[PittsDriver]

Originally Posted by DrPartagas

Sales Advisor told me yesterday that no early payoff from financing until you hit the 6 month mark. Apparently, one must make 6 payments before you can make a penalty free payoff. I used to like getting a cash/rebate for using financing and then pay it off rather quickly. Is this a dealer specific policy or protocol across the board now? This info came from PA.

This seems like a pretty sleazy tactic lying to you about the financing. I'd bring it up with the sales and business manager at the dealership and copy the general manager. My opening line would be "I'm sure you would want to know about this and can't be something you are proud of in the way your dealership is behaving..."

[jiggie]

Yea - If they would just be upfront and honest, I have zero issues returning the favor. We bought a new house in Texas 3 years ago, while selling our house in Arizona. Once the house in AZ sold, we could pay off the house in Texas... the loan officer said he can tack on some extra discounts, if all we did was wait a few months to payoff the loan otherwise they lose their cut. I had zero issues obliging considering how upfront and hardworking he was with me.

[alabesky]

Originally Posted by jiggie

Yea - If they would just be upfront and honest, I have zero issues returning the favor. We bought a new house in Texas 3 years ago, while selling our house in Arizona. Once the house in AZ sold, we could pay off the house in Texas... the loan officer said he can tack on some extra discounts, if all we did was wait a few months to payoff the loan otherwise they lose their cut. I had zero issues obliging considering how upfront and hardworking he was with me.

👍🏼 I would happily help them out if they were to just be honest. Mutual respect goes both ways!

[lexttu]

Recently got 2.39% at BMW, but through another lender. It's true that you'll lose the loyalty if you don't finance "through" them, but they shop your application to multiple lenders to get you the best rate, even if it's not BMW Financial, and they still get the credit of financing "through" them, and therefore so do you. Best option is to show them your best option (credit union, other bank, etc) and tell them to match it. Surprisingly, they can get pretty close.

[DrPartagas]

Match my butt! I told the BMW sales advisor that I had a written offer from Carmax for my 2019 Ford Limited. New tires, 36,000 miles, hardened bed cover, and sprayed bed liner. Carmax was 1800. lower than the BMW dealership offer. When I asked if they would match it, I was told that Carmax overpays and the BMW dealership would not budge. Period. No compromise, no matching price, no negotiating. I sat in a chair in the showroom for 15 minutes waiting for them to finish huddling in the managers office only to be rewarded with this answer. I find it difficult to believe that a big BMW dealership cannot market a very clean truck knowing that 1,800. is nothing compared to future sales and service to be gained down the road from yours truly. They played small ball with me. Quite insulting. Morons.

[jiggie]

I mean, as frustrating as it is, they aren’t really hurting for business right now being a sellers market. If they don’t sell you a car, they don’t really care because the next person walking in that door might buy.

It’s a crappy market atm 😞

[PittsDriver]

Originally Posted by DrPartagas

Match my butt! I told the BMW sales advisor that I had a written offer from Carmax for my 2019 Ford Limited. New tires, 36,000 miles, hardened bed cover, and sprayed bed liner. Carmax was 1800. lower than the BMW dealership offer. When I asked if they would match it, I was told that Carmax overpays and the BMW dealership would not budge. Period. No compromise, no matching price, no negotiating. I sat in a chair in the showroom for 15 minutes waiting for them to finish huddling in the managers office only to be rewarded with this answer. I find it difficult to believe that a big BMW dealership cannot market a very clean truck knowing that 1,800. is nothing compared to future sales and service to be gained down the road from yours truly. They played small ball with me. Quite insulting. Morons.

Over the years I've found a considerable amount of variability in used car trade-in offers, sometimes thousands of dollars of difference. The used car manager isn't likely the sharpest tool in the box and the only way they get hurt on a trade in is by paying too much. *shrug* take it to CARMAX and let 'em have it.

[DrPartagas]

I spoke to a salesman in another dealership today in PA regarding financing and early payoff without penalty. He said they ask for a gentlemans agreement that you do not payoff your loan for 3 months. However, they cannot force you to abide by this gentlemans agreement. He admitted this to me. This recommendation ensures that the home office gets their money. Oddly, another dealership's salesman in contrast informed me that 6 months was required before any early non penalty payoff. He made it sound as if it were the law.

Get informed before you deal with some of these people. Some are straight shooters and others are treating you like a piece of meat.

It's interesting that some of you sharp guys pointed this out in previous posts.
Good job educating us! Kudos......Preventing you from a quick non-penalty payoff is all about securing more profit. It's unethical and many salesmen won't disclose this to you.

[CyberBear]

I'm bring this one back up since I'm looking for financing now. BMW financing seem a bit higher than credit unions. So far Navy Federal has the lowest rate that I can see.

Has anyone seen anything lower than this?

https://www.navyfederal.org/loans-ca...tes.html#rates

I've been pre-approved for the lowest rate here but figured I would ask just in case there was something out there better.

[alabesky]

Originally Posted by CyberBear

I'm bring this one back up since I'm looking for financing now. BMW financing seem a bit higher than credit unions. So far Navy Federal has the lowest rate that I can see.

Has anyone seen anything lower than this?

https://www.navyfederal.org/loans-ca...tes.html#rates

I've been pre-approved for the lowest rate here but figured I would ask just in case there was something out there better.

👍🏼👍🏼👍🏼 i think this is hard to beat! Even better than Penfed!

[silverstar335]

Originally Posted by CyberBear

I'm bring this one back up since I'm looking for financing now. BMW financing seem a bit higher than credit unions. So far Navy Federal has the lowest rate that I can see.

Has anyone seen anything lower than this?

https://www.navyfederal.org/loans-ca...tes.html#rates

I've been pre-approved for the lowest rate here but figured I would ask just in case there was something out there better.

DCU, especially for a qualified hybrid model, you get an extra 0.25%

[CyberBear]

Originally Posted by silverstar335

DCU, especially for a qualified hybrid model, you get an extra 0.25%

I just checked it out and I'm not eligible to join. I don't work for any of those companies and don't have anyone related who has an account.

[neasoon]

Originally Posted by CyberBear

I just checked it out and I'm not eligible to join. I don't work for any of those companies and don't have anyone related who has an account.

Just pay a couple of bucks to join one of the non-profit orgs listed by DCU.

I paid $10 to join REACH OUT FOR SCHOOLS when I applied for my DCU membership.

[CyberBear]

Originally Posted by neasoon

Just pay a couple of bucks to join one of the non-profit orgs listed by DCU.

Thanks for the tip. I submitted my request to join and I'm just waiting. I wanted to check to see they received the DL pic clearly and realized you can't call them, only email or drive to a MA branch.

Did you have any issues with contacting them to get this process done?

[silverstar335]

Originally Posted by CyberBear

Thanks for the tip. I submitted my request to join and I'm just waiting. I wanted to check to see they received the DL pic clearly and realized you can't call them, only email or drive to a MA branch.

Did you have any issues with contacting them to get this process done?

you can call them and speak with a customer service representative, should not be a problem

[neasoon]

Originally Posted by CyberBear

Thanks for the tip. I submitted my request to join and I'm just waiting. I wanted to check to see they received the DL pic clearly and realized you can't call them, only email or drive to a MA branch.

Did you have any issues with contacting them to get this process done?

Their customer service is good, just sometimes the wait time is long.

Remember to get a preapproval to lock the rate once your membership is approved. DCU rate increased 0.25% recently.

[silverstar335]

Also make sure you setup a monthly deposit which will give you the already advertised and included 0.5% discount.

[CyberBear]

How long did it take your DCU account to be approved?

Edit: They are trying to run my credit just to open an account. Is this normal? I've opened bank accounts before and they do not need to run my credit for a savings account. I know they will run it for the auto loan approval but I'm not trying to get my credit pulled twice. I have a freeze on my credit and they reached out to tell me that they couldn't check my equifax.

[CoachLarry]

So my 45e is ready and PCD is on 5/5/22. emailed CA to ask about BMW interest rates and here is part of his reply; "however with the Military incentives that we discussed previously we must go outside of BMW".

I received $2,000 military discount, but I have never heard of not being able to finance with manufacture because of military discount.

Is this just a BMW thing? Has anyone heard of this? Thanks

[White340]

Originally Posted by CoachLarry

So my 45e is ready and PCD is on 5/5/22. emailed CA to ask about BMW interest rates and here is part of his reply; "however with the Military incentives that we discussed previously we must go outside of BMW".

I received $2,000 military discount, but I have never heard of not being able to finance with manufacture because of military discount.

Is this just a BMW thing? Has anyone heard of this? Thanks

Penfed and dcu have better rates than bmw anyway. Look into them.

[CoachLarry]

Originally Posted by White340

Penfed and dcu have better rates than bmw anyway. Look into them.

We have NFCU but was just curious.

[TurtleBoy]

Originally Posted by CoachLarry

So my 45e is ready and PCD is on 5/5/22. emailed CA to ask about BMW interest rates and here is part of his reply; "however with the Military incentives that we discussed previously we must go outside of BMW".

I received $2,000 military discount, but I have never heard of not being able to finance with manufacture because of military discount.

Is this just a BMW thing? Has anyone heard of this? Thanks

Financing with BMWFS has always possibly effected the amount of the military incentive. It used to be when you used them the incentive would drop to $500 but this year it depends on where you live. The amounts for the incentive and the rules are in you sheet. If you don’t have one yet, which you should probably get, I can post it when I get home later.