Quick Question: Financing.

genuinekid · 05-19-2011, 11:55 PM

I am looking to buy a 2008 M3 from a private seller. The car is still being financed through BMW Financials.

MY questions is, will i be just taking over the payments? or would i have to finance outside of BMWFinancing?

I rather take over, or finance through them because private car apr% through a bank APR (5.5%) is higher than a dealer used car APR (3.9%)

clayk · 05-20-2011, 08:33 PM

You will be financing thru your own bank, not BMW. Shop rates; 5.5 sounds high. Some banks won't lend on a car without physically seeing the title first.. Have you asked your bank about that?

Juan.sidarta · 06-05-2011, 12:03 AM

Is taking a finance to buy a BMW from a private party possible if one does not purchase a BMW from a dealer?

TheClozer · 06-05-2011, 12:35 AM

Nope! The only way you're going to get financing from BMWFS is if you buy/lease brand new from a dealership. I heard they don't even offer lease end financing either. Good luck!

manari06 · 06-05-2011, 01:32 AM

Yes you can get finance with BMW, You would be taking over the payments and the tittle will come under your name after it is paid off, the seller needs to contact BMW Financial and so do you and give them all of his and yours information and BMW Financial will run your credit and if you get approved they will mail you the contract and all the paper work you need to sign and return to them and the car will be yours. I know I did it with my 325I and my cousin took over the payments.

SoTempted · 06-05-2011, 01:55 AM

If you wanna shop around for your own financing, pentagon federal credit union is offering like 2.5% apr right now on new or used cars.

Juan.sidarta · 06-05-2011, 02:29 AM

Quote:

Originally Posted by SoTempted

If you wanna shop around for your own financing, pentagon federal credit union is offering like 2.5% apr right now on new or used cars.

Thanks for the info

gatorfast · 06-05-2011, 09:42 AM

The only way you could take over the current owners financing arrangement would be to work something out with him and the bank. Unless he is upside down on the loan, chances are the current owner owes much less than the car is worth right now. Therefore, even if you took over payments you will still need to pay him for the full value of the car.

Technic · 06-05-2011, 09:56 AM

Quote:

Originally Posted by genuinekid

I am looking to buy a 2008 M3 from a private seller. The car is still being financed through BMW Financials.

MY questions is, will i be just taking over the payments? or would i have to finance outside of BMWFinancing?

I rather take over, or finance through them because private car apr% through a bank APR (5.5%) is higher than a dealer used car APR (3.9%)

Call BMW Financial, check their terms for taking over the account and start from there.

I sold my M3 that way: buyer called BMW Financial, took over the account (paid me the difference between the payoff and my selling price) and then refinanced the account with a much better rate from his own bank.

m3r0x · 06-05-2011, 12:43 PM

can't take over payments thru bmwfs. I know someone who divorced his wife and wanted to get the car put in his name, but she got a special APR from buying brand new. Even though they were still married, he would have to go with standard rates with bmwfs(5-6%). credit unions have better rates for slightly used cars.

Juan.sidarta · 06-05-2011, 08:01 PM

Quote:

Originally Posted by m3r0x

can't take over payments thru bmwfs. I know someone who divorced his wife and wanted to get the car put in his name, but she got a special APR from buying brand new. Even though they were still married, he would have to go with standard rates with bmwfs(5-6%). credit unions have better rates for slightly used cars.

Wait, isnt the BMWFS rate about 1.9 for used M3's?

Jive · 06-11-2011, 12:31 PM

Quote:

Originally Posted by Juan.sidarta

Wait, isnt the BMWFS rate about 1.9 for used M3's?

Wouldn't that be only if you buy through a BMW dealership? I would like this cleared up as well cause I might end up in the same situation.

Juan.sidarta · 06-13-2011, 10:19 PM

Quote:

Originally Posted by Jive

Wouldn't that be only if you buy through a BMW dealership? I would like this cleared up as well cause I might end up in the same situation.

Yep, I called bmw to find out. You need to buy off a stealership to get those interest rates.

bchang2001 · 06-13-2011, 10:30 PM

penfed has/had 2.49% interest on used cars. i think best unless you buy with special financing from BMW.

05-19-2011, 11:55 PM	#1
genuinekid Enlisted Member 4 Rep 36 Posts Drives: 335i Join Date: Nov 2010 Location: van nuys iTrader: (0)	Quick Question: Financing. I am looking to buy a 2008 M3 from a private seller. The car is still being financed through BMW Financials. MY questions is, will i be just taking over the payments? or would i have to finance outside of BMWFinancing? I rather take over, or finance through them because private car apr% through a bank APR (5.5%) is higher than a dealer used car APR (3.9%)
	Appreciate 0 Tweet Quote

05-20-2011, 08:33 PM	#2
clayk New Member 0 Rep 13 Posts Drives: 07 M5 Join Date: Mar 2011 Location: Worcester iTrader: (0)	You will be financing thru your own bank, not BMW. Shop rates; 5.5 sounds high. Some banks won't lend on a car without physically seeing the title first.. Have you asked your bank about that?
	Appreciate 0 Quote

06-05-2011, 12:03 AM	#3
Juan.sidarta Banned 48 Rep 1,040 Posts Drives: ex-e92 Join Date: Jan 2010 Location: Berkeley, CA iTrader: (8)	Is taking a finance to buy a BMW from a private party possible if one does not purchase a BMW from a dealer?
	Appreciate 0 Quote

06-05-2011, 12:35 AM	#4
TheClozer First Lieutenant 12 Rep 310 Posts Drives: AW e92 M3 Join Date: Apr 2010 Location: Anaheim Hills iTrader: (1)	Nope! The only way you're going to get financing from BMWFS is if you buy/lease brand new from a dealership. I heard they don't even offer lease end financing either. Good luck!
	Appreciate 0 Quote

06-05-2011, 01:32 AM	#5
manari06 Major 136 Rep 1,128 Posts Drives: 2013 E92 M3, 2016 X5 50i Join Date: Jan 2010 Location: Pueblo West, CO iTrader: (6) Garage List 2013 BMW M3 E92 [9.50] 2007 335I Coupe [10.00]	Yes you can get finance with BMW, You would be taking over the payments and the tittle will come under your name after it is paid off, the seller needs to contact BMW Financial and so do you and give them all of his and yours information and BMW Financial will run your credit and if you get approved they will mail you the contract and all the paper work you need to sign and return to them and the car will be yours. I know I did it with my 325I and my cousin took over the payments.
	Appreciate 0 Quote

06-05-2011, 01:55 AM	#6
SoTempted Captain 20 Rep 766 Posts Drives: Incompetently Join Date: Jan 2011 Location: Clovis, NM iTrader: (4)	If you wanna shop around for your own financing, pentagon federal credit union is offering like 2.5% apr right now on new or used cars.
	Appreciate 0 Quote

06-05-2011, 09:42 AM	#8
gatorfast Major General 4998 Rep 6,863 Posts Drives: 718 Cayman Join Date: Jan 2008 Location: SoFla iTrader: (4)	The only way you could take over the current owners financing arrangement would be to work something out with him and the bank. Unless he is upside down on the loan, chances are the current owner owes much less than the car is worth right now. Therefore, even if you took over payments you will still need to pay him for the full value of the car.
	Appreciate 0 Quote

06-05-2011, 12:43 PM	#10
m3r0x New Member 0 Rep 8 Posts Drives: 2010 BMW M3 Join Date: Jun 2011 Location: Los Angeles, CA iTrader: (0)	can't take over payments thru bmwfs. I know someone who divorced his wife and wanted to get the car put in his name, but she got a special APR from buying brand new. Even though they were still married, he would have to go with standard rates with bmwfs(5-6%). credit unions have better rates for slightly used cars.
	Appreciate 0 Quote

06-13-2011, 10:30 PM	#14
bchang2001 Lieutenant 18 Rep 463 Posts Drives: e92 M3 Join Date: Mar 2011 Location: OC,CA iTrader: (5)	penfed has/had 2.49% interest on used cars. i think best unless you buy with special financing from BMW.
	Appreciate 0 Quote