Financing and ED?

ptack · 05-17-2008, 08:23 AM

Has anyone done an ED without financing through BMW? I was warned that I might have trouble getting regular bank financing for an ED because you have to pay for the car before picking it up, but don't get the title until after the car gets back to the US dealer. Is this true? What kind of legal ownership does the car have while your in Europe?

ulrichd · 05-17-2008, 08:35 AM

To answer your first question, I have called several banks without luck on ED. BMW is currently offering 5.99%, but you might be able to refinance your loan when you get the car back to the US. The difference between that rate and say 4.25% is $20/mo on my very low spec ED 128.

dclee1 · 05-17-2008, 12:13 PM

You can finance from another source other than BMW; you just have to wait until you get the VIN # before many banks will give you a loan, which won't be until a couple weeks before production. Just make your CA aware of this and it shouldn't be a prob; I'm sure they'll have encountered it before.

ptack · 05-17-2008, 02:21 PM

Ah so I only need to put the deposit down and wait for the VIN#? I don't know why, but my CA is telling me that getting non-BMW financing might be very difficult because of the ED. If they can get me a Vin# using a deposit then I don't see what the problem is either.

B25 Jim · 05-19-2008, 07:43 AM

BMW wants you to put the order for the car in 45 days in advance of delivery... but you don't have to finance it right than. I financed 3 days before I left for ED. I went through my credit union and they had no problem, as long as I had a VIN.

ptack · 05-19-2008, 06:14 PM

That's exactly what I want to do.
Thanks

BMWBLOG.COM · 05-20-2008, 11:29 PM

Quote:

Originally Posted by ptack

Has anyone done an ED without financing through BMW? I was warned that I might have trouble getting regular bank financing for an ED because you have to pay for the car before picking it up, but don't get the title until after the car gets back to the US dealer. Is this true? What kind of legal ownership does the car have while your in Europe?

Many people have done it. Wait for a production number and then start contacting some lenders. I remember that Capital One was the one that BMW didn't really like, but I'm not sure if that has changed.

ptack · 05-21-2008, 07:17 PM

No, the dealer says they won't take Capital One. That's ok with me, their rate is no better than my Credit Union's.
I'm really hoping that BMW Financial will lower their rates soon on the 1 series. They're slashing them on everything else.

ulrichd · 05-21-2008, 09:25 PM

Why would the dealer be able to dictate where you get your loan from, as long as the check clears? I just joined PenFed to do my ED in October.

05-17-2008, 08:23 AM	#1
ptack Brigadier General 269 Rep 4,470 Posts Drives: 135i Join Date: May 2008 Location: NJ iTrader: (0) Garage List 2008 135i [6.50]	Financing and ED? Has anyone done an ED without financing through BMW? I was warned that I might have trouble getting regular bank financing for an ED because you have to pay for the car before picking it up, but don't get the title until after the car gets back to the US dealer. Is this true? What kind of legal ownership does the car have while your in Europe?
	Appreciate 0 Tweet Quote

05-17-2008, 08:35 AM	#2
ulrichd Colonel 210 Rep 2,233 Posts Drives: 128i M-Sport Join Date: Jun 2007 Location: Houston, TX iTrader: (6)	To answer your first question, I have called several banks without luck on ED. BMW is currently offering 5.99%, but you might be able to refinance your loan when you get the car back to the US. The difference between that rate and say 4.25% is $20/mo on my very low spec ED 128.
	Appreciate 0 Quote

05-17-2008, 12:13 PM	#3
dclee1 Lieutenant 21 Rep 469 Posts Drives: Join Date: Nov 2007 iTrader: (0)	You can finance from another source other than BMW; you just have to wait until you get the VIN # before many banks will give you a loan, which won't be until a couple weeks before production. Just make your CA aware of this and it shouldn't be a prob; I'm sure they'll have encountered it before. __________________ 135 Monaco Blue - ED April 19th 2008 6spd, Sprt, Prem, Cold, Ipod, Comfort, HD Radio
	Appreciate 0 Quote

05-17-2008, 02:21 PM	#4
ptack Brigadier General 269 Rep 4,470 Posts Drives: 135i Join Date: May 2008 Location: NJ iTrader: (0) Garage List 2008 135i [6.50]	Ah so I only need to put the deposit down and wait for the VIN#? I don't know why, but my CA is telling me that getting non-BMW financing might be very difficult because of the ED. If they can get me a Vin# using a deposit then I don't see what the problem is either.
	Appreciate 0 Quote

05-19-2008, 07:43 AM	#5
B25 Jim Second Lieutenant 8 Rep 205 Posts Drives: Join Date: Oct 2007 iTrader: (0) Garage List 2008 135i [0.00]	BMW wants you to put the order for the car in 45 days in advance of delivery... but you don't have to finance it right than. I financed 3 days before I left for ED. I went through my credit union and they had no problem, as long as I had a VIN.
	Appreciate 0 Quote

05-19-2008, 06:14 PM	#6
ptack Brigadier General 269 Rep 4,470 Posts Drives: 135i Join Date: May 2008 Location: NJ iTrader: (0) Garage List 2008 135i [6.50]	That's exactly what I want to do. Thanks
	Appreciate 0 Quote

05-21-2008, 07:17 PM	#8
ptack Brigadier General 269 Rep 4,470 Posts Drives: 135i Join Date: May 2008 Location: NJ iTrader: (0) Garage List 2008 135i [6.50]	No, the dealer says they won't take Capital One. That's ok with me, their rate is no better than my Credit Union's. I'm really hoping that BMW Financial will lower their rates soon on the 1 series. They're slashing them on everything else.
	Appreciate 0 Quote

05-21-2008, 09:25 PM	#9
ulrichd Colonel 210 Rep 2,233 Posts Drives: 128i M-Sport Join Date: Jun 2007 Location: Houston, TX iTrader: (6)	Why would the dealer be able to dictate where you get your loan from, as long as the check clears? I just joined PenFed to do my ED in October.
	Appreciate 0 Quote