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General BMW Questions
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  #1  
Old 11-16-2016, 02:10 PM
BMW00 BMW00 is offline
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BMW Financial Services Horrible

I'm in the market for a new bimmer and I had a credit application approved by BMWFS at 0.9% and valid until the end of the year.

The application was approved for a dealership I made an educated guess on of which I thought I was going to buy from.

A month later I decided to go with a different dealership. Now BMWFS refuses to transfer the original credit application, which is valid until the end of the year, to the dealership that's building a new car for me. It insists that I would have to re-apply, and at a higher interest rate of 2.9% since the 0.9% is no longer offered. This is just insane. Not only do I get two hard credit pulls in a short period of time by the same agency, I get cheated on the interest rate that I was approved for and valid until the end of the year.

I guess it's time to look at other luxury vehicles.
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  #2  
Old 11-16-2016, 06:20 PM
Autoputzer Autoputzer is offline
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Make sure to send the a picture of your new, non-BMW car to BMW FS and to the dealership you were going to buy from. Get the dealer pissed at BMW FS, too. Also, it's good to put a name of one of their employees with your complaint. If you really want to have fun, repeat the complaint every time you buy a new car for the next 20 years, and periodically ding the employee. I threatened to "stalk" an idiot at Sony USA this way, and he finally got off his butt and solved my problem.

I'm currently pissed at the local Honda dealership (for refusing to special order a car). So, Honda USA is going to get a picture of our first and second (and probably last) Honda, and Frau Putzer's upcoming new BMW, and probably the check I will write to pay for it. But, if the next-generation X3 doesn't have a spare tire and storage for it, BMW USA will likely get a letter and picture of Frau Putzer's new Mercedes-Benz GLC300.

I'm real happy with BMW FS. I borrowed $10k on a BMW, only to get the associated $1k rebate. But, it was painless. I was able to pay it off in four months without any early payout penalty. Their old credit cards used to be crap. But, for some reason I opened the last piece of junk mail I got from them. The new card is great' 3% rebate on purchases at all car dealers, auto parts stores, tire stores, and automotive repair shops, and 20% discount on BMW Performance Driving School, with rebates good toward new car purchases, leases, parts, and service at BMW dealerships.
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Last edited by Autoputzer; 11-16-2016 at 06:27 PM.
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  #3  
Old 11-17-2016, 05:04 AM
marcozandrini marcozandrini is offline
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OP, contact BMW NA customer service.
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  #4  
Old 11-17-2016, 06:06 AM
jjrandorin jjrandorin is offline
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Quote:
Originally Posted by BMW00 View Post
I'm in the market for a new bimmer and I had a credit application approved by BMWFS at 0.9% and valid until the end of the year.

The application was approved for a dealership I made an educated guess on of which I thought I was going to buy from.

A month later I decided to go with a different dealership. Now BMWFS refuses to transfer the original credit application, which is valid until the end of the year, to the dealership that's building a new car for me. It insists that I would have to re-apply, and at a higher interest rate of 2.9% since the 0.9% is no longer offered. This is just insane. Not only do I get two hard credit pulls in a short period of time by the same agency, I get cheated on the interest rate that I was approved for and valid until the end of the year.

I guess it's time to look at other luxury vehicles.
All credit applications are tied to a specific dealership. You did not apply only through BMW FS, you applied with BMW FS through a specific dealership.

You could have applied at multiple dealerships (this only counts as one hit on your credit) at the time you applied, but you did not. This is their policy and has been for a long time. BMW FS is not a bank. They are a captive financial institution that exists to help dealers get cars financed.

YOU may see it as "I have applied at BMW FS so why cant I move this rate lock", but THEY see it like you have a rate lock at wells fargo, and now want to move it to citibank (because the dealers are independant of each other in general). I am not saying its right, I am saying they are not treating you special... this is their policy and they treat everyone the exact same way with this policy.

Since you are looking at a loan, not a lease, you are perfectly free to use any bank you want (taking your money elsewhere)... but no one else has .9, right?

You should not have rate locked through your dealer before having an agreed upon deal. This is not BMW FS fault, its yours for rate locking at a dealer that you ended up ditching for a "better deal" somewhere else.
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  #5  
Old 11-17-2016, 06:08 AM
jjrandorin jjrandorin is offline
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Quote:
Originally Posted by marcozandrini View Post
OP, contact BMW NA customer service.
BMW NA wont do anything about this, as this is their standard documented policy. Its not a dealership policy, its a BMW policy that has been in place for a LOOOONG time (years I think). There is no way to get a rate lock directly with BMW FS by the way... you HAVE to name a dealer if you apply on line... or apply in person at a dealer who is submitting your application on their (that dealers) behalf.
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2016 X5 XDrive35d Space Grey |Blk Dakota W/ Fineline Oak | MSport | Lighting Pack | Premium Pack | Drivers Assist | Drivers Assist + | ACC W Stop N Go | 20" Wheels| Smartphone Integration | Multi Contour Seats | HK Stereo (hers)

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  #6  
Old 11-17-2016, 08:37 AM
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Zeichen311 Zeichen311 is online now
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Quote:
Originally Posted by jjrandorin View Post
All credit applications are tied to a specific dealership. You did not apply only through BMW FS, you applied with BMW FS through a specific dealership.
...
You should not have rate-locked through your dealer before having an agreed-upon deal. This is not BMW FS' fault, it's yours for rate-locking at a dealer that you ended up ditching for a "better deal" somewhere else.
This, and this. AFAIK every manufacturer's captive finance arm works this way.

Run the numbers: Compare the total finance charges for your original dealer's price at 0.9% to the other dealer's price at 2.9%. With a 2% spread, you might find the price difference that offsets the additional interest is greater than you think. (On a 5-year, $40,000 note the break-even difference is almost $2,100.)

Unless of course that bridge has already gone down in flames.
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Last edited by Zeichen311; 11-17-2016 at 08:41 AM.
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  #7  
Old 11-17-2016, 05:32 PM
Carbon Fiver Carbon Fiver is offline
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Or check with credit unions like PenFed which has 1.5% loans. Find the best rate, and tell your new dealer about it, and that you'll let them have the loan if they can beat or at least match it.
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