BimmerFest BMW Forum banner

1 - 4 of 4 Posts

·
Registered
Joined
·
5 Posts
Discussion Starter #1
Hi guys...first time poster here. Back in November I paid a $1,000 deposit on a '19 M550i build. Since then, my Credit Union has issued a check (minus the down payment I was set to make at time of delivery). I've yet to go in to sign the check...I'm assuming the dealer was waiting until delivery as well. Here's my delima, through research, I now know that the 2020 model will likely get the upgraded engine found in the M850i (67HP increase) and a mild refresh to interior and exterior...including the new laser headlights and idrive 7.0. I love the car but with a 92k sticker, I just want to be completely content with my purchase. The current build is now enroute to the U.S. so I'd like to know (in your experience), what are my options in terms of canceling my order without penalty. The $1,000 deposit isn't much of an issue since I'd probably just give it to the salesman for all of his help with putting the order together.


***Alpine White...Tartufo Full Merino...B&W...Display Key...Ceramic Controls...Leather Dash...Executive...Driving Assistance Plus...Premium Package 2...Luxury Seating...Parking Assist...Piano Black Trim...Carbon Fiber Mirror Caps, Spoiler and Diffuser...20" 759***
 

·
Lost but making good time
'11 335xi; '03 330Ci
Joined
·
5,622 Posts
It's easy on the dealership side. Tell them you don't want the car for the reasons stated. It is their prerogative to keep your deposit or return it. If they keep it, they may choose to let you apply it to your order for a 2020 model or they may require a new deposit. Much depends on your relationship with them. Some dealers can be less than accommodating on a second order for a customer who has dumped one in their lap. It's not a terribly smart practice but it happens.

Your credit union is a separate question. They have no collateral if you don't title the car on order so your current loan is a bust. They can void the check and cancel the loan easily enough. They might choose to keep your application fee(s) as a cancellation penalty. You'll have to ask them, unless it was spelled out on the application.
 

·
Registered
Joined
·
5 Posts
Discussion Starter #3
It's easy on the dealership side. Tell them you don't want the car for the reasons stated. It is their prerogative to keep your deposit or return it. If they keep it, they may choose to let you apply it to your order for a 2020 model or they may require a new deposit. Much depends on your relationship with them. Some dealers can be less than accommodating on a second order for a customer who has dumped one in their lap. It's not a terribly smart practice but it happens.



Your credit union is a separate question. They have no collateral if you don't title the car on order so your current loan is a bust. They can void the check and cancel the loan easily enough. They might choose to keep your application fee(s) as a cancellation penalty. You'll have to ask them, unless it was spelled out on the application.


Appreciate the feedback. My credit Union already said that, if for some reason I change my mind, I would just be liable for the interest that accrued from the date the loan was funded. In terms of the dealer, if they’re that upset about it, there are 2 others within 40 miles of me. ***129335;***127998;***8205;***9794;***65039; Would hate to take delivery and 10 months later, I’m kicking myself in butt when I could’ve just waited for the 2020.


Sent from my iPhone using Bimmerfest mobile app
 

·
Registered
Joined
·
316 Posts
Just talk to the dealer. You DO NOT want to take delivery and then trade it in on a 2020 a few months later. The depreciation cost would scary.
 
1 - 4 of 4 Posts
Top