Damn, there's a first for me. I had to look up a word from a forum poster. Not that I hadn't heard the word before, just wanted to make sure.
Pejorative: having a disparaging, derogatory, or belittling effect or force.
I think that's exactly what the OP meant it to be.
No forum members have reported taking delivery of a White E92 M3 on this forum.
http://www.m3post.com/forums/showthread.php?t=124050
However it's possible it could have been a Manufacturers car.