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      01-12-2020, 07:09 AM   #1
TrueCLT
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Rate Lock

Question, my understanding is that the rate lock expires after 60 days is this true? If I ordered in December but won't take delivery until March can i still use December rates?
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      01-12-2020, 08:32 AM   #2
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Correct on 60 day lock so in your case you would have to use March rates if you take delivery that month.
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      01-12-2020, 08:51 AM   #3
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This is correct. 60 days for sure but I think I remember reading that it's 90 days for West Coast Dealers which I guess makes sense. We ordered 2 BMWs 7/17/19. Took delivery of our M340i on 9/11, rate was locked. Took delivery of our X5 on 10/30, rate was NOT locked. Fortunately incentives hadn't changed but I did notice BMW had to pull credit again. Wasn't thrilled about that second inquiry but oh well.
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      01-12-2020, 04:48 PM   #4
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Quote:
Originally Posted by coolerbythelake View Post
This is correct. 60 days for sure but I think I remember reading that it's 90 days for West Coast Dealers which I guess makes sense. We ordered 2 BMWs 7/17/19. Took delivery of our M340i on 9/11, rate was locked. Took delivery of our X5 on 10/30, rate was NOT locked. Fortunately incentives hadn't changed but I did notice BMW had to pull credit again. Wasn't thrilled about that second inquiry but oh well.
Thanks for the info. I locked in the beginning of December but wonít take delivery until the end of February so looks like BMW will need to do another credit pull. Hopefully incentives donít get worse next month than what I currently have: $2,000 APR & 2.99%

My CA told me those are locked but perhaps heís not realizing Iíll be beyond 60 days when I take delivery.
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      01-12-2020, 05:59 PM   #5
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Quote:
Originally Posted by Wxnatscaps View Post
Quote:
Originally Posted by coolerbythelake View Post
This is correct. 60 days for sure but I think I remember reading that it's 90 days for West Coast Dealers which I guess makes sense. We ordered 2 BMWs 7/17/19. Took delivery of our M340i on 9/11, rate was locked. Took delivery of our X5 on 10/30, rate was NOT locked. Fortunately incentives hadn't changed but I did notice BMW had to pull credit again. Wasn't thrilled about that second inquiry but oh well.
Thanks for the info. I locked in the beginning of December but won’t take delivery until the end of February so looks like BMW will need to do another credit pull. Hopefully incentives don’t get worse next month than what I currently have: $2,000 APR & 2.99%

My CA told me those are locked but perhaps he’s not realizing I’ll be beyond 60 days when I take delivery.
It's 60 days from last date of the month you sign on. I'm in the same exact position.
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      01-12-2020, 06:22 PM   #6
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Originally Posted by VitaRenee View Post
It's 60 days from last date of the month you sign on. I'm in the same exact position.
I didnít realize that, thanks. Since thatís the case, looks like Iíd be fine unless my PCD is pushed into early March.
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      01-12-2020, 06:23 PM   #7
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Quote:
Originally Posted by VitaRenee View Post
It's 60 days from last date of the month you sign on. I'm in the same exact position.
So, i signed in mid december, i should be locked till the end of february, correct? I'm trying to delay delivery for a week or so into mid february to take advantage of the penfed rebate which requires 60 days of an active account which I started after I signed with my dealer to build our g05
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      01-12-2020, 06:29 PM   #8
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Quote:
Originally Posted by VitaRenee View Post
It's 60 days from last date of the month you sign on. I'm in the same exact position.
So, i signed in mid december, i should be locked till the end of february, correct? I'm trying to delay delivery for a week or so into mid february to take advantage of the penfed rebate which requires 60 days of an active account which I started after I signed with my dealer to build our g05
Correct.
My situation is I signed and started my build last week of November, in December I re-locked my rate (no change from November) because was told I would most likely have delivery in February.
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      01-12-2020, 07:18 PM   #9
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Quote:
Originally Posted by VitaRenee View Post
Correct.
My situation is I signed and started my build last week of November, in December I re-locked my rate (no change from November) because was told I would most likely have delivery in February.
Smart move.
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      01-13-2020, 06:17 AM   #10
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Does anyone know how this works with Performance Center delivery? I locked in mid Dec and assume production will be completed sometime late Feb putting my actual delivery sometime early/mid March. Is paperwork signed weeks before to PC delivery to stay in the window?
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      01-13-2020, 06:47 AM   #11
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Does anyone know how this works with Performance Center delivery? I locked in mid Dec and assume production will be completed sometime late Feb putting my actual delivery sometime early/mid March. Is paperwork signed weeks before to PC delivery to stay in the window?
Usually your lease/finance contract is finalized around 1 to 2 weeks before delivery as your dealer needs to send the vehicle release form to PDC in order for you to take delivery.

Depending on the date of your PDC delivery - for example early March, your dealer may have you complete your lease/financing at the end of February or you can press to them to see if you can sign at exactly day 60 if Feb rates and incentives are poop.

For example, here's my vehicle order and PDC timeline:
- 09/21 Ordered, rates (3yr/12K 55% residual, 0.00128MF) and incentives ($1250 loyalty) locked for Sep, $500 deposit, signed custom order and locked sale price with purchase order
- 09/24 Production number received
- 10/03 Scheduled for production, no week assigned
- 10/29 VIN received, production begins
- 11/08 PDC delivery confirmed and scheduled for 12/13
- 11/08 Production date
- 11/15 Production complete
- 11/29 Finalized lease contract (new credit app) with Nov rates (3yr/12K 57% residual, 0.00128MF) and incentives ($1250 loyalty, $500 USAA)
- 11/29 Submit and confirmed BMWCCA rebate application online
- 12/12 Fly to GSP
- 12/13 PDC!!!
- 01/08 BMWCCA rebate application staff review complete and transmitted to BMWNA for approval and processing
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Last edited by Auricom; 01-13-2020 at 10:01 AM..
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      01-13-2020, 09:52 AM   #12
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Excellent. Thank you! Still awaiting a production number so imagine it will be somewhat close but should be completed in Feb.
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      01-14-2020, 11:04 AM   #13
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I was told by a my sales person here in the northeast that rates from December can't be locked and carry over into a new year. Can anyone confirm that this is incorrect?

I know incentives do not, but my understanding was that MF / residual would for 60 days (if credit is run)regardless of whether or not that falls at the end of the year.
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      01-14-2020, 11:23 AM   #14
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Quote:
Originally Posted by pbreezy824 View Post
I was told by a my sales person here in the northeast that rates from December can't be locked and carry over into a new year. Can anyone confirm that this is incorrect?

I know incentives do not, but my understanding was that MF / residual would for 60 days (if credit is run)regardless of whether or not that falls at the end of the year.
I've never heard that for either rates or incentives. I was told they are both locked for 60 days. I probably need to extend mine as it might be over 60 days.
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      01-14-2020, 11:31 AM   #15
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Quote:
Originally Posted by pbreezy824 View Post
I was told by a my sales person here in the northeast that rates from December can't be locked and carry over into a new year. Can anyone confirm that this is incorrect?

I know incentives do not, but my understanding was that MF / residual would for 60 days (if credit is run)regardless of whether or not that falls at the end of the year.
Agree with karateboi87...both incentives AND rates can be carried over from December to January. California allows for 90 day lock while other states are 60 days (and I recently learned that's 60 days from the last day of the month you locked in...so if you locked on December 19, the 60 day clock starts on December 31).
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      01-14-2020, 11:35 AM   #16
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Quote:
Originally Posted by Wxnatscaps View Post
Agree with karateboi87...both incentives AND rates can be carried over from December to January. California allows for 90 day lock while other states are 60 days (and I recently learned that's 60 days from the last day of the month you locked in...so if you locked on December 19, the 60 day clock starts on December 31).
Was not aware the start date is from end of the month of rate lock, then I'm good
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      01-15-2020, 08:28 AM   #17
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Interesting thread, great conversation.

So I have a X5 2020 on order, and I signed my quote sheet first week of December. I expect the car will show up end of Feb. Since then the BMW interest rates on leases have dropped 1%. I feel I should be able to negotiate the final contract with the new rates in place.

I assume I am correct? This is my first time ordering a car from factory.
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      01-15-2020, 09:29 AM   #18
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Quote:
Originally Posted by FishJ View Post
Interesting thread, great conversation.

So I have a X5 2020 on order, and I signed my quote sheet first week of December. I expect the car will show up end of Feb. Since then the BMW interest rates on leases have dropped 1%. I feel I should be able to negotiate the final contract with the new rates in place.

I assume I am correct? This is my first time ordering a car from factory.
Yes, you are correct. You get the best of both worlds when locking - if rates/incentives worsen when you "sign", you keep the more favorable rates/incentives. If they improve, you can get the better rates/incentives.
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      01-15-2020, 10:30 AM   #19
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Quote:
Originally Posted by FishJ View Post
Interesting thread, great conversation.

So I have a X5 2020 on order, and I signed my quote sheet first week of December. I expect the car will show up end of Feb. Since then the BMW interest rates on leases have dropped 1%. I feel I should be able to negotiate the final contract with the new rates in place.

I assume I am correct? This is my first time ordering a car from factory.
I'm pretty sure the December rates were better when you signed versus what they are now. The 1% drop you're referring to might be the residual, not the interest rates. And that residual drop would actually increase your lease payment. The interest rates for leasing (i.e., the money factor) went up from 0.00128 to 0.00137 between December and January, which again, would increase your lease payment. I'm pretty sure if you locked in December, you got the best rates thus far. But assuming for whatever reason your December rates/incentives when you locked were worse than they are now or what they will be in February, as Wxnatscaps correctly said, you get the more favorable rates/incentives.
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      01-15-2020, 11:09 AM   #20
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BMW Canada had lease interest rates at 4.99% in December and now are advertised at 3.99% for a 48 month lease. This is what I was referring to.

Residuals were at 49% at the time, but those are not advertised on the BMW website. Not sure if they have changed.
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      01-15-2020, 11:17 AM   #21
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Quote:
Originally Posted by FishJ View Post
BMW Canada had lease interest rates at 4.99% in December and now are advertised at 3.99% for a 48 month lease. This is what I was referring to.

Residuals were at 49% at the time, but those are not advertised on the BMW website. Not sure if they have changed.
Oh okay, got ya! Either way, you'll get the best rate between Dec/Jan/Feb at the time you pick up the car.
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