BMW Lease Rates should I wait

[darnoc]

Hi,

My car is due at the end of August. I'm just wandering do the lease rates get better towards the end of the year. Should I wait till September before leasing again? Is the loyalty program good all year or does is it only offered in different months. Looking at the KBB for trade-in the car is priced at 28K and my payoff is 25K. With taxes from BMW Financial Services the rate is 7.1% and payoff plus tax is 27K. Thanks.

[adrian's bmw]

No, they've been steadily rising. Lock in now.

[philippek]

My .02

Don't try to outguess BMWFS. Don't try to be a market timer. Don't listen to anyone who claims to have any definitive knowledge about where money factors are going on specific models.

If a deal makes sense, either lock in rates or buy. Remember you can lock in for as long as 60 past the end of the program period, plenty of time to order a car, should it come to that.

[darnoc]

thanks! what do you mean i can lock in the rate for 60 days? that's if i order a vehicle, or (lock in the price/rate and wait till september

[XJSChris]

Agreed. I would like to know how to lock in.

[philippek]

Simply apply for financing. If approved, you are locked in for up to 60 days past the end of the program period.

[iversonm]

Simply apply for financing. If approved, you are locked in for up to 60 days past the end of the program period.

Hasn't the lock period been extended to 90 days?

[schley]

Hasn't the lock period been extended to 90 days?

For OLP but not for the MF. It is 60 days from the last day of the month that you apply in so it could be for up to 90 days in essence if you apply the first of the month.

[AgsWin]

For OLP but not for the MF. It is 60 days from the last day of the month that you apply in so it could be for up to 90 days in essence if you apply the first of the month.

My question is, that since Im doing ED in Late Oct, I cannot lock anything until rates come out for the 08's correct?

[adrian's bmw]

Agreed. I would like to know how to lock in.

Your BMW center submits a credit application to BMW FS on your behalf.

[adrian's bmw]

My question is, that since Im doing ED in Late Oct, I cannot lock anything until rates come out for the 08's correct?


There should be rates available in Sept. You can lock in at that time and see if there are any improvements in Oct.

[iversonm]

For OLP but not for the MF. It is 60 days from the last day of the month that you apply in so it could be for up to 90 days in essence if you apply the first of the month.

Thanks for the clarification.

[PK8]

One thing to note: Some dealers say your rate is locked in for 60 days after the date you apply for credit- not 60 days after the end of the then-current program month (e.g., if you apply on 7/15, your 60-day period begins right away, not on 7/31 or whenever the program month ends). I do NOT believe that is actually the case, as it is contrary to the good advice given by schley and others above and in other threads, but just make sure you and your dealer are talking about the same 60-day lock period, as it could make a huge difference.

[XJSChris]

Your BMW center submits a credit application to BMW FS on your behalf.

I see.. Thanks!