how to pay for it now???

BRAKE! · 03-01-2023, 07:55 PM

Quote:

Originally Posted by Carefree

Paying cash. Haven’t paid any interest, except mortgages, for anything in 40 years.

Hence why you’re “carefree”

Gotta say, it is a great way to be.

GrannyShiftG80 · 03-01-2023, 08:10 PM

I'm budgeting for 2400 /month payments

zero21 · 03-01-2023, 08:44 PM

Quote:

Originally Posted by Allenssmart

I'm budgeting for 2400 /month payments

Carefree · 03-01-2023, 08:48 PM

Quote:

Originally Posted by BRAKE!

Hence why you’re “carefree”

Gotta say, it is a great way to be.

Your day will come. It goes by fast.

jhall1957 · 03-01-2023, 09:38 PM

Quote:

Originally Posted by Carefree

Paying cash. Haven’t paid any interest, except mortgages, for anything in 40 years.

Same here. I don’t even pay interest on my mortgage cause I don’t have one! Cash is always best but can’t pass up money at .9% like on my CS. I trade a Mini Cooper in and pay diff in cash since apparently no super sweet low rates to be had.

GrannyShiftG80 · 03-02-2023, 11:10 AM

Quote:

Originally Posted by sl0m0

Like zero's emoji.... Wow. Just 4 years ago that would have been my entire monthly income. Things are different now, but perspective is something to not forget about.

I don't get how people are getting such cheap payments. This vehicle for me out the door is $115,000 cad financed over 3 years with 35,000 down

zero21 · 03-02-2023, 11:29 AM

Quote:

Originally Posted by Allenssmart

I don't get how people are getting such cheap payments. This vehicle for me out the door is $115,000 cad financed over 3 years with 35,000 down

OK 3yr term - I feel a bit better now for you. Still though, that's a good chunk of income.

I go by the 10% rule after taxes on all car payments in the household.

sl0m0 · 03-02-2023, 11:36 AM

Quote:

Originally Posted by zero21

OK 3yr term - I feel a bit better now for you. Still though, that's a good chunk of income.

I go by the 10% rule after taxes on all car payments in the household.

Wow, 3 year term definitely makes more sense.

Bumpinjeep · 03-02-2023, 11:53 AM

Quote:

Originally Posted by Allenssmart

I don't get how people are getting such cheap payments. This vehicle for me out the door is $115,000 cad financed over 3 years with 35,000 down

Thanks for breaking that down for us because under normal circumstances, $2400 gets you a $145K vehicle, I think everyone was like...

zero21 · 03-23-2023, 01:56 PM

I made the judgment call to finance a small portion of the payment. Just to let everyone know some particulars, don't be surprised to have crazy rates thrown in your face.

Some quick facts: credit >800, financing 15k at 48months I was offered a rate of 5.6% including bank status perk

I was told if I financed less than 20k, the rates were actually higher so I'm paying more to finance at 15 than at 20-25k (obviously the bank wants to make money).

I previously have done business with CapitalOne, but the wrinkle here is they base financing off of cars that are currently for sale - there is a stop sale on our cars. This would present a lot of phone calls and headaches I don't need on day of collection.

As a consequence of the problems with CapitalOne, I'm electing to go with BoFA.

It's a really shitty time to finance anything, and I actually regret moving a bunch of money to CD's and investments now since I can't access funds without penalty. Ultimately I'll only be paying a couple thousand interest but on principle it's pissing me off.

Be prepared! Pay with cash if you can.

DailyDownshift · 03-23-2023, 02:41 PM

going cash, only finance when the rates are next to nothing.

cmgbk75 · 03-23-2023, 07:17 PM

Quote:

Originally Posted by Allenssmart

7.99 finance, 8.99 lease

BMWFS 5.49. Not sure on Lease.

JustinHEMI · 03-23-2023, 07:24 PM

NFCU 4.54 for 36 months. I'm financing 45K.

CodeSlinger · 03-23-2023, 07:28 PM

Quote:

Originally Posted by cmgbk75

BMWFS 5.49. Not sure on Lease.

Is that the rate before they can mark it up 1%?

zero21 · 03-23-2023, 07:47 PM

Quote:

Originally Posted by CodeSlinger

Is that the rate before they can mark it up 1%?

Yes. If you ask anyone at a BMW store they'll tell you 6+

cmgbk75 · 03-23-2023, 08:05 PM

Quote:

Originally Posted by Rx-7ames

As far as I know you can always buy down your rate. The only time I have ever seen it done is when someone needs a zero percent loan for religious reasons. Otherwise I don't think it makes sense. You give the bank money right now so you don't have to give them as much money later. Just put more down and borrow less.

If someone wanted our HEA right now (or any car with an allocation) then we would pull credits and get them locked in at 5.58. If you don't want to get locked in now (or can't because you don't have an allocation like myself) then you are subject to whatever the rates are when your car or allocation gets here.

I’m glad I got locked in, no markup, with the hike yesterday it’s only going up in the short term. I don’t see rates coming down anytime soon. I know car notes are tied to the Treasury and not the Fed but in practically it’s the same damn thing.

Rx-7ames · 03-23-2023, 08:50 PM

If you can get it NFCU and USAA have rates lower than BMW FS. There is also a 1k military rebate for cash (non-BMWS) and 500 military rebate for finance or lease.

M2Cmtl · 03-24-2023, 09:54 AM

Quote:

Originally Posted by sl0m0

Wow, 3 year term definitely makes more sense.

Even then it makes no sense unless these are pre tax dollars paid by your business. 8% on a personal loan for a depreciating asset is nuts. Numbers here in Quebec:

88k MSRP
13k taxes
101k financed @ 8% 60 months total payments 123k.

I'm only buying in a year or so, I expect things to cool down a bit.

zero21 · 03-24-2023, 09:57 AM

Quote:

Originally Posted by M2Cmtl

Even then it makes no sense unless these are pre tax dollars paid by your business. 8% on a personal loan for a depreciating asset is nuts. Numbers here in Quebec:

88k MSRP
13k taxes
101k financed @ 8% 60 months total payments 123k.

I'm only buying in a year or so, I expect things to cool down a bit.

It makes no sense to you*

Everyone has their own unique financial and personal decision-making process.

Ghostrider.1127 · 03-24-2023, 10:15 AM

Cash FTW

eddj · 03-24-2023, 10:15 AM

Quote:

Originally Posted by M2Cmtl

Even then it makes no sense unless these are pre tax dollars paid by your business. 8% on a personal loan for a depreciating asset is nuts. Numbers here in Quebec:

88k MSRP
13k taxes
101k financed @ 8% 60 months total payments 123k.

I'm only buying in a year or so, I expect things to cool down a bit.

Bank of America identifies the next bubble and says investors should sell stocks rather than buy them after the last rate hike | https://www.marketwatch.com/story/ba...-hike-98b803ab

I dont know if things will cool down so soon ...

Brent Crude stocks (oil price) went down AGAIN this morning by a sudden 3.39% after Bank of America's latest announcement.

BRAKE! · 03-24-2023, 11:17 AM

If you have the means to pay for the car outright, it would be the best to do so now given the current economy. (Well, then again, it has always been the most cost effective way to pay for anything at any time)

Every loan product is going to come with a hefty interest rate now. If you have to borrow $, just put down as much as you can and borrow the least amount or just accept that you’ll have to pay more. I’m afraid there is no “cheat” for the high interest rates, even the home equity loan interest rates have increased.

I’m sure when you see the car though, it’ll be worth it

03-01-2023, 08:10 PM	#24
GrannyShiftG80 Captain 1357 Rep 905 Posts Drives: G20 330i, G80 M3 6MT Join Date: Aug 2014 Location: Canada iTrader: (0)	I'm budgeting for 2400 /month payments __________________ 2022 G80 M3 6MT 2020 G20 330i xDrive 2011 E90 335i xDrive 1996 E36 318i
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03-23-2023, 01:56 PM	#32
zero21 Lieutenant Colonel 3276 Rep 1,843 Posts Drives: G87 sold Join Date: Nov 2022 Location: Charleston, SC iTrader: (0)	I made the judgment call to finance a small portion of the payment. Just to let everyone know some particulars, don't be surprised to have crazy rates thrown in your face. Some quick facts: credit >800, financing 15k at 48months I was offered a rate of 5.6% including bank status perk I was told if I financed less than 20k, the rates were actually higher so I'm paying more to finance at 15 than at 20-25k (obviously the bank wants to make money). I previously have done business with CapitalOne, but the wrinkle here is they base financing off of cars that are currently for sale - there is a stop sale on our cars. This would present a lot of phone calls and headaches I don't need on day of collection. As a consequence of the problems with CapitalOne, I'm electing to go with BoFA. It's a really shitty time to finance anything, and I actually regret moving a bunch of money to CD's and investments now since I can't access funds without penalty. Ultimately I'll only be paying a couple thousand interest but on principle it's pissing me off. Be prepared! Pay with cash if you can.
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03-23-2023, 02:41 PM	#33
DailyDownshift Battle Tactician 509 Rep 330 Posts Drives: TR G87 Join Date: Jan 2021 Location: Toronto, Canada iTrader: (0)	going cash, only finance when the rates are next to nothing.
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03-23-2023, 07:24 PM	#35
JustinHEMI Not great. Not terrible 7502 Rep 2,700 Posts Drives: 2024 BMW X3 M40i Join Date: Apr 2016 Location: Lebanon, TN iTrader: (2)	NFCU 4.54 for 36 months. I'm financing 45K. __________________ Current: 2024 BMW X3 M40i.
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03-23-2023, 08:50 PM	#39
Rx-7ames Captain 1961 Rep 761 Posts Drives: '23 M2 Join Date: Nov 2022 Location: Oregon iTrader: (0) Garage List 2023 BMW M2 [7.50]	If you can get it NFCU and USAA have rates lower than BMW FS. There is also a 1k military rebate for cash (non-BMWS) and 500 military rebate for finance or lease.
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03-24-2023, 10:15 AM	#42
Ghostrider.1127 Ghostrider 195 Rep 142 Posts Drives: M140iX,Z4M40i,M8 comp,M2g87 Join Date: Jan 2019 Location: Berlin (DE) Stockholm (SVE) iTrader: (0)	Cash FTW __________________
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03-24-2023, 11:17 AM	#44
BRAKE! First Lieutenant 992 Rep 347 Posts Drives: 718 GT4 Join Date: Aug 2021 Location: USA iTrader: (0)	If you have the means to pay for the car outright, it would be the best to do so now given the current economy. (Well, then again, it has always been the most cost effective way to pay for anything at any time) Every loan product is going to come with a hefty interest rate now. If you have to borrow $, just put down as much as you can and borrow the least amount or just accept that you’ll have to pay more. I’m afraid there is no “cheat” for the high interest rates, even the home equity loan interest rates have increased. I’m sure when you see the car though, it’ll be worth it
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