AgentBif
11-29-2006, 01:40 PM
I sent a number of questions in to BMW Financial Services and they neglected to answer all of them... I suppose because they aren't the ones to set the kinds of policies and such that I was asking about. What I'm trying to do is to figure out certain limits or features of a lease that define where BMW policy ends and where the dealer margin starts.
I would appreciate some advice from you folks, in particular:
[1] Who I should go to in BMW USA with these questions?
[2] How I might rephrase my questions so that I get a response?
I guess it was too much to expect straight-up answers. I was kinda hoping I wouldn't have to dance around the business politics and such, but that's just naive I spose.
Anyway, here are the questions from me and the response from BMWFS:
1) My understanding is that you allow the customer to reduce the money factor in a lease by submitting multiple security deposits up front. Is the limit on security deposits 5 extra deposits at .00005 MF each or 7 extra deposits at .00007 MF each?
2) Is there an MF penalty for first time BMW customers? If so, how much is that? (I have heard 0.00015 MF). Is that "penalty" waved with extra security deposits?
3) Can you tell me what the residuals and money factors will be in December for both 2006 and 2007 Z4 si's?
4) Do BMW leases automatically come with gap insurance coverage?
5) What is an acquisition fee and what is the value?
6) Is the destination and handling charge rolled into the cap cost and MSRP of the vehicle when computing the monthly payment?
7) Do all leases have a lease-end buy option? If so, would the "value" of the car be the residual value at the time the lease was initiated?
Response from BMWFS:
Thank you for contacting BMW Financial Services regarding current financing
programs. We would be delighted to assist you.
All of our rate information and money factor rates are communicated directly to
the BMW centers. Since most of the BMW centers are independently owned and
operated, the centers may not necessarily have the opportunity to offer a BMW of
North America sponsored program or rate. Therefore, you may find a slight
variance in money factors and interest rates from one BMW center to the next.
Please contact your local BMW center for the programs that are available to you
at this time. As a captive finance company and indirect lender, we do not have
access to the current rates and promotions since we handle the contracts once
the contracts are signed. You may locate a listing of authorized centers in your
area on our website at www.bmwusa.com. Your local BMW center will be able to
answer any questions you may have about rates, residuals, and special programs.
We thank you for your interest in BMW Financial Services, Mr. Silvey. If you
have any further questions, please respond to this email or contact the Customer
Service Department at 1-800-578-5000, Monday through Friday from 9:00 A.M. to
9:00 P.M., Eastern Standard Time.
I would appreciate some advice from you folks, in particular:
[1] Who I should go to in BMW USA with these questions?
[2] How I might rephrase my questions so that I get a response?
I guess it was too much to expect straight-up answers. I was kinda hoping I wouldn't have to dance around the business politics and such, but that's just naive I spose.
Anyway, here are the questions from me and the response from BMWFS:
1) My understanding is that you allow the customer to reduce the money factor in a lease by submitting multiple security deposits up front. Is the limit on security deposits 5 extra deposits at .00005 MF each or 7 extra deposits at .00007 MF each?
2) Is there an MF penalty for first time BMW customers? If so, how much is that? (I have heard 0.00015 MF). Is that "penalty" waved with extra security deposits?
3) Can you tell me what the residuals and money factors will be in December for both 2006 and 2007 Z4 si's?
4) Do BMW leases automatically come with gap insurance coverage?
5) What is an acquisition fee and what is the value?
6) Is the destination and handling charge rolled into the cap cost and MSRP of the vehicle when computing the monthly payment?
7) Do all leases have a lease-end buy option? If so, would the "value" of the car be the residual value at the time the lease was initiated?
Response from BMWFS:
Thank you for contacting BMW Financial Services regarding current financing
programs. We would be delighted to assist you.
All of our rate information and money factor rates are communicated directly to
the BMW centers. Since most of the BMW centers are independently owned and
operated, the centers may not necessarily have the opportunity to offer a BMW of
North America sponsored program or rate. Therefore, you may find a slight
variance in money factors and interest rates from one BMW center to the next.
Please contact your local BMW center for the programs that are available to you
at this time. As a captive finance company and indirect lender, we do not have
access to the current rates and promotions since we handle the contracts once
the contracts are signed. You may locate a listing of authorized centers in your
area on our website at www.bmwusa.com. Your local BMW center will be able to
answer any questions you may have about rates, residuals, and special programs.
We thank you for your interest in BMW Financial Services, Mr. Silvey. If you
have any further questions, please respond to this email or contact the Customer
Service Department at 1-800-578-5000, Monday through Friday from 9:00 A.M. to
9:00 P.M., Eastern Standard Time.
