Has Anyone Financed ED through US Bank or BoA?

They've got good rates right now on 36 month loans. 3.75 And 3.2%

If not, has anyone seen any rates like that from a lender that's ED friendly?

It will NOT work with those 2 banks as they "don't Get" European Delivery concept and will NEVER let their $$$ go without a legal claim to your car.

And its hard for me to believe that the folks at US Bank or scumn bank of america can offer best rate on the market. You'll have to prove it in rates and I am certain that the some of the popular large credit union can easily beat it.

Trust me; I'd love to give my business to just about anyone other than those banks. I just haven't come across anything else.

Sorry ... I don't trust anyone when it comes to money and financial matter...

You never said what rates they are offering...

Is it better than 3.99% for up to 60 months??!!

https://www.penfed.org/productsAndRa.../autoLoans.asp

How about this one?? as low as 3.25% for 36 months

http://www.nihfcu.org/home/rates/auto

Us bank is 3.75 and BoA is 3.2 for 36 months. Penfed may be it unless there's something im missing.

Can't go wrong w/ PenFed ...

My understanding is that PEN FED and BMW finance are the only banks that really work with ED. Has anyone used someone else? I went BMW finance and it was smooth as silk. It was also 0.9% so I did not need to look elsewhere. Good Luck. N4S

Originally Posted by need4speed

My understanding is that PEN FED and BMW finance are the only banks that really work with ED. Has anyone used someone else? I went BMW finance and it was smooth as silk. It was also 0.9% so I did not need to look elsewhere. Good Luck. N4S

Admittedly, I haven't gotten to the stage where my bank's check is signed over to BMW, but I don't see where ED comes into it. My promissory note doesn't say anything about the collateral (the M3) being on another continent.

When you take delivery in Munich, don't you take title at that moment? Just curious.

Yes and NO...

Yes!!: When you pickup your car in Munich, that is when title and risk transferred to YOU!! the buyer (passage of title).

http://www.shsu.edu/~klett/CHAPTER%2020%20gba362.htm

No!!: "Title" of the vehicle as in legal document (aka pink slip) is not issued until your car is redelivered in US, whereby the folks registering your vehicle (usually your purchasing dealer, but not always) with your state DMV by turning-in the Manufacturer Statement of Origin (aka MSO, the equivalent of your vehicle's "Birth certificate").

I am currently in the ED ordering process using 3rd party financing (have received my pre-reservation letter with delivery date but still have not submitted the PO). I plan on using USAA and have called them on two separate occasions to explain my situation and to ask whether ED would be a problem and they claimed it would not (knock on wood). Let me know what you find out in case I need a secondary option.

I'm using USAA, too. I haven't talked to them about the ED aspect of this at all, yet.

I think the part that most people are failing to communicate to their pre-approved lender is this:

The lender will NOT received the Title paper (aka pink slip) from the DMV until your car is registered w/ the DMV.

The challenge here is that the paperwork can cannot proceed for registration until the car is at your dealer's site.

This all translate to 100 to 140 days (assuming you are only vacationing for a week or so in Europe) AFTER the loan has funded by the lender. and most lender will freak out if they don't get the title by the 45th days and will start to calling. They will demand an immediate delivery of the title on the secured loan they issue or recall the loan (meaning you need to pay them back IMMEDIATELY).

The key question to ask your lender is this: will they be alright if they don't get the title for 3+ month. Most will tell you .... "NFW!!"

That's the issue!

Originally Posted by beewang

I think the part that most people are failing to communicate to their pre-approved lender is this:

The lender will NOT received the Title paper (aka pink slip) from the DMV until your car is registered w/ the DMV.

The challenge here is that the paperwork can cannot proceed for registration until the car is at your dealer's site.

This all translate to 100 to 140 days (assuming you are only vacationing for a week or so in Europe) AFTER the loan has funded by the lender. and most lender will freak out if they don't get the title by the 45th days and will start to calling.

The key question to ask your lender is this: will they be alright if they don't get the title for 3+ month. Most will tell you .... "NFW!!"

That's the issue!

That all makes perfect sense. Because you have experience, let me ask you another question.

Under normal new car purchases, the dealer collects the registration fee, fills out the title application, and gives a receipt for the title application. That's done when money changes hands. With an ED, is that part not done until the car arrives stateside? And if so, why not? If you know.

Originally Posted by starkraven

With an ED, is that part not done until the car arrives stateside? And if so, why not? If you know.

Because most people don't want to pay/use registration on a car that is not even on the road in the US yet.

Originally Posted by chrischeung

Because most people don't want to pay/use registration on a car that is not even on the road in the US yet.

Fair enough, but if financed money is used to pay that -- which it often is -- BMW collects it before handing over the keys. So, the money is out of the buyer's hands at that point. It only makes sense for BMW to go ahead and fill out the paperwork.

Beewang, chrischeung, or anyone else that has purchased via ED, when is the title paperwork filled out?

Originally Posted by starkraven

...
Beewang, chrischeung, or anyone else that has purchased via ED, when is the title paperwork filled out?

I will highlight the part that answers your question.

Originally Posted by beewang

.....
The challenge here is that the paperwork can cannot proceed for registration until the car is at your dealer's site.
....

as stated previously, the title paperwork cannot be filledout until the car is here in your US BMW dealer.

Originally Posted by starkraven

....Under normal new car purchases, the dealer collects the registration fee, fills out the title application, and gives a receipt for the title application. That's done when money changes hands. With an ED, is that part not done until the car arrives stateside? And if so, why not? If you know.

1) This isn't "normal" new car purchase, its European Delivery

2) Correct, that registration part is NOT done until your car arrives to the dealer.

3) Why Not??!! Because:
A) It cannot be done legally. Most state law requires that the registring agent (that would be in most cases, your dealer's employee who is responsible filling out the paperwork to DMV based on the power of attorney you signed to allow s/he to do so on your behalf) to physically identify the vehicle with matching VIN and the actual mileage on odometer.

B) BMWNA is the issuer of the MSO (as previously mentioned, its your car's "Birth Certificate" ) and they will not do so until your car arrives in their posession (at the Vehicle Prep Center) and again... physical identification of your cars arrival in US, to which the system will generate an MSO (looks very much like a "pink slip" title legal document) and them Express Mail out to the dealer just in time as your car arrives at the dealership.

Man!! I need to start charging a fee for releasing all these knowledge

I'll buy you a beer next time I see you.

Originally Posted by starkraven

I'm using USAA, too. I haven't talked to them about the ED aspect of this at all, yet.

We used USAA for insurance once our X3 was in the US. Person I talked to on the phone understood European Delivery. I was not the first ED customer she'd worked with.


No idea how they will be for finance but you stand a better chance with them then some of the others.

Originally Posted by Andrew*Debbie

We used USAA for insurance once our X3 was in the US. Person I talked to on the phone understood European Delivery. I was not the first ED customer she'd worked with.


No idea how they will be for finance but you stand a better chance with them then some of the others.

Yes, let me give mad props to USAA. They are #1 in customer satisfaction for a good reason. I have my checking, savings, retirement accounts, auto insurance, auto notes, life insurance, and homeowner's insurance through them. If access to USAA is available to a person, that person should use it!

Originally Posted by beewang

1) This isn't "normal" new car purchase, its European Delivery

B) BMWNA is the issuer of the MSO (as previously mentioned, its your car's "Birth Certificate" ) and they will not do so until your car arrives in their posession (at the Vehicle Prep Center) and again... physical identification of your cars arrival in US, to which the system will generate an MSO (looks very much like a "pink slip" title legal document) and them Express Mail out to the dealer just in time as your car arrives at the dealership.

Man!! I need to start charging a fee for releasing all these knowledge

Not necessarily correct, the MSO is issued by the factory, and if you do a Mercedes ED they give you the MSO and the FZB to carry with you. I routinely fedex the MSO back to my office, so I do not have to carry both of the critical documents just to prevent the possibility of the car being stolen, while both types of title are in the car.

I cannot attest for MBZ, as I have never bought one (and NEVER WILL!!!). With respect to BMW in United States, the MSO is issued by BMW of North America.

Originally Posted by starkraven

Yes, let me give mad props to USAA. They are #1 in customer satisfaction for a good reason. I have my checking, savings, retirement accounts, auto insurance, auto notes, life insurance, and homeowner's insurance through them. If access to USAA is available to a person, that person should use it!

More about USAA: I just received my rate approval. 3.99% for 48 months or 4.19% for 60 months. Fantastic.

Originally Posted by starkraven

More about USAA: I just received my rate approval. 3.99% for 48 months or 4.19% for 60 months. Fantastic.

And they understand that this is a European Delivery??