[crex]

did the .9 apr continue?

[Phil G.]

Unclear - BMW hasn't announced anything beyond January 2nd when the 0.9% rate expires, maybe. My guess it will continue. My deal states that I'm locked in at 0.9% "or better if offered by BMW Financial." I wanted that language in the deal just in case.

[2kaccordocoupe]

The current finance / lease rates here in Canada will remain the same until March 31st. Who knows after that...

[abarn]

The finance guy is turning in my paperwork tomorrow to lock in the 1.9% (e92 rate). I ordered the car several weeks ago; however, he says that they must get the car in within 60 days for me to get that rate. If the car takes longer than 60 days, then I will need to re-apply for financing and I'll get whatever is being offered at that time.

With the factory closed for a few more weeks, it could be iffy for me.

[Phil G.]

Originally Posted by abarn

The finance guy is turning in my paperwork tomorrow to lock in the 1.9% (e92 rate). I ordered the car several weeks ago; however, he says that they must get the car in within 60 days for me to get that rate. If the car takes longer than 60 days, then I will need to re-apply for financing and I'll get whatever is being offered at that time.

With the factory closed for a few more weeks, it could be iffy for me.

There was no time limit on delivery date. My paperwork just specifies "0.9% or better, if it happens, up to 60 months." I plan to hold my dealer to those terms.

[abarn]

Unfortunately, I have found out the hard way that some people do not tell you everything about a deal. In many cases, you need to ask. I specifically asked my SA & FA about the interest rate and how long it's good for. Two different dealerships told me the same thing.

Today is the last day for the promotional financing. If we are lucky, it will stay the same; however, I seriously doubt it will go down. We will know tomorrow if we have to worry about this or not.

If you have a few extra moments today, I would suggest you double check with your SA and see what he as to say about how long the rate is good for. If you already have a delivery date (I do not), and it is less than 60 days away from when you ordered your car, then your golden.

[Phil G.]

Originally Posted by abarn

Unfortunately, I have found out the hard way that some people do not tell you everything about a deal. In many cases, you need to ask. I specifically asked my SA & FA about the interest rate and how long it's good for. Two different dealerships told me the same thing.

Today is the last day for the promotional financing. If we are lucky, it will stay the same; however, I seriously doubt it will go down. We will know tomorrow if we have to worry about this or not.

If you have a few extra moments today, I would suggest you double check with your SA and see what he as to say about how long the rate is good for. If you already have a delivery date (I do not), and it is less than 60 days away from when you ordered your car, then your golden.

I doubt the rate will change much after today, either. It will be interesting to see what happens, since my car likely won't be delivered until >60 days from the date I inked the deal, which technically means I'm not locked into the rate. With the written agreement from my dealer, I think they are responsible to make good on the terms they agreed to, no?

[abarn]

I just got off the phone with my FA.

He just submitted my financing and he reiterated the 60 day window so my clock is now ticking. I asked him if he were a betting man, what are the odds on getting the car in within 60 days to lock in the rate. He said that the odds of the rate staying the same are better than getting the car in within 60 days. That was just his opinion and is not a fact. At this point, he didn't know what the rates will be tomorrow.

IMO, had we ordered a car during a different time of year (i.e. no factory closing and having a bunch of orders before ours), the 60 day window may not be that hard to hit.

As far as the dealer being responsible for the rate they agreed to, if you are financing the car then you are not technically inking a deal with the dealership. They are the facilitator and you are actually making an agreement with BMW Financial Services. It's their rules about the 60 day thing and not the dealership. After the 60 days are up and you did not take ownership of the car and start making payments, then you need to get financed again.

The dealer would love to sell you a car they have on the lot and lock you into the current finance rate. They cannot lock you in on a car they do not have to sell you. Bummer I know!

[Phil G.]

Originally Posted by abarn

I just got off the phone with my FA.

He just submitted my financing and he reiterated the 60 day window so my clock is now ticking. I asked him if he were a betting man, what are the odds on getting the car in within 60 days to lock in the rate. He said that the odds of the rate staying the same are better than getting the car in within 60 days. That was just his opinion and is not a fact. At this point, he didn't know what the rates will be tomorrow.

IMO, had we ordered a car during a different time of year (i.e. no factory closing and having a bunch of orders before ours), the 60 day window may not be that hard to hit.

As far as the dealer being responsible for the rate they agreed to, if you are financing the car then you are not technically inking a deal with the dealership. They are the facilitator and you are actually making an agreement with BMW Financial Services. It's their rules about the 60 day thing and not the dealership. After the 60 days are up and you did not take ownership of the car and start making payments, then you need to get financed again.

The dealer would love to sell you a car they have on the lot and lock you into the current finance rate. They cannot lock you in on a car they do not have to sell you. Bummer I know!

If the rate is up at the time I take delivery of the car (I agree with you that in this economy, it's unlikely), I will attempt to hold the dealer to the terms I have in writing - even if they have to adjust the selling price to justify the higher rate. Hopefully, we won't get to that point. At the very worst, I put it on my home equity line of credit and deduct it. But 0.9% is still a much better rate than I can get through my equity line.

[abarn]

The interest rate is making this such an attractive purchase. The dealer has an E92 with more options and a different color on the boat right now and he wanted to see if I'd take that one. I did the math on this and determined that the interest rates would need to jump above 4.20% before it would be cheaper for me to get the more expensive car on it's way over and lock in the 1.9% financing now rather than to wait for mine.

I'm betting that the interest rates do not go above 4.20%. If they do, then it's going to cost me more.

I too thought about the home equity option. The going rate in my area is about 5.25%. If I borrow for 5 years, I'd get to deduct about $1,500 the first year and less each year after that for a total of about $4,500. Thus, the $1,500 a year interest (and lower each year) I would be able to deduct wouldn't really make an impact to my AGI. Dollar for dollar, the lower BMW Finance Rate is the way to go. Even if the rates end up the same (BMW / Home Equity), since most places charge for a home equity loan, the fee for the loan might not make it worth it.

[Sal@AUTOcouture]

there are no incentives for Jan-3/3/09

no more .9...all rates go to either 2.9, 3.9 or standard rate

[Phil G.]

Originally Posted by AutoCouture

there are no incentives for Jan-3/3/09

no more .9...all rates go to either 2.9, 3.9 or standard rate

Hmmmm. Should be interesting if mine comes in after 3/1 since my dealer guaranteed in writing that the car would be financed at 0.9% or less regardless of arrival date. Whatever happens, still cheaper to finance thru BMW Financial since turn in fee ($350) is waived if you re-lease or re-finance thru BFS. But, I expect the dealership to make good on the deal we struck. I do have it in writing FWIW.

[Craig@SupremePower]

With the economy like it is?? Thats wack, cars aren't selling.. and if this is the case it might be time for me to start sellin off parts!!

Originally Posted by AutoCouture

there are no incentives for Jan-3/3/09

no more .9...all rates go to either 2.9, 3.9 or standard rate

[Phil G.]

Originally Posted by AutoCouture

there are no incentives for Jan-3/3/09

no more .9...all rates go to either 2.9, 3.9 or standard rate

BTW, is there confirmation of these figures somewhere? Where did you get them?

[willa1975]

My understanding was that I was locked in at the 1.9% rate for my e92. I indeed hope that this is the case, as I would have to get the car below invoice to have the same monthly payment with a 2.9% rate.

[Sal@AUTOcouture]

Originally Posted by Phil G.

BTW, is there confirmation of these figures somewhere? Where did you get them?

I'm a CA

[Tim2189]

Originally Posted by AutoCouture

I'm a CA

sal, your sig is just

[Phil G.]

Originally Posted by AutoCouture

I'm a CA

As a CA, I'd like to get your perspective. What is the responsibility of the dealership to honor the 0.9% rate (even though it's BFS who sets rates, not the dealer)? In my case, I have it in writing from the CA who sold me the car that he would honor the "0.9% rate or lower for a term of up to 60 months." There was no timeline specified on the agreement.

[beskone]

if they took your info, you'll get the rate you were originally quoted, or if the rates go lower, then you'll get the lower rate.

It's just like locking in a re-fi on a mortgage, you're locked to at worst the original rate.

[DrSam]

Originally Posted by Phil G.

BTW, is there confirmation of these figures somewhere? Where did you get them?

Well, as of right now it's official. BMWUSA.com shows 2.9% rates across the board, through the beginning of March, whereas just this morning it was still 0.9%.

Thankfully our CA re-processed our FS loan application this morning to lock in the old rates, since our car will not be here until next week!

-sm

[Phil G.]

Originally Posted by DrSam

Well, as of right now it's official. BMWUSA.com shows 2.9% rates across the board, through the beginning of March, whereas just this morning it was still 0.9%.

Thankfully our CA re-processed our FS loan application this morning to lock in the old rates, since our car will not be here until next week!

-sm

I think that's the position I'm in - the rate of 0.9% is locked in, a good thing. I will confirm this with my CA.

[Sal@AUTOcouture]

You are locked in 60 days from the end of the month. ie: if your credit application is called in and approved at some point in December, you are locked in until the end of February. Hope that helps!