[Ian Rogers]

Purchased my M2 today, ordered on October 10th it arrived yesterday December 19th. Rate 5.29% on a 60 mo term with BMW financing. Good luck

[MineralGreyMetallic]

Originally Posted by Ian Rogers

Purchased my M2 today, ordered on October 10th it arrived yesterday December 19th. Rate 5.29% on a 60 mo term with BMW financing. Good luck

Tell us exactly what you said to your dealership.

[matty_f]

I got 5.29% thanks everyone for the posts. They told me they don’t pad the rate when they originally gave me 6.29%. When I picked the car up at told them that I wanted the base rate from BMW. I said it was in both our best interests. If they give me 5.29 I’m less likely to refi at the credit union, it’s better for them and BMW finance. If they can’t, no big deal but I can’t give full marks on the survey.

[Ian Rogers]

Originally Posted by MineralGreyMetallic

Tell us exactly what you said to your dealership.

Honestly I just went in to the dealership, talked to the M specialist told him I did not want the car on the lot. Talked about ordering, they had an open allocation, I told him I was unwilling to pay a market adjustment so if he would sell the car at MSRP that would work for me. We agreed, built out the car and I placed a deposit.

I then left him alone, I did not follow up with the dealership for 10 weeks. They reached out and said FYI the car was at the port in Oxnard and would be here is a week.

We then started talking about financing. I asked them what rate they could offer and mentioned I was planning on calling the credit union that afternoon. They came back with 5.29%, this was close enough to the credit union rate for me, so I said lets move forward with the BMW loan. All of this was done over the phone and via text, I had not been back the dealership since October.

At this point I had a meeting with the finance department, we talked for about 15 minutes on the phone about other coverages. I declined them and we then docusigned everything. My wife dropped me off at the dealership and 20 minutes later I was driving home.

[FrankWhite!]

Originally Posted by RockCrusher

The dealer might collect sales tax. The word I got was BMW *requires* dealers to collect sales tax on financed vehicles.

So before you go to to buy/collect the car call the tax agency in your state and ask how sales tax collected by a dealer in another state is handled so you receive full credit for this and your state's tax agency has the funds *before* you show up. If it doesn't then you will be required to pay all the sales tax due and when the money from the dealer shows up then I guess file for a refund.

My understanding is The dealer should collect the tax from The out of state buyer according to the local tax where the dealer is located. Once the vehicle is delivered; the title with loan (either electronically or a hard copy) should be provided to the buyer along with a check from the dealer with sales tax they collected made out to the buyer. The buyer will take the title to their state agency and cut a personal check for their local tax amount (it could be slighter hirer or lower depending on where you live and where you bought the car) then they’ll give you your tags and collect the title with lean for electronic processing with the title agency. Then you go and deposit the check from the dealer with the tax you paid.

[MineralGreyMetallic]

Originally Posted by Ian Rogers

Honestly I just went in to the dealership, talked to the M specialist told him I did not want the car on the lot. Talked about ordering, they had an open allocation, I told him I was unwilling to pay a market adjustment so if he would sell the car at MSRP that would work for me. We agreed, built out the car and I placed a deposit.

I then left him alone, I did not follow up with the dealership for 10 weeks. They reached out and said FYI the car was at the port in Oxnard and would be here is a week.

We then started talking about financing. I asked them what rate they could offer and mentioned I was planning on calling the credit union that afternoon. They came back with 5.29%, this was close enough to the credit union rate for me, so I said lets move forward with the BMW loan. All of this was done over the phone and via text, I had not been back the dealership since October.

At this point I had a meeting with the finance department, we talked for about 15 minutes on the phone about other coverages. I declined them and we then docusigned everything. My wife dropped me off at the dealership and 20 minutes later I was driving home.

I had never heard of doing the finance stuff over the phone. I would much prefer it that way.

[JABCAT]

Originally Posted by MineralGreyMetallic

I had never heard of doing the finance stuff over the phone. I would much prefer it that way.

I've been purchasing vehicles this way for over 15 years. The only time I go into the dealership is when it's time to take delivery of the vehicle. I also don't limit myself to local dealers. We ordered a '23 Grand Cherokee for my wife from IA because that dealer was offering 4% below invoice and no fees, when every other dealer was $5k over MSRP. My previous BMW was purchased from TN last year. I just happened to find my M2 locally & my wife's X3MC, and both those deals were completed via email.

[JABCAT]

Originally Posted by FrankWhite!

My understanding is The dealer should collect the tax from The out of state buyer according to the local tax where the dealer is located. Once the vehicle is delivered; the title with loan (either electronically or a hard copy) should be provided to the buyer along with a check from the dealer with sales tax they collected made out to the buyer. The buyer will take the title to their state agency and cut a personal check for their local tax amount (it could be slighter hirer or lower depending on where you live and where you bought the car) then they’ll give you your tags and collect the title with lean for electronic processing with the title agency. Then you go and deposit the check from the dealer with the tax you paid.

Depends on the state. We purchased a vehicle from IA and they did not collect sales tax, but the vehicle I purchased from TN did. The TN dealership wired the $ to the TX DMV & the DMV let me know when they received it. I also received a $300 refund on the spot because the TN dealer calculated the tax incorrectly.

[MineralGreyMetallic]

Originally Posted by JABCAT

I've been purchasing vehicles this way for over 15 years. The only time I go into the dealership is when it's time to take delivery of the vehicle. I also don't limit myself to local dealers. We ordered a '23 Grand Cherokee for my wife from IA because that dealer was offering 4% below invoice and no fees, when every other dealer was $5k over MSRP. My previous BMW was purchased from TN last year. I just happened to find my M2 locally & my wife's X3MC, and both those deals were completed via email.

I'm assuming in these cases you never traded in a car. In my experience, although there have been exceptions, dealers won't give a value for trade-in until they see it. Which I know is just another tactic for them to get you in the room and try to manipulate you.

What's your experience here?

[Ian Rogers]

I was not trading in a car. Generally I have kept that out of the new car equation, it makes it easier for the dealer to convolute the issues at hand when you have a trade in. Sell your old car if that's the plan private party. I know a bit more work this way but its honesty easier.

[MineralGreyMetallic]

Originally Posted by Ian Rogers

I was not trading in a car. Generally I have kept that out of the new car equation, it makes it easier for the dealer to convolute the issues at hand when you have a trade in. Sell your old car if that's the plan private party. I know a bit more work this way but its honesty easier.

That's what I've done in the past, and would do this time around. I'm just concerned about selling my current car, which I love, and then having the dealership pull a fast one at the last minute. Unfortunately I don't have space for 2 cars at the moment.

Perhaps if I got everything in writing like you guys have done over the phone, then I can be confident selling the car separately.

Helpful info, thanks y'all.

[JABCAT]

Originally Posted by MineralGreyMetallic

I'm assuming in these cases you never traded in a car. In my experience, although there have been exceptions, dealers won't give a value for trade-in until they see it. Which I know is just another tactic for them to get you in the room and try to manipulate you.

What's your experience here?

Traded in a vehicle each time. No issues getting a value via email. I send very detailed pictures/video, copy of my maintenance record and carfax. In my state I only pay sales tax on the difference between trade-in and new car price, so as long as their offer + tax break beats what I could realistically sell for privately, I trade.

Ex: I took my '22 330e to my local BMW dealer for a trade appraisal & to test drive a M340i. My 330e was getting regular maintenance done anyway. They came out and offered me $24k Then said we work off kbb values, so I pulled up kbb right in front of the guy that said $34k - $36k.

The dealer from whom I purchased my M2 offered me $33.5 via email & said as long as it really looks like this when you drop it off, that's the offer. And that's what they gave me. I saved $2,600 in sales tax so to me I received $36.1k which I was happy with.

[MineralGreyMetallic]

BoA at 5.89% today.

5.54% for Preferred Rewards members.

Slowly, but surely.

[NJbaitshop]

Originally Posted by MineralGreyMetallic

BoA at 5.89% today.

5.54% for Preferred Rewards members.

Slowly, but surely.

Thanks for the heads up. That's a decent drop. Just got approved, going to go back to the dealer to see if they'd be willing to get me that 5.29%.

[tommycr]

I got 6% for 72 months thru BMW financial when I ordered the car in April. Took delivery in October but it didn’t change.

[sammyj]

I tried it all but dealer stuck to 6.29. Not thrilled tbh, and will either be refinancing ASAP, or just paying it down as bonuses come in.

Honest wasn’t thrilled with my experience, probably won’t return.

[playswcars]

1.9% Lease interest in Switzerland, 48 Months through BMW Financial.

[NJbaitshop]

My car is finally at the dealership. I asked my CA if BMW Financing could get me the 5.29% rate that others have gotten. They came back matching the BoA approval of 5.54%. Happy they at least gave in a little.

While it would be nice to get that 5.29%, I'm at the point where I don't care enough or want to haggle anymore for the extra .25. Especially since BMW Financing originally came in at 6.29%.

So, I'm happy. I'm sure rates will continue to drop & I can always refi down the line. I'm also only financing a small amount.

Anyway, just wanted to update this group.

[MineralGreyMetallic]

Originally Posted by NJbaitshop

My car is finally at the dealership. I asked my CA if BMW Financing could get me the 5.29% rate that others have gotten. They came back matching the BoA approval of 5.54%. Happy they at least gave in a little.

While it would be nice to get that 5.29%, I'm at the point where I don't care enough or want to haggle anymore for the extra .25. Especially since BMW Financing originally came in at 6.29%.

So, I'm happy. I'm sure rates will continue to drop & I can always refi down the line. I'm also only financing a small amount.

Anyway, just wanted to update this group.

Congratulations, and thanks for the info.

I was planning the same strategy. I'm going to bring the BoA approval to the dealership and give them the opportunity to match or beat it.

[Polo08816]

Those interest rates sounds pretty high to be honest. Why not just pay cash?

[JMcLellan]

Originally Posted by MineralGreyMetallic

Congratulations, and thanks for the info.

I was planning the same strategy. I'm going to bring the BoA approval to the dealership and give them the opportunity to match or beat it.

What is BoA?

[NJbaitshop]

Originally Posted by JMcLellan

What is BoA?

Bank of America