BMWFS clarification

[Texas-Bimmer]

Someone familiar with BMW Finance might be able to shed some light here.

The BMW site mentions that if someone finances through BMWFS for the ED than you would have to pay for the first month, and the BMWFS pays the second month (because you vehicle is in transit for the month). Then, of course, you make the regular payments from the 3rd month on.

At first my CA (when I called him) said yes, then today he said he thought that was for a lease. The finance lady at the dealer said she would have to call BMW and find out.

Could anyone clarify this? If it makes sense for a lease, I think it makes that much sense for a purchase as well - in both cases the car is in transit for the month.

From (http://edbmw.com/main/eded.html)

"Finance through BMW Financial Services
You can finance your car through the BMW FS. When you finance your lease through BMW Financial, you pay the first month's payment and BMW pays the second month as your car will most likely be on the boat during the second month. The money factor is increased by 0.0003 for ED leases. Always remember, the residual is calculated using US MSRP, not ED MSRP, which will lower your monthly payment, this is another great thing about European Delivery"

[BillLumberg]

Nope, only for a lease.

[acolborn@mac.co]

With standard (non-lease) financing you do your final paperwork about 2 weeks ahead of your ED date. Then, your first payment is due some 6 or 8 weeks later.

[valeram]

How much is the finance rate? I don't see any rate for an M3.

[mondo21]

Definitely only on a lease.

[maande10]

With standard (non-lease) financing you do your final paperwork about 2 weeks ahead of your ED date. Then, your first payment is due some 6 or 8 weeks later.

Are you sure about the last part? I was under the impression that you have to put in your first month's payment before leaving for Europe.

[Texas-Bimmer]

With standard (non-lease) financing you do your final paperwork about 2 weeks ahead of your ED date. Then, your first payment is due some 6 or 8 weeks later.
That makes sense. But I signed on MAy 3rd, for delivery May 23rd, and my 1st payment is due June 2nd.

I still have a nagging feeling that the finance people at the dealership made an error.

>Then, your first payment is due some 6 or 8 weeks later.

My guess is my first payment ought to be in July (not June).

Anyway thanks for all the inputs.

[maande10]

That makes sense. But I signed on MAy 3rd, for delivery May 23rd, and my 1st payment is due June 2nd.

I still have a nagging feeling that the finance people at the dealership made an error.

>Then, your first payment is due some 6 or 8 weeks later.

My guess is my first payment ought to be in July (not June).

Anyway thanks for all the inputs.

If you're picking up your car on May 23rd ("taking delivery," as it were), then why would you expect to get away with not making a first payment until more than a month later? It's your car, registered under your name, the day you pick it up at the Welt, so you should be paying for it then as well.

[Texas-Bimmer]

If you're picking up your car on May 23rd ("taking delivery," as it were), then why would you expect to get away with not making a first payment until more than a month later? It's your car, registered under your name, the day you pick it up at the Welt, so you should be paying for it then as well.
Oh! I was just thinking that if this were a lease, then I would make the 1st payment, then BMW pays the 2nd, then I carry on - all because of the fact that the car is not with the lesor during the shipment.

Similarly, I pay the first, then BMW should pay during the shipment period. Alternatively, the payments ought to start 30 days after delivery - just like it would be if I had the car delivered here, in the US.

There seems to be something missing - I get the car delivered on the 23rd, and make the first payment on june 2nd - in a matter of 10 days?

[Calif65GM]

There seems to be something missing - I get the car delivered on the 23rd, and make the first payment on june 2nd - in a matter of 10 days?

Maybe the policy changed, but when I did my first ED. The 1st loan payment was due like 60-days after I signed the contract.

Signed on like 10/14 for a 11/14 Munich delivery and made first payment on 12/14. In fact, I just checked my paperwork and that's the case.

[Texas-Bimmer]

Maybe the policy changed, but when I did my first ED. The 1st loan payment was due like 60-days after I signed the contract.

Signed on like 10/14 for a 11/14 Munich delivery and made first payment on 12/14. In fact, I just checked my paperwork and that's the case.
Now, that sounds more logical.
I too thought that it ought to be 60 days out.

[mondo21]

My first payment was due about 45 days later but that may be because I changed the payment date in the OC.

[rprasad]

My first payment was due about 45 days later but that may be because I changed the payment date in the OC.

My first payment on my loan was due exactly a month after I signed the paperwork (About a week after I returned from the trip, which sucked). I'll probably end up making two payments before the car gets here :(

[mondo21]

My first payment on my loan was due exactly a month after I signed the paperwork (About a week after I returned from the trip, which sucked). I'll probably end up making two payments before the car gets here :(

I have a correction.

My first payment was supposed to be on a certain date (4/29) but there was a computer glitch at BMWFS. I then changed the date so that my second payment is not until 6/5. I called them to clear things up and they just took my first payment today. Lucky for me my car is at the VPC as we speak.

[rprasad]

I have a correction.

My first payment was supposed to be on a certain date (4/29) but there was a computer glitch at BMWFS. I then changed the date so that my second payment is not until 6/5. I called them to clear things up and they just took my first payment today. Lucky for me my car is at the VPC as we speak.

Cool. I'll probably be making my second payment when the car is at the VPC. On the flip side, interest is accruing on the car as soon as the loan is taken out, so earlier payments mean less overall interest, but I'd still prefer 60 days to 30; it sucks to make two payments on a car that isn't even here yet.

[djlfp]

Just so you don't feel too bad about the lessees getting a break - although we lessees do not make the second payment, that benefit is more than offset with the higher money factor for ED leases.

[E90 Enthusiast]

My first payment was due about 45 days later but that may be because I changed the payment date in the OC.

Do what Mondo did and change your due date. BMWFS allows you to change your monthly due date, essentially deferring one payment for up to several weeks, IIRC.

[rprasad]

Do what Mondo did and change your due date. BMWFS allows you to change your monthly due date, essentially deferring one payment for up to several weeks, IIRC.

Yeah, I tried doing that before my first payment but the Owner Circle website would not let me change my due date. I'll try to do it for the second one.

EDIT: Just tried again using the online system. I think I will call them tomorrow.

[rprasad]

Man, not to hijack the thread, but I made a lease versus buy analysis and overall, buy was better for my circumstances, but one MAJOR advantage of leasing is that you get to go back to Munich and get another one in 2-3 years. I really miss my Euro Delivery trip! I've been back for 2 weeks now and can't get the trip out of my head. Even though it wasn't perfect (rushed delivery specialist and some bad weather), it was an incredible experience, and I wish I could go back in a couple of years to do another one. One thing's for sure, on my next car I will do a lease, and then keep doing Euro delivery leases every 3 years for the rest of my life :) This plan of theirs to build brand loyalty definitely seems to be working on me.

[kingbelcher]

Signed loan paperwork today (5/14) for a 5/29 pickup. 1st payment due 6/28. Waited just long enough to get the 3.9% :D

[acolborn@mac.co]

Signed loan paperwork today (5/14) for a 5/29 pickup. 1st payment due 6/28. Waited just long enough to get the 3.9% :D

Congrats on the next step KB!

It's probably worth saying that the first loan payment is probably the third payment of money, with the deposit and down payment coming before it. I know it was for me. So, there is plenty of money commited to the car by the time you drive your Viktory Lap!

[kingbelcher]

Thank you! And yes, I guess that will be my 3rd payment. But maybe not, I put the down payment on one of my CC's that just turned over in statements and so that payment wont be due til the end of June sometime as well! (at least I'll get 2% back on that one!:D)

[tom335i08]

I locked in my 335i conv in april.

I see MF for 335i Conv has dropped in May from .00245 to .00225, so which one do I get now? Delivery is scheduled in June 1st week.