Finance Rebate $1,500

BMWfever · 08-02-2023, 07:17 AM

BMW offers a $1,500 discount if you finance through them. It looks like they apply the $1,500 on the day of purchase. The finance guy said something about having to stay in the loan for 90 days to qualify for it. I am wondering if they would enforce that if I pay off the loan in the first month. Do I need to wait 90 days?

TechCTU · 08-02-2023, 07:20 AM

Quote:

Originally Posted by BMWfever

BMW offers a $1,500 discount if you finance through them. It looks like they apply the $1,500 on the day of purchase. The finance guy said something about having to stay in the loan for 90 days to qualify for it. I am wondering if they would enforce that if I pay off the loan in the first month. Do I need to wait 90 days?

They want you to stay in for 3 months so they get their kick back. You can move to any other loan provider at any time but the dealer won't get their credit. At 4.99% it's hard to find another bank to do better so I have no issue staying.

In your case you can just pay it off.

BMWfever · 08-02-2023, 07:21 AM

Planning to pay it off.

TechCTU · 08-02-2023, 07:22 AM

Quote:

Originally Posted by BMWfever

Planning to pay it off.

You can do that at any time to avoid interest charges. Although title will take some time to move back to you.

LDT · 08-02-2023, 09:00 AM

Quote:

Originally Posted by TechCTU

They want you to stay in for 3 months so they get their kick back. You can move to any other loan provider at any time but the dealer won't get their credit. At 4.99% it's hard to find another bank to do better so I have no issue staying.

In your case you can just pay it off.

FWIW, Navy Federal Credit Union offers 4.54%/60 months.

BMWfever · 08-02-2023, 09:33 AM

I am going to pay most of it and leave $20 for 90 days. That way I don't pay much interest and they get their rebate.

Boardmember · 08-02-2023, 10:25 AM

I plan to finance $15k for 90 days or so. This isn’t part of the deal the CA gave me. Will the $1500 be subtracted at the time of delivery?

LDT · 08-02-2023, 12:05 PM

Quote:

Originally Posted by BMWfever

BMW offers a $1,500 discount if you finance through them. It looks like they apply the $1,500 on the day of purchase. The finance guy said something about having to stay in the loan for 90 days to qualify for it. I am wondering if they would enforce that if I pay off the loan in the first month. Do I need to wait 90 days?

Is this a new incentive for August or is it loyalty?

BMWfever · 08-02-2023, 02:00 PM

It is an inventive. Not sure for what month. I submitted my order in June and purchased in July. You get $1,500 off if you finance through them.

TechCTU · 08-02-2023, 03:01 PM

Quote:

Originally Posted by LDT

Is this a new incentive for August or is it loyalty?

It was for July and loyalty, not sure what the August deals are.

GoldfishTX · 08-02-2023, 03:40 PM

I think TurtleBoy has had current rates and incentives in the past. Maybe they can add August.

LDT · 08-02-2023, 04:32 PM

I just saw @ Braman BMW website that the incentives for financing and lease are pretty much the same as July.

TurtleBoy · 08-02-2023, 05:05 PM

As far as I know, there is no APR/financing incentive available. The OP is likely referring to the loyalty incentive.

LDT · 08-02-2023, 06:10 PM

Quote:

Originally Posted by TurtleBoy

As far as I know, there is no APR/financing incentive available. The OP is likely referring to the loyalty incentive.

I saw 4.99/60m and 5.49/72m which is a continuation from last mo.

Colibri · 08-02-2023, 08:04 PM

Quote:

Originally Posted by LDT

I saw 4.99/60m and 5.49/72m which is a continuation from last mo.

Can confirm, just picked mine up today - $1,500 loyalty and rates per above...

Though can also confirm they're presenting the 5.99/6.49 "markup rate" to the unknowing (overheard a couple in the cubicle next to me - it was tough to bite my tongue but their deal was none of my business).

weinerbarn · 08-02-2023, 11:17 PM

Quote:

Originally Posted by BMWfever

I am going to pay most of it and leave $20 for 90 days. That way I don't pay much interest and they get their rebate.

I planned on doing similar to reduce the interest. Even a month can be hundreds in interest charges. The only issue I see with leaving only $20 is the system is still going to expect your normal payments each month. I fear anything less than a full payment will trigger a late or unpaid payment until it's paid off.

Rant ... the only reason I took the financing was to get the $1500 incentive and the first month alone accumulated something like $250 in interest charges. I highly recommend sending a huge payment as soon as you get the account info from BMWFS. I believe it's simple interest so every day you wait, costs more.

LDT · 08-03-2023, 07:22 AM

Quote:

Originally Posted by Colibri

Can confirm, just picked mine up today - $1,500 loyalty and rates per above...

Congrats! Impression so far?? Mine is going into production next week.

TXPearl · 08-03-2023, 08:57 AM

Quote:

Originally Posted by weinerbarn

I planned on doing similar to reduce the interest. Even a month can be hundreds in interest charges. The only issue I see with leaving only $20 is the system is still going to expect your normal payments each month. I fear anything less than a full payment will trigger a late or unpaid payment until it's paid off.

Rant ... the only reason I took the financing was to get the $1500 incentive and the first month alone accumulated something like $250 in interest charges. I highly recommend sending a huge payment as soon as you get the account info from BMWFS. I believe it's simple interest so every day you wait, costs more.

Presumably you've got the payoff funds sitting in an account earning at least a money market rate of close to 5% interest, which should basically offset the BMWFS loan interest charges, right? [setting aside the income tax you might have to pay on the interest income you accrue]

Colibri · 08-03-2023, 10:19 AM

Quote:

Originally Posted by LDT

Congrats! Impression so far?? Mine is going into production next week.

Nice - fingers crossed for ya (smooth production and delivery). Rather than clutter this, I've got a post in the General section

weinerbarn · 08-03-2023, 10:32 AM

Quote:

Originally Posted by TXPearl

Presumably you've got the payoff funds sitting in an account earning at least a money market rate of close to 5% interest, which should basically offset the BMWFS loan interest charges, right? [setting aside the income tax you might have to pay on the interest income you accrue]

No but that would have been really smart if I did. I wish I would have seen this a month ago.

Mixitt · 08-03-2023, 12:40 PM

Quote:

Originally Posted by LDT

FWIW, Navy Federal Credit Union offers 4.54%/60 months.

Been thinking about joining. Do they also offer a rebate? USAA doesn't.

I financed my Bimmers for the rebate and paid them off in a month or so. No problems.

TurtleBoy · 08-03-2023, 01:04 PM

Quote:

Originally Posted by Mixitt

Been thinking about joining. Do they also offer a rebate? USAA doesn't.

I financed my Bimmers for the rebated and paid them off in a month or so. No problems.

If you are referring to the domestic military incentive, then yes, being a NFCU member for more than 60 days is one of the ways to qualify. Being a USAA member also qualifies you for the incentive although they no longer have their car buying service so you can't get the certificate from them.

There are three ways to get the certificate, going to TrueCars's military page, NFCU car buying page or BMW military site. If you are not an eligible NFCU member then the easiest is to use TrueCar's site since you can print your certificate without getting the dealer involved.

The incentive is $2,000 when paying cash/outside financing or $500 when financing/leasing with BMWFS.

08-02-2023, 07:17 AM	#1
BMWfever Enlisted Member 34 Rep 40 Posts Drives: 2024 BMW X5 xDrive50e Join Date: Jun 2023 Location: WI iTrader: (0)	Finance Rebate $1,500 BMW offers a $1,500 discount if you finance through them. It looks like they apply the $1,500 on the day of purchase. The finance guy said something about having to stay in the loan for 90 days to qualify for it. I am wondering if they would enforce that if I pay off the loan in the first month. Do I need to wait 90 days?
	Appreciate 0 Tweet Quote

08-02-2023, 07:21 AM	#3
BMWfever Enlisted Member 34 Rep 40 Posts Drives: 2024 BMW X5 xDrive50e Join Date: Jun 2023 Location: WI iTrader: (0)	Planning to pay it off.
	Appreciate 0 Quote

08-02-2023, 09:33 AM	#6
BMWfever Enlisted Member 34 Rep 40 Posts Drives: 2024 BMW X5 xDrive50e Join Date: Jun 2023 Location: WI iTrader: (0)	I am going to pay most of it and leave $20 for 90 days. That way I don't pay much interest and they get their rebate.
	Appreciate 0 Quote

08-02-2023, 10:25 AM	#7
Boardmember Private First Class 136 Rep 175 Posts Drives: BMW X5 xDrive40i Join Date: Jul 2023 Location: Gulf Coast USA iTrader: (0) Garage List 2024 BMW X5 xDrive 40i [0.00]	I plan to finance $15k for 90 days or so. This isn’t part of the deal the CA gave me. Will the $1500 be subtracted at the time of delivery?
	Appreciate 0 Quote

08-02-2023, 02:00 PM	#9
BMWfever Enlisted Member 34 Rep 40 Posts Drives: 2024 BMW X5 xDrive50e Join Date: Jun 2023 Location: WI iTrader: (0)	It is an inventive. Not sure for what month. I submitted my order in June and purchased in July. You get $1,500 off if you finance through them.
	Appreciate 0 Quote

08-02-2023, 03:40 PM	#11
GoldfishTX First Lieutenant 550 Rep 369 Posts Drives: G80 M3CX, X5 50e Join Date: Oct 2021 Location: California iTrader: (1)	I think TurtleBoy has had current rates and incentives in the past. Maybe they can add August.
	Appreciate 0 Quote

08-02-2023, 04:32 PM	#12
LDT Major 1583 Rep 1,190 Posts Drives: 2024 X5 M60i Join Date: Jun 2018 Location: Southeast USA iTrader: (0)	I just saw @ Braman BMW website that the incentives for financing and lease are pretty much the same as July. __________________ 2024 X5M60i-- Skyscraper/Ivory 2020 Cayenne replaced by ^^ 2017 X5 35d--still in my diesel phase 2015 GL 350--diesel burner/highway queen 2013 Audi S6--a beast in it's day
	Appreciate 1 TechCTU786.50 Quote

08-02-2023, 05:05 PM	#13
TurtleBoy General 13548 Rep 20,187 Posts Drives: 2019 X5 40i,2021 M340i Join Date: Jan 2019 Location: Colorado iTrader: (0)	As far as I know, there is no APR/financing incentive available. The OP is likely referring to the loyalty incentive. __________________ 2021 BMW G20 M340i xDrive - Verde Ermes/Black - 03/2024.40 2019 BMW G05 X5 xDrive40i - Phytonic Blue/Cognac - 11/2023.50
	Appreciate 3 LDT1583.00 Colibri112.50 GoldfishTX550.00 Quote