer hadn't processed my penfed rebate and it showed cash owed more than I was financing. I kept telling them that I would make up the difference with cash / rebates but it took me a while to get to an underwriter who would approve it because the customer service reps just wanted to see the amount financed somewhere on the purchase agreement. 4. Once approved they were very slow in providing instruction / remitting funds. I had to continuously call them to get it processed in a timely manner. Letting them know I had scheduled my purchase in the next few days helped get them off their butt. 5. They will send you a check made to you and your dealer which will needed to be signed by both parties to become effective. 6. They will send it to you via snail mail (5-7 business days) unless you opt for expedited shipping (2-day or overnight) it costs an additional 15-25$ depending on what you select. You need to have funds in your PenFed account to pay for the expedited shipping. 7. Once the deal is completed, you need to submit to them proof of insurance and a completed lending disclosure as well as a copy of the title showing them as lien holder. Hope that helps. |
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09-23-2021, 08:21 AM | #117 | |
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Thanks for this step by step. I will note this is just one variation of the end to end. Depending on the dealer, they may either be hands off and you do the admin work as you described, or dealer handles most of it for you. One local dealer told me Penfed is on a list of "known lenders" that they prefer to handle most of the admin work. You put the app it, and there is a hand off process to the dealer. You touch the loan minimum times, but mostly on signing day where you show up with the down, insurance etc. They handle all filings, check and title disbursements.
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08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-23-2021, 10:46 AM | #118 | |
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Yes a pre-approval blank check has to be between $20k and $50k, if you're not within that range another good reason to talk w/ a human. Pre-approval packet with check came within a week but they mentioned they could expedite it overnight. The pre-approval packet mentions it's only for 2020 & 2021 cars, but like the PenFed code it doesn't matter. Everything went through fine for a 2022 X5. Last edited by taek; 09-23-2021 at 10:55 AM.. |
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09-23-2021, 10:53 AM | #119 |
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PenFed auto loan was seamless for me, I didn't provide the any car detail or purchase agreement, yet they sent me a blank check good for $50K max.
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09-23-2021, 11:21 AM | #120 |
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09-23-2021, 02:02 PM | #121 |
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Got some PMs regarding how the rebates work in CA, will share here to help other as well.
I think per CA law, all rebates are supposed to come off the after-tax price not MSRP. For example, if your MSRP is $75K and dealer gives you a $5K discount, then your after tax/fees (say 10%) cost is ($75K-$5K) * 110% = $77K. Finally...with $3250 PenFed rebate and $1500 CA clean fuel, your true out-of-pocket cost will be $77K - $3.2K - $1.5K ~= $72.2K |
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09-23-2021, 03:22 PM | #122 | ||
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This helps, thank you for providing the details and step by step! |
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09-23-2021, 03:54 PM | #123 | |
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22 Phytonic/Coffee X5 45e (CoVID-free)
08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-23-2021, 09:43 PM | #124 |
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I just called PenFed to try to apply for 0.99 Truecar-Penfed. The loan rep told me there's nothing I could do because the only way was to click through the inventory on the TrueCar referral website, and buy a lised a car.
What's the hack for an ordered car? My dealer is a marketing affiliate on TrueCar.
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08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-24-2021, 02:33 AM | #125 | |
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I am also looking at DCU auto loan, they have 1.49% APR and additional 0.25% rate discount for energy efficiency - Vehicle must have an EPA fuel economy rating of 35 MPG or 35 MPGe combined city/highway. 45e should qualify. |
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09-24-2021, 05:12 AM | #126 | |
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Just make sure you've been connected with the dealership via their car buying service. Then call and say, I used the car buying service. All they do to verify is call TrueCar to see if the dealer your using is indeed one with a TrieCar partnership and one that you've been connected with. That's all. The reps are either misinformed or intentionally misleading. |
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09-24-2021, 08:53 AM | #127 | |
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How do i connect via the car buying service when the car is ordered directly by me with dealer?
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08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-24-2021, 11:38 AM | #128 |
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I've contacted 6 dealers and most are pushing back on the PenFed Rebate, for one of two reasons. ;(
1. Either flat out: "I am familiar with PEN FED we can not offer it .We can offer loyalty or corporate type g or USAA - But not PEN FED" 2. Or logistically, saying paperwork states 2021 and any 45e today forward is a 2022. It's quite frustrating. . . I'm envious of those that have been successful without a clawback or hiccup. To boot, we're running against a clock now for builds, as one area that is clear is you must take delivery of vehicle by Jan 3, 2022. Last edited by dananelson1; 09-24-2021 at 11:56 AM.. |
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09-24-2021, 11:57 AM | #129 | ||
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PenFed calls TrueCar to verify that you used their service and all TrueCar checks is if the dealer you're using is indeed one that they "referred" you to. |
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09-24-2021, 12:51 PM | #130 | |
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I know you've worked with SF on it, and that's where I'm going to process it. I'll relay on my prior convo with the GM and strategy on this, i.e. show up with a valid J code, (thinking of photoshopping 2022 on it), and insisting that they process it. I'll sign a doc for possible clawback. In my convo, SF said they are familiar with processing it (can't imagine it's any different than any other incentive), and that they will give it a go. Ultimately, how I understand this is that it's "credit risk". You can ultimately be not eligible, but BMW corp has 60 days to contest your eligibility, bc corp reimburses the dealer. I'll emphasize again, as long as the dealer processes the rebate, all of us regardless of dealer used is at the mercy of the audit/clawback. Corp makes the audit decision, your dealer makes the "credit" decision on whether they think you'll get audited and will be dragged through the clawback. Also note, the more you make it a big deal to the sale guy, the more they'll question it and hedge on not processing it. They don't want to overpromise, and you may have sabotaged your own attempt and other's attempt with this.
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08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) Last edited by Flying Ace; 09-24-2021 at 01:07 PM.. |
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09-24-2021, 12:59 PM | #131 | |
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Ultimately, as long as you buy from the same dealer, they just check that record. It's simply a record of a successful sales lead. It does not have to be the car you feigned interested in. All makes sense now. So when I apply directly with PenFed, I simply state I used Truecar and want the 0.99, and PenFed verifies the record and that's it.
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08 Speed Yellow 911 GT3 Sharkwerks 12 AW/Cinnamon X5d Sports Pkg (retired) 14 AW/Beige M6GC ZCP, MPE, V2 steering wheel, vorsteiner (retired) 08 SSII/Black E90 M3 (retired) |
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09-24-2021, 02:31 PM | #132 | ||
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You can call TrueCar and verify that they have your dealer connection verified before you call PenFed as well just to be safe. They're more knowledgeable about the program than the PenFed reps. |
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