7.4% finance rate?

[snowfro]

I was originally going to lease, but I'm now considering just a straight purchase option. I have excellent credit but I'm told that because the 1m is a special car they can't offer any special rates. That's fine, but 7.4%? Anyone being told differently?

[thepro50]

Bmwusa.com is listing 3.9% for 36 months and 4.9% for 60

[TunedM2C]

PenFed:

2.49% 12-60 month terms available
2.74% balloon 12-60 month terms available

www.penfed.com

[JHOOPS2]

Good lord those rates suck. I got 2.4% on my 135i through a bank, and it was used...Of course I paid it off almost immediately, so it's neither here nor there.

[snowfro]

Thanks guys I printed the bmwusa.com page. I wish I could use a credit union but most 3rd parties won't fininace a European Delivery is what I've been told.

[PyratOne]

Originally Posted by snowfro

Thanks guys I printed the bmwusa.com page. I wish I could use a credit union but most 3rd parties won't fininace a European Delivery is what I've been told.

Save 1% off financing rate through BMW financing under the 'loyalty program'. You must have (or recently completed) current financing through BMWFS.

[Mnime]

From BOA's web site...

May 27, 2011, 09:36 AM Eastern

Loan amounts from $7,500 up to $100,000

Annual Percentage Rates (APR) - As Low As*
Loan Type Up to 60 Months (%) 61 - 72 Months (%)
New car
2.99 to 3.49

[Wichard20]

Originally Posted by Tuned1

PenFed:

2.49% 12-60 month terms available
2.74% balloon 12-60 month terms available

www.penfed.com

this man knows, hard to beat 2.49% for 60 months at Penfed, and its easy to join. I heard Navy Federal occassionally offers better rates but its harder to get in.

[M3 Adjuster]

Originally Posted by Wichard20

this man knows, hard to beat 2.49% for 60 months at Penfed, and its easy to join. I heard Navy Federal occassionally offers better rates but its harder to get in.

2.0% at my credit union for my employer.. I am hoping they will be lenient enough with the ED delivery to handle the lack of a VIN.. since they know where I work AND live...

[jsublime]

Originally Posted by Wichard20

this man knows, hard to beat 2.49% for 60 months at Penfed, and its easy to join. I heard Navy Federal occassionally offers better rates but its harder to get in.

+1

And they're ok with ED

[EINSER M]

pended is great and will do ED
used them for the 135 and will most likely use them for the 1M

[theshiningnova]

7.4% for purchase looks pretty bad. Like the others say, base is 3.9%. The ED might make the rate a little worse but this difference is too huge. If you really do have very good credit rating. There should be more room for haggling.

If you are still thinking about lease. Base is 0.002(4.8%). Depending on credit rating, they could slap you with another 0.0006(1.44%) for the worst credit rating that they will finance plus 0.0004(0.96%) dealer markup. There is also another 0.0003(0.72%) for doing ED.

[CosmosMpower]

I did 2.5 PenFed on my E92 2 weeks ago. Their CS sucks big time, the application process is ridiculous. I got pre-approved online, waited a few weeks to find the car. Gave them the VIN and all the other info online, was approved then they said I had to have the seller fill out more forms, then they basically tried to make me go through the preapproval process again! I ended up escalating to a manager to have the check sent out since I had a plane to catch and they smoothed it out but I was on the phone over 2 hours total just to get a stupid check cut.

Also they put on hold 10 mins every time you call so if you're willing to put up with their BS it's a good rate.

[miiipilot]

They are just trying to make extra money out of you.

They sell the rate to you at 7.4% and buy it from the bank at 2-3%, they make the difference.

Maybe just trying to catch you sleeping on the deal or have you miss the details because YOU MUST HAVE THIS CAR syndrome.

Pass on that rate...Go to your local bank/CU and discuss options.

miiipilot

[JasonCSU]

As others have said, PenFed will work with Euro Delivery. The pre-approval process was pretty easy for me, but I didn't work with their customer service much to have any issues.

[snowfro]

Crap, I should have looked into this sooner so I could have used the PenFed rate, I had to sign paperwork today, my ED is in a couple of weeks, so I'm done now.

Anyways, I went with Owner's Choice, it was somehow $50/month less than leasing and $110/month less than purchase, and out the door it is only $800 more to do owner's choice and then buy it at the balloon payment than buying it out right, which I'm ok with the difference over that long of a time. Also today I learned that with Owner's Choice you only pay sales tax once since the car is titled in your name whereas with leasing you pay the sales tax up front and then again if you decide to buy it at the end of the lease because that's when you get the title in your name. So leasing would have cost almost $4k over purchasing it with regular financing (which I did get down to 3.9% thanks to y'all).

Honeslty, I always though Owner's Choice was in the middle between buying and leasing, I can't think of any reason one would actually choose to lease it over Owner's Choice unless the rate wasn't right.

Finance is not my strong point, but I'm happy at $770/month with a $3,000 down payment for 36 months and a $26k baloon payment at the end

[barbados]

You can refinance an existing loan with PenFed for that same rate BTW... In case anyone is paying a lot more through BMW Finance. It costs nothing to refinance an auto-loan, so you absolutely should if you are paying a higher rate. It costs $25 one time fee to join PenFed (donation to military family charity) and then you can use all their services. I've had multiples mortgages and car loans through them and am very satisfied with their service, you might end up doing more legwork but you can get amazing deals with them.