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-   -   Questions about financing an X3 (http://www.bimmerfest.com/forums/showthread.php?t=711199)

amaggie05 07-25-2013 03:04 PM

Questions about financing an X3
 
I'm talking to the dealers right now. I was told that in order for me to use the test drive event coupon, I have to finance through BMW, is this true?

BMW APR is 3%, compared to Penfed 1.7%. If I do finance through BMW, can I pay it off after one or two months? Or can I use Penfed for the majority of the finance, and just a little bit from BMW? It's a bit icky to do something like this, but I also dont want to waste money on interest.

Any ideas? thanks!

rao112 07-25-2013 03:29 PM

Questions about financing an X3
 
Yes, it is true that you will have to go via BMW Financial to get the rebate.

I think you should work out the numbers and figure out over the long term which is cheaper. Financing through BMW will also get you the loyalty rebate the next time you buy from them.

In my case, I did not have the option of using a coupon so I went with a credit union for 1.9


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The X Men 07-25-2013 04:10 PM

BMW financial do not have any penalty if you refinance, but if you refinance before 3 payments, your dealer will not get the loan commission.

amaggie05 07-25-2013 04:10 PM

Quote:

Originally Posted by rao112 (Post 7732756)
Yes, it is true that you will have to go via BMW Financial to get the rebate.

I think you should work out the numbers and figure out over the long term which is cheaper. Financing through BMW will also get you the loyalty rebate the next time you buy from them.

In my case, I did not have the option of using a coupon so I went with a credit union for 1.9


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thanks! Do you know if it is possible to do both BMW and Penfed financing? with Penfend I just take a check to BMW in the amount I wanted, so this should work right?

amaggie05 07-25-2013 04:12 PM

Quote:

Originally Posted by The X Men (Post 7732821)
BMW financial do not have any penalty if you refinance, but if you refinance before 3 payments, your dealer will not get the loan commission.

so it's better to pay it off after 3 payments and the dealer wont be mad at me?

The X Men 07-26-2013 05:55 AM

Quote:

Originally Posted by amaggie05 (Post 7732827)
so it's better to pay it off after 3 payments and the dealer wont be mad at me?

I am in the process of refinancing right now. I took advantage of the BMW loyalty rebate but did not like th APR from BMW financing. My dealer told me to make 3 payments and then refinance and everybody will be happy.

RichNY 07-26-2013 07:35 AM

I'm not sure how financing through two companies would work, but they'd certainly need to know about each other because I believe both need to be listed as lien holders on the title and with the insurance company. Probably more complicated than it's worth.

bmw_again 07-26-2013 08:34 AM

OK, just wanted to confirm - if paid off after more than 3 monthly payments, no penalties to the dealer?

The X Men 07-26-2013 08:42 AM

Quote:

Originally Posted by RichNY (Post 7733850)
I'm not sure how financing through two companies would work, but they'd certainly need to know about each other because I believe both need to be listed as lien holders on the title and with the insurance company. Probably more complicated than it's worth.

It would not work, you cannot have two lien holder to the car.

The X Men 07-26-2013 08:45 AM

Quote:

Originally Posted by bmw_again (Post 7734006)
OK, just wanted to confirm - if paid off after more than 3 monthly payments, no penalties to the dealer?

That what my dealer told me, I am sure they would not give me false information since they want their comission on the loan.

bmw_again 07-26-2013 10:14 AM

Quote:

Originally Posted by The X Men (Post 7734044)
That what my dealer told me, I am sure they would not give me false information since they want their comission on the loan.

OK, thanks. I vaguely remeber I was told 4 monthly payments back when I was buying but doesn't matter, I'm past that anyway.

Brighty 07-28-2013 07:35 AM

Questions about financing an X3
 
My dealer said the 3.05% from BMW required a 50,000 balance to get for 60 or 72 mos. hiked rate to 3.59% for 72 mos for 30K loan with excellent credit.

I said I would swap with my credit union and dealer told me I had to wait 6 mos or BMW would revoke the 500 loyalty rebate and add the 500 to my loan amount.

Is all of this true?


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The X Men 07-28-2013 08:42 AM

Quote:

Originally Posted by Brighty (Post 7737319)
My dealer said the 3.05% from BMW required a 50,000 balance to get for 60 or 72 mos. hiked rate to 3.59% for 72 mos for 30K loan with excellent credit.

I said I would swap with my credit union and dealer told me I had to wait 6 mos or BMW would revoke the 500 loyalty rebate and add the 500 to my loan amount.

Is all of this true?


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Read your contract, its in the fine prints.


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