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Old 08-22-2012, 04:25 PM
Cbinc Cbinc is offline
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Location: New York
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Payment In Relation To Delivery

Please excuse my ignorance but with all other vehicles I have owned I usually purchased them directly off the lot. I am going to purchase a 328xi which will be ordered and I'm not clear on how I should be paying.

I plan on putting 30% down, I have a trade-in, and will finance the balance. The plan is to get financing directly through the bank (no dealer involvement). My questions are:

1. I don't imagine I will be required to give my down payment but should I expect to make a deposit on the vehicle upon ordering and if so, how much?
2. I will need my current car while I wait for the car to arrive, how will that play into my purchase? Will I be able to hold on to it after it's been appraised?
3. Do I get financing prior to negotiation with the dealer even though I know it could very likely take up to 2 months or more to receive the car?
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Old 08-22-2012, 04:45 PM
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tturedraider tturedraider is offline
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1. $1,000 deposit is plenty. They won't acknowledge this, but it is refundable if need be.

2. They will make you a contingent offer on your trade. It might be better to leave it out of the deal completely until the new car has arrived and you go to make the deal final. DO NOT discuss your trade until you have agreed to a price on the new car. Otherwise they will use the trade to obfuscate the true selling price on the new car. Know the price of the car before you go in. Decide how much over invoice you want to offer and give them the price you are willing to pay. There doesn't need to be much negotiation. You should offer within $500 - $1,000 of your top dollar.

3. You do not have to have your financing completely in place first. You should be open to BMW Financial Services financing. Also, the dealer will have other sources of financing available. You would be wise to be open to those. They can virtually always match whatever rate you can get elsewhere.

Pentagon FCU is currently offering 1.49% up to 60 months. A 'fester's dealer was able to match that through Chase Bank just the other day. Anyone can join PenFed At that low rate you might want to consider putting down less than 30%.

If you use PenFed's buying service you can get 0.49% for 48 months or 0.99% for 60 months.

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Last edited by tturedraider; 08-22-2012 at 04:52 PM.
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Old 08-23-2012, 10:15 AM
Cbinc Cbinc is offline
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Location: New York
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Thanks much tturedraider, this is very useful information.
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