[ednir98]

What are you guys getting for interest rates from BMW? For someone with "top tier" credit, their rate is not attractive or competitive. I find it hard to believe BMW FS is still at a 6% floor.

[two_three_two]

Originally Posted by ednir98

What are you guys getting for interest rates from BMW? For someone with "top tier" credit, their rate is not attractive or competitive. I find it hard to believe BMW FS is still at a 6% floor.

it was 5.29 last November when i bought mine. 6.29% is what the dealer tried to give me until i found a better offer. Walk in with your best rate and see if they beat it.

[evdoho]

MY25 M2 buy-rate for Oct. through BMW FS is 5.29% up to 60 months, MY24 is 4.99%.

Most dealers will mark up this rate, maximum markup is 1%.

[ednir98]

Thanks for the feedback evdoho two_three_two. They're being up front about the 1% markup but there's no way I'm signing up for that. I'll see what my bank is at.

[two_three_two]

Originally Posted by ednir98

Thanks for the feedback evdoho two_three_two. They're being up front about the 1% markup but there's no way I'm signing up for that. I'll see what my bank is at.

30 year fixed mortgage rates are ticking back up following a strong jobs report. personally i would wait a little longer if you can to get quotes but barring anything drastic i dont see rates moving around by more than 250 bps either direction in the next month or so...

[curtdragon]

Why worry and just get outside financing?
I've always wondered if it's that people rather walk in let the dealer do all the work and walk out?

[MineralGreyMetallic]

Originally Posted by ednir98

What are you guys getting for interest rates from BMW? For someone with "top tier" credit, their rate is not attractive or competitive. I find it hard to believe BMW FS is still at a 6% floor.

We followed interest rates pretty closely for a while in this thread https://g87.bimmerpost.com/forums/sh....php?t=2098474

Looks like they haven't really budged in the last year.

I also thought before buying my M2 that the BMW rate sucked and tried to find something lower elsewhere. I could not, and my credit is great.

BoA is saying 5.59% for New Auto Loan right now, but I never hear of anyone qualifying for the magical rate listed on their site.

Let us know what you find!

[ednir98]

Originally Posted by MineralGreyMetallic

Looks like they haven't really budged in the last year.

I guess I'm just surprised to still see 6-7% from BMW, they've been competitive in the past. This almost feels like a Carvana/Carmax deal lmao. Hurts even more that my X5 is at 2% but it's a different market now.

Kicking myself for closing my Navy Fed account a few years back. If I find something better I'll post it here.

[LateBrake8]

Originally Posted by evdoho

MY25 M2 buy-rate for Oct. through BMW FS is 5.29% up to 60 months, MY24 is 4.99%.

Most dealers will mark up this rate, maximum markup is 1%.

Might depend on jurisdiction. Here in CA it's 2-2.5% depending on the loan term, so I always assume I have that amount of room to negotiate any time I get a number from a dealer.

[WWM3]

Originally Posted by MineralGreyMetallic

We followed interest rates pretty closely for a while in this thread https://g87.bimmerpost.com/forums/sh....php?t=2098474

Looks like they haven't really budged in the last year.

I also thought before buying my M2 that the BMW rate sucked and tried to find something lower elsewhere. I could not, and my credit is great.

BoA is saying 5.59% for New Auto Loan right now, but I never hear of anyone qualifying for the magical rate listed on their site.

Let us know what you find!

USAA: 4.59% for 60 and 4.99% for 72. These will likely be revised upward next month if I had to guess (based on the 10 year treasury yield's action).

[WWM3]

Originally Posted by curtdragon

Why worry and just get outside financing?
I've always wondered if it's that people rather walk in let the dealer do all the work and walk out?

Exactly. Or just refi after you get home.

[MineralGreyMetallic]

Originally Posted by WWM3

USAA: 4.59% for 60 and 4.99% for 72. These will likely be revised upward next month if I had to guess (based on the 10 year treasury yield's action).

I'm aware USAA always has great rates, but aren't they exclusively for military and ex-military?

I scratch my head every time someone quotes their rates as if anyone can get a loan from them. Obviously I'm missing something.

[Mhrob24]

I just financed mine through BMW FS last Thursday. My credit is in the low 700s and I got 60 months at 6.29% and 72 at 6.79%

Considering the most popular Michigan credit union here is offering 5.24% for 60 months with excellent credit, I found the BMW FS rates to be pretty damn good lol.

[SpaceGhost]

Bought my 740 in April with a 3.99 rate via BMWFS with a $3000 loyalty incentive. Nothing close to that offered for the M2. No incentive. Rate at like 6%. I will probably pay half and finance the rest via Navy Federal at 4.49%

[Kevin_The_Clean1]

Originally Posted by curtdragon

Why worry and just get outside financing?
I've always wondered if it's that people rather walk in let the dealer do all the work and walk out?

Exactly. If BMW FS already gave you their best shot & aren't eager enough to budge on that see what your local federal credit union might come up with. Let them do the work to earn your business.

[JABCAT]

Originally Posted by MineralGreyMetallic

BoA is saying 5.59% for New Auto Loan right now, but I never hear of anyone qualifying for the magical rate listed on their site.

Both my BMWs are currently financed with BoA, as were our previous two vehicles. We always get the lowest rate published on their website.

Re: financing with BMW Financial, I applied directly through them when I purchased my '22 330e. The rate they gave me was 1% lower than what the BMW dealer quoted (as expected). The incentives I received, $1,000 recent college grad rebate required financing a portion through BMW Financial. I financed $10k & paid it off as soon as the loan processed.

[ednir98]

Originally Posted by curtdragon

Why worry and just get outside financing?
I've always wondered if it's that people rather walk in let the dealer do all the work and walk out?

I’m not worried or looking for advice on how to get a loan. BMW has always given me the best rates so I wanted to make sure we’re all getting the same bs from them this time around. Knowing certain details about other people’s recent deals helps us all.

[MineralGreyMetallic]

Originally Posted by JABCAT

Both my BMWs are currently financed with BoA, as were our previous two vehicles. We always get the lowest rate published on their website.

Re: financing with BMW Financial, I applied directly through them when I purchased my '22 330e. The rate they gave me was 1% lower than what the BMW dealer quoted (as expected). The incentives I received, $1,000 recent college grad rebate required financing a portion through BMW Financial. I financed $10k & paid it off as soon as the loan processed.

Fair, and good data point. Happy to hear someone's getting them. BoA is very low friction, it's a no brainer to check what rate you'll get before going with BMW Financing.

[JABCAT]

Originally Posted by MineralGreyMetallic

Fair, and good data point. Happy to hear someone's getting them. BoA is very low friction, it's a no brainer to check what rate you'll get before going with BMW Financing.

Agree 100%, that's why we go with BoA on many of our vehicle purchases. The last three dealers from which we purchased were also BoA partner dealers (but tried to mark up the rate as well). We just complete the loan directly through BoA, it's sent to the dealer so there's no hassle with the Finance guy. He just logs in, pulls up our loan & we're on our way.

* I'll also note we have no other banking relationship with BoA. All of our accounts are with another bank.

[ednir98]

Originally Posted by JABCAT

Re: financing with BMW Financial, I applied directly through them when I purchased my '22 330e. The rate they gave me was 1% lower than what the BMW dealer quoted (as expected).

So by applying directly through BMW FS you were able to cut out the dealer markup? I always figured they'd tack it right back on at the dealership.

[JABCAT]

Originally Posted by ednir98

So by applying directly through BMW FS you were able to cut out the dealer markup? I always figured they'd tack it right back on at the dealership.

Correct. I just showed them the rate for which BMW said I qualified.

I'll also mention, 2 different BMW dealerships tried to claim the recent college grad rebate was only valid for a bachelors degree. They didn't want to give me the rebate for my PhD or my wife for her masters. But after asking them to show me where those degrees were excluded, we both received the rebates. My wife also received a $500 owner loyalty rebate because we had another BMW at the time she purchased her X3MC (which was used but still qualified for the rebates.)

[MineralGreyMetallic]

Originally Posted by JABCAT

Agree 100%, that's why we go with BoA on many of our vehicle purchases. The last three dealers from which we purchased were also BoA partner dealers (but tried to mark up the rate as well). We just complete the loan directly through BoA, it's sent to the dealer so there's no hassle with the Finance guy. He just logs in, pulls up our loan & we're on our way.

That's right, I forgot about that. Reduces the friction even further.

Also, if you're a preferred rewards member I think you get half a percent off your rate automatically.

Now I feel like we should be getting a kickback.