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      12-03-2010, 12:39 AM   #1
cheesy9
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Dealer gave me $1500 rebate in exchange for 2.9% instead of 1.9% APR. Was I screwed?

When I ordered my car in August they approved me for the 1.9% APR financing. When I took delivery a couple weeks ago they offered me 2.9% APR with a $1500 manufacturers rebate.

I took the newer deal because the monthly premium was lower (down payment was the same), and I plan to pay off the loan after a year anyway.

Is the higher APR a condition of the manufacturer's rebate, or did they just screw me over?
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      12-03-2010, 12:41 AM   #2
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in my opinion when a dealer offers things like that to you it usually means they come out on top in the long run
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      12-03-2010, 12:42 AM   #3
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Assuming you chose a 5 year term, the 2.9% and the $1500 rebate is the current Nov/Dec program. Enjoy your BMW!

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      12-03-2010, 12:46 AM   #4
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You get the holiday credit if you lease or finance through BMW Financial.

If you finance, then you have 3 options:

0-36months: 0.9%
37-60months: 2.9%
61-72months: 3.9%.

So basically you choose to finance, they give you $1500, then you choose the lenght of the loan which determines the APR.

Assuming that in August, there were no holiday credit, the APR was lower. Now you choose to get the holiday credit, so you're subject to new APR. I do not think you can keep your original APR and get the holiday credit. I might be wrong though..
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      12-03-2010, 12:50 AM   #5
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Thanks for the replies. Glad to know they weren't just taking advantage of me.
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      12-03-2010, 12:51 AM   #6
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Quote:
Originally Posted by erhanh View Post

So basically you choose to finance, they give you $1500, then you choose the lenght of the loan which determines the APR.

Assuming that in August, there were no holiday credit, the APR was lower. Now you choose to get the holiday credit, so you're subject to new APR. I do not think you can keep your original APR and get the holiday credit. I might be wrong though..
u are correct here. you cannot get 1.9 + 15oo holiday credit..that would be like having your cake and eating it too..cannot have the best of both worlds..choose one or the other, if ur locked in for the nov program.
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      12-03-2010, 07:11 PM   #7
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Finance $60,000 @ 1.9% for 60-months: $2940 interest

Finance $60,000 @ 2.9 % for 60-months: $4530 interest

Moral of the story...the $1500 they give you is roughly equivalent to the difference in intersts costs noted above.
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      12-03-2010, 07:15 PM   #8
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Quote:
Originally Posted by tukluc View Post
Finance $60,000 @ 1.9% for 60-months: $2940 interest

Finance $60,000 @ 2.9 % for 60-months: $4530 interest

Moral of the story...the $1500 they give you is roughly equivalent to the difference in intersts costs noted above.
Yeah, the monthly premiums were roughly the same, with the 2.9% APR and $1500 rebate being slightly lower. But I plan on paying off the loan after 12 months or so (I'm only financing to help build up my credit history), which should save me a couple thousand on interest. They wouldn't approve me for the 36 month / 0.9% APR because of my short credit history.
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      12-03-2010, 08:59 PM   #9
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Quote:
Originally Posted by cheesy9 View Post
Yeah, the monthly premiums were roughly the same, with the 2.9% APR and $1500 rebate being slightly lower. But I plan on paying off the loan after 12 months or so (I'm only financing to help build up my credit history), which should save me a couple thousand on interest. They wouldn't approve me for the 36 month / 0.9% APR because of my short credit history.
If you plan to pay it off in a year, then $1500 and 2.9% is a better deal than just a staight 1.9% financing.
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      12-04-2010, 03:46 PM   #10
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"Is the higher APR a condition of the manufacturer's rebate, or did they just screw me over?"

I believe they made a mistake. Your qualification for 1.9% has nothing to do with the $1500 holiday credit. At least it didn't for me. Here's my situation:

On 10/22, I agreed to purchase ED and put $$$ down. Agreed to delivery date 2/16/11. Shortly after 10/22, I got 0.9% financing . There was no 1500 holiday credit at that time. On 11/19, I get a call from my sales rep telling me I can have the 1500 credit if I sign all my financing papersc(key point-commit to buy) before 1/3/11. I agreed, of course, and went back to dealer to acknowledge a change to my new (now lower) loan amount. I plan to finalize my loan papers 12/29.

If you want the 1.9%, I would call BMWFS first and talk it over with them. They set the conditions for financing and other money goodies. Ask them why your situation precluded you from getting the 1.9% and the 1500. Be prepared to hear them say, "it's up to the dealer." Which means you may end up having to do a little arm wrestling with the dealer.
Good luck
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