Welcome to Bimmerfest -- The #1 Online Community for BMW related information! Please enjoy the discussion forums below and share your experiences with the 200,000 current, new and past BMW owners. The forums are broken out by car model and into other special interest sections such as BMW European Delivery and a special forum to voice your questions to the many BMW dealers on the site to assist our members!

Please follow the links below to help get you started!

Go Back   Bimmerfest - BMW Forums > The Best of Bimmerfest! > European Delivery

European Delivery
The place to share your experiences and tips related to "ED"... View the ED Wiki -- View the Pick-Up Date Calendar -- Add Your Pick-Up Date to the Calendar

Reply
 
Thread Tools Display Modes
  #1  
Old 07-05-2015, 06:11 PM
argh argh is offline
Registered User
Location: New England
 
Join Date: May 2015
Posts: 89
Mein Auto: 07 gti, 11 jsw tdi
Question about finance timing ED

Given that it might be difficult to finance an ED car through anything other than BMWFS, when would be the time to lock this in? In other words, say you come to a price agreement with a dealer, the order gets filled and before you leave for Germany you head over to sign the papers and arrange payment/financing. Would it then be possible for the dealer to hose you on the financing? How about a trade-in? Related question, what is the last moment you can walk away from an ED order?
Reply With Quote
Advertisement
  #2  
Old 07-05-2015, 07:17 PM
beware_phog's Avatar
beware_phog beware_phog is offline
Jayhawk Fan
Location: Lawrence
 
Join Date: Mar 2003
Posts: 1,409
Mein Auto: 435
I used a board sponsor and simply didn't worry about anything of this. I knew I wasn't going to get hosed. Before you sign any papers, you can walk. I didn't sign my papers until a week before I left.
__________________
Current: 2014 435 M Sport Coupé | Better than GC | DHP | Cold Weather PKG | Driver Assistance PKG | Navigation | Side/Top Cameras | Upgraded Stereo | Style 441 Wheels | ED

Previous: 2003 540 Touring; 2001 740 Sport; 2004 330 Convertible; 2003 X3 (ED); 1998 323 Convertible

BMW CCA: 162191

Reply With Quote
  #3  
Old 07-05-2015, 09:13 PM
dkreidel's Avatar
dkreidel dkreidel is offline
Aviator
Location: The OC & Bear Country Montana
 
Join Date: Aug 2005
Posts: 2,129
Mein Auto: BMWs & Ram trucks
Quote:
Originally Posted by argh View Post
Given that it might be difficult to finance an ED car through anything other than BMWFS,
Not "given"; many credit unions and conventional auto loan institutions will do ED financing - less of a selection for leasing though.
__________________
'13 X5 35i - alpine white over black • X5M wheels & tires "it's our car"
'11 Z4 - mojave over beige • 6 speed manual • Münich delivery

...and a bunch of old English motorcycles
Reply With Quote
  #4  
Old 07-05-2015, 10:22 PM
Ninong Ninong is offline
Officially Welcomed to the 'Fest
Location: USA
 
Join Date: May 2014
Posts: 1,131
Mein Auto: M3
Quote:
Originally Posted by argh View Post
Given that it might be difficult to finance an ED car through anything other than BMWFS, when would be the time to lock this in? In other words, say you come to a price agreement with a dealer, the order gets filled and before you leave for Germany you head over to sign the papers and arrange payment/financing. Would it then be possible for the dealer to hose you on the financing? How about a trade-in? Related question, what is the last moment you can walk away from an ED order?
If you intend to finance with the dealer, you arrange the financing at the same time you close the deal and order the car. You sign the finance contract usually a few days before you leave for Germany -- anywhere from a week before to the day before. Work that out with the dealership. Once you sign the contract, it's a done deal. The finance rate is locked in and it is whatever is shown on your contract. Your first payment is usually 60 days later.

If you're leasing, you pay the first payment when you sign the contract, then BMWFS pays your second payment, then you pay the third payment a month after the payment BMWFS paid. So you get a free second payment but they do bump up the rate a little more for ED leases, so it's sort of a push.

In most states, the deal is not final and binding until you sign the contract, not when you place the order. But that may not be true in every state. Some states do allow dealers to retain deposits if you decide to back out after placing the order.

How you handle a trade-in is between you and the dealer. There is no real reason they can't give you a guaranteed trade-in value when you place the order but some make excuses and tell you they won't know what it's worth until you actually turn it in to them. That's not true but that's how some of them act. Or you can take it to CarMax if you have one in your area.

Apparently ED deals are unknown to many of the banks on the East Coast and most of the credit unions. The large national credit unions are familiar with them and most are willing to finance them. Leasing may be more difficult to arrange with anybody other than BMWFS for a number of reasons, not the least of which is the fact that BMWFS sets unrealistic residuals (on the generous side).
Reply With Quote
  #5  
Old 07-06-2015, 11:13 AM
argh argh is offline
Registered User
Location: New England
 
Join Date: May 2015
Posts: 89
Mein Auto: 07 gti, 11 jsw tdi
Thanks!
Reply With Quote
  #6  
Old 07-06-2015, 02:12 PM
dkreidel's Avatar
dkreidel dkreidel is offline
Aviator
Location: The OC & Bear Country Montana
 
Join Date: Aug 2005
Posts: 2,129
Mein Auto: BMWs & Ram trucks
Capital One is always agreeable to ED financing and generally offers rates much lower than BMW FS
__________________
'13 X5 35i - alpine white over black • X5M wheels & tires "it's our car"
'11 Z4 - mojave over beige • 6 speed manual • Münich delivery

...and a bunch of old English motorcycles
Reply With Quote
  #7  
Old 07-06-2015, 03:10 PM
Lionnutz Lionnutz is offline
Officially Welcomed to the 'Fest
Location: New York
 
Join Date: Jul 2014
Posts: 430
Mein Auto: 2015 435xi
Penfed is also ED finance friendly. Their rates are usually better than bmwfs as well.
Reply With Quote
Reply

Bookmarks


Forum Navigation
Go Back   Bimmerfest - BMW Forums > The Best of Bimmerfest! > European Delivery
Today's Posts Search
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



Forum Jump


All times are GMT -7. The time now is 04:00 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2015, vBulletin Solutions, Inc.
© 2001-2015 performanceIX, Inc. All Rights Reserved .: guidelines .:. privacy .:. terms