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Old 09-04-2012, 08:43 AM
kck7 kck7 is offline
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Location: N. Atlanta
Join Date: Dec 2010
Posts: 387
Mein Auto: 2011 X535D/2011 335IS cv
OP here; someone asked for an update. While I suspected the four months was true, and this has now more or less been confirmed, I just kept making the payments as I was on a 0.9% note anyway and I figured out some better uses for the money. Have less than half the note to go so at this point the interest (front loaded as pretty much all loans are) has been depleted out of the loan by now, which means if I pay them back now it will be like giving away the time value of that money.

Good info to have anyway.
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Old 02-05-2013, 08:26 PM
mkjeong mkjeong is offline
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Location: Austin, TX
Join Date: Feb 2013
Posts: 1
Mein Auto: 328i
Sorry to revive the old thread but I am in this situation.

Hi guys,

I purchased a 2011 328i CPO last month from a dealership.

I wanted to buy it with cash, but to get a college grad rebate, I had to finance some money with BMWFS. Since I wasn't planning on financing, I had no information about promotional rate . The finance guy said 6.59% is the regional rate that is only applicable. He said I can pay it off after 4 payments - the combined interest was smaller than the rebate, and I was 4 hours away from home (one-way rental), so I signed the contract. I was told that I can get 'chaged back' the rebate if I can pay-off too early.

Well, not exactly. Although I asked him is there any way that I can reduce the amount of interest I pay, and he said no. However, right before I signed, I found that there's a slot says 'Down Payment'. That's right. I didn't have to borrow the entire amount to get the rebate. Now I recall, I was never asked how much I want to finance. Well, I found out and I asked the minimum amount and he said 10K. Okay. Mixed feeling - realizing I just have been lied to (or he was not competent enough to explain the concept of down payment to me? ) and dodged a bullet at the same time.

Oh well, the car drove like a dream , regardless.

Fast forward 3 weeks. I just have received my first payment notice. Looking at the amortization schedule, the interests for the 4 months is about $200. However, as the previous posts on this threads, the contract says no early-payoff penalty. If I pay it off now, I guess I can save $200 and (possibly) get a call from the dealership and have to deal with bull**** like mplanet (I wonder how it ended up with the dealership in his case).

What do you guys think?
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Old 02-05-2013, 08:51 PM
ard ard is offline
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Location: Sierra foothills, California USA
Join Date: Jul 2009
Posts: 15,630
Mein Auto: '12 X5 35d/E39M5/996TTX50
Originally Posted by mkjeong View Post

What do you guys think?
I think you need to READ the terms of your agreements.

F-them, who cares if THEY get charged....but make sure you didnt sign something that has penalties.
Keep it as simple as possible...but no simpler.
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Old 02-07-2013, 06:22 PM
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mclaren mclaren is offline
Chairman of the Bored
Location: Central Florida
Join Date: Jan 2005
Posts: 3,250
Mein Auto: 2014 M5
The rule is if you get an incentive from BMWFS and you pay off the loan or lease before you've made 6 payments the dealer is charged back the entire amout of the incentive.
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