[motherkin]

Originally Posted by dananelson1

Great info here. Much like Flying Ace, I'm looking to order and take delivery before year end. I'm in the PenFed 60 wait period.

My question is: The documents online are clear for 2021 model years, but NOT 2022 model years. And, a local dealer is pushing back on a 2022 build not qualifying. I could get issued a "code" but the code is "invalid" for a 2022 Vin Number; Hypothetically. Who can arm me with ammo to debunk this and make it valid and work for a 2022 build?

Further, anyone in the Bay Area have success with a 2022 that they have Already taken delivery? THANKS!! The devils in the details here.....

Picked up my MY 22 45e few days ago from BMW MV, dealer applied PenFed discount no question asked.

[motherkin]

Originally Posted by bobt1972

+1, I have exactly the same question. My M50i is scheduled for Oct, and will be here in ~Dec. My dealer literally said the PenFed form is showing 2020 and 2021, and to bring them the 2022 one when it's available, end of story.

From reading this thread, it should work, but how do we make it happen? Something along the lines of "I've read online it works even for 2022; by the way, use the 'j' code instead of 'g'!!" is suspicious, at best.

The years on the form doesn't matter, it's the member ID and the code that BMW NA will check.

So what I did as a backup was edit a portion of the PDF form to show 2022 instead of 2020.
Shady I know....but lucky I didn't have to use it since my dealer just accepted my code with no question asked.

[Flying Ace]

Originally Posted by bobt1972

+1, I have exactly the same question. My M50i is scheduled for Oct, and will be here in ~Dec. My dealer literally said the PenFed form is showing 2020 and 2021, and to bring them the 2022 one when it's available, end of story.

From reading this thread, it should work, but how do we make it happen? Something along the lines of "I've read online it works even for 2022; by the way, use the 'j' code instead of 'g'!!" is suspicious, at best.

Also, motherkin confirmed he received a J code.

[Desi2k4]

Those of that financed with PenFed, did you call to get approved for your loan or filled out the application online?

I filled out the online application but there was no 2022 X5 45E as selection for the vehicle information, so max loan for approval was under 50k since I selected I don't have the car information. I also selected the checkbox that I used truecar buying service to see if I get the 0.9% APR. And how long does the check take to come in mail after approval?

[Flying Ace]

Originally Posted by motherkin

The years on the form doesn't matter, it's the member ID and the code that BMW NA will check.

So what I did as a backup was edit a portion of the PDF form to show 2022 instead of 2020.
Shady I know....but lucky I didn't have to use it since my dealer just accepted my code with no question asked.

I'm may do this too. Especially since my dealer's was hesitant and trepid on the processing. Though they stated they will try, give me the instant discount and make me sign a legal form for clawback if BMW/Penfed does not reimburse them.

[Brukes]

Originally Posted by Desi2k4

Those of that financed with PenFed, did you call to get approved for your loan or filled out the application online?

I filled out the online application but there was no 2022 X5 45E as selection for the vehicle information, so max loan for approval was under 50k since I selected I don't have the car information. I also selected the checkbox that I used truecar buying service to see if I get the 0.9% APR. And how long does the check take to come in mail after approval?

PenFed customer service was hit or miss (sometimes you got a knowledgeable person, other times not). But this is what / how it worked for me:

1. I put down 2021 X5 45e as there was no 2022 option and noted it in my application - they did not have an issue. I financed $80K of my 2022 45e. Even on my loan docs it said "2021" even though it was a 2022 but no one seemed to care.

2. I had to call them and inform them that I had used a TrueCar dealer to get the promotional rate.

3. They requested the final purchase agreement before approving the loan. Which was annoying because the dealer hadn't processed my penfed rebate and it showed cash owed more than I was financing. I kept telling them that I would make up the difference with cash / rebates but it took me a while to get to an underwriter who would approve it because the customer service reps just wanted to see the amount financed somewhere on the purchase agreement.

4. Once approved they were very slow in providing instruction / remitting funds. I had to continuously call them to get it processed in a timely manner. Letting them know I had scheduled my purchase in the next few days helped get them off their butt.

5. They will send you a check made to you and your dealer which will needed to be signed by both parties to become effective.

6. They will send it to you via snail mail (5-7 business days) unless you opt for expedited shipping (2-day or overnight) it costs an additional 15-25$ depending on what you select. You need to have funds in your PenFed account to pay for the expedited shipping.

7. Once the deal is completed, you need to submit to them proof of insurance and a completed lending disclosure as well as a copy of the title showing them as lien holder.

Hope that helps.

[Flying Ace]

Originally Posted by Brukes

PenFed customer service was hit or miss (sometimes you got a knowledgeable person, other times not). But this is what / how it worked for me:

1. I put down 2021 X5 45e as there was no 2022 option and noted it in my application - they did not have an issue. I financed $80K of my 2022 45e. Even on my loan docs it said "2021" even though it was a 2022 but no one seemed to care.

2. I had to call them and inform them that I had used a TrueCar dealer to get the promotional rate.

3. They requested the final purchase agreement before approving the loan. Which was annoying because the dealer hadn't processed my penfed rebate and it showed cash owed more than I was financing. I kept telling them that I would make up the difference with cash / rebates but it took me a while to get to an underwriter who would approve it because the customer service reps just wanted to see the amount financed somewhere on the purchase agreement.

4. Once approved they were very slow in providing instruction / remitting funds. I had to continuously call them to get it processed in a timely manner. Letting them know I had scheduled my purchase in the next few days helped get them off their butt.

5. They will send you a check made to you and your dealer which will needed to be signed by both parties to become effective.

6. They will send it to you via snail mail (5-7 business days) unless you opt for expedited shipping (2-day or overnight) it costs an additional 15-25$ depending on what you select. You need to have funds in your PenFed account to pay for the expedited shipping.

7. Once the deal is completed, you need to submit to them proof of insurance and a completed lending disclosure as well as a copy of the title showing them as lien holder.

Hope that helps.

Thanks for this step by step. I will note this is just one variation of the end to end.

Depending on the dealer, they may either be hands off and you do the admin work as you described, or dealer handles most of it for you. One local dealer told me Penfed is on a list of "known lenders" that they prefer to handle most of the admin work. You put the app it, and there is a hand off process to the dealer. You touch the loan minimum times, but mostly on signing day where you show up with the down, insurance etc. They handle all filings, check and title disbursements.

[taek]

Originally Posted by Desi2k4

Those of that financed with PenFed, did you call to get approved for your loan or filled out the application online?

I filled out the online application but there was no 2022 X5 45E as selection for the vehicle information, so max loan for approval was under 50k since I selected I don't have the car information. I also selected the checkbox that I used truecar buying service to see if I get the 0.9% APR. And how long does the check take to come in mail after approval?

In my case I wanted a pre-approval blank check, and AFAIK you cannot apply for this online. You can only apply for a new car loan online, which seems different to PenFed than a pre-approval. I tried applying online twice and this process would not complete. I ended up calling and highly suggest talking to an actual human instead.
Yes a pre-approval blank check has to be between $20k and $50k, if you're not within that range another good reason to talk w/ a human.
Pre-approval packet with check came within a week but they mentioned they could expedite it overnight.

The pre-approval packet mentions it's only for 2020 & 2021 cars, but like the PenFed code it doesn't matter. Everything went through fine for a 2022 X5.

[motherkin]

PenFed auto loan was seamless for me, I didn't provide the any car detail or purchase agreement, yet they sent me a blank check good for $50K max.

[dananelson1]

motherkin
Super helpful feedback. I'm going to PM you with a few follow-ups.

Originally Posted by motherkin

Picked up my MY 22 45e few days ago from BMW MV, dealer applied PenFed discount no question asked.

[motherkin]

Got some PMs regarding how the rebates work in CA, will share here to help other as well.

I think per CA law, all rebates are supposed to come off the after-tax price not MSRP.
For example, if your MSRP is $75K and dealer gives you a $5K discount, then your after tax/fees (say 10%) cost is ($75K-$5K) * 110% = $77K.
Finally...with $3250 PenFed rebate and $1500 CA clean fuel, your true out-of-pocket cost will be $77K - $3.2K - $1.5K ~= $72.2K

[Desi2k]

Originally Posted by Brukes

PenFed customer service was hit or miss (sometimes you got a knowledgeable person, other times not). But this is what / how it worked for me:

1. I put down 2021 X5 45e as there was no 2022 option and noted it in my application - they did not have an issue. I financed $80K of my 2022 45e. Even on my loan docs it said "2021" even though it was a 2022 but no one seemed to care.

2. I had to call them and inform them that I had used a TrueCar dealer to get the promotional rate.

3. They requested the final purchase agreement before approving the loan. Which was annoying because the dealer hadn't processed my penfed rebate and it showed cash owed more than I was financing. I kept telling them that I would make up the difference with cash / rebates but it took me a while to get to an underwriter who would approve it because the customer service reps just wanted to see the amount financed somewhere on the purchase agreement.

4. Once approved they were very slow in providing instruction / remitting funds. I had to continuously call them to get it processed in a timely manner. Letting them know I had scheduled my purchase in the next few days helped get them off their butt.

5. They will send you a check made to you and your dealer which will needed to be signed by both parties to become effective.

6. They will send it to you via snail mail (5-7 business days) unless you opt for expedited shipping (2-day or overnight) it costs an additional 15-25$ depending on what you select. You need to have funds in your PenFed account to pay for the expedited shipping.

7. Once the deal is completed, you need to submit to them proof of insurance and a completed lending disclosure as well as a copy of the title showing them as lien holder.

Hope that helps.

Originally Posted by taek

In my case I wanted a pre-approval blank check, and AFAIK you cannot apply for this online. You can only apply for a new car loan online, which seems different to PenFed than a pre-approval. I tried applying online twice and this process would not complete. I ended up calling and highly suggest talking to an actual human instead.
Yes a pre-approval blank check has to be between $20k and $50k, if you're not within that range another good reason to talk w/ a human.
Pre-approval packet with check came within a week but they mentioned they could expedite it overnight.

The pre-approval packet mentions it's only for 2020 & 2021 cars, but like the PenFed code it doesn't matter. Everything went through fine for a 2022 X5.

This helps, thank you for providing the details and step by step!

[Flying Ace]

Originally Posted by taek

In my case I wanted a pre-approval blank check, and AFAIK you cannot apply for this online. You can only apply for a new car loan online, which seems different to PenFed than a pre-approval. I tried applying online twice and this process would not complete. I ended up calling and highly suggest talking to an actual human instead.
Yes a pre-approval blank check has to be between $20k and $50k, if you're not within that range another good reason to talk w/ a human.
Pre-approval packet with check came within a week but they mentioned they could expedite it overnight.

The pre-approval packet mentions it's only for 2020 & 2021 cars, but like the PenFed code it doesn't matter. Everything went through fine for a 2022 X5.

wow, this is what I'm going to do then.

[Flying Ace]

I just called PenFed to try to apply for 0.99 Truecar-Penfed. The loan rep told me there's nothing I could do because the only way was to click through the inventory on the TrueCar referral website, and buy a lised a car.

What's the hack for an ordered car?

My dealer is a marketing affiliate on TrueCar.

[Desi2k]

Originally Posted by Flying Ace

I just called PenFed to try to apply for 0.99 Truecar-Penfed. The loan rep told me there's nothing I could do because the only way was to click through the inventory on the TrueCar referral website, and buy a lised a car.

What's the hack for an ordered car?

My dealer is a marketing affiliate on TrueCar.

I got preapproval for 50k and I asked regarding the TrueCar 0.99% APR since I have email from TrueCar from the same dealership I ordered from. They didn't give me straight answer regarding that. One agent said you need a certificate from truecar.

I am also looking at DCU auto loan, they have 1.49% APR and additional 0.25% rate discount for energy efficiency - Vehicle must have an EPA fuel economy rating of 35 MPG or 35 MPGe combined city/highway. 45e should qualify.

[Brukes]

Originally Posted by Flying Ace

I just called PenFed to try to apply for 0.99 Truecar-Penfed. The loan rep told me there's nothing I could do because the only way was to click through the inventory on the TrueCar referral website, and buy a lised a car.

What's the hack for an ordered car?

My dealer is a marketing affiliate on TrueCar.

Don't tell them it's an ordered car.

Just make sure you've been connected with the dealership via their car buying service. Then call and say, I used the car buying service. All they do to verify is call TrueCar to see if the dealer your using is indeed one with a TrieCar partnership and one that you've been connected with. That's all. The reps are either misinformed or intentionally misleading.

[Flying Ace]

Originally Posted by Brukes

Don't tell them it's an ordered car.

Just make sure you've been connected with the dealership via their car buying service. Then call and say, I used the car buying service. All they do to verify is call TrueCar to see if the dealer your using is indeed one with a TrieCar partnership and one that you've been connected with. That's all. The reps are either misinformed or intentionally misleading.

Hi thanks for this. But I'm a bit unclear.

How do i connect via the car buying service when the car is ordered directly by me with dealer?

[dananelson1]

I've contacted 6 dealers and most are pushing back on the PenFed Rebate, for one of two reasons. ;(

1. Either flat out: "I am familiar with PEN FED we can not offer it .We can offer loyalty or corporate type g or USAA - But not PEN FED"
2. Or logistically, saying paperwork states 2021 and any 45e today forward is a 2022.

It's quite frustrating. . . I'm envious of those that have been successful without a clawback or hiccup. To boot, we're running against a clock now for builds, as one area that is clear is you must take delivery of vehicle by Jan 3, 2022.

[Brukes]

Originally Posted by Flying Ace

Hi thanks for this. But I'm a bit unclear.

How do i connect via the car buying service when the car is ordered directly by me with dealer?

Go to their site and go through the process of getting TrueCar offers at the dealer you're working with. That way TrueCar has a record of your email/contact info being connected with the dealer you are transacting with.

PenFed calls TrueCar to verify that you used their service and all TrueCar checks is if the dealer you're using is indeed one that they "referred" you to.

[Flying Ace]

Originally Posted by dananelson1

I've contacted 6 dealers and most are pushing back on the PenFed Rebate, for one of two reasons. ;(

1. Either flat out: "I am familiar with PEN FED we can not offer it .We can offer loyalty or corporate type g or USAA - But not PEN FED"
2. Or logistically, saying paperwork states 2021 and any 45e today forward is a 2022.

It's quite frustrating. . . I'm envious of those that have been successful without a clawback or hiccup. To boot, we're running against a clock now for builds, as one area that is clear is you must take delivery of vehicle by Jan 3, 2022.

So Mountain View is the only confirmed/demonstrated dealer who will process it with no fuss in our area. If you prioritize PenFed , get the best deal elsewhere and then shop it hard at MV in hopes they'll match. (I actually did this to try to ensure best MSRP discount and a no fuss Penfed processing) However for me, MV cannot even touch SF's discount and MV only has Nov builds giving you a risk of a 2022 delivery. Nov builds will span thanksgiving and transport will touch Christmas week, all with unknown impact in production and transport impacting your 2021 delivery deadline. Also unknown is whether MV will even give you week 45, 1st week of Nov slot. After all they already have a queue of prior orders waiting to get slotted.

I know you've worked with SF on it, and that's where I'm going to process it. I'll relay on my prior convo with the GM and strategy on this, i.e. show up with a valid J code, (thinking of photoshopping 2022 on it), and insisting that they process it. I'll sign a doc for possible clawback. In my convo, SF said they are familiar with processing it (can't imagine it's any different than any other incentive), and that they will give it a go. Ultimately, how I understand this is that it's "credit risk". You can ultimately be not eligible, but BMW corp has 60 days to contest your eligibility, bc corp reimburses the dealer.


I'll emphasize again, as long as the dealer processes the rebate, all of us regardless of dealer used is at the mercy of the audit/clawback. Corp makes the audit decision, your dealer makes the "credit" decision on whether they think you'll get audited and will be dragged through the clawback.

Also note, the more you make it a big deal to the sale guy, the more they'll question it and hedge on not processing it. They don't want to overpromise, and you may have sabotaged your own attempt and other's attempt with this.

[Flying Ace]

Originally Posted by Brukes

Go to their site and go through the process of getting TrueCar offers at the dealer you're working with. That way TrueCar has a record of your email/contact info being connected with the dealer you are transacting with.

PenFed calls TrueCar to verify that you used their service and all TrueCar checks is if the dealer you're using is indeed one that they "referred" you to.

i see. Basically, go through TrueCar for any car at the dealer, make the official contact/interest through the site. Your info is then collected by TrueCar and the dealer and sits in records.

Ultimately, as long as you buy from the same dealer, they just check that record. It's simply a record of a successful sales lead. It does not have to be the car you feigned interested in. All makes sense now.

So when I apply directly with PenFed, I simply state I used Truecar and want the 0.99, and PenFed verifies the record and that's it.

[Brukes]

Originally Posted by Flying Ace

i see. Basically, go through TrueCar for any car at the dealer, make the official contact/interest through the site. Your info is then collected by TrueCar and the dealer and sits in records.

Ultimately, as long as you buy from the same dealer, they just check that record. It's simply a record of a successful sales lead. It does not have to be the car you feigned interested in. All makes sense now.

So when I apply directly with PenFed, I simply state I used Truecar and want the 0.99, and PenFed verifies the record and that's it.

Yeah - that's exactly what happened in my case (I ordered as well).

You can call TrueCar and verify that they have your dealer connection verified before you call PenFed as well just to be safe. They're more knowledgeable about the program than the PenFed reps.