[MineralGreyMetallic]

Originally Posted by NJbaitshop

I had the same thought, but my car is now officially in transit, so I decided to put in an actual application, and as you noted it was almost a half point lower than the lowest listed on the site.

Since you won't be purchasing the car for a few weeks, how does the application work? Is it just a pre-qualification to give you a rate, or are you actually taking the loan out now?

Wondering if I should go apply now or wait until the car is delivered since rates me be even lower.

[yuzu]

I believe a quoted rate from BMW is good for 90 days

[JMcLellan]

Originally Posted by yuzu

I believe a quoted rate from BMW is good for 90 days

90 days is what my dealership told me for BMW financial services financing. I'm going to hold off as long as possible to apply for financing placing a bet that rates wont get any worse or could improve by Feb/March when I should be getting my car.

[NJbaitshop]

Originally Posted by MineralGreyMetallic

Since you won't be purchasing the car for a few weeks, how does the application work? Is it just a pre-qualification to give you a rate, or are you actually taking the loan out now?

Wondering if I should go apply now or wait until the car is delivered since rates me be even lower.

The BOA loan approval is good for 30 days. So once the car comes in I can arrange payment through BOA. BMW approval was good for 90 days.

My plan is to go to the dealership when the car comes in and see if they can match or beat BOA.

Car should be here in 2-3 weeks.

[DCC]

Originally Posted by NJbaitshop

I'm not really able to qualify for any of the credit unions that offer any decent APR's (state employee, military, etc.).

I was offered 6.29% by BMW, but I just filled out an application at Bank of America and with my info I just got approved for 5.64%.

Going to see what chase has to offer.

Are these rates for 60 or 72 months?

[Ravenseal]

Fed might start pushing rates down next year, hopefully this improves vehicle financing.

[NJbaitshop]

Originally Posted by DCC

Are these rates for 60 or 72 months?

Good question. I got that rate for a 60 month loan.

[Bearded-Driver]

Stopped by the dealership since the car is in transit but got approved for 6.29, pre approved at a CU for 5.9

just gonna go with BMW for now offer is good for 90 days
6.29 60m
6.79 72m

[matty_f]

Originally Posted by Bearded-Driver

Stopped by the dealership since the car is in transit but got approved for 6.29, pre approved at a CU for 5.9

just gonna go with BMW for now offer is good for 90 days
6.29 60m
6.79 72m

Similar to my plan. Go with BMW for now, refi with credit union next year when rates get better.

[JABCAT]

Also if you're not aware, BMW has a $1,000 college grad rebate & $500 loyalty rebate. For the college grad rebate you have to have graduated within the last 24 months or will graduate in the next 6 months.

[MineralGreyMetallic]

Just some more data / info.

BoA is 5.99% today

If you're a preferred rewards member you get a .35% discount, bringing the rate to 5.64%. You'll see this if you tap "Open New Account" and go to "Auto." The discount is immediately offered without application.

That might be why NJbaitshop was seeing 5.64%.

[NJbaitshop]

Originally Posted by MineralGreyMetallic

Just some more data / info.

BoA is 5.99% today

If you're a preferred rewards member you get a .35% discount, bringing the rate to 5.64%. You'll see this if you tap "Open New Account" and go to "Auto." The discount is immediately offered without application.

That might be why NJbaitshop was seeing 5.64%.

Ahh, that could very well be it. I think I am a preferred rewards member. Either way, good to see a big bank under 6%

[anthemavm]

I got 5.29% from BMW yesterday on 60 months. I put over 50% down.

[MineralGreyMetallic]

Originally Posted by anthemavm

I got 5.29% from BMW yesterday on 60 months. I put over 50% down.

You're the guy that paid $2k ADM right? That's the least they could do.

I guess because they made some money on the markup they weren't too intent on getting that extra point in financing.

Congrats on the new ride btw!

[anthemavm]

Originally Posted by MineralGreyMetallic

You're the guy that paid $2k ADM right? That's the least they could do.

I guess because they made some money on the markup they weren't too intent on getting that extra point in financing.

Congrats on the new ride btw!

Thanks, it is actually posted on the BMW site, don't think they did me any favors.

[xps]

I just got 5.29% with BMW Finance with 1k down on MSRP. Dealer said 5.29 is the new incentive rate for December.

But the dealer is out of state so will be spending on travel and driving the G87 back home

[Egrunt]

Member of Navy Fed and their current rates are 4.54% up to 36 months and 4.99% for the 37 - 60 months.

[RockCrusher]

Originally Posted by xps

I just got 5.29% with BMW Finance with 1k down on MSRP. Dealer said 5.29 is the new incentive rate for December.

But the dealer is out of state so will be spending on travel and driving the G87 back home

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.

[NJbaitshop]

FYI - Told my CA that I got approved with BoA for 5.64%. His finance manager came back to me with 5.79% for 60 months.

I think I'm going to go with BMW just for the convenience factor. That % difference is not that significant. However, I did ask if he'd be willing to throw in a set of the all weather floor mats to seal the deal.

Wanted to share with this group.

Edit: He threw in the mats.

[JMcLellan]

When I was at my local dealer a couple weeks ago my CA was talking me through the next steps of waiting for the car, applying for financing, etc. One of his coworkers across the hall voiced over that BMW is offering 3.99% financing as an end of year incentive. I got excited until my CA looked me in the eyes and said that the incentive did not apply to the M2.......frustrating but I get it: why offer an incentive like that when they wouldn't be able to fulfill the order demand on top of the average M2 buyer isn't buying a car for the interest rate incentive.

I'm planning on putting 40% to 50% down in cash so hopefully I can fetch a really good rate.

[NJbaitshop]

Originally Posted by JMcLellan

When I was at my local dealer a couple weeks ago my CA was talking me through the next steps of waiting for the car, applying for financing, etc. One of his coworkers across the hall voiced over that BMW is offering 3.99% financing as an end of year incentive. I got excited until my CA looked me in the eyes and said that the incentive did not apply to the M2.......frustrating but I get it: why offer an incentive like that when they wouldn't be able to fulfill the order demand on top of the average M2 buyer isn't buying a car for the interest rate incentive.

I'm planning on putting 40% to 50% down in cash so hopefully I can fetch a really good rate.

Yeah, it's a shame those incentives never seem to hit enthusiast cars. Best I've seen in this thread has been 5.29%. I also am putting down over 50%, but still only managing the 5.79%.

[maguir2]

The amount of people that pay the dealer markup on the interest rate amazes me lol