Question for Jon Shafer: What´s the current BMWFS perferred rate?
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I a settlement agreement designed to keep my a$$ out of HOT H20, I have agreed to **not** post confidential "buy rates" in any public forum...RaysMD said:
With BMWFS, there are 3 tiers from which your rate will be determined:
1) "Elite" ("auto-specific" FICO or beacon) 720 or above
2) "Standard" 719 - 650 (most everyone fits here)
3) "Progressive" - 649 & below
The question is, what is your score?
I will try to give you a clue if you can tell me that...
:dunno:
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Re: question
The "best rate" depends on what you negotiate with your retailer... There is a "buy rate", and that which the dealer can write the contract at. It's pretty safe to say that with an M3, they are going to try to make a point or 2 (earning reserve from the spread or differential). The buy rate is currently in the 6% A.P.R. range....
The "best rate" depends on what you negotiate with your retailer... There is a "buy rate", and that which the dealer can write the contract at. It's pretty safe to say that with an M3, they are going to try to make a point or 2 (earning reserve from the spread or differential). The buy rate is currently in the 6% A.P.R. range....
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I'm also elite...
...and got 5.75% at 48 months. This is probably close to the buy rate. The rate is negotiable. Your best bet is to get pre-approved at your credit union, Eloan, or Peoplefirst, and use that to negotiate a similar rate with your dealer. I, for one, preferred to finance through my dealer, and they apparently prefer it also because they get paid quicker than Eloan or Peoplefirst. Some won't even take Eloan or Peoplefirst. The elite rate for less than 36 months should be around 5.5% give or take a few basis points. Good luck.
...and got 5.75% at 48 months. This is probably close to the buy rate. The rate is negotiable. Your best bet is to get pre-approved at your credit union, Eloan, or Peoplefirst, and use that to negotiate a similar rate with your dealer. I, for one, preferred to finance through my dealer, and they apparently prefer it also because they get paid quicker than Eloan or Peoplefirst. Some won't even take Eloan or Peoplefirst. The elite rate for less than 36 months should be around 5.5% give or take a few basis points. Good luck.
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RE: question
The rates went up on 5/1; there is nothing as low as a 5.75% A.P.R. available for an M3 through BMWFS under their current offerings. Term of contract is irrelevant unless you go **over** 60 months (i.e. 36, 48, 60 months are all the same)...
For 61-84 months, you have to increase the A.P.R. considerably.
The rates went up on 5/1; there is nothing as low as a 5.75% A.P.R. available for an M3 through BMWFS under their current offerings. Term of contract is irrelevant unless you go **over** 60 months (i.e. 36, 48, 60 months are all the same)...
For 61-84 months, you have to increase the A.P.R. considerably.
Re: RE: question
It's like a article I saw a couple years ago about the first 100 year mortgage in Japan. Seems the family is required to continue payment after you're pushing posies.
61 to 84 MONTHS? Shouldn't you question whether or not you can afford the car if ya have to push it out 84 months?Jon Shafer said:
It's like a article I saw a couple years ago about the first 100 year mortgage in Japan. Seems the family is required to continue payment after you're pushing posies.
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Mine was a 530i...not M3
Sorry not to clarify that. I just signed the contract on Friday, and the rate was 5.75% APR. Term of contract may be irrelevant to BMWFS (which is admittedly the topic at hand), but you will get a break for shorter term loans online (again, I wasn't clear about that above). I personally paid 0.25 points over my Eloan rate of 5.49% to the dealer for the convenience of having it all done in one place.
John, are you telling us that BMWFS charges different rates for different cars (e.g., M3 vs. 530i). I know the M3 is expensive, but even online, rates are the same for any car under $75,000. Not questioning your word, just wondering why they would do that? Could my lower rate be based on the rate on the negotiated date in April vs. the contract date in May?
Sorry not to clarify that. I just signed the contract on Friday, and the rate was 5.75% APR. Term of contract may be irrelevant to BMWFS (which is admittedly the topic at hand), but you will get a break for shorter term loans online (again, I wasn't clear about that above). I personally paid 0.25 points over my Eloan rate of 5.49% to the dealer for the convenience of having it all done in one place.
John, are you telling us that BMWFS charges different rates for different cars (e.g., M3 vs. 530i). I know the M3 is expensive, but even online, rates are the same for any car under $75,000. Not questioning your word, just wondering why they would do that? Could my lower rate be based on the rate on the negotiated date in April vs. the contract date in May?
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Re: question
Chase has a retail special right now (730+ "Super Tier") @ 5.59% A.P.R. for up to 60 mos. In not BMWFS as a 1st choice, (even for a slightly higher rate), then I always recommend Chase.
Chase has a retail special right now (730+ "Super Tier") @ 5.59% A.P.R. for up to 60 mos. In not BMWFS as a 1st choice, (even for a slightly higher rate), then I always recommend Chase.
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Re: Mine was a 530i...not M3
For example Z3, M Coupe, M Roadster currently at 2.9% A.P.R.
Yes, there are "standard" rates that apply to cars that we need no help selling (e.g. E46 M3, M5, ..etc.), and then there are "sales support" rates for the volume models that are being pushed...Cruzer said:
For example Z3, M Coupe, M Roadster currently at 2.9% A.P.R.
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Doh...OK, I wasn't thinking about the "sales support" or incentive rates for specific cars. Thanks, Jon. Edmunds doesn't show current rebates/incentives for the Z3, but Autogiant does. Just goes to show who is and isn't in the know.
Last month I walked on a 530i deal where the dealer had offered me 5.99% and refused to take Eloan.
Last month I walked on a 530i deal where the dealer had offered me 5.99% and refused to take Eloan.
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