Interest Rate ???

AndyinHou · 05-04-2023, 09:18 AM

My credit union rate offer jumped from 5.74 to 6.24 as of the rate change yesterday. They only lock in for 30 days, and I had the offer at the end of March.

I really was sitting on the dock of the bay too long!!

*edited for clarity

M_Power Rob · 05-04-2023, 09:22 AM

Quote:

Originally Posted by AndyinHou

My rate offer jumped from 5.74 to 6.24 as of the rate change yesterday.

I really was sitting on the dock of the bay too long!!

Why didnt you lock it in?

cmgbk75 · 05-04-2023, 09:31 AM

Quote:

Originally Posted by AndyinHou

My rate offer jumped from 5.74 to 6.24 as of the rate change yesterday.

I really was sitting on the dock of the bay too long!!

We’re you not locked in? If you were it should of been 90 days from the end of the offer month, which you should still be under from when you got your allocation. Push back on that.

Did BMWFS wait to publish May numbers until after the Fed meeting yesterday? If so, shrewd move.

AndyinHou · 05-04-2023, 09:33 AM

Quote:

Originally Posted by M_Power Rob

Why didnt you lock it in?

I locked in in March, and FSCU only locks for 30 days. My advisor is trying to push back but 🤷🏼&zwj;♂️

cmgbk75 · 05-04-2023, 10:03 AM

Quote:

Originally Posted by AndyinHou

I locked in in March, and FSCU only locks for 30 days. My advisor is trying to push back but 🤷🏼&zwj;♂️

Rooting for you Andy. It’s not the biggest difference but yeah. What’s BMWFS offering?

Rx-7ames · 05-04-2023, 10:50 AM

My advice is to always lock in with BMW rates. They lock in for several months. Then when your car shows up you can shop whoever is better. That's what I would do.

JustinHEMI · 05-04-2023, 11:17 AM

NFCU rates appear unchanged at this moment.

Ravenseal · 05-04-2023, 02:57 PM

My car is in the assembly line right now. Locked BMW FS at 5.99 (90 days) and USAA at 6.20 (45 days) today.

CodeSlinger · 05-05-2023, 06:40 PM

Quote:

Originally Posted by CodeSlinger

Got locked in for 5.99% for 60 months. Sounds like that's the full 1% markup above the buy rate. I'm going to be shopping around with Credit Unions to see how much they can beat it by and then either go with them or try to get BMW FS down closer to the buy rate.

The credit unions I know of that offer lower rates are:

* ussfcu.org - 60 month @ 3.74% - (anyone can get membership, once I'm a member I'll apply for the loan to see where I end up)

* massbaycu.org - 60 month @ 4.49% - (I have a loan through them already, I was gonna try to go with them but they have a max of auto loans per customer of $80k which I'll be a bit over)

* dcu.org - 65 month @ 5.74% - (not much lower than BMW but already a member so I can get an easy approval to see if the dealer can match it)

Update: was approved for 3.74% for 60 months at USSFCU. Not too bad

eshney · 05-11-2023, 12:21 PM

Quote:

Originally Posted by CodeSlinger

Update: was approved for 3.74% for 60 months at USSFCU. Not too bad

How long did it take for you membership to go through so you could apply for a loan?

CodeSlinger · 05-11-2023, 12:57 PM

Quote:

Originally Posted by eshney

How long did it take for you membership to go through so you could apply for a loan?

Just a couple of business days

cmgbk75 · 05-11-2023, 04:22 PM

Quote:

Originally Posted by CodeSlinger

Just a couple of business days

So you join one of the qualifying orgs and then apply thru the Senate Credit union? That whole process just takes a couple of days until loan approval?
How long is the rate lock?

gemini.m3 · 05-11-2023, 04:44 PM

ugh why would you guys pay so much interest for the car? i know where that is in general.. i've contemplated adding it to my stable, but I'm paying roughly 3% for my m3 xdrive, I can't possibly imagine paying double that for the m2. you guys must really want it!

Squidget · 05-11-2023, 05:32 PM

Quote:

Originally Posted by gemini.m3

ugh why would you guys pay so much interest for the car? i know where that is in general.. i've contemplated adding it to my stable, but I'm paying roughly 3% for my m3 xdrive, I can't possibly imagine paying double that for the m2. you guys must really want it!

Ballparking it, $60K principle, on a 60 month loan:

3% = $4.7K lifetime interest
6% = $9.6K lifetime interest

Less than $5K difference, spread over 5 years, is IMO not deal-breaker money. Or in monthly terms, about 45 bucks extra a month.

CodeSlinger · 05-11-2023, 06:41 PM

Quote:

Originally Posted by cmgbk75

So you join one of the qualifying orgs and then apply thru the Senate Credit union? That whole process just takes a couple of days until loan approval?
How long is the rate lock?

You can join the consumer organization or whatever for free with a coupon code on their website. That bit took an hour or so for the sign up and confirmation. Then I got the account and was able to submit the loan app.

The rate lock is 60 days.

eshney · 05-11-2023, 09:58 PM

Quote:

Originally Posted by cmgbk75

So you join one of the qualifying orgs and then apply thru the Senate Credit union? That whole process just takes a couple of days until loan approval?
How long is the rate lock?

You will join one of the orgs. I joined the American Consumer Council for $8. Then you will submit your application for a membership. You will need to upload the certificate the American Consumer Council emails you and your drivers license.

I spoke with them today and they are starting to get a bunch of applications and they are not a big company. The lady i spoke with asked me some generic questions and told me they have over 450 membership applications to process. Majority of the membership applications are for auto loans and most being for Tesla's

I am hoping to get my membership completed this week so I can apply for a loan through the online banking.

Hope this helps!

cmgbk75 · 05-11-2023, 10:05 PM

Quote:

Originally Posted by eshney

You will join one of the orgs. I joined the American Consumer Council for $8. Then you will submit your application for a membership. You will need to upload the certificate the American Consumer Council emails you and your drivers license.

I spoke with them today and they are starting to get a bunch of applications and they are not a big company. The lady i spoke with asked me some generic questions and told me they have over 450 membership applications to process. Majority of the membership applications are for auto loans and most being for Tesla's

I am hoping to get my membership completed this week so I can apply for a loan through the online.

Hope this helps!

Hopefully they’ll process us Bimmerfolk first. I wish I knew what a lunatic Elon was before I got my Tesla. Can’t wait to get rid of that car.

Ravenseal · 05-14-2023, 04:15 AM

Has anyone found better rates from more well-known institutions? Great rates from the senate credit union, but I’m not crazy about getting a car loan with small bank half-way across the country. I’m rate locked with USAA (Family, not active duty) and BMW but would obviously prefer rates better than 5.99-6.5%

jake1john · 05-15-2023, 11:20 PM

Just got 3.74% locked in at USSFCU. It took 9 days start to finish. Best rate around by a mile.

jordan24c · 05-22-2023, 12:47 AM

FYI USSFCU just upped their rates from 3.74 to 4.49. Still solid but painful to see for those of us without an allocation in sight

eshney · 05-22-2023, 09:01 AM

Quote:

Originally Posted by jordan24c

FYI USSFCU just upped their rates from 3.74 to 4.49. Still solid but painful to see for those of us without an allocation in sight

I can attest to this.

On Friday, I got 4.24% (includes 0.25% rate discount for autopay) for 72 months and 4.49% for 84 months.

Still the best rates around.

DarkNight707 · 08-28-2023, 06:45 PM

Any updates on recent rates from USSFCU?

05-04-2023, 09:18 AM	#23
AndyinHou Lieutenant 482 Rep 527 Posts Drives: 2017 LBB M2, 2023 M2 BG O.T.W. Join Date: Feb 2013 Location: Houston iTrader: (0)	My credit union rate offer jumped from 5.74 to 6.24 as of the rate change yesterday. They only lock in for 30 days, and I had the offer at the end of March. I really was sitting on the dock of the bay too long!! *edited for clarity
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05-04-2023, 10:50 AM	#28
Rx-7ames Captain 1963 Rep 761 Posts Drives: '23 M2 Join Date: Nov 2022 Location: Oregon iTrader: (0) Garage List 2023 BMW M2 [7.50]	My advice is to always lock in with BMW rates. They lock in for several months. Then when your car shows up you can shop whoever is better. That's what I would do.
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05-04-2023, 11:17 AM	#29
JustinHEMI Not great. Not terrible 7505 Rep 2,700 Posts Drives: 2024 BMW X3 M40i Join Date: Apr 2016 Location: Lebanon, TN iTrader: (2)	NFCU rates appear unchanged at this moment. __________________ Current: 2024 BMW X3 M40i.
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05-04-2023, 02:57 PM	#30
Ravenseal Lieutenant Colonel 3094 Rep 1,897 Posts Drives: 2023 M2 6MT Join Date: Jan 2016 Location: Denver iTrader: (0)	My car is in the assembly line right now. Locked BMW FS at 5.99 (90 days) and USAA at 6.20 (45 days) today. __________________ 2023 G87 M2 - Toronto Red \| 6MT \| M HAS \| CF Roof \| BMW 826M Forged Wheels \| Mishimoto Skid Plate \| Active Autowerks Single Midpipe Retired: 2022 M240i xDrive \| 2021 Audi RS5 \| 2019 Camaro 2SS 1LE 6MT \| 2016 428i GC \| 2011 BMW 335is
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05-11-2023, 04:44 PM	#35
gemini.m3 Major 1528 Rep 1,313 Posts Drives: 2022 M3 xDrive comp Join Date: Aug 2014 Location: Miami, FL iTrader: (8)	ugh why would you guys pay so much interest for the car? i know where that is in general.. i've contemplated adding it to my stable, but I'm paying roughly 3% for my m3 xdrive, I can't possibly imagine paying double that for the m2. you guys must really want it! __________________ 2022 M3 xDrive Comp 2020 M2 CS (retired) 2018 M3 Comp (retired) 2015 335i (retired)
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05-14-2023, 04:15 AM	#40
Ravenseal Lieutenant Colonel 3094 Rep 1,897 Posts Drives: 2023 M2 6MT Join Date: Jan 2016 Location: Denver iTrader: (0)	Has anyone found better rates from more well-known institutions? Great rates from the senate credit union, but I’m not crazy about getting a car loan with small bank half-way across the country. I’m rate locked with USAA (Family, not active duty) and BMW but would obviously prefer rates better than 5.99-6.5% __________________ 2023 G87 M2 - Toronto Red \| 6MT \| M HAS \| CF Roof \| BMW 826M Forged Wheels \| Mishimoto Skid Plate \| Active Autowerks Single Midpipe Retired: 2022 M240i xDrive \| 2021 Audi RS5 \| 2019 Camaro 2SS 1LE 6MT \| 2016 428i GC \| 2011 BMW 335is
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05-15-2023, 11:20 PM	#41
jake1john Registered 11 Rep 4 Posts Drives: 2023 BMW M2 (ordered) Join Date: May 2023 Location: Connecticut iTrader: (0)	Just got 3.74% locked in at USSFCU. It took 9 days start to finish. Best rate around by a mile.
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05-22-2023, 12:47 AM	#42
jordan24c Private First Class 129 Rep 166 Posts Drives: '21 EB 240, G87 M2 (preodered) Join Date: Oct 2020 Location: Columbus, OH iTrader: (0) Garage List 2021 BMW M240i [10.00]	FYI USSFCU just upped their rates from 3.74 to 4.49. Still solid but painful to see for those of us without an allocation in sight __________________ 2021 EB M240 6MT: TC Kline Camber Plates & Coilovers, Eventuri CAI, AA Catted DP, Remus Non-Res Catback, FTP CP; M Front Lip, Rockers, Mirrors, Spoiler, Interior
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08-28-2023, 06:45 PM	#44
DarkNight707 Lieutenant 880 Rep 520 Posts Drives: BMW G87 (2024),BMW E82(2009)-s Join Date: Oct 2022 Location: Southern California iTrader: (0)	Any updates on recent rates from USSFCU?
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