[alabesky]

Just curious what kind of finance rates are you guys getting recently?
Three dealers been telling me 3.99% but the website clearly states 2.99%.

Also is it true that you dont get loyalty if you bring your own financing?

Thanks!

[G05 7074]

Originally Posted by alabesky

Just curious what kind of finance rates are you guys getting recently?
Three dealers been telling me 3.99% but the website clearly states 2.99%.

Also is it true that you dont get loyalty if you bring your own financing?

Thanks!

Dealers generally tack on 1% to earn a cut.

[TurtleBoy]

As mentioned, dealers can mark up the rate up to 1% extra. Yes, you need to finance/lease in order to get the loyalty incentive.

[alabesky]

Originally Posted by G05 7074

Dealers generally tack on 1% to earn a cut.

But im financing directly through bmwfs, bmw is advertising at 2.99%.

So even if i apply through the website (which they eventually will tell me to do) and i get approved for 2.99% they will tack on the 1%?

Makes no sense to me the dealers are doing this while bmwusa website is advertising 2.99%

[TurtleBoy]

Originally Posted by alabesky

But im financing directly through bmwfs, bmw is advertising at 2.99%.

So even if i apply through the website (which they eventually will tell me to do) and i get approved for 2.99% they will tack on the 1%?

Makes no sense to me the dealers are doing this while bmwusa website is advertising 2.99%

All pricing and financing goes through the dealers so they set the price and can mark up the rate.

[alabesky]

Originally Posted by TurtleBoy

All pricing and financing goes through the dealers so they set the price and can mark up the rate.

👍🏼 thanks for clarifying.
I guess it probably makes more sense to bring my own financing!

[TurtleBoy]

Originally Posted by alabesky

👍🏼 thanks for clarifying.
I guess it probably makes more sense to bring my own financing!

You need to run the numbers, it may not when loyalty is involved.

Getting back to the 2.99% on the BMW site, it says on there that the rate is only available at participating dealers. Nowadays it seems most do not participate and mark it up.

[alabesky]

Originally Posted by TurtleBoy

You need to run the numbers, it may not when loyalty is involved.

Getting back to the 2.99% on the BMW site, it says on there that the rate is only available at participating dealers. Nowadays it seems most do not participate and mark it up.

Yah, taking the $1000 loyalty into consideration, im about breaking even between 2.99% and 3.99%. Which makes the loyalty credit useless, or I'll just have to pay it off a couple days after signing.

[Ultbruin]

Sounds like I’ll be paying it off early.

[ChillyB]

Originally Posted by Ultbruin

Sounds like I’ll be paying it off early.

FWIW I joined Pen Fed credit union last year to take advantage of their discount. Sadly they stopped offering it on BMWs this year - but I just got my VIN today and was able to get a 1.99 % 60 month loan from Pen Fed in about 5 minutes online. Could not have been easier. Strongly recommend.

[1Mors]

Originally Posted by alabesky

Just curious what kind of finance rates are you guys getting recently?
Three dealers been telling me 3.99% but the website clearly states 2.99%.

Also is it true that you dont get loyalty if you bring your own financing?

Thanks!

That's normally a negotiation tactic. if you buy this or that such as maintenance programs they will show you how it's paid for by them dropping the rate to 2.99% to help you out.

They make it sound like you are being handled with personal attention, getting a better finance deal while selling you the super profitable program. The BMW Rate is 2.99% right now don't let them tell you different. When the deal is completed you will be billed by BMW finance so the rate is published at 2.99%

[alabesky]

Originally Posted by ChillyB

FWIW I joined Pen Fed credit union last year to take advantage of their discount. Sadly they stopped offering it on BMWs this year - but I just got my VIN today and was able to get a 1.99 % 60 month loan from Pen Fed in about 5 minutes online. Could not have been easier. Strongly recommend.

👍🏼 I thought about going that route too as I've also been a member for quote a while.
Im waiting for an allocation before i do the pre-approval.

How was the financing process with penfed? Was it straightforward?

[TurtleBoy]

Originally Posted by ChillyB

FWIW I joined Pen Fed credit union last year to take advantage of their discount. Sadly they stopped offering it on BMWs this year - but I just got my VIN today and was able to get a 1.99 % 60 month loan from Pen Fed in about 5 minutes online. Could not have been easier. Strongly recommend.

BMW, and some other manufactures, pulled the domestic military incentive from them since they opened their membership to everyone a few years ago. Navy Federal CU is now a partner and offers the incentive for BMW, as well as TrueCar of course.

[alabesky]

Originally Posted by 1Mors

That's normally a negotiation tactic. if you buy this or that such as maintenance programs they will show you how it's paid for by them dropping the rate to 2.99% to help you out.

They make it sound like you are being handled with personal attention, getting a better finance deal while selling you the super profitable program. The BMW Rate is 2.99% right now don't let them tell you different. When the deal is completed you will be billed by BMW finance so the rate is published at 2.99%

Last year they would straight up give me 2.49% without playing games. Cant believe with the money they making now they still playing these stupid games to milk the customer to the max. 👎🏼
I'll try negotiate the 2.99 if not, I'll bring my own financing!
Thanks for the info!

[alabesky]

Originally Posted by TurtleBoy

BMW, and some other manufactures, pulled the domestic military incentive from them since they opened their membership to everyone a few years ago. Navy Federal CU is now a partner and offers the incentive for BMW, as well as TrueCar of course.

Dont penfed user truecar? Or i believe they used to collaborate with truecar.

[1Mors]

Originally Posted by alabesky

Last year they would straight up give me 2.49% without playing games. Cant believe with the money they making now they still playing these stupid games to milk the customer to the max. 👎🏼
I'll try negotiate the 2.99 if not, I'll bring my own financing!
Thanks for the info!

You will get 2.99%. It's the going rate. They tried that same move I described on me when I took delivery recently. I got 2.99% and didn't have to buy anything I didn't want to buy like super expensive maintenance programs.

[TurtleBoy]

Originally Posted by 1Mors

T The BMW Rate is 2.99% right now don't let them tell you different. When the deal is completed you will be billed by BMW finance so the rate is published at 2.99%

This is not correct. The rate that you will be charged is the rate that is on the documents that you sign. Dealers are allowed to mark the rate up up to to 1% and many, if not most, are doing that these days. This is similar to how they are allowed to mark the MF up up to .00040 when leasing.

[ChillyB]

Originally Posted by alabesky

👍🏼 I thought about going that route too as I've also been a member for quote a while.
Im waiting for an allocation before i do the pre-approval.

How was the financing process with penfed? Was it straightforward?

It was the easiest loan approval process ever - I was astonished. 1.99% 60 months.

[TurtleBoy]

Originally Posted by alabesky

Dont penfed user truecar? Or i believe they used to collaborate with truecar.

Yes, PenFed uses TrueCar for their buying service. That is separate for the military incentives though.

[1Mors]

Originally Posted by TurtleBoy

This is not correct. The rate that you will be charged is the rate that is on the documents that you sign. Dealers are allowed to mark the rate up up to to 1% and many, if not most, are doing that these days. This is similar to how they are allowed to mark the MF up up to .00040 when leasing.

I bought my car. I got 2.99% even though they wanted to start at 3.99%. They might have the ability to start there but I got 2.99% because I didn't fall for it.

[TurtleBoy]

Originally Posted by 1Mors

I bought my car. I got 2.99% even though they wanted to start at 3.99%. They might have the ability to start there but I got 2.99% because I didn't fall for it.

Yes, but that has nothing to do with what you posted.

[jiggie]

We ended up using PenFed ourselves, worked out really well but threw us off when the check showed up at our house first, lol.