Financing 1M in US

Blackfield · 02-18-2011, 07:50 PM

My SA told me that there is no special financial offer from BMWFS for 1M and the lease rate is not available yet.
He also said, in the past, this always has been the case for BMW model with limited availability because BMW knows that the car will sell.

Has anybody heard otherwise?

I have not shopped for a car loan for a while, what is the going rate for car loan these days? Assuming you have excellent credit scores.

and off course, he said that he cannot offer any discount, MSRP only.

EINSER M · 02-18-2011, 07:53 PM

pentagon federal 2.99% up to 60 months financing (www.penfed.org)
navy federal is at 1.99% i believe also, but requires prior military engagements.

dmanges · 02-18-2011, 07:57 PM

Indiana Members Credit Union is giving me 1.75%

SamS · 02-18-2011, 08:01 PM

Every other 2011 model BMW had very good rates (2.9% for 60 months), so I was expecting similar for the 1M.

Blackfield · 02-18-2011, 08:03 PM

Quote:

Originally Posted by kirkx5m

pentagon federal 2.99% up to 60 months financing (www.penfed.org)
navy federal is at 1.99% i believe also, but requires prior military engagements.

Does penfed offer a loan to civillian?

Blackfield · 02-18-2011, 08:05 PM

Quote:

Originally Posted by SamS

Every other 2011 model BMW had very good rates (2.9% for 60 months), so I was expecting similar for the 1M.

Actually, my SA told me that I should expect 5+% rate from BMWFS...I don't know if this is true or not. In fairness, he told me to shop around..

TunedM2C · 02-18-2011, 08:28 PM

Quote:

Originally Posted by Blackfield

Does penfed offer a loan to civillian?

Yes though you'll have to open a checking account. Very low minimum balance is needed to keep the account active so you should be good to go.

NihonX · 02-18-2011, 08:48 PM

2.99% APR @ 72 months with Service Credit Union
(With Direct Deposit otherwise 3.24%)

jpd · 02-18-2011, 11:48 PM

Assuming 20K down leaves about 30K in financing over ????months. Expect $700 or more per month plus insurance????? Not a real prospect for anyone earning less than $100 K per year. These are only guesses, but there is more than a grain of truth here.

NihonX · 02-19-2011, 05:53 AM

Quote:

Originally Posted by jpd

Assuming 20K down leaves about 30K in financing over ????months. Expect $700 or more per month plus insurance????? Not a real prospect for anyone earning less than $100 K per year. These are only guesses, but there is more than a grain of truth here.

I'll be financing $40,000 @ 2.49%APR for 72 months.
My payments should be around $600-$700/mo.

I didn't exactly do the math properly but it shouldn't be too much more than that.

Bimmer-Bob · 02-19-2011, 05:58 AM

72 months! Ouch.

NihonX · 02-19-2011, 06:03 AM

Quote:

Originally Posted by Bimmer-Bob

72 months! Ouch.

I don't plan on selling this car for anything. I'd do 84 Months if I was offered it with a low APR.

as7920 · 02-19-2011, 07:22 AM

Quote:

Originally Posted by NihonX

....2.49%APR....

UK getting screwed over again.

Lowest i could get was 8.6% through BMWFS, would probably have got less elsewhere but I'm sure i wouldn't have got anywhere near that 2.49% figure.

Wild Bill · 03-01-2011, 04:07 PM

Our CA told us the rate would be somewhere around 4.8%. I asked him why was it so high and he told us the same thing. We only financed our 2010 JCW for 2.9% thru MINI Financial and they paid our first 2 payments, because the rate was so good.

I told him if he could lock us in at around 2% we would finance it, but if he couldn't that we would just pay cash for it.

EA51 LAY · 03-01-2011, 04:19 PM

Quote:

Originally Posted by kirkx5m

pentagon federal 2.99% up to 60 months financing (www.penfed.org)
navy federal is at 1.99% i believe also, but requires prior military engagements.

Holy crap - why cant I live in the US!?!?!??

EA51 LAY · 03-01-2011, 04:30 PM

Quote:

Originally Posted by as7920

UK getting screwed over again.

Lowest i could get was 8.6% through BMWFS, would probably have got less elsewhere but I'm sure i wouldn't have got anywhere near that 2.49% figure.

Although now in Canada, I do get a better deal than back home it would seem!!

SamS · 03-01-2011, 04:42 PM

Quote:

Originally Posted by kirkx5m

pentagon federal 2.99% up to 60 months financing (www.penfed.org)
navy federal is at 1.99% i believe also, but requires prior military engagements.

That PenFed is pretty good. I wonder if I should apply for pre-approval on a loan now even though I don't have a lock on the car.

Mnime · 03-05-2011, 11:43 AM

just came in from my dealer and the SA gave me the BMW rates for the 1M.
He said they didnt have any more info on release but did have the rates that will be offered thru BMW.

4.9 60 months
3.9 up to 36 months
5.57 owners choice

not the greatest rates. i found them on BOA for 3.99 60 months and state farm bank had OK rates as well.

who knows if the above will change in the next few months but that is what his print out had and it specifically had a line item for the 1M.

Alex_bm · 03-05-2011, 01:01 PM

How about different kind of wisdom?

Invest the money conservatively, make between 8-10% profit and pay BMW 3.9% for the loan.

Dilemmas, dilemmas...

Quote:

Originally Posted by maxnix

Amen! I think the bank is telling you that if you can't afford to pay cash, you plain can't afford it. Wisdom all fathers should pass on to their children.

E821M · 03-05-2011, 01:27 PM

Quote:

Originally Posted by maxnix

Amen! I think the bank is telling you that if you can't afford to pay cash, you plain can't afford it. Wisdom all fathers should pass on to their children.

Most people would not have a car period if they had to pay cash for it. Only people who are super rich can pay cash for everything. A better criteria to go by would be one's monthly budget. JMO.

02-18-2011, 07:50 PM	#1
Blackfield Private First Class 29 Rep 142 Posts Drives: a car Join Date: Nov 2009 Location: Lone Star State iTrader: (2)	Financing 1M in US My SA told me that there is no special financial offer from BMWFS for 1M and the lease rate is not available yet. He also said, in the past, this always has been the case for BMW model with limited availability because BMW knows that the car will sell. Has anybody heard otherwise? I have not shopped for a car loan for a while, what is the going rate for car loan these days? Assuming you have excellent credit scores. and off course, he said that he cannot offer any discount, MSRP only. Last edited by Blackfield; 02-18-2011 at 08:07 PM..
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02-18-2011, 07:53 PM	#2
EINSER M Major General 377 Rep 5,730 Posts Drives: BMW i3 rex Join Date: May 2006 Location: SoCal iTrader: (44) Garage List 2018 I01 i3s \| CURRENT [0.00] 2018 G01 X3 \| CURRENT [0.00] 2017 I01 i3 \| SOLD [0.00] 2017 F48 X1 \| SOLD ... [0.00] 2016 I01 i3 \| SOLD [0.00] 2017 F22 M240 \| SOLD [8.00] 2016 F25 X3 diesel ... [0.00] 2006 E60 550 \| SOLD [6.00] 2011 E90 335 \| SOLD [8.66] 2012 E82 135 \| SOLD [5.50] 2011 E82 1M \| SOLD [7.94] 2007 E85 Z4M\| SOLD [4.50] 2003 E53 X5 4.6is S ... [9.00] 2008 E92 328 \| SOLD [0.00] 2008 E82 135 \| SOLD [0.00] 2008 E90 335 \| SOLD [0.00] 2003 E46 M3 \| SOLD [7.50] 2006 E90 330 \| SOLD [10.00] 2003 E46 330ZHP \| SOLD [0.00]	pentagon federal 2.99% up to 60 months financing (www.penfed.org) navy federal is at 1.99% i believe also, but requires prior military engagements.
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02-18-2011, 07:57 PM	#3
dmanges Enlisted Member 0 Rep 30 Posts Drives: 2009 M3 coupe Join Date: Feb 2011 Location: Indianapolis iTrader: (0)	Indiana Members Credit Union is giving me 1.75%
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02-18-2011, 08:01 PM	#4
SamS Banned 867 Rep 6,248 Posts Drives: Tesla M3 Perf + '18 X3 M40i Join Date: Jul 2010 Location: Dallas, TX iTrader: (0)	Every other 2011 model BMW had very good rates (2.9% for 60 months), so I was expecting similar for the 1M.
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02-18-2011, 08:48 PM	#8
NihonX Captain 63 Rep 901 Posts Drives: 2011 VO 1M Join Date: Sep 2008 Location: Antioch iTrader: (8)	2.99% APR @ 72 months with Service Credit Union (With Direct Deposit otherwise 3.24%) __________________ 2011 VO 1M
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02-18-2011, 11:48 PM	#9
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	Assuming 20K down leaves about 30K in financing over ????months. Expect $700 or more per month plus insurance????? Not a real prospect for anyone earning less than $100 K per year. These are only guesses, but there is more than a grain of truth here.
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02-19-2011, 05:58 AM	#11
Bimmer-Bob ! 699 Rep 3,267 Posts Drives: 2010 128i Join Date: Feb 2010 Location: Anacortes, WA iTrader: (4) Garage List 2024 Ford Bronco (U ... [0.00] 2010 BMW 128i (E82) [9.25]	72 months! Ouch.
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03-01-2011, 04:07 PM	#14
Wild Bill Old Guy 15 Rep 230 Posts Drives: JCW Clubman, 1M, 2007 Vette Join Date: Feb 2011 Location: Orange County, CA iTrader: (0) Garage List 2007 Corvette [0.00] 2011 1M Coupe [10.00] 2010 MINI JCW Clubman [10.00]	Our CA told us the rate would be somewhere around 4.8%. I asked him why was it so high and he told us the same thing. We only financed our 2010 JCW for 2.9% thru MINI Financial and they paid our first 2 payments, because the rate was so good. I told him if he could lock us in at around 2% we would finance it, but if he couldn't that we would just pay cash for it.
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03-05-2011, 11:43 AM	#18
Mnime First Lieutenant 24 Rep 391 Posts Drives: 2015 Cayman GTS Join Date: Jan 2011 Location: Dallas, TX USA iTrader: (0)	just came in from my dealer and the SA gave me the BMW rates for the 1M. He said they didnt have any more info on release but did have the rates that will be offered thru BMW. 4.9 60 months 3.9 up to 36 months 5.57 owners choice not the greatest rates. i found them on BOA for 3.99 60 months and state farm bank had OK rates as well. who knows if the above will change in the next few months but that is what his print out had and it specifically had a line item for the 1M.
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