BMW matched PenFed 4.25% rate

NY SLC 93 · 05-13-2008, 11:55 AM

My dealer matched the penfed rate so I'm just going to use them. It's a lot easier I figured. Just an FYI for anyone wanting to that route...BMW should be able to match the rate you get.

jeremyc74 · 05-13-2008, 11:58 AM

Cool. If mine will do the same I'll use them as well.

InsaneSkippy · 05-13-2008, 12:01 PM

Wow that's awesome, from everything I've heard PenFed has a bunch of hoops you have to jump through. I opted to go with BMWFS as well to avoid the hassle. Though my rate is 5.04

rocketpop · 05-13-2008, 12:01 PM

I'm trying to get my dealer to do the same, it just makes it easier that way. To me anyway.

ARES45 · 05-13-2008, 12:01 PM

That is probably not bmwfinancial, it is more likely a third party the dealer set up. Not saying it is bad, just not the same as bmwfs.

P.S. This is what I did and my loan is through us bank.

dclee1 · 05-13-2008, 12:03 PM

Nice! I got a 4.65 rate from my dealer. Simple interest loan, no prepayment penalty, so it was a good deal for me, actually.

Citizen Z · 05-13-2008, 12:12 PM

I got 4.24% on a 48 month loan from my bank. Pretty happy.

jrc · 05-13-2008, 12:25 PM

My dealer matched PFed 4.25 for 60 months, but wouldn't for 72!?!

RobLS · 05-13-2008, 12:29 PM

grats on that, I am looking in the ball park of 5-8, short credit history is why. If I can though, I would love below 5 heh.

jdesclafani · 05-13-2008, 01:25 PM

yea i didnt get 4.25 but 4.54 from a different bank and BMW was able to get me 4.29

mchaskell · 05-13-2008, 01:26 PM

I got 4.25% from Bank of America through the dealers finance department.

Edit: Term 48 months

ulrichd · 05-13-2008, 01:29 PM

I wonder what ED customers are getting, since we are kind of over a barrel for financing choices. I assume with an 800 plus credit rating I have a pretty good argument on my side.

Lax1bmw · 05-13-2008, 01:33 PM

Hey NY SLC,

Which dealer did you go to?

InsaneSkippy · 05-13-2008, 01:35 PM

Quote:

Originally Posted by jrc

My dealer matched PFed 4.25 for 60 months, but wouldn't for 72!?!

Everything I've heard is that BMWFS doesn't like anything beyond 60 month loan terms. My CA told me the same thing about the 72 month term (even though I was only interested in 48 or 60). Since there's no prepayment penalty I opted for 60 months. IMO if you have to go more than 60 months to finance the car you may want to reconsider the situation.

Quote:

Originally Posted by ulrichd

I wonder what ED customers are getting, since we are kind of over a barrel for financing choices. I assume with an 800 plus credit rating I have a pretty good argument on my side.

I got 5.04% however I believe the new rate is 5.99% I got lucky and got a concession on the rate and got the 5.04 (even though the papers are being signed when the new rate is 5.99)

UM-Iceman · 05-13-2008, 01:54 PM

I found 4.54% for 5yrs with AAA. They can do slightly better if your LTV is 80% or less of invoice. Importantly, there are fees that effectively add about 0.3% to the rate.

Have asked my SA to offer something competitive with that. Will check PenFed too. Thanks for passing that on NY SLC 93.

EINSER M · 05-13-2008, 01:56 PM

financed 8 cars thru bmw fs but gave the biz to pfcu. they were great from A to Z...

Larry_Legend · 05-13-2008, 02:08 PM

pen fed doesnt have a prepayment penalty

larryn · 05-13-2008, 02:25 PM

NY_SLC... are you sure this is through BMW Financial Services, or is it via another bank that they deal with? It is my understanding that it's extremely rare for BMW Financial Services to lower by >2%, which it sounds like you got, from their current rates for the 1 series.

NY SLC 93 · 05-13-2008, 02:26 PM

Quote:

Originally Posted by mchaskell

I got 4.25% from Bank of America through the dealers finance department.

That's actually what I got as well, except 4.24%.

Dan203 · 05-13-2008, 02:40 PM

Unless my dealer can actually beat the PenFed rate I'm just going to stick with PenFed.

Dan

RWD FUN · 05-13-2008, 03:46 PM

Quote:

Originally Posted by NY SLC 93

That's actually what I got as well, except 4.24%.

What was the length? The best my dealer offered was 4.7% 60mos 4.8% 72mos through Chase. BMW was offering in the 5's. Thats despite them giving me their highest credit rating (above 740). If I take the 4.8% its only $10 more a month and it would be much easier than Penfed. Probably gonna take it, but I might ask them to see about BofA if yours is for 72mos.

RWD FUN

NY SLC 93 · 05-13-2008, 04:20 PM

Quote:

Originally Posted by RWD FUN

What was the length? The best my dealer offered was 4.7% 60mos 4.8% 72mos through Chase. BMW was offering in the 5's. Thats despite them giving me their highest credit rating (above 740). If I take the 4.8% its only $10 more a month and it would be much easier than Penfed. Probably gonna take it, but I might ask them to see about BofA if yours is for 72mos.

RWD FUN

4.24%, 60-mos. thru BoA

05-13-2008, 11:55 AM	#1
NY SLC 93 Captain 86 Rep 631 Posts Drives: 135i Join Date: Sep 2008 Location: USA iTrader: (0)	BMW matched PenFed 4.25% rate My dealer matched the penfed rate so I'm just going to use them. It's a lot easier I figured. Just an FYI for anyone wanting to that route...BMW should be able to match the rate you get.
	Appreciate 0 Tweet Quote

05-13-2008, 11:58 AM	#2
jeremyc74 Banned 76 Rep 5,970 Posts Drives: '08 135i Montego/Terra Join Date: Feb 2008 Location: Evansville, IN iTrader: (0)	Cool. If mine will do the same I'll use them as well.
	Appreciate 0 Quote

05-13-2008, 12:01 PM	#3
InsaneSkippy Lieutenant Colonel 79 Rep 1,597 Posts Drives: 135i Join Date: Jul 2007 Location: Florida iTrader: (1)	Wow that's awesome, from everything I've heard PenFed has a bunch of hoops you have to jump through. I opted to go with BMWFS as well to avoid the hassle. Though my rate is 5.04 __________________
	Appreciate 0 Quote

05-13-2008, 12:01 PM	#4
rocketpop Captain 60 Rep 865 Posts Drives: 135i Join Date: Dec 2007 Location: Home iTrader: (0)	I'm trying to get my dealer to do the same, it just makes it easier that way. To me anyway. __________________
	Appreciate 0 Quote

05-13-2008, 12:01 PM	#5
ARES45 Major 34 Rep 1,002 Posts Drives: Join Date: Oct 2007 iTrader: (0)	That is probably not bmwfinancial, it is more likely a third party the dealer set up. Not saying it is bad, just not the same as bmwfs. P.S. This is what I did and my loan is through us bank. __________________ "Don't run, you'll only die tired" ~ Gunship Pilot
	Appreciate 0 Quote

05-13-2008, 12:03 PM	#6
dclee1 Lieutenant 21 Rep 469 Posts Drives: Join Date: Nov 2007 iTrader: (0)	Nice! I got a 4.65 rate from my dealer. Simple interest loan, no prepayment penalty, so it was a good deal for me, actually. __________________ 135 Monaco Blue - ED April 19th 2008 6spd, Sprt, Prem, Cold, Ipod, Comfort, HD Radio
	Appreciate 0 Quote

05-13-2008, 12:12 PM	#7
Citizen Z Alpine Master 111 Rep 1,310 Posts Drives: '08 135i AW Sport Join Date: May 2008 Location: Kansas iTrader: (1)	I got 4.24% on a 48 month loan from my bank. Pretty happy. __________________ Alpine White with Taupe Leather 135i, Sports Package, Heated Seats, Comfort Access, iPod Adapter Fastness: http://www.1addicts.com/forums/showthread.php?t=252727
	Appreciate 0 Quote

05-13-2008, 12:25 PM	#8
jrc Second Lieutenant 37 Rep 257 Posts Drives: Join Date: Mar 2008 iTrader: (0)	My dealer matched PFed 4.25 for 60 months, but wouldn't for 72!?!
	Appreciate 0 Quote

05-13-2008, 12:29 PM	#9
RobLS Major 29 Rep 1,193 Posts Drives: M3 Coupe Join Date: Aug 2007 Location: Near Perpetual Rain iTrader: (0)	grats on that, I am looking in the ball park of 5-8, short credit history is why. If I can though, I would love below 5 heh.
	Appreciate 0 Quote

05-13-2008, 01:25 PM	#10
jdesclafani Private First Class 3 Rep 135 Posts Drives: Join Date: Mar 2008 iTrader: (0)	yea i didnt get 4.25 but 4.54 from a different bank and BMW was able to get me 4.29
	Appreciate 0 Quote

05-13-2008, 01:26 PM	#11
mchaskell Traveler 8 Rep 173 Posts Drives: 135i Join Date: Dec 2007 Location: Never where I want to be. iTrader: (0)	I got 4.25% from Bank of America through the dealers finance department. Edit: Term 48 months __________________ 135i SGM, Grey w/Grey Poplar interior.
	Appreciate 0 Quote

05-13-2008, 01:29 PM	#12
ulrichd Colonel 210 Rep 2,233 Posts Drives: 128i M-Sport Join Date: Jun 2007 Location: Houston, TX iTrader: (6)	I wonder what ED customers are getting, since we are kind of over a barrel for financing choices. I assume with an 800 plus credit rating I have a pretty good argument on my side.
	Appreciate 0 Quote

05-13-2008, 01:33 PM	#13
Lax1bmw Enlisted Member 0 Rep 43 Posts Drives: 1999 E36 M3 Join Date: Mar 2008 Location: NY / NJ iTrader: (0)	Hey NY SLC, Which dealer did you go to?
	Appreciate 0 Quote

05-13-2008, 01:54 PM	#15
UM-Iceman Enlisted Member 0 Rep 36 Posts Drives: Join Date: Apr 2008 iTrader: (0)	I found 4.54% for 5yrs with AAA. They can do slightly better if your LTV is 80% or less of invoice. Importantly, there are fees that effectively add about 0.3% to the rate. Have asked my SA to offer something competitive with that. Will check PenFed too. Thanks for passing that on NY SLC 93.
	Appreciate 0 Quote

05-13-2008, 01:56 PM	#16
EINSER M Major General 377 Rep 5,730 Posts Drives: BMW i3 rex Join Date: May 2006 Location: SoCal iTrader: (44) Garage List 2018 I01 i3s \| CURRENT [0.00] 2018 G01 X3 \| CURRENT [0.00] 2017 I01 i3 \| SOLD [0.00] 2017 F48 X1 \| SOLD ... [0.00] 2016 I01 i3 \| SOLD [0.00] 2017 F22 M240 \| SOLD [8.00] 2016 F25 X3 diesel ... [0.00] 2006 E60 550 \| SOLD [6.00] 2011 E90 335 \| SOLD [8.66] 2012 E82 135 \| SOLD [5.50] 2011 E82 1M \| SOLD [7.94] 2007 E85 Z4M\| SOLD [4.50] 2003 E53 X5 4.6is S ... [9.00] 2008 E92 328 \| SOLD [0.00] 2008 E82 135 \| SOLD [0.00] 2008 E90 335 \| SOLD [0.00] 2003 E46 M3 \| SOLD [7.50] 2006 E90 330 \| SOLD [10.00] 2003 E46 330ZHP \| SOLD [0.00]	financed 8 cars thru bmw fs but gave the biz to pfcu. they were great from A to Z...
	Appreciate 0 Quote

05-13-2008, 02:08 PM	#17
Larry_Legend Second Lieutenant 23 Rep 233 Posts Drives: 2008 135i Join Date: Apr 2008 Location: New Jersey iTrader: (0)	pen fed doesnt have a prepayment penalty
	Appreciate 0 Quote

05-13-2008, 02:25 PM	#18
larryn Lieutenant General 2148 Rep 10,176 Posts Drives: '97 332ti, '21 X5 45e, '16 GT4 Join Date: May 2005 Location: Seattle iTrader: (2)	NY_SLC... are you sure this is through BMW Financial Services, or is it via another bank that they deal with? It is my understanding that it's extremely rare for BMW Financial Services to lower by >2%, which it sounds like you got, from their current rates for the 1 series.
	Appreciate 0 Quote

05-13-2008, 02:40 PM	#20
Dan203 Lieutenant Colonel 136 Rep 1,592 Posts Drives: 2016 340i xDrive Join Date: Jul 2008 Location: Carson City, NV iTrader: (1)	Unless my dealer can actually beat the PenFed rate I'm just going to stick with PenFed. Dan
	Appreciate 0 Quote