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10-03-2019, 12:26 PM | #23 |
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Thank you everyone. The dealer told me the price im getting the car at is because im financing through them. So my only option is to refinance as soon as I get the car.
Someone above said ill have to pay fee's for refinancing which I hope is not true but either ways I will have to take this 5.1% (They lowered to 5.1 after i complained lol) and then refinance. |
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10-03-2019, 12:38 PM | #24 |
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Interests rates just suck now, but it shouldn't be quite that bad. In March of last year I bought my 340i through BMW and financed through them as well at 0.9%. Rates have changed a lot in the last 18 months though.
I bought a 2018 M3 from a Mercedes dealership a month ago and they were quoting me 5.09% and my credit score is over 800. They wouldn't let me finance through them either since I wasn't buying a Mercedes. Their in-house would've been 3.5% which compared to the in-house financing with BMW just 18 months ago, wasn't all that great. If you don't want to go through the hassle of refinancing you can always just pay additional principal every month to effectively lower your interest rate (unless it's pre-comupted interest).
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10-05-2019, 09:56 AM | #26 |
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Definitely negotiate a lower rate or walk. FWIW, I got 1.9% for 60 on a new F80 last year and put nothing down.
Try Penfed as others have suggested, and do your due diligence and call around on your own. Several credit pings will not look bad if they're in a relatively short time period, so it doesnt hurt to try. Also, see if putting any money down will drive a better rate. Many companies want you to have skin in the game. If youre big on credit card ponts and have the cash to pay off in the same month, most dealers will allow you to put 5K on a card. I almost always do that for the points, but didnt for the F80 simply because I had a baby on the way and was spending out the wazzoo to get reaady for her arrival. You can get better, guaranteed.
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10-05-2019, 09:58 AM | #27 |
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Lots of people posting interest rates they got 1-2 years ago. Those rates are no longer relevant. Compare to other sources of financing or what others are getting from BMW now (which a few have posted), not rates BMW gave in the past.
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10-08-2019, 09:27 PM | #28 |
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Definitely look into a credit union. If the dealer says the price is what it is because you are financing it through them then get the financing and throw the money in their face. If they turn you down paying cash then walk, they are not worth your business. Another dealer will take your money.
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11-12-2019, 02:55 PM | #31 |
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Why even bother with going with them in the first place. Just get pre approved at a credit union which will 100% have a better rate than the dealer.
Just bought my M3 at 3.49%. The wife's X5 at 2.9% last year. And my previous BMW was 1.9% 3.5 years ago. The only reason my rates were higher was because rates in general were higher. If you have a good DTI ratio with a 750+ credit score there is no reason you shouldn't be getting the best rate available. |
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11-13-2019, 09:54 AM | #32 |
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So i work for a bank and worked for a few banks, we had alot of volume for auto loans/ refinances. I can tell you that you can refinance as soon as you receive the title, the dealer will feed you bullshit that you cant for a few months but legally in NY u can. As for fees associated with refinancing there are none for most institutions. I worked at NEFCU or now known as JOVIA FCU and it had great rates and great turn around with no refinancing fees, Mostly all credit unions have good rates. I financed my car through Sperry FCU if u care. I would say pull the trigger and go for the car, once the title comes in the mail go to any CU and refinance, i did that with 3 previous cars ive owned.
Last edited by Fazem3; 11-13-2019 at 09:55 AM.. Reason: Additonal info |
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11-14-2019, 05:15 PM | #35 |
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And you bought a CPO, right? BMW FS offered the 0.9% rate earlier this year on certain CPO vehicles, not on new vehicles, AFAIK. But if I'm wrong, please correct me.
P.S. krotondo, when you post something, it would be great if you posted more details so that other people actually learn from your posts, rather than having to keep asking questions.
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11-15-2019, 03:56 PM | #36 | |
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11-15-2019, 04:47 PM | #37 | |
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The Sedan: 2018 M3 | San Marino Blue | Black Full Merino Leather | CF Trim | M-DCT | ZCP | ED 7/18/18 The Roadster: 2006 Z4 | Interlagos Blue | Black Extended Nappa Leather | Carbon Leather Trim | Purchased 7/19/12 |
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11-15-2019, 06:14 PM | #38 | |
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12-01-2019, 07:05 PM | #40 |
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Just bought my 17 M4 two days ago. Got 2.25% w/750+ FICO. It's out there. Just gotta shop around. Mine was through a Credit Union in Florida.
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12-01-2019, 07:11 PM | #41 |
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if interest rates and car price are intertwined. run far. or learn to negotiate better. idc how a dealer makes profit. either they want to sell or not. if the TOTAL number isn't right. than leave. dont fall for their dance, its all BS
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12-06-2019, 12:53 AM | #42 |
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I have an 810 credit score, got 5%, what a joke. I bought on a whim and no way to secure alternative financing. Sent my payoff 1 week after purchase. No chance in hell im paying 20k on top of the 75k I spent on the car.
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12-06-2019, 09:12 AM | #43 | |
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Back when I was a broke student I wrecked a car and had to buy immediate replacement 4.99% later I paid the dealer finance tax. Never again! BMW wanted 3.99%. They said it's the absolutely lowest rate. (They all lie). He left out a key detail that there is no lowest rate because everything is negotiable. I countered with my credit union rate and instant 1% from BMW. You can make more than 1% interest in boring high yield savings accounts. So my car was free.... wait, what did you say... what is this depreciation.... oh 1st world problems. |
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12-06-2019, 12:15 PM | #44 | |
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