Got a Nice Email From BMW Financial Services
 

"Thank you for your payoff payment. This payment satisfies the balance owed on your account. We have posted your payment to your 2012 BMW 535i Sedan account as reflected below."

great

You paid off your 2012 535 already?! Awesome!

Okay Mitt, enough bragging ;)

Umm...ok??

Not bad....

Haaaa.... very good!

Interesting. Did you do the financing to get the owner loyalty credit next time you buy a car?

I should have done that, however I was told it is difficult to buy a car with credit through a new LLC so i ended up paying cash. Do you know if it is possible to use your own credit rating to buy through a LLC?

There was a 1k cash rebate if you finance... I think Chuck might have got that assuming he bought the car around oct/nov ?

I did finance to get the Holiday rebate of $1000. You had to pay five payments or the dealership gets suffers. I did get the owners loyalty credit, but don't know how many times you can use it. I would like to get the new M3 when it comes out in 2014. Another ED.... :)

I can't help with the credit questions. LLCs are why over my head!!

I did basically the same thing. I bought in April 2012 and I had to finance $7,500 to get a $1,500 credit. So I too will make my 5 monthly payments and then pay it off.

Same with me. I financed the minimum amount, $10,000, and will make the minimum number of payments, six. This earned me a $1,500 credit.

What is this loyality credit I see mentioned in this thread? Is it a percentage or fixed dollar amount off your next BMW purchase? Is it only available if you finance? My dealer never mentioned it to me. Are you supposed to receive a physical certificate or is it tied to your name in the BMW system?

I purchased my 2012 550xi in Feb.

Thanks

Mine was just a $1,500 credit offered to lease or financing customers. Over a 6 month financing period I will pay less than $100 in interest, so my net additional price discount was the equivalent of $1,400. No certificate, no nothing. Just sign the damn note and agree not to prepay for 6 months. Seemed like a no brainer, although I was a bit perplexed why I couldn't just get an additional $1,400 off the price of the car. I guess they figure most people that buy are financing and leasing, want to limit cash out, so the financing/leasing incentive draws in incremental sales for those on the fence. I guess they figure cash buyers like me are already hooked.

They make the assumption that many "short term" borrowers will simply continue their loan and payment mode, and decide not to come up with the cash to pay off the loan after 6 mnths.

My CA told me if I could show that I had owned a BMW in the last 12 months I would receive an additional $1000 off before taxes/license. My E60 had been totaled 4 months prior so I just showed him the last registration card. When I signed the contract with the finance department there was no listing or notation for this rebate. But the price of the car was adjusted to reflect the rebate. It was explained to me that the dealership would be reimbursed for that money from BMW. If I was reading him right, if the buyer is unaware of the loyalty rebate the dealer will merely pocket it. The $1730 navigation rebate was handled the same way. The only discount that was shown on the contract was the $1000 mission to drive holiday rebate.

Sent from my ADR6300 using Bimmer App

Lucky! I only have 60k left to go for my 550i lol.

Just wondering what happens after the payoff confirmation ... do you automatically get a new lien-free title from the DMV or is this something you'd have to request for (I'm guessing with some proof of payoff from BMW)?

In California it is paperless. The DMV gets notified that the car has been paid off and they send out the title. Credit Union and banks don't have a paper title in hand any more.

In Maryland, BMW sent me a title in which they signed off the lien, but they recommended that I take it to the DMV to get a new title.

Back on the original topic: I paid off my 335d in under a year, but my 550 is at 0.9% so I'm in no rush at all. :D

I believe the dealer sends the payoff information to the dmv and the dmv then sends the pink slip. I cannot ever remember having to do anything to get the pink slip after paying off an auto loan. I think the only thing you have to do is notify your insurance carrier to change the loss payee.

LOL. :rofl:

I just put my payoff check in the mail. Bought in March 2012, financing about half the purchase. By coincidence, I got a part-time gig in addition to my regular job starting in July, and have been putting every penny of that income straight to the car along with my regular monthly payment. Less than a year later and the black beauty is all mine.

I probably would have been wiser to let the BMW payments stretch out since the interest rate was very attractive, but I just wanted the car payment monkey off my back.

Cool. It is a good feeling not to owe on the car. Now, wait until you pay off your house. Problem is, you have to be old to reach that point.... ask me how I know. :rofl:

Nice, good move.:thumbup: Sounds like a Dave Ramsey listener..:D