Quote:
Originally Posted by jmciver
7.4% discount before incentives (if I understand you figures above) is not bad. But if this is an X7 from dealer inventory, they can do better. Don't let the dealer sway you with terms like "$XXXX below invoice" as that has little real meaning now with how new cars are priced and how dealers can make their money. Have you made a counter offer yet? Also, do you have a trade or plan to put anything down? What are they willing to offer for financing? BMW FS or a separate dealer financing company?
As a counter, you could ask for a higher discount (before incentives) like 11% off MSRP and also ask for the base BMW FS APR rate (sometimes called "buy" rate) of 2.99% then continue to negotiate from there. If your Automotive FICO score is 700 or above (which is different than you regular FICO score), you will qualify the top tier rate by BMW FS (which is 2.99% now IIRC)..
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I have not yet countered, I am planning on trading in my 2015 X5 and also putting down about 5k. My credit score is well over 700, and they already told me I should get a rate below 3%. I am planning on going in next Monday or Tuesday to make something happen.
What if instead of asking for a higher discount, I asked to bundle in the extended warranty and service plan?