[cosmicphotons]

My car is due to arrive at the port next week and my dealer said they had to resubmit my credit application as it had expired. That part makes sense, but two hard inquiries were made on my credit yesterday; one from PNC and one from Bank of America. At no time has BMWFS made an inquiry during the process, but the dealer told me previously that I was approved at 0.9%. Is this situation normal?

[beamer-dreamer]

sounds like they're shopping around.. the .9 isn't available anymore from BMW, so they'll going to present "other" options to you.. all will be higher (and probably more profitable for them) i believe BMW is at 1.9 right now



Edit it's 2.49 as of feb 2

[cosmicphotons]

Originally Posted by beamer-dreamer

sounds like they're shopping around.. the .9 isn't available anymore from BMW, so they'll going to present "other" options to you.. all will be higher (and probably more profitable for them) i believe BMW is at 1.9 right now

I figured I was going to end up at 1.9, but it was weird to me that they’d shop around when 1.9 should still be far better than what a regular bank can offer. I get easily paranoid when it comes to my credit.

[mechman]

Looks like the BMW rate jumped to 2.49% beginning yesterday so you might want to be careful on what the dealer tells you.

Ideally, your pre-qualified rate should've been locked atleast for 60days but I heard it was extended to 90days by BMWFS due to delays with cars being made during COVID.

[PNW240]

Well shoot, I locked in .9% start of December.. car is waiting to leave MX still. Hopefully they don’t try to switch that on me, was a hard line in my negotiations.

[cosmicphotons]

Originally Posted by mechman

Looks like the BMW rate jumped to 2.49% beginning yesterday so you might want to be careful on what the dealer tells you.

Ideally, your pre-qualified rate should've been locked atleast for 60days but I heard it was extended to 90days by BMWFS due to delays with cars being made during COVID.

Just heard back. They said they are shopping the rate, so I'm assuming they didn't re-lock prior to the rate jumping again yesterday. It's annoying since my original application would have expired no later than Jan. 28th, 4 days prior to them re-submitting the application. Waiting for him to confirm the new rate, but I'm probably going to get my own financing because I feel like I'm getting hustled.

[mechman]

Originally Posted by cosmicphotons

Just heard back. They said they are shopping the rate, so I'm assuming they didn't re-lock prior to the rate jumping again yesterday. It's annoying since my original application would have expired no later than Jan. 28th, 4 days prior to them re-submitting the application. Waiting for him to confirm the new rate, but I'm probably going to get my own financing because I feel like I'm getting hustled.

I just re-confirmed today with my dealer that my rate was indeed locked for 90days beginning Dec 15th (when they ran my credit). So, you might want to verify with yours on how long they locked it for.

You should absolutely go outside BMWFS if you can get a better rate.

[cosmicphotons]

Originally Posted by mechman

I just re-confirmed today with my dealer that my rate was indeed locked for 90days beginning Dec 15th (when they ran my credit). So, you might want to verify with yours on how long they locked it for.

You should absolutely go outside BMWFS if you can get a better rate.

Mine was locked for 90 days, but it expired on Jan. 28th.

[Ruebarb]

I forced my dealer to write the interest rate into the purchase contract. By the time BWM finally decides to deliver my car, they'll definitely have to shop around to match that rate.

[Ruebarb]

Originally Posted by cosmicphotons

Mine was locked for 90 days, but it expired on Jan. 28th.

Don't accept the it expired BS, that is thier problem they can't deliver a car in a reasonable amount of time.

[cosmicphotons]

Originally Posted by Ruebarb

Don't accept the it expired BS, that is thier problem they can't deliver a car in a reasonable amount of time.

What would you do in this situation? I feel like if I threaten to walk away from the deal, they'll just sell the car to someone else and then I'm back at square one. They're giving me 4% off MSRP, which I know I won't be able to get anywhere else in the current market.

[Retrospaz85]

They are under no obligation to honor after 90 days thats just the buisness. When I ordered in Oct I knew/figured my car was going to take awhile ie 5 months. So in January I resubmitted my application with my bank. The .9 is only if your dealer isn't like most and mark it up by a percent...ie to 1.9 I'm on 2.04 with my bank that's good until the end of March thankfully, with my car being at the VPC by probably next week hopefully. I'm sorry man. But yea they should have told you before any hard inquires but for purposes of credit for fico multiple pulls during a 14-30 day period for auto and mortgages. So it won't be any hit but the one ..https://www.google.com/url?sa=t&sour...IwXUqHKXrwllnt you can also look on the FICO site or Google if you wanted a better insight on that, I just posted the first good link I saw.

[Retrospaz85]

Do the math on what the increase will actually cost you. And see if it's worth it to you. That's all I can say. Best of luck!

[Ruebarb]

Originally Posted by cosmicphotons

What would you do in this situation? I feel like if I threaten to walk away from the deal, they'll just sell the car to someone else and then I'm back at square one. They're giving me 4% off MSRP, which I know I won't be able to get anywhere else in the current market.

Negotiate further then, if they won't honor the interest rate, then push for a greater discount or any BMW stuff you wanted for the car, all weather mats, stuff like that. Pre-covid I got a roof rack thrown in during negotiations, plus 6k from the factory on a Chevy. Don't act like they have control, state the terms of the original agreement and then ask them how they plan to resolve it. If that doesn't go anywhere, You can always leave informing them to contact tomorrow you when they have a resolution.

BMW took a hit in the 4th qtr.

In the fourth quarter of 2021, BMW brand sales in the U.S. totaled 93,031 vehicles, a 5.8% decrease from the 98,750 vehicles sold in the fourth quarter of 2020.

If all fails, then your call how bad you want the car.

Personally I'll walk, I can buy a $55k car anywhere at an inflated interest rate.

[cosmicphotons]

Originally Posted by Retrospaz85

They are under no obligation to honor after 90 days thats just the buisness. When I ordered in Oct I knew/figured my car was going to take awhile ie 5 months. So in January I resubmitted my application with my bank. The .9 is only if your dealer isn't like most and mark it up by a percent...ie to 1.9 I'm on 2.04 with my bank that's good until the end of March thankfully, with my car being at the VPC by probably next week hopefully. I'm sorry man. But yea they should have told you before any hard inquires but for purposes of credit for fico multiple pulls during a 14-30 day period for auto and mortgages. So it won't be any hit but the one ..https://www.google.com/url?sa=t&sour...IwXUqHKXrwllnt you can also look on the FICO site or Google if you wanted a better insight on that, I just posted the first good link I saw.

They did try to mark it up to 1.9 from 0.9 originally, but I complained and they honored 0.9. Like you, I ordered back in October, but my allocation didn't come until December. I knew that there was a chance I'd end up at 1.9, but I'm not willing to exceed that.

I'm just waiting to see what kind of rate he comes back with. Worst case scenario, I can get 1.9% through my credit union, but if the dealer can do better, I'm fine if they pocket a little extra at this point. I'm just not going to use dealer financing unless it's the best option.

I think our cars might be on the same boat based on when you expect yours to arrive at the VPC. Are you on the Viking Destiny?

[steelatx]

Just keep in mind that if you can lock something in your comfortable with, I'd do it sooner than later. The fed is planning to increase rates in March. Bmw is likely just getting ahead of the game.

[cosmicphotons]

Originally Posted by steelatx

Just keep in mind that if you can lock something in your comfortable with, I'd do it sooner than later. The fed is planning to increase rates in March. Bmw is likely just getting ahead of the game.

This is solid advice. I'm going to give him a couple of days to get back to me and then lock in with my credit union if I don't hear back.

[Retrospaz85]

Originally Posted by cosmicphotons

They did try to mark it up to 1.9 from 0.9 originally, but I complained and they honored 0.9. Like you, I ordered back in October, but my allocation didn't come until December. I knew that there was a chance I'd end up at 1.9, but I'm not willing to exceed that.

I'm just waiting to see what kind of rate he comes back with. Worst case scenario, I can get 1.9% through my credit union, but if the dealer can do better, I'm fine if they pocket a little extra at this point. I'm just not going to use dealer financing unless it's the best option.

I think our cars might be on the same boat based on when you expect yours to arrive at the VPC. Are you on the Viking Destiny?

Yep, Viking Destiny!

[jpcoop]

Originally Posted by cosmicphotons

What would you do in this situation? I feel like if I threaten to walk away from the deal, they'll just sell the car to someone else and then I'm back at square one. They're giving me 4% off MSRP, which I know I won't be able to get anywhere else in the current market.

Just buy the car and refinance it with a credit three days later if they shaft you on the rate.

Realistically, you won't get a better deal anywhere else and they'll sell that car without the discount to somebody else in two days. Threatening to walk is like threatening to let them make more money.

[cosmicphotons]

Originally Posted by jpcoop

Realistically, you won't get a better deal anywhere else and they'll sell that car without the discount to somebody else in two days. Threatening to walk is like threatening to let them make more money.

This is exactly what I was thinking. It's a big payday for them if I walk and I won't find another deal like it anytime soon.

[steelatx]

Originally Posted by cosmicphotons

This is exactly what I was thinking. It's a big payday for them if I walk and I won't find another deal like it anytime soon.

It's highly likely they have a "wait list" for your car if you don't buy it. It would sell that same day.

Don't feel pressured to buy if youre not comfortable, but in my opinion it does sound like you've fetched a good price especially in our current climate. It really sucks that the rates changed, but it's out control of the dealership so I wouldn't necessarily put them at blame.

Eye on the prize. You're soon to have a new 2 series!

[MattM240eye]

Originally Posted by steelatx

It's highly likely they have a "wait list" for your car if you don't buy it. It would sell that same day.

Don't feel pressured to buy if youre not comfortable, but in my opinion it does sound like you've fetched a good price especially in our current climate. It really sucks that the rates changed, but it's out control of the dealership so I wouldn't necessarily put them at blame.

Eye on the prize. You're soon to have a new 2 series!

Exactly!