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Originally Posted by northerncalguy
Cool -- I too will leave that info blank, I'll let them pull my report.
For sure I will consider the credit union rate, but I want to to see how low the BMWFS rate can get. I've got 4.9% with the credit union.
Are there any advantages to using BMWFS? As far as I am concerned, money is money and unless there are significant benefits to using BMWFS, I may just skip all of this.
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I can think of two reasons to go with BMWFS, but obviously these must be weighed against the lower rate provided by the credit union.
1 - If your previous vehicle is a BMW on lease, there's that annoying $350 disposition fee at the end that a lot of people (including myself) have forgotten about. If you finance your next BMW through BMWFS, you still pay that $350 upfront, but BMWFS will credit your account after you finance through them on your next car. In my opinion, $350 is not an incentive to stick with BMWFS because of their higher rates (you'll potentially save thousands depending on the credit union rate and length of the loan).
2 - Gap insurance. If you're buying your BMW with little or no money down, chances are you'll be upside-down for quite a while. Gap insurance is included when you finance through BMWFS (to my knowledge -- I know it was included in my lease through them). That said, it's only a reason to finance through them if you can't find gap insurance anywhere else. The two best places to check are with your insurance company (they don't have to offer it, but some do) and with the place providing your financing (if not BMWFS).
Again, in the long-run, you may find BMWFS not to be a good deal, especially if you have good credit and can get good loans elsewhere. BMWFS is good for those who want little hassle in obtaining financing -- you take care of buying the car and getting financed all in the same place.