[Kanrai]

Originally Posted by Bearded-Driver

i went with BMW at 6.79 for 72 months so i could get the 90 days no payment. I did do a very large downpayment in the hopes of trying to pay the M2 off before my lease is up on my apartment. would like to try to buy a house Q4 and yea i know i did it backwards... leave me alone

Nothing is ever backwards if its the order you want to do, besides its a good gamble to wait till the end of the year to buy a home..

[Polo08816]

Originally Posted by DrewNewM2

A $70k depreciating asset, especially a BMW which will be worth half of its original MSRP in 5 years is a poor financial decision regardless of whether you’re financing @6% or buying cash. You’ll never get your original cash back or the lost gains you could have had by investing that $70k instead. Doesn’t matter if you can afford to buy 10 of them cash or have to work an extra job to make payments. So at the end of the day, an extra 1% interest rate or an extra year of payments probably won’t make much of a difference.

We buy them because we want them and they provide enjoyment during the short time we are on this earth.

There is a very big difference between being able to afford to buy 10 of them in cash versus someone who has to work an extra job to make payments...

[MineralGreyMetallic]

Can we please keep this thread from derailing into the "What it means to make a responsible purchase" cliche. It's highly subjective, and this conversation has been had already in thousands of threads over the years.

The whole point of this thread was to collect data and experiences with regards to current interest rates.

This is massively helpful for people to arm themselves before negotiations. I myself learned a lot in this thread from people posting their experiences.

If it bugs you that folks are fretting about 1% differences in interest rate, please understand that we're mostly just trying to gauge how much leverage we have as consumers under current market conditions.

[cjhhhh23]

Just an FYI, BMW are offering 4.9% interest on new M2 orders in the UK in Q1 2024, I've just placed an order and it's cheaper than an M240i I was looking at just 6 months ago

[MineralGreyMetallic]

Interestingly, Bank of America went up to 6.09%.

[Jett2835]

Originally Posted by miiipilot

I hope your dealership will even allow you to bring outside financing

My dealer wouldn't allow it (Westlake BMW Ohio) bc, "we aren't making enough money."

They also wouldn't honor BMW's special financing at 5.29%. It was either fuck or walk at 6.29%

That's absurd. Not sure how much commission/flow through the dealership pulls in from their financing arm for originating a loan through BMW Finance, but typically dealers make a $200-300 contract fee when securing an auto loan from an outside lender (i.e., BofA, Chase, etc.) with contingencies that the borrower does not early payoff and makes at least 3 months worth of payments.

It sucks they would even hold you hostage over financing in-house only, as if they wouldn't let you buy the vehicle in cash.

I would have walked and/or immediately refinanced that loan the moment I obtained my loan # from BMW finance to get their contract fee clawed back by the lender (not sure how fee structure back to the dealer works with BMW Financing, however).

Unless you were getting a monster deal upfront on pricing, or had a specific/unique build you absolutely needed all boxes checked - I would have been looking at a different dealership.

[NJbaitshop]

Finally picked up my car this Saturday. Finance guy ended up just getting me the 5.29%. I walked in expecting he'd give me the 5.54% match to my Bank of America Approval That was a nice surprise. Just throwing in another data point. I realize these small percentage points won't make a huge difference, but still nice to get a rate lower than the bank.

Happy to be done with it and time to just enjoy the car, which is awesome!

[MineralGreyMetallic]

I picked up the car today.

6.29% and I didn't have the energy to haggle. The rest of the buying process was fairly painless so I didn't mind it, honestly.

Not the end of the world. Car is amazing.

[Rx-7ames]

Originally Posted by 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.

I'm a CA in Oregon. I'd like to think that I work at an honest and fair dealership. We have charged MSRP and 6.29% (or buy rate +1%) on all of our M car sales. The truth is, profit margin is so low on new cars, we believe we should be able to maximize profits on highly desirable cars like these.

I also realize that there's much more to the buying experience than the price you pay. I'd like to think that the level of service I provide before and after the sale justifies paying "full price". There are people that don't see any value in the customer service aspect, but I do get a lot of repeat customers and multiple car sales, so I'll keep doing what I'm doing.

I'm sorry your experience doesn't justify returning to that dealership. I hope your next experience is much better.

[theblackfalcon]

I'm seeing available inventory building on these cars across the country. Based on incentives now being offered on other BMW's I'm guessing by March there will be some minor financing incentives being offered.

[MineralGreyMetallic]

Originally Posted by Rx-7ames

The truth is, profit margin is so low on new cars, we believe we should be able to maximize profits on highly desirable cars like these.

And the truth is, in the modern age consumers would prefer to not deal with a middleman. Especially consumers who want expensive, highly desirable cars.

Originally Posted by Rx-7ames

I also realize that there's much more to the buying experience than the price you pay. I'd like to think that the level of service I provide before and after the sale justifies paying "full price". There are people that don't see any value in the customer service aspect, but I do get a lot of repeat customers and multiple car sales, so I'll keep doing what I'm doing.

I'm sorry your experience doesn't justify returning to that dealership. I hope your next experience is much better.

The only experience I'd happily pay for is the one where I can purchase over the phone or internet and have the car delivered to my door. Anything else isn't worth whatever you think is a justifiable surcharge.

I've never had a good experience buying a car, and I've purchased close to 20 of them in my life.

It's always long hours at the dealership, waiting around, negotiating low balls, and having finance managers try to guilt you into upsells or get impatient when you want to actually read the 500 documents you're signing. A lot of the threads in this forum are a testament to how much dealerships complicate the process.

I have sympathy for those who work in your industry but it's clear it's not meant to last much longer.

[Rx-7ames]

Originally Posted by MineralGreyMetallic

And the truth is, in the modern age consumers would prefer to not deal with a middleman. Especially consumers who want expensive, highly desirable cars.

I just read an interesting article that said consumers who shop at direct-to-consumer dealerships are twice as likely to leave a 1 star review. Many people share your sentiment, so I was shocked to see that.

But just for you, there are ways to buy a car without going to the dealer at all. Look at Driveway.com. You can buy every car in Lithia's inventory online and have it delivered to your door. There is no negotiation. You choose which warranty or products to buy just by clicking the button. You have as much time as you need to read every word of the contract. You should check it out.

[Vinknee]

Originally Posted by Rx-7ames

I just read an interesting article that said consumers who shop at direct-to-consumer dealerships are twice as likely to leave a 1 star review. Many people share your sentiment, so I was shocked to see that.

Maybe because you're asked 10 times before you leave a dealership to make sure you leave whatever the top rating is , it certainly makes the experience marginally better (they treat you very nicely, sometimes throw in a few small items to make you leave happy), but doesn't change the fact that buying a car is always somewhat of a chore and not all of it is a dealers fault (state registration, bank, financing, warranty options, etc.)

But that finding isn't a big surprise to me, I'm always more inclined to give my unbiased/honest review when you're further removed from the people it affects (if it's directly to an owner / doesn't get reported up to a higher chain), not everything is a 5 star experience, but that doesn't mean it's bad. Needless to say I gave 10/10 ratings all around to my dealer

[Rx-7ames]

Originally Posted by Vinknee

Maybe because you're asked 10 times before you leave a dealership to make sure you leave whatever the top rating is , it certainly makes the experience marginally better (they treat you very nicely, sometimes throw in a few small items to make you leave happy), but doesn't change the fact that buying a car is always somewhat of a chore and not all of it is a dealers fault (state registration, bank, financing, warranty options, etc.)

But that finding isn't a big surprise to me, I'm always more inclined to give my unbiased/honest review when you're further removed from the people it affects (if it's directly to an owner / doesn't get reported up to a higher chain), not everything is a 5 star experience, but that doesn't mean it's bad. Needless to say I gave 10/10 ratings all around to my dealer

Your point is valid, but this was in regards to Google reviews left voluntarily, not the death-by-survey that consumers are hammered with.

People that shop at Tesla (for one example), where there are no sales people, no haggling, and supposedly better experiences because of no middle man dealership, leave worse reviews. It's not what you would expect.

[JMcLellan]

Originally Posted by MineralGreyMetallic

Interestingly, Bank of America went up to 6.09%.

Is that for 60 months? I just ran through the bank of america credit application and got quoted 6.44% for 72 months, 45K loan, and my credit is really good. Feeling like if BMW finance can get me 6.29% for 72 months then I will just do it.

[MineralGreyMetallic]

Originally Posted by JMcLellan

Is that for 60 months? I just ran through the bank of america credit application and got quoted 6.44% for 72 months, 45K loan, and my credit is really good. Feeling like if BMW finance can get me 6.29% for 72 months then I will just do it.

Yeah, that's just what they are advertising on their public page.

https://www.bankofamerica.com/auto-l...to-loan-rates/

I had a similar experience to you. I got pre-approved at BoA and the rate they gave me didn't make sense.

[MineralGreyMetallic]

Originally Posted by Rx-7ames

Your point is valid, but this was in regards to Google reviews left voluntarily, not the death-by-survey that consumers are hammered with.

People that shop at Tesla (for one example), where there are no sales people, no haggling, and supposedly better experiences because of no middle man dealership, leave worse reviews. It's not what you would expect.

There could be 100 reasons for those bad reviews. It's not an indicator that consumers prefer dealerships.

[Rx-7ames]

Originally Posted by MineralGreyMetallic

There could be 100 reasons for those bad reviews. It's not an indicator that consumers prefer dealerships.

Correct. The only thing you can deduce is that consumers that shop at direct-to-consumer brands are twice as likely to leave a one-star review. I would be interested to see a study on why that is.

[JMcLellan]

Originally Posted by Rx-7ames

Correct. The only thing you can deduce is that consumers that shop at direct-to-consumer brands are twice as likely to leave a one-star review. I would be interested to see a study on why that is.

I also think that the type of person who takes the time to complete a survey mostly picks the worst rating or the best rating.

[Carefree]

Originally Posted by JMcLellan

I also think that the type of person who takes the time to complete a survey mostly picks the worst rating or the best rating.

Agreed. I rate bad service by not returning. The opposite for good service. YMMV

[sammyj]

Originally Posted by JMcLellan

Is that for 60 months? I just ran through the bank of america credit application and got quoted 6.44% for 72 months, 45K loan, and my credit is really good. Feeling like if BMW finance can get me 6.29% for 72 months then I will just do it.

FYI the 72 month rate will be higher, 6.79 I think.

[JMcLellan]

Originally Posted by sammyj

FYI the 72 month rate will be higher, 6.79 I think.

Correct. My dealer was at 7.29% for 72 months, 6.29% for 60 months. They ended up matching my bank of america offer for 72 months so I'm going with that. I tried to get more wiggle but they wouldn't budge.