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X3 F25 (2011 - current)
The latest X3 brings some added style and some new features to the BMW SUV family. Talk about the new F25 now!

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  #1  
Old 07-25-2013, 04:04 PM
amaggie05 amaggie05 is offline
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Location: Connecticut
 
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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!
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  #2  
Old 07-25-2013, 04:29 PM
rao112 rao112 is offline
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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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  #3  
Old 07-25-2013, 05:10 PM
The X Men The X Men is offline
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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.
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  #4  
Old 07-25-2013, 05:10 PM
amaggie05 amaggie05 is offline
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Quote:
Originally Posted by rao112 View Post
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?
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  #5  
Old 07-25-2013, 05:12 PM
amaggie05 amaggie05 is offline
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Originally Posted by The X Men View Post
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?
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  #6  
Old 07-26-2013, 06:55 AM
The X Men The X Men is offline
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Originally Posted by amaggie05 View Post
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.
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  #7  
Old 07-26-2013, 08:35 AM
RichNY RichNY is offline
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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.
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  #8  
Old 07-26-2013, 09:34 AM
bmw_again bmw_again is offline
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OK, just wanted to confirm - if paid off after more than 3 monthly payments, no penalties to the dealer?
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  #9  
Old 07-26-2013, 09:42 AM
The X Men The X Men is offline
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Originally Posted by RichNY View Post
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.
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  #10  
Old 07-26-2013, 09:45 AM
The X Men The X Men is offline
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Originally Posted by bmw_again View Post
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.

Last edited by The X Men; 07-26-2013 at 09:51 AM.
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  #11  
Old 07-26-2013, 11:14 AM
bmw_again bmw_again is offline
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Originally Posted by The X Men View Post
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.
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  #12  
Old 07-28-2013, 08:35 AM
Brighty Brighty is offline
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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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  #13  
Old 07-28-2013, 09:42 AM
The X Men The X Men is offline
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Quote:
Originally Posted by Brighty View Post
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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