[wanderlustX5]

What is the minimum required months we need to finance with Bmw FS in order to receive the 2000$ rebate? I would prefer not to take a loan and pay interest but if it’s just a few months, the rebate would be profitable.

[JayPichardo]

I believe it is $10k

[wanderlustX5]

Originally Posted by NH_F36

I believe it is $10k

do you know how many months? thanks

[salfeet84]

Originally Posted by wanderlustX5

What is the minimum required months we need to finance with Bmw FS in order to receive the 2000$ rebate? I would prefer not to take a loan and pay interest but if it’s just a few months, the rebate would be profitable.

I was told 6 months...

[H0fmeister]

I just took delivery last Saturday and was told to wait 120 days to keep the $2k rebate.

[JayPichardo]

You are not "obligated" to keep the loan but your dealer can get charged back the rebate if you pay it off too soon. Be nice to them, even if you make 3-4 payments you are still coming out ahead.

[ven7782]

Originally Posted by H0fmeister

I just took delivery last Saturday and was told to wait 120 days to keep the $2k rebate.

Are you sure? There is no fine print that states that. My dealer told me 90 days. I asked him, show me where its stated. He couldn't. Then he told me to call BMW FS and confirm. The 2K credit has already been applied to MSRP and I don't think they can take it away.

[wanderlustX5]

some dealers say 3 months and some say 6 months. I don't think it's a huge difference.

[Espejo]

According to the paperwork you have the right to repay the loan at any time without penalty. For $2,000 financing rebate I decided to take the loan. The financing guy said if I did not keep the loan for at least 90 days then they ran the risk of being charged back from BMW for the rebate.

Obviously Jay P knows his stuff and I have found all of this videos extremely helpful. I gave my word so I was just going to pay it off in April. The interest saved on loan if paid off early is not that great. If I kept it the life of the loan then it would be but I figured I would give the dealer this one.

[lumpydog]

My dealer had a min financed of $15K to get the $2k rebate and they asked that I do not pay off for 6 months - but - at closing admitted I could pay off right away.

[bigdaveindubai]

Ok what we did on both vehicles is go to finance and sign all the paperwork for financing 48 months. When we were all done signing the paperwork and now the vehicle is officially ours, we write a personal check while still in finance for total price of the car and hand it to them. We got the 2k rebate fin through bmw on both vehicles. We love our dealer and they take care of us.

[H0fmeister]

Originally Posted by ven7782

Are you sure? There is no fine print that states that. My dealer told me 90 days. I asked him, show me where its stated. He couldn't. Then he told me to call BMW FS and confirm. The 2K credit has already been applied to MSRP and I don't think they can take it away.

I'm not sure as I haven't had time to go back through the paperwork. But that will be done this week so I can get out of the loan and switch to a lower rate (my dealership was not honoring the 2.89% rate special).

[Wichita]

Originally Posted by wanderlustX5

some dealers say 3 months and some say 6 months. I don't think it's a huge difference.

Mine said 4 months is the required period, by law you can’t be required to finance longer than that? I have no idea if this is true or not but for the discount why wouldn’t you?

[wanderlustX5]

Originally Posted by Wichita

Mine said 4 months is the required period, by law you can’t be required to finance longer than that? I have no idea if this is true or not but for the discount why wouldn’t you?

If you have got 2.89% then 3 or 6 months will not make a lot of difference.

[sarafil]

You can pay off immediately, but if you do so too early (60-90 days, can't remember for sure) then BMWFS can charge the dealer (not you) back for finance rebates. So it's really a matter of if you want to avoid screwing over the dealer. If they treated you fairly, probably good karma to help them out. Finance charge for 60-90 days is generally a lot less than finance rebate.

[Mark609]

Originally Posted by lumpydog

My dealer had a min financed of $15K to get the $2k rebate and they asked that I do not pay off for 6 months - but - at closing admitted I could pay off right away.

This is great to know, thanks! I first made a cash offer and then reneged to get the rebate. This is what a local dealer wrote yesterday, New Year's Eve:

The rebate of $2000.00 is good through today if you are wanting to finance the car. You can do it and make 6 payments and then pay it off or refinance it. We would need to send the credit app in on the order unit today to lock that in for you. The finance rate are 3.99% up to 60 months and 4.99% up to 72 months


I'll be finishing up the financial touches tomorrow. I need this cleared up by then.

[Mark609]

Originally Posted by bigdaveindubai

Ok what we did on both vehicles is go to finance and sign all the paperwork for financing 48 months. When we were all done signing the paperwork and now the vehicle is officially ours, we write a personal check while still in finance for total price of the car and hand it to them. We got the 2k rebate fin through bmw on both vehicles. We love our dealer and they take care of us.

That sounds too good to be true. Did they make a good deal also? You have to look at all the angles when it's all said and done. For example on a new build my dealer has agreed to my initial offer of 93% of MSRP, which is a dealer discount of $4,627 plus a very generous top dollar trade value on my Lexus.

I'm like all of you, I want my cake and eat it too. Just need some clarification. I submitted my application via the internet this morn.

[CincySurG05]

Originally Posted by Mark609

That sounds too good to be true. Did they make a good deal also? You have to look at all the angles when it's all said and done. For example on a new build my dealer has agreed to my initial offer of 93% of MSRP, which is a dealer discount of $4,627 plus a very generous top dollar trade value on my Lexus.

I'm like all of you, I want my cake and eat it too. Just need some clarification. I submitted my application via the internet this morn.

Hi Mark,

I also submitted my finance application this morning and got approved. Will we automatically received the $2K rebate? My custom order X5 is in-transit with potential of taking a delivery in couple days.

Thanks,
Suresh.

[bigdaveindubai]

Originally Posted by Mark609

That sounds too good to be true. Did they make a good deal also? You have to look at all the angles when it's all said and done. For example on a new build my dealer has agreed to my initial offer of 93% of MSRP, which is a dealer discount of $4,627 plus a very generous top dollar trade value on my Lexus.

I'm like all of you, I want my cake and eat it too. Just need some clarification. I submitted my application via the internet this morn.

Its not difficult, they are just sending the check to BMW on our behalf. It takes about 1.5 to 2 weeks before you see the check clear. done.

[ven7782]

Originally Posted by CincySurG05

Hi Mark,

I also submitted my finance application this morning and got approved. Will we automatically received the $2K rebate? My custom order X5 is in-transit with potential of taking a delivery in couple days.

Thanks,
Suresh.

You only receive the rebate when you take delivery of the car. At the time of delivery, the dealer will offer the rebate and remove that amount from your financing amount.

[CincySurG05]

Originally Posted by ven7782

You only receive the rebate when you take delivery of the car. At the time of delivery, the dealer will offer the rebate and remove that amount from your financing amount.

Perfect, thanks for confirmation!

I received ~6% discount of MSRP, the current purchase price is $76,000. So with this APR $2K credit, the new purchase price will be $74,000. This is Sweet...

I also signed up for 3-years BMWCCA membership, this will give me another $1000 off.


Cheers,
Suresh.

[wanderlustX5]

Originally Posted by CincySurG05

Perfect, thanks for confirmation!

I received ~6% discount of MSRP, the current purchase price is $76,000. So with this APR $2K credit, the new purchase price will be $74,000. This is Sweet...

I also signed up for 3-years BMWCCA membership, this will give me another $1000 off.


Cheers,
Suresh.

That’s a good deal Suresh. I also received invoice - 2000 financing rebate and 1000 bmw cca rebate. 6% is the average discount people have received on forum.