[Flying Ace]

Hi, figured I'll help ppl out to piece together all the minimal lead times (sorted from shortest turn times) to expect for an ordered X5 along with financing, BMWCCA and Penfed rebate.

1. PenFed Car Loan (loan app date to conditional approval) + (doc review) + ( Truecar 0.99 eligibility review ) + (check delivery):
3 + 1 + 1 + 5 = 10 business days
Note check expires 30 days from final loan approval date

2. Vehicle manufacturing (Scheduled for prod to Awaiting Carrier) + Delivery (Dispatched to dealership):

West Coast 24 +26 = 50 days
Central/Plains 24 + 11 = 35 days (very rough)
East Coast 24+ 7 = 31 days (very rough)
Canada East 24 + ?
Canada West 24 + ?

(Those who took delivery in plain states, north East, Mountain, Canada let me know your Dispatched to Dealership days and I'll update this)

3. PenFed Rebate Code Generation: Midnight EST on the 61st day from the 1st account opening welcome email date.

4. BMWCCA new member rebate eligibility w/ 3 year purchase: car delivery date shall occur at least 6 months from membership date.


Truecar 0.99 hack:
1. go to Truecar bmw website
2. enter exact zip code of dealership
3. select any car offered
4. enter information to receive Truecar offer, maintain email, name, phone consistency with your loan app info
5. Truecar offer from dealer will be email to you, details will confirm the dealer name
6. Within 1-2 days upon loan conditional or final approval, (but before they cut you a check), email/call penfed and state that you used truecar car buying service and provide details of who you are.
7. receive confirmation in email that you qualified for 0.99

[Gstahl]

If you are a vet or in the military receive the same military discount as penfed in minutes… https://www.bmwusa.com/special-offer...incentive.html

[GrussGott]

Originally Posted by Gstahl

If you are a vet or in the military receive the same military discount as penfed in minutes… https://www.bmwusa.com/special-offer...incentive.html

Granted BMW's documentation and dealerspeak is bureaucratically lagging ... nevertheless it would appear there's:

(1.) The BMW PenFed rebate, available to anyone, is the same rebate available at many brands (honda, toyota, nissan, etc), and requires a buyer be a PenFed member for > 60 days & not use BMWFS financing.

(2.) The BMW military incentive which is numerically similar, but bureaucratically faster via ID.me.

This appears to be functionally what's in place ... while the dealerspeak & documentation is lagging what is functionally available ...

Is that how it worked for you?

That is, you got a rebate with the same $, also admin'd by PenFed, but with fewer requirements than a non-vet?

[MadameLV85]

Originally Posted by Flying Ace

Hi, figured I'll help ppl out to piece together all the minimal lead times (sorted from shortest turn times) to expect for an ordered X5 along with financing, BMWCCA and Penfed rebate.

1. PenFed Car Loan (loan app date to conditional approval) + (doc review) + ( Truecar 0.99 eligibility review ) + (check delivery):
3 + 1 + 1 + 5 = 10 business days
Note check expires 30 days from final loan approval date

2. Vehicle manufacturing (Scheduled for prod to Awaiting Carrier) + Delivery (Dispatched to dealership):

West Coast 24 +26 = 50 days
Central/Plains 24 + 11 = 35 days (very rough)
East Coast 24+ 7 = 31 days (very rough)
Canada East 24 + ?
Canada West 24 + ?

(Those who took delivery in plain states, north East, Mountain, Canada let me know your Dispatched to Dealership days and I'll update this)

3. PenFed Rebate Code Generation: Midnight EST on the 61st day from the 1st account opening welcome email date.

4. BMWCCA new member rebate eligibility w/ 3 year purchase: car delivery date shall occur at least 6 months from membership date.


Truecar 0.99 hack:
1. go to Truecar bmw website
2. enter exact zip code of dealership
3. select any car offered
4. enter information to receive Truecar offer, maintain email, name, phone consistency with your loan app info
5. Truecar offer from dealer will be email to you, details will confirm the dealer name
6. Within 1-2 days upon loan conditional or final approval, (but before they cut you a check), email/call penfed and state that you used truecar car buying service and provide details of who you are.
7. receive confirmation in email that you qualified for 0.99

Did PenFed verify income documents?

[Flying Ace]

Originally Posted by MadameLV85

Did PenFed verify income documents?

Absolutely. Income was the only docs that you provide directly. That part is the 1 day built in for doc review. Also PenFed is apparently is high credit quality lender. I heard you have to be in the 700s.

[Gstahl]

Originally Posted by GrussGott

Is that how it worked for you?

That is, you got a rebate with the same $, also admin'd by PenFed, but with fewer requirements than a non-vet?

I have sent the info to my SA and he said it is what they need, I have completed the purchase so not sure if there is any catches at the end (again I am not worried as I have been a penfed member for the last couple years).

[Gstahl]

Just wanted to say thanks for this write up very helpful...

I followed the process, worked great so far, a few notes...

- my penfed loan was approved right online so it was pretty quick (no delays at all). BUT... do not do what I did... I went to the last step (how do I get my check) and saved there before answering how I get my check. That is likely one step too far.

I called to get the truecar rate attached and she had no problem with the rate discount but then said the loan was complete and the check would be sent out. Oops. Car is done but not sure exactly when it arrives on the west coast so I started my 30 day clock on my check. Hopefully will not matter but I would stop right after approval until you know you want your check.

That's all I got. Thanks again to everyone on the site.

Geoff

[MadameLV85]

Originally Posted by Flying Ace

Absolutely. Income was the only docs that you provide directly. That part is the 1 day built in for doc review. Also PenFed is apparently is high credit quality lender. I heard you have to be in the 700s.

I tried anyways since I have excellent credit. I got approved without verification of income. I'm self employed, so I was hoping that would be the case.

[Flying Ace]

Originally Posted by MadameLV85

I tried anyways since I have excellent credit. I got approved without verification of income. I'm self employed, so I was hoping that would be the case.

There's a "conditional approval" and then an final approval. You're conditionally approved based on stated income and Pefend validating credit score through credit pull. Final approval is contingent on proving your income via paystubs. Are you sure you're not just in the conditional approval stage? The initial email is very clear what your status is.

I ask bc I too have excellent credit (810+ tri-bureau) and my stated income is very high, but they still required income docs. Another factor could be length of customer history and whether you already have credit with Penfed

[Flying Ace]

Originally Posted by Gstahl

Just wanted to say thanks for this write up very helpful...

I followed the process, worked great so far, a few notes...

- my penfed loan was approved right online so it was pretty quick (no delays at all). BUT... do not do what I did... I went to the last step (how do I get my check) and saved there before answering how I get my check. That is likely one step too far.

I called to get the truecar rate attached and she had no problem with the rate discount but then said the loan was complete and the check would be sent out. Oops. Car is done but not sure exactly when it arrives on the west coast so I started my 30 day clock on my check. Hopefully will not matter but I would stop right after approval until you know you want your check.

That's all I got. Thanks again to everyone on the site.

Geoff

you'll be fine. Check my delivery timeline in first post. If you got the check cut by "awaiting carrier assignment", you should have enough time to pick up the car by at least 2 weeks.

[MadameLV85]

Originally Posted by Flying Ace

There's a "conditional approval" and then an final approval. You're conditionally approved based on stated income and Pefend validating credit score through credit pull. Final approval is contingent on proving your income via paystubs. Are you sure you're not just in the conditional approval stage? The initial email is very clear what your status is.

I ask bc I too have excellent credit (810+ tri-bureau) and my stated income is very high, but they still required income docs. Another factor could be length of customer history and whether you already have credit with Penfed

I'm a real estate and mortgage broker so I'm well versed on financing. I was fully approved with no conditions and can have the check mailed out immediately. I confirmed this by calling them after getting the approval. I have no credit with them and don't carry a balance in my checking account at PenFed. This could be because I'm self-employed? I'm moving forward with SchoolsFirst though as they're giving me a better rate and I can still use the PenFed rebate. SchoolsFirst had me conditionally approved but waived the income requirement upon asking. I do have funds w/SchoolsFirst and have a credit card and credit line with them.

I wonder if it could also have to do that I'm putting nearly 40% down and my payment will be the same as the current lease I have on credit that's about to close. There are too many factors, but the automated underwriting system and/or underwriter can waive conditions based on compensating factors.

[Jpflo]

Originally Posted by Flying Ace

Absolutely. Income was the only docs that you provide directly. That part is the 1 day built in for doc review. Also PenFed is apparently is high credit quality lender. I heard you have to be in the 700s.

Income docs not always needed. I just did PenFed loan process and was fully approved online with no docs. ~800 credit and only a minimal amt of $$ in my PenFed account (just enough to keep account open, basically). No other accounts with them. FWIW, I had same experience a few years ago when I bought a 4Runner....fully approved online, got the draft. But went to dealer, they got me a better deal through a different lender (JPMChase), so ended up tearing up the draft.

[cltx5]

I'm trying to read through the various threads before I buy an X5 x40i but seem a little lost.

I am not military (have cousins/extended family)
I am not a BMW CCA member (think that takes min 6mth with 3yr membership)
I don't own an existing BMW (have friends/family that do)
I signed up through my employer for Corporate Sales Program CSP and have a certificate but don't know what the actual incentive is (says no BMW within 12mths and have to finance or lease with BMW FS NA)
I could finance, lease, or buy car in cash (or partial credit card for points if they allow that)
All the dealers here basically say MSRP is pricing
I'm frustrated that several options and things are not avail due to supply chain yet price is same so considering waiting but we need a car at some point

So what options do I have to save off MSRP? Does the Truecar thing work for me as well? Should I get my own financing/pay cash or go through BMW? Do I call various dealers with my exact order and ask them what they can do? Do I pay MSRP and just try to negotiate other things like some accessories?

[Flying Ace]

Originally Posted by MadameLV85

I'm a real estate and mortgage broker so I'm well versed on financing. I was fully approved with no conditions and can have the check mailed out immediately. I confirmed this by calling them after getting the approval. I have no credit with them and don't carry a balance in my checking account at PenFed. This could be because I'm self-employed? I'm moving forward with SchoolsFirst though as they're giving me a better rate and I can still use the PenFed rebate. SchoolsFirst had me conditionally approved but waived the income requirement upon asking. I do have funds w/SchoolsFirst and have a credit card and credit line with them.

I wonder if it could also have to do that I'm putting nearly 40% down and my payment will be the same as the current lease I have on credit that's about to close. There are too many factors, but the automated underwriting system and/or underwriter can waive conditions based on compensating factors.

Actually, the down payment is likely the factor. I was 0% down!

[bimmer_fast]

4. BMWCCA new member rebate eligibility w/ 3 year purchase: car delivery date shall occur at least 6 months from membership date.

My delivery date is around Feb 2022, and I opened CCA membership paid only for one year from Jan 2022- Dec 2022, will I still be qualified for the rebate?

[Flying Ace]

Originally Posted by wanmeiyanzi

4. BMWCCA new member rebate eligibility w/ 3 year purchase: car delivery date shall occur at least 6 months from membership date.

My delivery date is around Feb 2022, and I opened CCA membership paid only for one year from Jan 2022- Dec 2022, will I still be qualified for the rebate?

You need to renew your membership.

[bimmer_fast]

Originally Posted by Flying Ace

You need to renew your membership.

So, at lease 2 years of membership needed?

[Flying Ace]

Originally Posted by bimmer_fast

So, at lease 2 years of membership needed?

1 rebate per calendar year

[bimmer_fast]

Originally Posted by Flying Ace

1 rebate per calendar year

Originally Posted by Flying Ace

1 rebate per calendar year

I just renewed to the end of 2022. Just 1 year not 3 years , my delivery is Feb 2022 when can I get the 1000? Is that a check ?

[TurtleBoy]

Originally Posted by bimmer_fast

4. BMWCCA new member rebate eligibility w/ 3 year purchase: car delivery date shall occur at least 6 months from membership date.

My delivery date is around Feb 2022, and I opened CCA membership paid only for one year from Jan 2022- Dec 2022, will I still be qualified for the rebate?

No, not if this was a new membership and not a renewal. You need to be a member for one year before applying for the rebate. That period is reduced to 6 months if you buy a three year non-refundable membership.

[DuskPhilosophy]

Originally Posted by bimmer_fast

I just renewed to the end of 2022. Just 1 year not 3 years , my delivery is Feb 2022 when can I get the 1000? Is that a check ?

Reading between the lines a little bit, I think you incorrectly wrote that you just renewed a membership for Jan-Dec 2022, but left out that you’ve already had a membership for 1 year. As long as delivery happens 12 months after membership you get your rebate. Even without paying for the 3 year membership. Thats just a way to get your rebate after 6 months instead of 12.