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      11-25-2020, 04:38 PM   #1
ChiefOne
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Finance Incentive Awarenesss

Hello,

I am a US customer.
I have an X5 XDrive in build state with an expected 49th week build. I negotiated roughly 11% off on the MSRP of the vehicle with the dealer and then moved to order placement. At the time of price negotiation, there was no mention of how/where I am going to finance my vehicle.

I see on the BMW leasing and finance site it says that it is 1.9%APR for 60 months with a $2,500 APR Credit.

Question -

a. Is this APR credit dealer has to agree to or is it going to come directly from the BMW once I sign-up for the credit on the BMW website?

b. Can the dealer say NO to this credit saying that they have already given me all of the possible discounts?

c. What actually is APR Credit?

Appreciate your help, the current offer seems to be applicable up to the end of this month only. Not sure if the next one will be better or worse than this. In the build week, I was planning to apply online for BMW finance and get the rate locked for 60 days as advertissed.
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      11-25-2020, 05:29 PM   #2
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Your APR credit is thru BMW finance. Make sure your locked in before the end of the month.
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      11-25-2020, 06:29 PM   #3
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do you think the APR will go up ? I think they can only go down, no?
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      11-25-2020, 07:20 PM   #4
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Quote:
Originally Posted by ChiefOne View Post
a. Is this APR credit dealer has to agree to or is it going to come directly from the BMW once I sign-up for the credit on the BMW website?
This comes from BMW Financial, not from the dealer's end.

Quote:
Originally Posted by ChiefOne View Post
b. Can the dealer say NO to this credit saying that they have already given me all of the possible discounts?
Should be automatic and on top of what you negotiated off the dealer's end. Dealer needs to submit your credit app to BMW financial and get a rate lock, so technically they can "screw you out of this" by not doing it before the end of the promotional period.

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Originally Posted by ChiefOne View Post
c. What actually is APR Credit?
Essentially treated the same as money down
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      11-25-2020, 07:21 PM   #5
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Quote:
Originally Posted by philooo View Post
do you think the APR will go up ? I think they can only go down, no?
Doubt it will change this year. Has been the same for a few months now. Only lower APR is on the 45e (0.9% for 60 months) and the same rate for 2020 model year X5s
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      11-25-2020, 08:34 PM   #6
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Quote:
Originally Posted by CaboM4 View Post
This comes from BMW Financial, not from the dealer's end.


Should be automatic and on top of what you negotiated off the dealer's end. Dealer needs to submit your credit app to BMW financial and get a rate lock, so technically they can "screw you out of this" by not doing it before the end of the promotional period.


Essentially treated the same as money down
To avoid any such misdeeds that the delaer can do, I was thinking to apply online and get my approval/confirmation to the dealer when I go to take the delivery of the vehicle. OR, once approved, I can send the information to the associate I am working with at the dealer.

Do you think this strategy is gonna work? Should I do something else to secure this incentive offer?
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      11-25-2020, 08:35 PM   #7
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Quote:
Originally Posted by ChiefOne View Post
To avoid any such misdeeds that the delaer can do, I was thinking to apply online and get my approval/confirmation to the dealer when I go to take the delivery of the vehicle. OR, once approved, I can send the information to the associate I am working with at the dealer.

Do you think this strategy is gonna work? Should I do something else to secure this incentive offer?
I am very curious about this as well,...

should we apply online ? or will the dealer see this as a 'problem' ?
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      11-25-2020, 10:12 PM   #8
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Hypothetically speaking, as long as the BMW finance has approved the possible finance terms, the dealer should accept it. But then again, dealers are dealers and they can twist things to make it more favorable for them. I had to push them a lot in getting the 11% discount I got for the order I placed, and I am suspicious that they may cause issues if I bring this $2,500 APR credit on the table at the time of delivery.
Nonetheless, my mindset is, it's my money, my deal, and my credit. If BMW accepts it, then they have to accept it too.

Would appreciate input from experts.
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      11-25-2020, 10:15 PM   #9
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When you apply online, at least in my case, the results go to the dealer and then I had to sign the final paperwork with them to get the lock. Maybe it is different with other dealers.
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      11-25-2020, 10:39 PM   #10
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When you apply online, at least in my case, the results go to the dealer and then I had to sign the final paperwork with them to get the lock. Maybe it is different with other dealers.
If that's the case then they can try and play dirty. I am not expected to sign the final paperwork until the car is ready for delivery. Not sure how the rate lock works in this case. Maybe I will speak with the designated dealer associate and see what he says. I would hate to lose my $2,500 APR credit because of these mixups.
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      11-25-2020, 10:45 PM   #11
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Quote:
Originally Posted by ChiefOne View Post
If that's the case then they can try and play dirty. I am not expected to sign the final paperwork until the car is ready for delivery. Not sure how the rate lock works in this case. Maybe I will speak with the designated dealer associate and see what he says. I would hate to lose my $2,500 APR credit because of these mixups.
I wasn't talking about signing the final paperwork but rather the credit app for the lock. There was some information that didn't get printed on the credit app that printed so I had to fill that in and sign it. This was done before my X5 was ordered. It could be there was just a system problem in my case. You have nothing to worry about though, the dealer is not going to screw you out of anything since there is no gain for them. Just fill out the credit app online and go from there. Make sure your dealer knows what you are doing since they may have to initiate the lock. I don't know what the actual process is.
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      11-25-2020, 11:31 PM   #12
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Quote:
Originally Posted by TurtleBoy View Post
I wasn't talking about signing the final paperwork but rather the credit app for the lock. There was some information that didn't get printed on the credit app that printed so I had to fill that in and sign it. This was done before my X5 was ordered. It could be there was just a system problem in my case. You have nothing to worry about though, the dealer is not going to screw you out of anything since there is no gain for them. Just fill out the credit app online and go from there. Make sure your dealer knows what you are doing since they may have to initiate the lock. I don't know what the actual process is.
awesome, thanks for the insight, it truly helps! I hope it all flows smoothly, I am really looking forward to a pleasant experience.
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      11-28-2020, 10:16 AM   #13
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Quote:
Originally Posted by ChiefOne View Post
To avoid any such misdeeds that the delaer can do, I was thinking to apply online and get my approval/confirmation to the dealer when I go to take the delivery of the vehicle. OR, once approved, I can send the information to the associate I am working with at the dealer.

Do you think this strategy is gonna work? Should I do something else to secure this incentive offer?
Online application from what i understand just securely transmits your personal application to the dealer, they still need to submit it to BMW Financial
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      11-28-2020, 11:29 AM   #14
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Im pretty sure this is all mentioned above but if not:

1. incentives are from BMWFS so you will need to go through them lease or finance to qualify
2. you can lock in rates with your dealer (run a credit app) which will lock you in for 60 days for a east coast dealer and 90 days for a west coast dealer
3. when you are locked in you are able to pick the best months rates in the locked in timeframe as long as you take delivery of the car in that locked time. Once the lock runs out you will need to re lock again (run credit)

you can lock in on BMW website or at your dealer. just make sure if you lock in online you select the dealer you want to lock in with and also confirm with them they got it.

Always lock in pricing etc.. before you order. Don't kinda of agree get it in writing otherwise you will be behind the 8 ball once the car comes in. Also take a look at the whole deal when negotiating not just the amount of MSRP as APR and MF can be marked up and also various random fees

happy hunting
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      11-28-2020, 12:00 PM   #15
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Quote:
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1. incentives are from BMWFS so you will need to go through them lease or finance to qualify
We should probably clarify that there are some incentives that you do not need to lease or finance with BMWFS to get. The Military (PenFed) is one and I would assume Conquest, Loyalty, OL events, etc. would be others.
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      11-28-2020, 01:29 PM   #16
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I have a build PO signed... awaiting delivery in two weeks. I'm receiving a $3500 USAA incentive already... and worked hard with the dealership to get ~16% off MSRP on the car. I already secured 1.94% with Navy Federal Credit Union so not concerned about the .04% difference with BMW FS, but the dealership is saying I cannot get that $2500 APR credit on top of the USAA one sadly. Not sure how far I want to push this, but that credit would be the cherry on top for this deal.
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      11-28-2020, 01:34 PM   #17
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Quote:
Originally Posted by Brianvm85 View Post
I have a build PO signed... awaiting delivery in two weeks. I'm receiving a $3500 USAA incentive already... and worked hard with the dealership to get ~16% off MSRP on the car. I already secured 1.94% with Navy Federal Credit Union so not concerned about the .04% difference with BMW FS, but the dealership is saying I cannot get that $2500 APR credit on top of the USAA one sadly. Not sure how far I want to push this, but that credit would be the cherry on top for this deal.
You are wasting your time. They are mutually exclusive .
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      11-28-2020, 02:06 PM   #18
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Quote:
Originally Posted by Brianvm85 View Post
I have a build PO signed... awaiting delivery in two weeks. I'm receiving a $3500 USAA incentive already... and worked hard with the dealership to get ~16% off MSRP on the car. I already secured 1.94% with Navy Federal Credit Union so not concerned about the .04% difference with BMW FS, but the dealership is saying I cannot get that $2500 APR credit on top of the USAA one sadly. Not sure how far I want to push this, but that credit would be the cherry on top for this deal.
As mentioned, you can't get the $3,500 USAA and the APR credit. You will see that on your offer sheet. You can take both but the Military (formerly USAA now PenFed) will drop to $500.
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      11-28-2020, 02:14 PM   #19
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Thanks for the clarification!
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      11-29-2020, 03:28 AM   #20
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Quote:
Originally Posted by Brianvm85 View Post
I have a build PO signed... awaiting delivery in two weeks. I'm receiving a $3500 USAA incentive already... and worked hard with the dealership to get ~16% off MSRP on the car. I already secured 1.94% with Navy Federal Credit Union so not concerned about the .04% difference with BMW FS, but the dealership is saying I cannot get that $2500 APR credit on top of the USAA one sadly. Not sure how far I want to push this, but that credit would be the cherry on top for this deal.
16% off MSRP??

is this including all the rebates, incentives, APR credit etc??
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      11-29-2020, 10:06 AM   #21
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Originally Posted by Infosec View Post
16% off MSRP??

is this including all the rebates, incentives, APR credit etc??
Only includes USAA / Military $3500. MSRP 77,845 including transpo. I got 66k even (plus registration and dealer fees of $830). I'm not sure if the dealership will try to justify the low purchase price with other rebates and incentives, I just cared about the bottom line.
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      11-29-2020, 11:39 AM   #22
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Quote:
Originally Posted by TurtleBoy View Post
We should probably clarify that there are some incentives that you do not need to lease or finance with BMWFS to get. The Military (PenFed) is one and I would assume Conquest, Loyalty, OL events, etc. would be others.
I have to check on the others but Loyalty you would need to go through BMWFS. Some of the event vouchers/events (have to read the small print on each of those as they can vary) you are unable to lock in and do expire so also maybe make note of that if you are accounting that into your situation.
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