PDA

View Full Version : Financing 2010 535


MBL22
06-30-2012, 08:59 PM
I have agreed on a price for a CPO 2010 E61. I have top-tier credit (score was apparently 830 when they ran it today) and the dealer is offering 2.49% for 48 months or 2.99% for 60 months. Anyone here know if there is a way to verify the dealer's assertion that "those are the rates set by BMW Finance, and we cannot negotiate".

I've been a frequent visitor to this site leading up to my purchase and this is my first post. Looking forward to sharing and benefitting from the group's collective wisdom.

Thanks in advance!

booyaazaa
06-30-2012, 09:30 PM
I figure with a score like that you'd get the .99% offer they are running.

wyb
06-30-2012, 10:28 PM
I figure with a score like that you'd get the .99% offer they are running.

the 0.99% doesn't appear to apply to 5's... but two payments does... you have to finance with BMWFS to get those two payments.

http://www.bmwusa.com/Standard/Content/CPO/SpecialOffers.aspx

The fine print:

These offers are valid only for qualified, creditworthy customers who finance a Certified Pre-Owned BMW through BMW Financial Services at a participating BMW center. Not all BMW centers participate.Only certain contract lengths are eligible. To qualify, you must enter into a retail installment sale contract between June 1, 2012 and July 9, 2012 at a participating BMW center. Financing starting at 0.99% APR is available on Certified Pre-Owned 2008 and 2009 model year 1, 3, 5, 6, 7 or Z4's and model year 2010 5 Series. The up to $1,500.00 payment credit is available on eligible BMW CPO 2008 and2009 model year 5 Series and eligible BMW CPO 2009 model year 6 Series and 7 Series using BMW FS rates. BMW FS will reimburse up to $750.00 per month of the first two payments due, customer will be billed for payment in excess of $750.00 credit each month, and if payment is below $750.00 credit, there is no additional credit beyond the two months or $1,500.00, whichever is greater. The $750.00 will be applied toward payment only, not tax and/or title. Programs not available to customers refinancing or leasing a vehicle currently financed or leased through BMW Financial Services. Other terms and conditions apply. See your participating BMW center for details about minimum and maximum financing terms, and vehicle availability. For full details about the Protection Plan, visit bmwusa.com/cpo. For more information, call 1-800-334-4BMW. 2012 BMW of North America, LLC. The BMW name, model names and logo are registered trademarks.

imagine
07-01-2012, 12:15 AM
I also had a credit score of 800+ and the Apr is 2.99 but they added the extended maintenance and brought my apr down to 1.99. The Apr is set by BMWFS but I got the two months credit. To apply for .9 percent apr you have to finance for 24 months

MBL22
07-01-2012, 02:51 AM
Thanks for the responses.

imagine - how did they bring the APR down to 1.99? did you go with the shorter term?

Unfortunately, the 2010's are not eligible for the 2 free payment offers.

imagine
07-01-2012, 11:02 AM
They did some magic with the numbers. They agreed to lower the APR if I added the extended maintenance package. At first they wanted $2700 (ripoff!) for the package but I said "NO!". They kept haggling me and I said "no, I don't want it unless it's $1000". Then they agreed to give me the package for $1300 with a lower APR of 1.99 and it was a deal. Mind me asking how much you paid for your car OTD?

bimmerfan52
07-01-2012, 11:36 AM
What is the difference in $ over the life of the loan between 1.99% and 2.99%?

To Imagine:
Is the package extended warranty or extended maintenance?
Besides a few oil changes, brake fluid changes and a cabin filter change what else do you get with the extended maintenance? $1300 ????

To MBL22
Might want to look at PenFed.org (military credit union). Normally only military can join, but if you donate $20 to military families you can become a member.
Current rates are 1.99% up to 60 months on used cars (on line rate). Fill out application on line and they FedX you a check.

imagine
07-01-2012, 11:51 AM
It is the extended maintenance. My car is CPO so it comes with the extended warranty also.
The extended maintenance is just the standard maintenance stuff like oil changes, wipers, brakes, etc. I figure, if I do one brake change job then it makes up for it.

The difference in 1.99 and 2.99 is about $1000 over the lifetime of my loan. So, it made sense to get the package with the deal they were offering me.

bimmerfan52
07-01-2012, 12:05 PM
It is the extended maintenance. My car is CPO so it comes with the extended warranty also.
The extended maintenance is just the standard maintenance stuff like oil changes, wipers, brakes, etc. I figure, if I do one brake change job then it makes up for it.

The difference in 1.99 and 2.99 is about $1000 over the lifetime of my loan. So, it made sense to get the package with the deal they were offering me.

If you already were CPO and don't do you own brakes then that makes sense.

TLO03
07-01-2012, 06:16 PM
wagons rock..

MBL22
07-02-2012, 10:39 AM
Mind me asking how much you paid for your car OTD?

Listed for $49,900. I paid $44,500 + tax and title and a $80 doc fee. Car is pristine and exactly what I wanted in terms of appearance and options. Premium Pkg w Nav, Sport Pkg, Comfort Acess, Heated Seats, Parking Sensor (didnt necessarily want, but might learn to like it). ~29k miles. It's my first BMW and I'm very stoked on it!

550iMarine
07-02-2012, 10:49 AM
With your credit score being upper tier, why not go through your own bank. I'm sure they will offer you a better interest rate. You can get the maintenance package added in to your loan with your bank and just present them a certified check. Better yet, You might even be able to get the deal a lil sweeter since it would be considered paying in cash.

imagine
07-02-2012, 12:59 PM
With your credit score being upper tier, why not go through your own bank. I'm sure they will offer you a better interest rate. You can get the maintenance package added in to your loan with your bank and just present them a certified check. Better yet, You might even be able to get the deal a lil sweeter since it would be considered paying in cash.

It depends on how good the interest rate the bank would have offered because in my situation getting a loan through BMW Financial Services for a 2009 model I get first two payments credited which helps quite a bit :)

xtenthusiast714
07-02-2012, 01:03 PM
If your financing just be apart about it. Ive seen many people get in over their head with financing. Plan for the future and check with your financial planner before walking in and just trusting the dealers finance people. They a great but sometimes your own CFP will know whats really best for you.
Great Credit Score BTW. KEEP It UP