Anyone have any experience with BMW Select?

[Zoli007]

Curious if anyone has done it and if it is/will be offered on the M3.

Basics I understand about it are nice low payments but a balloon payment at the end of your term. Mainly curious if this value is pre-determined similar to a residual value in a lease, and if you pay more than your prescribed payment how does that work.

Lets say you put a large chunk down and the car is destroyed for whatever reason, is that money gone?

No flaming please, just want some info.

[hadeed]

It is predetermined.
You will pay interest off you're balloon.

It's good to keep your payment low, if you can invest you're money somewhere else and beat the interest rate.

On average you'll pay about 4k more in interest over 60 months compared to a traditional loan.

Check out penfed, if you have good credit, you will find the best rates there. (2.24% for balloon)

[Zoli007]

That's interesting, I did not realize they offer the balloon thing as well, I thought that was a BMW exclusive. Good to know thanks.

[F82_SID]

I did BMW Select on my E92 M3 and loved it! But.. This time PenFeds rate is almost an entire point better then BMW so I am going with them. That is a difference of more than 100 dollars on my deal.

This type of financing is great if you want to "mod" your car, not worry about the mileage restrictions of a lease, and keep your payments low.

What they dont tell you is that you can finance the balloon payment at the end if you dont have the cash on hand... I find this to be an especially good deal if you know you arent going to keep the car until its paid off. You can trade it in whenever you want and as long as you arent trying to flip it right away, your amount owed should be very close to value of the car so you shouldn't have much (if any) negative equity. When I sold my M3 I actually made money. All this being said, others will tell you that you are paying more interest and should invest the money instead blah blah blah.. IMO, this car is a luxury item so I am not that worried about that stuff. I just want a lower payment while I have it. I wont keep the car more than 3 years anyway... Oh and another thing.. If you total the car, the insurance pays you at blue book value just like a regular finance deal so GAP is a good idea.

My deal is as follows:

MSRP:$79500
Negotiated ED price: $72300
$3159.54 down
Huper Optik ceramic tint all around, full hood clear bra pkg, 3m Defense surface protection, platinum coverage package with key replacement, paint less dent repair, tire and rim road hazard protection and cosmetic wheel protection: $4372
Taxes 6.75%= $5060.34
Filling fee: 27.20
Total: $81759.54
Total financed: $78600
60 month payment savor loan 2.24 and 40% residual= $904.49 payment BAM!!!

The funny thing is that even though the MSRP of the car is $79500, PenFed said it was only worth $78600 and therefore would only lend me that much..

[mkoesel]

I did this with my E93 M3 and it was great. Of course that was in 2008 and the rate was 0.9%. It was a no brainier.

Even with the higher rate today, I like this better than leasing.

[Roadkiller]

Originally Posted by E92_SID

I did BMW Select on my E92 M3 and loved it! But.. This time PenFeds rate is almost an entire point better then BMW so I am going with them. That is a difference of more than 100 dollars on my deal.

This type of financing is great if you want to "mod" your car, not worry about the mileage restrictions of a lease, and keep your payments low.

What they dont tell you is that you can finance the balloon payment at the end if you dont have the cash on hand... I find this to be an especially good deal if you know you arent going to keep the car until its paid off. You can trade it in whenever you want and as long as you arent trying to flip it right away, your amount owed should be very close to value of the car so you shouldn't have much (if any) negative equity. When I sold my M3 I actually made money. All this being said, others will tell you that you are paying more interest and should invest the money instead blah blah blah.. IMO, this car is a luxury item so I am not that worried about that stuff. I just want a lower payment while I have it. I wont keep the car more than 3 years anyway... Oh and another thing.. If you total the car, the insurance pays you at blue book value just like a regular finance deal so GAP is a good idea.

My deal is as follows:

MSRP:$79500
Negotiated ED price: $72300
$3159.54 down
Huper Optik ceramic tint all around, full hood clear bra pkg, 3m Defense surface protection, platinum coverage package with key replacement, paint less dent repair, tire and rim road hazard protection and cosmetic wheel protection: $4372
Taxes 6.75%= $5060.34
Filling fee: 27.20
Total: $81759.54
Total financed: $78600
60 month payment savor loan 2.24 and 40% residual= $904.49 payment BAM!!!

The funny thing is that even though the MSRP of the car is $79500, PenFed said it was only worth $78600 and therefore would only lend me that much..

Is $900+ a good deal under this type of program? I haven't done the math but I thought the benefit was keeping the number between $700 and $800. I know there are other factors to consider (money down, etc.) but seems to me you can be somewhere near $950 without the balloon.

[Enzoyama_]

Hello,

Has anyone tried BMW select on their m3/m4 ? I heard you get the low monthly payments like leasing, but have a ballon payment at the end of your term. Please post your deals with BMW select.

[pgk500]

Originally Posted by Enzoyama_

Hello,

Has anyone tried BMW select on their m3/m4 ? I heard you get the low monthly payments like leasing, but have a ballon payment at the end of your term. Please post your deals with BMW select.

It’s a bad deal unless it has really good interest rate like 0.9 or 0. You pay interest on the entire amount. At the end of the loan term you can pay off the balloon payment or refinance it.

[cotmfk]

Holy thread bump!

But, I'll just add that I did BMW Select on my M4 and loved it.