Financing without BMWFS for ED

[Doctor///M]

Tried to search for a thread that addressed this issue but no luck.

My dealer is saying that I have to submit a credit application with BMW even if I were to do my own financing for my ED purchase. This is in advance of any loan application near the 2-week period prior to the delivery in Munich. Is this necessary?

I realized quickly that doing ED poses a problem due to my local bank financing a car that technically won't be delivered until a future date. For those of you who financed your cars for ED, what is the detailed process that you went through?


...and now for the obligatory photo! Thanks in advance!

[Fifth Echelon]

Mine is financed through the credit union. Didn't really have any problems with it - I informed the loan officer about the delivery timeline. In fact, my M4 only just made it onto a boat in Bremerhaven but I received my Texas registration sticker and license plates two weeks ago.

[DocWeatherington]

Not true, you have to pay them I think 10 or 7 days before your departure. Forum please correct me if I am wrong, but you can use whatever bank you would like. The issue is most want title ASAP, which EU means it may be a few months before things show up. I would just use whatever bank and make sure you ask if 2-3 months is enough time before they start demanding documents and that your doing EU delivery. I would suggest PenFed or USAA bank or a similar.

I had no issues with mine, stated had my own finances in order and just walked in with a check. Shouldn't have any issues. They will ask for your SSN/Passports for EU delivery/paperwork purpose.

Good luck, DRIVE the Alps

[ando]

You can finance with any third party (bank or credit union) or captive BMW FS.
The only thing I can think of is the dealership wants your finance business or they want to make sure you get the funding timing correct.

[Doctor///M]

Originally Posted by Fifth Echelon

Mine is financed through the credit union. Didn't really have any problems with it - I informed the loan officer about the delivery timeline. In fact, my M4 only just made it onto a boat in Bremerhaven but I received my Texas registration sticker and license plates two weeks ago.

which CU did you use? PM me if you don't mind sharing.

Originally Posted by DocWeatherington

Not true, you have to pay them I think 10 or 7 days before your departure. Forum please correct me if I am wrong, but you can use whatever bank you would like. The issue is most want title ASAP, which EU means it may be a few months before things show up. I would just use whatever bank and make sure you ask if 2-3 months is enough time before they start demanding documents and that your doing EU delivery. I would suggest PenFed or USAA bank or a similar.

I had no issues with mine, stated had my own finances in order and just walked in with a check. Shouldn't have any issues. They will ask for your SSN/Passports for EU delivery/paperwork purpose.

Good luck, DRIVE the Alps

Originally Posted by ando

You can finance with any third party (bank or credit union) or captive BMW FS.
The only thing I can think of is the dealership wants your finance business or they want to make sure you get the funding timing correct.

I know I can finance on my own, but for all you guys, did your sales associate ask for a credit application with BMW?

Here is some of the info I received from mine, and I'm paraphrasing here:

" Even if you do financing with someone else you still need to do a credit application with us. In order for us to give you a contract with all numbers to use your financing company, we need to get you approved. Closer to your delivery date, we will print out an option contract which will give you 5 business days to take it to the bank you wish to work with."

[IMrMark]

PenFed! Great rates and they had no issues with ED.

[Hymiet]

Originally Posted by notan///m

which CU did you use? PM me if you don't mind sharing.

I know I can finance on my own, but for all you guys, did your sales associate ask for a credit application with BMW?

Here is some of the info I received from mine, and I'm paraphrasing here:

" Even if you do financing with someone else you still need to do a credit application with us. In order for us to give you a contract with all numbers to use your financing company, we need to get you approved. Closer to your delivery date, we will print out an option contract which will give you 5 business days to take it to the bank you wish to work with."

That's a bunch of bs. They are hoping they can flip you. There is money to be made in the interest rate margin.

[DocWeatherington]

Originally Posted by notan///m

which CU did you use? PM me if you don't mind sharing.







I know I can finance on my own, but for all you guys, did your sales associate ask for a credit application with BMW?

Here is some of the info I received from mine, and I'm paraphrasing here:

" Even if you do financing with someone else you still need to do a credit application with us. In order for us to give you a contract with all numbers to use your financing company, we need to get you approved. Closer to your delivery date, we will print out an option contract which will give you 5 business days to take it to the bank you wish to work with."

Agreed its BS, there is no reason they need it. However, they could also think you may not be able to afford it and want to make sure your not wasting time. Did you give them a deposit? Sometimes it shows good faith.

If your already pre-approved, you could just ask your bank to give you a notice that you are for X amount.

An the line of " contract and numbers for your financing" is BS, on the Bill of Sale, they have to input lien holder information and you provide that to them per your banks instructions.

It also could just be local policy to approve everyone via BMW FS. Yeah you will take a hit via an inquiry on your credit score, but you don't have to use them. Again might try to flip or work for your business. Never know they could beat your CU rate

[ando]

Originally Posted by notan///m

which CU did you use? PM me if you don't mind sharing.

I know I can finance on my own, but for all you guys, did your sales associate ask for a credit application with BMW?

Here is some of the info I received from mine, and I'm paraphrasing here:

" Even if you do financing with someone else you still need to do a credit application with us. In order for us to give you a contract with all numbers to use your financing company, we need to get you approved. Closer to your delivery date, we will print out an option contract which will give you 5 business days to take it to the bank you wish to work with."

No credit application.

[dclowd9901]

My CA recommended BMWFS because otherwise, I would have to start payments earlier. He said most people do that, then refinance when they take delivery of the car. Sounds good to me, since my bank is offering 1.9%

[Doctor///M]

Originally Posted by dclowd9901

My CA recommended BMWFS because otherwise, I would have to start payments earlier. He said most people do that, then refinance when they take delivery of the car. Sounds good to me, since my bank is offering 1.9%

Thanks. I think this is the biggest consideration.