BMW Financial Services?

[rocketpop]

Has any one got BMW to match PENFED's rate of 4.25 for 72 months?

I really don't want to waste my time and a credit inquire if they have never matched it before.

[mateo]

Originally Posted by rocketpop

Has any one got BMW to match PENFED's rate of 4.25 for 72 months?

I really don't want to waste my time and a credit inquire if they have never matched it before.

Easy Dennis,

In order to get that rate from PENFED, you will need to be a 730 or greater credit score. So if you have had PENFED pull your credit, and they have told you that you are approved, then the next step is to talk to the Finance Manager at the dealer. Ask them the best rate BMW offers for a Tier 1 credit score, because that is what score you would have to be. Or you can just not bother, and when the paper work is being done, tell them you have a deal done with you're CU. They will ask what the deal is, and you tell them 4.25@ 72 months. I doubt from all I know, that they will even offer that rate on a 72/mo term. If not they will do a 10+ Day "One-Pay-Contract" as a back up with BMWFS, or whomever, at whatever rate they do offer. This just allows you time for the CU to get them the check, and CU's are fast so that takes a few days. The reason they do this, is so if you are not to supply that check, then there is a deal that is in place, just in case you CU does not pull through. If they don't then you won't have to bother with another hit to you're credit report. Simple as that. I hope that info helps.

-Mateo

[mateo]

Looks like that might be possible, if the dealer decides to drop the rate for you, but I don't know about 72/months. So just call the Finance Manager over the phone.

http://www.bmwusa.com/Standard/Conte...yyyRi1sAj9Rg==

[thurst0509]

My advisor was pretty shocked when I told him the 4.25% rate I'd arranged with PenFed. He advised me to go ahead and take it since there was almost no chance the dealer or BMWNA would be able to match or beat it.

By the way, I've been very happy with PenFed so far. I was approved for my loan instantly and had a pre-approved draft in the mail within 2 days. Since I indicated in my loan request that I had not yet picked a vehicle, my loan draft is essentially a blank check valid up to the amount requested for 90 days, and the loan doesn't start until the dealer exercises the draft.

[mateo]

I would go with the Credit union, but the last person I would trust on rates would be the SA. He should stick to selling cars, and leave the rate to the person who works with the banks. Dealers will give you a better deal, if they can make some money on the [back end] rate. I just doubt they would offer 4.25 @72/months.

[rocketpop]

Well checking today my scores are 762,705,778 depending on which scores they use. Not sure whats up with Experian at 705.

[mateo]

Originally Posted by rocketpop

Well checking today my scores are 762,705,778 depending on which scores that use. Not sure whats up with Experian at 705.

Who did you get the scores from? Only Equifax gives a real score to YOU. Want the real scores across the board go here... www.myfico.com

[thurst0509]

Originally Posted by mateo

I would go with the Credit union, but the last person I would trust on rates would be the SA. He should stick to selling cars, and leave the rate to the person who works with the banks. Dealers will give you a better deal, if they can make some money on the [back end] rate. I just doubt they would offer 4.25 @72/months.

True. When I go in to sign the paperwork and pay for the car, I do plan to sit down with someone in the finance department to see if they can beat the rate. I'm financing for 60 months so who knows, maybe there's a possibility. Either way I've got PenFed in my back pocket and it sounds like I'll most likely end up using them.

[rocketpop]

I use transunion (truecredit). 778 is my Equifax score.


I all ready to go with PENFED, I have my account set up and I just need to apply.

[WishBone33]

PenFed has been pretty unbelievable to me. I'm only 22 and i dont know my credit score but i joined PenFed and applied for a loan. They approved me instantly online without even asking for income verification.

[mateo]

Originally Posted by rocketpop

I use transunion (truecredit). 778 is my Equifax score.


I all ready to go with PENFED, I have my account set up and I just need to apply.

:thumbup:

The Transunion score, as well as Experian's score are both fictitous . Scores range from 300 to 850. I'm sure your score is fine. Again, only Equifax gives a true score. Want a realtime score use www.myfico.com They do not report as a hard hit to your credit either.