BMW X5
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Post Reply
 
Thread Tools Search this Thread
      09-03-2021, 08:40 AM   #1
Brukes
Private First Class
United_States
90
Rep
130
Posts

Drives: 2015 328ix / 2020 X7 40i
Join Date: Apr 2019
Location: NYC

iTrader: (0)

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…
Appreciate 2
GrussGott18113.00
XSnake1.50
      09-03-2021, 09:16 AM   #2
kwarden13
Private First Class
28
Rep
135
Posts

Drives: X3
Join Date: Jul 2021
Location: Seattle

iTrader: (0)

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.
Appreciate 0
      09-03-2021, 09:35 AM   #3
Brukes
Private First Class
United_States
90
Rep
130
Posts

Drives: 2015 328ix / 2020 X7 40i
Join Date: Apr 2019
Location: NYC

iTrader: (0)

Quote:
Originally Posted by kwarden13 View Post
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.
Apply - then speak to a rep saying you used the car buying service. They then call TrueCar to confirm.

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.
Appreciate 0
      09-03-2021, 12:01 PM   #4
njnets21
Lieutenant
245
Rep
462
Posts

Drives: BMW X5
Join Date: Jul 2021
Location: MD

iTrader: (0)

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?
Appreciate 0
      09-03-2021, 12:26 PM   #5
Brukes
Private First Class
United_States
90
Rep
130
Posts

Drives: 2015 328ix / 2020 X7 40i
Join Date: Apr 2019
Location: NYC

iTrader: (0)

Quote:
Originally Posted by njnets21 View Post
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?
No - this is for the promotional financing rate of 0.99%
Appreciate 0
      09-03-2021, 12:48 PM   #6
njnets21
Lieutenant
245
Rep
462
Posts

Drives: BMW X5
Join Date: Jul 2021
Location: MD

iTrader: (0)

Quote:
Originally Posted by Brukes View Post
Quote:
Originally Posted by njnets21 View Post
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?
No - this is for the promotional financing rate of 0.99%
Can we use our own bank to finance and still get the $3,250 PenFed rebate or does that require you to use BMW financing?
Appreciate 0
      09-03-2021, 12:50 PM   #7
AAA
Private
59
Rep
82
Posts

Drives: BMW X5
Join Date: Jan 2021
Location: Rhode Island

iTrader: (0)

Quote:
Originally Posted by njnets21 View Post
Quote:
Originally Posted by Brukes View Post
Quote:
Originally Posted by njnets21 View Post
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?
No - this is for the promotional financing rate of 0.99%
Can we use our own bank to finance and still get the $3,250 PenFed rebate or does that require you to use BMW financing?
You can use your own bank and get the PenFed rebate. I just did this myself two weeks ago.
Appreciate 1
njnets21245.00
      09-03-2021, 01:06 PM   #8
allinon72
Brigadier General
allinon72's Avatar
United_States
4892
Rep
3,783
Posts

Drives: 20' M2C, 23' X1
Join Date: May 2017
Location: Indianapolis, IN

iTrader: (2)

My local dealer lost out on my sale because they couldn't understand the Penfed promotion and refused to participate in it.
Appreciate 0
      09-03-2021, 01:34 PM   #9
taek
Lieutenant
United_States
291
Rep
463
Posts

Drives: X5 45e
Join Date: Jul 2021
Location: Chicago

iTrader: (0)

Quote:
Originally Posted by njnets21 View Post
Can we use our own bank to finance and still get the $3,250 PenFed rebate or does that require you to use BMW financing?
I believe you actually lose most of the incentive if you use BMWFS financing, it goes down from $3250 to $500.
Appreciate 0
      09-03-2021, 03:42 PM   #10
Simmel
New Member
2
Rep
23
Posts

Drives: '14 MBZ E63s AMG
Join Date: May 2017
Location: PHX

iTrader: (0)

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..
Appreciate 0
      09-03-2021, 03:52 PM   #11
allinon72
Brigadier General
allinon72's Avatar
United_States
4892
Rep
3,783
Posts

Drives: 20' M2C, 23' X1
Join Date: May 2017
Location: Indianapolis, IN

iTrader: (2)

Quote:
Originally Posted by Simmel View Post
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!
https://penfed.truecar.com/oem/landing/bmw/
Appreciate 1
GrussGott18113.00
      09-03-2021, 04:32 PM   #12
njnets21
Lieutenant
245
Rep
462
Posts

Drives: BMW X5
Join Date: Jul 2021
Location: MD

iTrader: (0)

Quote:
Originally Posted by Simmel View Post
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.
If you don't already have a PenFed account you'll have to open it 60 days before buying the car.
Appreciate 1
GrussGott18113.00
      09-03-2021, 10:45 PM   #13
lazyd0c
Second Lieutenant
lazyd0c's Avatar
United_States
38
Rep
264
Posts

Drives: '22 G06/ '17 f87 6MT
Join Date: Oct 2012
Location: Palm Desert, CA

iTrader: (1)

The offer form only states it's valid for 2020 and 2021 models? Any one tried with 2022 models or is this implied?
__________________
IG - hype_md
'17 f87
'13 e82 (retired)
Appreciate 0
      09-04-2021, 06:37 AM   #14
allinon72
Brigadier General
allinon72's Avatar
United_States
4892
Rep
3,783
Posts

Drives: 20' M2C, 23' X1
Join Date: May 2017
Location: Indianapolis, IN

iTrader: (2)

Quote:
Originally Posted by lazyd0c View Post
The offer form only states it's valid for 2020 and 2021 models? Any one tried with 2022 models or is this implied?
It works on '22 as well.
Appreciate 0
      09-04-2021, 11:24 AM   #15
motherkin
Lieutenant
118
Rep
558
Posts

Drives: g05 45e
Join Date: May 2014
Location: Bay Area, CA

iTrader: (1)

Are all dealer supposed to accept the $3250 PenFed discount for cash purchase?
Appreciate 0
      09-04-2021, 11:30 AM   #16
Greyback
Enlisted Member
No_Country
20
Rep
32
Posts

Drives: 2022 X6 M50i; 2022 228xi
Join Date: Aug 2021
Location: America

iTrader: (0)

Quote:
Originally Posted by lazyd0c View Post
The offer form only states it's valid for 2020 and 2021 models? Any one tried with 2022 models or is this implied?
I tried and the dealer would not accept because TrueCar rep said it was only for 2020 and 2021
Appreciate 0
      09-04-2021, 11:58 AM   #17
allinon72
Brigadier General
allinon72's Avatar
United_States
4892
Rep
3,783
Posts

Drives: 20' M2C, 23' X1
Join Date: May 2017
Location: Indianapolis, IN

iTrader: (2)

Quote:
Originally Posted by motherkin View Post
Are all dealer supposed to accept the $3250 PenFed discount for cash purchase?
Yes. From what I understand, BMW basically outsourced their military discount program to Penfed in lieu of an in-house program. So all dealers should accept it, but of course some dealers are better than others at interpreting discounts that their own manufacturer offers.

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.
Appreciate 0
      09-04-2021, 12:00 PM   #18
taek
Lieutenant
United_States
291
Rep
463
Posts

Drives: X5 45e
Join Date: Jul 2021
Location: Chicago

iTrader: (0)

Quote:
Originally Posted by Greyback View Post
I tried and the dealer would not accept because TrueCar rep said it was only for 2020 and 2021
There's another thread where a member confirmed the PenFed code.
https://g05.bimmerpost.com/forums/sh....php?t=1853702

Quote:
- Dealer was able to apply my PenFed offer code ($3,250) even if the wording in the offer terms still says 2021. I'm not military affiliated and no question asked.
Appreciate 0
      09-04-2021, 01:31 PM   #19
njnets21
Lieutenant
245
Rep
462
Posts

Drives: BMW X5
Join Date: Jul 2021
Location: MD

iTrader: (0)

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.
Appreciate 0
      09-04-2021, 04:20 PM   #20
TurtleBoy
General
TurtleBoy's Avatar
12885
Rep
19,397
Posts

Drives: 2019 X5 40i,2021 M340i
Join Date: Jan 2019
Location: Colorado

iTrader: (0)

Quote:
Originally Posted by njnets21 View Post
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.
This is not correct/complete. BMW's military rebate was handled by USAA but when they decided to drop their car buying service BMW needed to find an outlet for handling it. PenFed was chosen due to its traditional military ties although it was not an exact match for USAA since it allows non-military to join.

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.
__________________
2021 BMW G20 M340i xDrive - Verde Ermes/Black - 03/2023.67
2019 BMW G05 X5 xDrive40i - Phytonic Blue/Cognac - 11/2023.50
Appreciate 0
      09-04-2021, 06:56 PM   #21
njnets21
Lieutenant
245
Rep
462
Posts

Drives: BMW X5
Join Date: Jul 2021
Location: MD

iTrader: (0)

Quote:
Originally Posted by TurtleBoy View Post
Quote:
Originally Posted by njnets21 View Post
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.
This is not correct/complete. BMW's military rebate was handled by USAA but when they decided to drop their car buying service BMW needed to find an outlet for handling it. PenFed was chosen due to its traditional military ties although it was not an exact match for USAA since it allows non-military to join.

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.
I understand what you're saying but PenFed is very clear that their rebate is available to all members. They could easily make it military only because they do differentiate military accounts and yet they give it to all members anyway.
Appreciate 0
      09-04-2021, 07:03 PM   #22
TurtleBoy
General
TurtleBoy's Avatar
12885
Rep
19,397
Posts

Drives: 2019 X5 40i,2021 M340i
Join Date: Jan 2019
Location: Colorado

iTrader: (0)

Quote:
Originally Posted by njnets21 View Post
I understand what you're saying but PenFed is very clear that their rebate is available to all members. They could easily make it military only because they do differentiate military accounts and yet they give it to all members anyway.
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.
__________________
2021 BMW G20 M340i xDrive - Verde Ermes/Black - 03/2023.67
2019 BMW G05 X5 xDrive40i - Phytonic Blue/Cognac - 11/2023.50

Last edited by TurtleBoy; 09-04-2021 at 07:15 PM.. Reason: Grammer
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 09:17 PM.




xbimmers
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST