09-03-2021, 08:40 AM | #1 |
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Just an FYI for those looking for financing.
I was under the impression that to qualify for PenFed's promotional rate, you needed to use their car buying service, ie, that you had to purchase a specific vehicle that you were connected with via TrueCar. This was what the PenFed reps told me as well. I called TrueCar and they had a different story. According to their reps, all I needed to do was purchase a vehicle from a participating dealership that I was "connected with" via the car buying service. PenFed verifies the promotion validation via TrueCar so all I had to do was tell the loan rep that I had purchased via the car buying service, they call TrueCar which will then will confirm that I was indeed connected with the dealership that I'm purchasing from via TrueCar (even though I custom ordered). I can confirm now that PenFed has approved the promotional rate (0.99%) for 60months. Hope this helps others because it was very vague (and on PenFed's side, misleading) on how to actually get the promotional rate. I am now just waiting for 60 day hold period to complete before purchasing next week to get the $3,250 incentive… |
09-03-2021, 09:16 AM | #2 |
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I am actually applying now since I pick up next week. Did you apply first then call the rep?
It is definitely confusing at penfed since there is no way to directly apply for the promotional rate or at least I cannot find it. |
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09-03-2021, 09:35 AM | #3 | |
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Also, I would initiate a TrueCar search via their website and make sure the dealer you're working with is on there. Not sure if it matters but just to be safe. |
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09-03-2021, 12:01 PM | #4 |
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Do you need to go through any of this to get the $3,250 rebate? Seems that just populates and can be printed from their site after the 60 day mark. Are there any requirements with the balance or any other type of activity for it to be considered active for 60 days besides creating the account?
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09-03-2021, 12:26 PM | #5 | |
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09-03-2021, 12:48 PM | #6 | ||
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09-03-2021, 12:50 PM | #7 | |||
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09-03-2021, 01:34 PM | #9 |
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09-03-2021, 03:42 PM | #10 |
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I'm interested in understanding the PenFed rebate better, how do I go about receiving that?
I placed an order two weeks ago with my local BMW dealer (part of the Truecar network), and should get the car at the end of the month. Thanks! EDIT: After going through the Penfed site I came across the "BMW Manufacturer Incentive Offer Form" and that has the info I was looking for. Now to see if my dealer will honor it. Last edited by Simmel; 09-03-2021 at 03:57 PM.. |
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09-03-2021, 03:52 PM | #11 | |
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09-03-2021, 04:32 PM | #12 | |
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09-03-2021, 10:45 PM | #13 |
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The offer form only states it's valid for 2020 and 2021 models? Any one tried with 2022 models or is this implied?
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09-04-2021, 06:37 AM | #14 |
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09-04-2021, 11:30 AM | #16 |
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09-04-2021, 11:58 AM | #17 | |
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I will note that BMW seems to be moving towards ID.me for military discounts, so I don't expect the Penfed program to be around for long. |
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09-04-2021, 12:00 PM | #18 | ||
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https://g05.bimmerpost.com/forums/sh....php?t=1853702 Quote:
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09-04-2021, 01:31 PM | #19 |
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The PenFed rebate is not intended to be a military rebate. You don't need to be military to have a PenFed account and they make it very clear ALL accounts are eligible for the rebate. Has nothing to do with military.
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09-04-2021, 04:20 PM | #20 | |
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BMW now uses ID.me on their website as well as partnering with TrueCar which uses ID.me to determine military status. Given that, we will likely see PenFed being dropped from the program in the future.
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09-04-2021, 06:56 PM | #21 | ||
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09-04-2021, 07:03 PM | #22 |
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You are misunderstanding that rebate, it is not PenFed's rebate to give. It is BMW's military rebate subject to the rules set by BMWFS. PenFed has no control over the rules. If it was easy to differentiate between members, BMWFS would have had them do that but evidently it isn't so easy to do. Just like with USAA, not all of their members were eligible, they could be separated out due to how USAA set up their insurance eligibility I believe.
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