New advice on the best financing interest rates

[NHman]

Originally Posted by slicer

FYI - All of the positives you listed above are also available with a lease (except for the mileage restrictions).... You can modify a leased car all that you want (just need to return to stock at the end which you would do to any car that you traded in or sold anyway), you can also trade a leased car in at any time. Leases have a buyout option at any time during the term (no different than the outstanding loan balance on any type of financing); if the buyout is lower than the trade-in amount you walk away with cash, if not you pay the difference.

+1

Plus there's the option for a lease transfer.

There are pros & cons to leasing but certainly an option to consider for some especially when BMW FS offers high residuals and respectable money factors. However with traditional finance rates at 1.45%, that's almost free money.

[osteome]

72 months.....

[Ghetto2315]

What do you mean lease transfer? As in transferring a current BMW FS lease to a PenFed lease??

[NHman]

Originally Posted by Ghetto2315

What so you mean lease transfer? As in transferring a current BMW FS lease to a PenFed lease??

Meaning that the existing lease can be transferred to another party. Of course, provided BMW FS approves the transfer which is typically based on the pending new owners credit rating. Otherwise the same original conditions apply (miles, vehicle upkeep, etc).

Not all leases allow a transfer and some that do still have the original lessee listed as a co-application. This certainly can be an issue should the new owner default. Unless BMW FS has changed their policy recently, it is simply transferred. Thus there are several options to exit from a BMW FS lease, transfer, sell it privately or trade-in.

[s2kroma]

Originally Posted by osteome

72 months.....

You don't go 72 month? I currently have '12 passat for 66 month at 0%

[valeram]

Will Penfed do ED financing? Some finance company will not deal with ED car. They want the car here and now before letting go of their money. That was one of the reason why I went with BMW Financials. Another ED is on the way this coming May an I need more options than BMW Financials.

[tbone28]

Originally Posted by valeram

Will Penfed do ED financing? Some finance company will not deal with ED car. They want the car here and now before letting go of their money. That was one of the reason why I went with BMW Financials. Another ED is on the way this coming May an I need more options than BMW Financials.

PenFed will cut you the check as soon as you complete the application in entirety (when you enter the VIN number). They didn't ask me if I had a domestic or ED delivery, so you should be OK

[chrisk03]

Is a checking account required with PenFed or can you use an existing checking account at another bank and just pay from that online? Thx.

[dmk08]

Yep I refinanced my ///M w Penfed after reading these forums. 1.49% is awesome. Would have done my fiance car too but she got 0% from the dealer.

[dmk08]

Originally Posted by chrisk03

Is a checking account required with PenFed or can you use an existing checking account at another bank and just pay from that online? Thx.

You can set it all up online. You'll need to donate $10-15 to some charity to be eligible for an account. It will guide you through the process on their site.