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X5 E70 (2007 - 2013)
E70 BMW X5 produced between 2007 and 2013. Discuss the E70 X5 with other BMW owners here.

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  #1  
Old 12-02-2011, 05:47 AM
jashearer jashearer is offline
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Location: Gold Coast, QLD
 
Join Date: Nov 2011
Posts: 727
Mein Auto: Holden Wagon & Sedan
Question on Mission To Drive Rebate

I'm in the process of placing my order. I was going to pay cash but decided to finance with BMWFS for the Mission to Drive rebate.

Is there a penalty for paying it off early? I've heard conflicting reports, one CA I spoke with said I could keep the $1,000 even if I paid it off he first month. The other CA said I needed to make 3 payments or BMWFS would claw it back.

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Jay
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  #2  
Old 12-02-2011, 08:02 AM
dmalai dmalai is offline
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Location: CA
 
Join Date: Nov 2011
Posts: 21
Mein Auto: BMW 540i
As far as I understand car loan prepayment penalty depends on the state. Ex. in CA if I'm not mistaken there could be no penalties.
Start researching from this intro. It'll give you terms needed for further research.

I also heard that BMWFS won't charge any penalties if you make a minimum of 6 monthly payments. This needs to be confirmed!

But the best way of course is to look into the contract. It'll say explicitly if there are any penalties.
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Old 12-02-2011, 08:22 AM
jashearer jashearer is offline
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Location: Gold Coast, QLD
 
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Quote:
Originally Posted by dmalai View Post
As far as I understand car loan prepayment penalty depends on the state. Ex. in CA if I'm not mistaken there could be no penalties.
Start researching from this intro. It'll give you terms needed for further research.

I also heard that BMWFS won't charge any penalties if you make a minimum of 6 monthly payments. This needs to be confirmed!

But the best way of course is to look into the contract. It'll say explicitly if there are any penalties.
Thanks for the reply. I know that Iowa where I live explicitly condemns prepayment penalties, so I know I won't get hurt, but I don't want my CA to end up having to eat the $1,000... not a great way to start a long term relationship you know?

Jay
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  #4  
Old 12-02-2011, 11:08 AM
dmalai dmalai is offline
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Location: CA
 
Join Date: Nov 2011
Posts: 21
Mein Auto: BMW 540i
Quote:
Originally Posted by jashearer View Post
Thanks for the reply. I know that Iowa where I live explicitly condemns prepayment penalties, so I know I won't get hurt, but I don't want my CA to end up having to eat the $1,000... not a great way to start a long term relationship you know?

Jay
Well, in this case your CA should be the first person who tells you to ignore prepayment penalty wording and not worry about it. If he's a good CA
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