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Discussion Starter · #1 ·
... what did you provide in terms of Proof of Insurance while doing ED (not after redelivery)?

I'm being asked for this Proof of Insurance. Can I get a copy of the BMW insurance policy? The Title is OK as long as it's sent in within 150 days.

Thanks in advance
 

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I don't recall them asking for proof of insurance. When I applied online, I got either approved email, and a nice conversation with the loan officer. Once I told them about BMW European Delivery program, they pretty much know what is going on.

Hope this helps,

Thugus.
 

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Discussion Starter · #3 ·
Hmmm... I got the loan approval OK and the docs are here but they want proof of insurance. I've been in contact with several different customer servide reps and get slightly different answers each time I query something. The only consistant thing was around the title.
 

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Hmmm... I got the loan approval OK and the docs are here but they want proof of insurance. I've been in contact with several different customer servide reps and get slightly different answers each time I query something. The only consistant thing was around the title.
They didn't ask me for proof of insurance. I did, however, get a letter from them today saying they haven't received my title. I need to ask the dealer where it is.
 

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Not Pen Fed, but I had a rather unfavorable experience earlier this year with the bank my dealer arranged my financing through regarding this 'proof of insurance'. My 4 prior ED's were all financed through BMW Finance so when this one came up with a more local bank I really didn't think it would be an issue. Now I wish I had insisted on BMW Finance. I think the dealer gets a bigger spread by going local but the hassle it started was enormous.

When I received the notice early on to provide 'proof of insurance' I called to tell them that I did not have the car and would not need 'insurance'. Of course the bank had outsourced the 'proof of insurance' tracking so I was dealing with some computer phone menu driven outfit in Texas, not Illinois. They were useless and told me to call the bank. Which I did. I spoke to 'someone' at the bank who felt they understood the issue and they would get back to me, which, of course, they never did.

So, off I went, got my car in early April, forgot about the whole thing. Late in May before the car was even re-delivered here in the States I get a notice in the mail saying they had issued insurance on my behalf because I failed to provide proof of insurance. The 12 month premium was going to be north of $8,000. Comical, eh?

So I called the bank who were even more rediculous. They wanted my shipping papers, papers from BMW, papers from the dealer. Huge hassle and really not something that an ED customer should have to put up with. The banks simply outsource this stuff and so when you try to talk to them it's like talking to the moon. Crazy. Nobody is responsible for rational decisions anymore.

So, my advice, if you do ED and finance through someone other than BMW advise them early on that you will not play this proof of insurance game until the car is in your hands in the States.
 

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PenFed

My experience with PenFed so far...

I received the initial letter saying we need title and proof of insurance within a certain period or they will jack up the rate to the maximum possible. I called 2 difference customer service personnel at PenFed and told them that I am doing ED and they both noted it in their system. I also sent a letter stating that I was doing ED and that I would get the proof of insurance and title to them as soon as reasonably possible after the car was re-delivered. Sounds like a nasty letter will be mailed to me in the next couple of weeks saying "where's my title and insurance" but I am to ignore it.

I will keep all posted on my experience as it unfolds.

Dates:
5/31 - Recieved Check and Intro Letter From PenFed
6/8 - Closed the Deal with CA and gave CA check from Penfed
6/11 - Sent in paperwork and signed docs to PenFed with my Letter mentioned above
6/28 - 7/8 - ED...AWESOME!
7/7 - Dropped of car at Harms

7/23 - Still waiting for my car and nasty letter!
 

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People always post about problems with other banks. I don't get why people don't use BMWFS until it gets here then refinance it. Most times it's still considered a new car for financing purposes withing the first 6 months.
 

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No proof of insurance for PenFed here....

PenFed has not asked anything about proof of insurance. I just received pre-approval on my loan from them a week ago, and just contacted them today to have the loan check sent out.

My ED is August 22 (I think the day after yours, Skiddy). I don't recall PenFed asking anything about proof of insurance when we did our last ED 19 months ago.

For this loan, I didn't even have any docs or anything - the entire process was online and over the phone. I suspect this is because we already have done loans with them (previous ED and a mortgage) in the past???

Gotta love that 5.29% interest rate though. Is anyone running a lower rate right now?
 

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People always post about problems with other banks. I don't get why people don't use BMWFS until it gets here then refinance it. Most times it's still considered a new car for financing purposes withing the first 6 months.
That's a good point, but it's really not that much trouble. Pen Fed is a good place to deal with.
 

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Pen Fed did ask about insurance during ED. I refered them tho BMWNA and Allienz insurance in Germany. Apparently this sufficed as there was no follow up from them.
 

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I've been a PFCU member for years and, with only a few exceptions, have had stellar customer service. Granted, I've never done an ED but they were very accommodating when I had a financed car (with PFCU) that I was contemplating shipping to Germany as part of a potential job offer.

That said, if they request proof of insurance, I'd give them the allianz and the shipping insurance policies. If nothing else, that'll buy you time until they figure out what you sent them isn't quite what they may have been asking for. Also, it fulfills they're concern about a potential uninsured liability - if someone is covering PFCU's potential loss, I'm sure they'll be satisfied.
 

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I sent them all the shipping papers etc and they are still calling me (2-months later) asking about insurance. My car just arrived so I will just give them the real thing now.
 

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Discussion Starter · #14 ·
So, after a little clarification they now say that if I send them the Purchase Agreement showing the "estimated delivery date" then they would provide a waiver on the insurance. Now, I'm assuming that to be "estimated US delivery date" so I hope that will suffice. But just to be safe, IRV, could send me the copies of the insurance ????
Thanks, Skiddy
 

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See - good example - is all tihs work worth the effort? It would be pretty effortless to finance with BMWFS and re-fi with PenFed after it gets back!

Not trying to say you did the wrong thing, but just FYI for people thinking about doing PenFed up front. Expect a few hassles.
 

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Discussion Starter · #16 ·
Yes, in my opinion it's still worth the effort despite the hassle. I get a much lower interest rate than BMWFS albeit for a month or two, but more importantly, I don't feel bound to use a finance company not of my choosing. Finally, the effort (and possible hit on my credit report) of refinancing is, in my mind, more hassle than the route I took initially.
 

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Yes, in my opinion it's still worth the effort despite the hassle. I get a much lower interest rate than BMWFS albeit for a month or two, but more importantly, I don't feel bound to use a finance company not of my choosing. Finally, the effort (and possible hit on my credit report) of refinancing is, in my mind, more hassle than the route I took initially.
Why would a refinance have an effect on your credit rating?
 

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Discussion Starter · #18 ·
As I understood it, and I could be mistaken, separate credit applications show up and may have an impact on your credit REPORT hence why I refered to it as a possible hit. Not a big thing for me if true but something to take into consideration
 

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See - good example - is all tihs work worth the effort? It would be pretty effortless to finance with BMWFS and re-fi with PenFed after it gets back!

Not trying to say you did the wrong thing, but just FYI for people thinking about doing PenFed up front. Expect a few hassles.
Of course if you do this, you are also taking a gamble that PFCU's rates don't go up between now and then. I don't know that there is any way to lock the rate 2 months in advance. And I don't think that 5.29% rate is going to go down....(but I could be wrong).
 

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Of course if you do this, you are also taking a gamble that PFCU's rates don't go up between now and then. I don't know that there is any way to lock the rate 2 months in advance. And I don't think that 5.29% rate is going to go down....(but I could be wrong).
Having dealt with both PenFed and BMWNA (on different issues) I've found Penfed to be more hassle free.
 
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