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      10-03-2019, 01:26 PM   #23
M3WAL
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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, 01:38 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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      10-04-2019, 08:08 PM   #25
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I got 3.49% from BMW Financial less than 2 months ago on a new 2018. Pen Fed was offering 3.99%
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      10-05-2019, 10:56 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, 10:58 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, 10:27 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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      10-11-2019, 11:34 PM   #29
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way too high.... walk away and finance thru another bank. You can even search online to see the banks rates to get an idea.
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      Yesterday, 02:53 PM   #30
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I got 0.9% - keep looking
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      Yesterday, 03:55 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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      Today, 10:54 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; Today at 10:55 AM.. Reason: Additonal info
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      Today, 10:57 AM   #33
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Quote:
Originally Posted by krotondo View Post
I got 0.9% - keep looking
where did you finance from? name of institution?
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