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Discussion Starter · #1 ·
I finally negotiated my deal, including trade and I asked for the BMW financing special rate of 3.05% for 72 months. I was told that this rate is only available if financing over $50,000 and I only financed $35,000.

Is this true? I can't find any small print with this restriction.

I plan to swap and drop this rate with my credit union to 1.75%. I was also told that I must wait 6 months to do this or BMW will revoke the $500 loyalty rebate and either send me a bill for $500 or tack the $500 back onto the loan amount.

Is this true?

I appreciate your comments.

Thanks
 

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Resident Curmudgeon
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I plan to swap and drop this rate with my credit union to 1.75%. I was also told that I must wait 6 months to do this or BMW will revoke the $500 loyalty rebate and either send me a bill for $500 or tack the $500 back onto the loan amount.
Why would you discuss this with a dealer?

The terms of the loan will be in writing on the document you sig, so IF there is such a clause, you can read it before you sign.....

BUT, there is no such 'fee' to the buyer on standard BMWNA loans.. the DEALER may be hit with a fee when people pay off notes quickly, but there is reportedly no fee to the buyer.

Again, read and understand the documents at closing. I usually demand two complete sets to review and sign- then I retain one. They dont like this, preferring to get eevrything signed then select what they will copy and give to you....

Finally, they are lying to you about the 500 penalty- so treat them like liars: Say "50k is fine, Im not going to sweat a measley 1.5%", and then 30 days later send them a check for $15k and refinnace the $35k with your credit union. Had they been honest and said "look, we can hit by BMW if you refi, so we'd really appreciate you holding the note for 3 months" (I believe it is 3 months, it has been posted before), I'd say treat them in kind...

GL

A
 

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I finally negotiated my deal, including trade and I asked for the BMW financing special rate of 3.05% for 72 months. I was told that this rate is only available if financing over $50,000 and I only financed $35,000.

Is this true? I can't find any small print with this restriction.

I plan to swap and drop this rate with my credit union to 1.75%. I was also told that I must wait 6 months to do this or BMW will revoke the $500 loyalty rebate and either send me a bill for $500 or tack the $500 back onto the loan amount.

Is this true?

I appreciate your comments.

Thanks
Part A: Not true
Part B: Basically, true. I believe it is actually 5 months not six.
 

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Freedom isn't free!!
2018 Glacier Silver 340i M Sport
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Curious to know if the $50,000 requirement is only for 72 month terms? Is there is minimum finance amt BMW FS will do for 60 months? 48 months?
Did you read Jon's answer?
 

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Fight On!
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Part A: Not true
Part B: Basically, true. I believe it is actually 5 months not six.
I am surprised that Part B is true (or partially true). When I signed papers, with the minimum amount financed to get the loyalty credit, I saw no clause on the loan docs that indicated any prepayment penalty.

Also, when I printed the payoff request from BMW FS right after the loyalty credit has been applied to my account, I didn't see $500 added back to the payoff amount.

I am perplexed as to how BMW FS will assess $500 back to the customer.
 

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Greg Poland Pacific BMW
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ok.... the minimum amount to finance is $7,500 bottom line......... as far as the loyalty, if you pay off too early BMW charge the BMW center that amount (incentive/loyalty cash) NOT YOU............. Best wait 5 payments and then it will not affect dealer.
 

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He was actually trying to be helpful since you clearly missed Jon's response. Save your anger for your CA who is misleading you.
I wasn't angry at anyone other than myself, just being self-deprecating. Sorry if you read it that way because I actually did think it was a helpful response.

Also, I am not the OP and not working with a CA, so my question was more of a general nature about the motivations of a CA who would do such a thing. Any insight as to what might be behind this tactic is welcome.
 

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Discussion Starter · #11 ·
I contacted the dealer financial rep who informed me that she made mistake and would back out of the contract and send me a new one at 3.05%. Or she would calculate the difference in the interest that I would pay over 6 mos and cut me a check. I opted to have new contract until she explained the hassle of fed ex it back and forth. She agreed to cut me a check basically for a year of the difference in interest and is sending it out this week. Very apologetic and professional.

I can easily wait the 5-6 months to refi now, assuming rates won't jump up much higher than the current 1.75%.

I love my new Bimmer. Wow is it sweet!

Thanks to everyone here who replied and helped me get this corrected. I appreciated your time and comments.


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I contacted the dealer financial rep who informed me that she made mistake and would back out of the contract and send me a new one at 3.05%. Or she would calculate the difference in the interest that I would pay over 6 mos and cut me a check. I opted to have new contract until she explained the hassle of fed ex it back and forth. She agreed to cut me a check basically for a year of the difference in interest and is sending it out this week. Very apologetic and professional.

I can easily wait the 5-6 months to refi now, assuming rates won't jump up much higher than the current 1.75%.

I love my new Bimmer. Wow is it sweet!

Thanks to everyone here who replied and helped me get this corrected. I appreciated your time and comments.

Sent from BimmerApp mobile app
Brighty,
What was the original APR that she offered? Your original post didn't mention.

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It was supposed to be 3.05. Then she said it was 3.34. Then she said for 72 mos it was 3.59.

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That's called making money on the back end of the deal...it was a pure profit play for her, and she got caught. Glad they made it right.

Same BS went on during my last buy, I called the F&I manager on it and got the overage refunded to me.
 
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