[ALLLRIGHTYTHEN]

June 2nd, BMW introduced no cost extended maintenance OR higher financing through BMW Finance on purchases of 2007 CPO 335i cars. If a buyer was to go with the free extended maintenance plan, instead of the lower financing rate, what would be the BMW Financing Rate for a buyer with excellent credit for the 5 year/60 months finance plan? I cannot locate it on their website.

[Marcus-SanDiego]

Originally Posted by red335ic

June 2nd, BMW introduced no cost extended maintenance OR higher financing through BMW Finance on purchases of 2007 CPO 335i cars. If a buyer was to go with the free extended maintenance plan, instead of the lower financing rate, what would be the BMW Financing Rate for a buyer with excellent credit for the 5 year/60 months finance plan? I cannot locate it on their website.

I would imagine that there is no set number for the increased interest rate. Every consumer should be given their own rate -- based on their credit history. Indeed, your excellent credit history may not be as good as my excellent credit history, and vice versa.

[ALLLRIGHTYTHEN]

Originally Posted by Marcus-SanDiego

I would imagine that there is no set number for the increased interest rate. Every consumer should be given their own rate -- based on their credit history. Indeed, your excellent credit history may not be as good as my excellent credit history, and vice versa.

Thanks. I took that into consideration when I posed the question. Prior to June 2nd, I was told that the best rate through BMW for a 60 month payment plan was 2.9% on purchasing a 2007 CPO 335i. That was without having the No Cost Maintenance plan included.

As of June 2nd, I was advised of either taking the included No Cost Maintenance plan or paying a higher rate financing. In other words, BMW would not give a buyer both the low 2.9% rate and the No Cost Maintenance plan together. It's either or... Thus, my earlier question...

With the best credit score, does anyone know what is the rate through BMW Financing is a buyer chose the No Cost Maintenance plan instead of the low 2.9% rate or whatever the current lowest rate is for a 5 year 60 month payment plan?

Thanks.

[dreamingat30fps]

It would be whatever their normal rate. I know auto rates right now are in the 4-5% area for good credit. If you want to know the exact rate have the dealer run a credit app. My guess is you will probably get a better rate from a local credit union if you have excellent credit, but who knows.

[1CEBITN]

Go to a few banks and ask, nobody here will know since it varies by credit score and location. BMWFS will likely be higher than what you can find locally and your dealer can shop around for you too. You can finance through anyone so just take the best rate.

[ALLLRIGHTYTHEN]

Thanks Guys. I appreciate the feedback.

According to BMW Finance, if you choose the No Cost Maintenance plan, you have to through BMW finance. I happen to work for a bank and can get 3.5%for 60 months, but if I choose the maintenance plan BMW will only provide that if I stay with ther BMW Finance company.

[Marcus-SanDiego]

Originally Posted by red335ic

Thanks Guys. I appreciate the feedback.

According to BMW Finance, if you choose the No Cost Maintenance plan, you have to through BMW finance. I happen to work for a bank and can get 3.5%for 60 months, but if I choose the maintenance plan BMW will only provide that if I stay with ther BMW Finance company.

Makes sense. They're making a concession one place and will not have a way to make it up if you get financing through a different lender.

[ALLLRIGHTYTHEN]

Originally Posted by Marcus-SanDiego

Makes sense. They're making a concession one place and will not have a way to make it up if you get financing through a different lender.

Sales guy ftom my local BMW dealership just emailed me that if I go with the mainenance plan, the rate is around 7% and the finance contract says I cannot pay it off in the first 6 months or be penalized with additional fees. That's a no go for the maintenance plan in my book.

[Marcus-SanDiego]

Originally Posted by red335ic

Sales guy ftom my local BMW dealership just emailed me that if I go with the mainenance plan, the rate is around 7% and the finance contract says I cannot pay it off in the first 6 months or be penalized with additional fees. That's a no go for the maintenance plan in my book.

Yep. They've built in an early-payoff penalty. They need to get paid their interest for a specific amount of time to make their deal profitable.

As always, pencil it out.

[galahad05]

Can you put in a large down payment under this 7% deal? If so, then maybe you can find a profitable point for you (i.e. put down 18k finance 7k or something like that).

[Marcus-SanDiego]

Originally Posted by galahad05

Can you put in a large down payment under this 7% deal? If so, then maybe you can find a profitable point for you (i.e. put down 18k finance 7k or something like that).

Exactly. Always try and figure out a way to pencil it out in your favor -- if possible.

For example, BMW was offering to make the first two payments (but no more than $1500 in all) for buyers last year if you agreed to the higher interest rate of 2.9% (as opposed to 0.9%). Someone with cash, who always intended to pay cash for the car, could have taken BMW up on the financing offer. After BMW makes the first two payments, then you pay the car off.

Gotta be on the hunt for ways to save or make money.

[michael1284]

Yeah when I bought my 07 CPO at the end of April, my options were:

2.9% for 48 or 60 months - NO extended maint.
0.9% for 24 months - No extended maint.
6.0% for 60 months - Extended maint.

Ended up going 2.9% for 60 months. (with trade-in value of $9k)

[2M]

BMW maintenance is a joke anyways.