Help with my deal?

[F82_SID]

Can you guys help me out with my deal?..... I have had allot of problems with my 335i so BMW agreed to a trade assist. Basically, they agreed to let me out of my lease early penalty free and sell me an M3 at invoice. Sounds like a great deal right! Well I ordered my M3 but after doing my research I realized that the dealer is marking up the financing from the base rate of .0018 to .0022 They insist that is BMWs rate but I know they are lying. What should I do? Is it unreasonable for me to ask for .0018? After all, this is a trade assist and BMW is trying to act like they are so caring because they are selling me the car at invoice.

I actually am going to try and do BMW Select anyway with leasing as a secondary option but still.

[esquire]

Originally Posted by E92_SID

Can you guys help me out with my deal?..... I have had allot of problems with my 335i so BMW agreed to a trade assist. Basically, they agreed to let me out of my lease early penalty free and sell me an M3 at invoice. Sounds like a great deal right! Well I ordered my M3 but after doing my research I realized that the dealer is marking up the financing from the base rate of .0018 to .0022 They insist that is BMWs rate but I know they are lying. What should I do? Is it unreasonable for me to ask for .0018? After all, this is a trade assist and BMW is trying to act like they are so caring because they are selling me the car at invoice.

I actually am going to try and do BMW Select anyway with leasing as a secondary option but still.

Put them between a rock and a hard place with their own words that "This is BMWS own rate"

Say that "I have no problems paying BMWs rate whatsoever, and in fact I insist on doing so... so if I can demonstrate that several people from the BMW forums have secured deals at .0018 this month... or if I can provide official BMW documentation that the rates are at .0018 this month... then you shouldn't have a problem giving me that rate right??" ( I can help you get that documentation, by the way.)

Worst case scenario.. they refuse to give it to you... and you then have to decide if the deal is still worth it to you for an extra 15 dollars or whatever a month.

But... if you're financing with BMW select.. there's no room for any of this shennanigans. It's 1.9% for 60 months straight up. (a better rate than the lease, mind you).

- esquire

[VonSwoopington]

Originally Posted by esquire

Put them between a rock and a hard place with their own words that "This is BMWS own rate"

Say that "I have no problems paying BMWs rate whatsoever, and in fact I insist on doing so... so if I can demonstrate that several people from the BMW forums have secured deals at .0018 this month... or if I can provide official BMW documentation that the rates are at .0018 this month... then you shouldn't have a problem giving me that rate right??" ( I can help you get that documentation, by the way.)

Worst case scenario.. they refuse to give it to you... and you then have to decide if the deal is still worth it to you for an extra 15 dollars or whatever a month.

But... if you're financing with BMW select.. there's no room for any of this shennanigans. It's 1.9% for 60 months straight up. (a better rate than the lease, mind you).

- esquire

Isn't BMW select the baloon payment? The regular financing from BMW is 1.9% for 60 months. I remember the baloon payment interest rates were higher.

http://fs.bmwusa.com/BmwFsPulp/VEHSEL_BMWSelect.htm

[kscarrol]

Not knowing the OP but doesn't credit score/history play a role here. You have to have a very strong credit score to get the 1.9% for 60 months and doesn't that apply to the 0.0018 MF in leasing? What does his credit score look like?

[esquire]

Originally Posted by VonSwoopington

Isn't BMW select the baloon payment? The regular financing from BMW is 1.9% for 60 months. I remember the baloon payment interest rates were higher.

http://fs.bmwusa.com/BmwFsPulp/VEHSEL_BMWSelect.htm

No they're the same. I know, my brother is doing one right now.

[esquire]

Originally Posted by kscarrol

Not knowing the OP but doesn't credit score/history play a role here. You have to have a very strong credit score to get the 1.9% for 60 months and doesn't that apply to the 0.0018 MF in leasing? What does his credit score look like?

Yes no doubt, credit is a key factor. My advice above is premised on his credit justifying his demands. Whereas he made it sound like the dealership is unjustly giving him a higher interest rate.

Truth be told though, Auto FICO scores, typicaly run notably higher than normal (consumer or mortgage) FICO scores.. the algorithm/engine is much more forgiving.

[michaelw9]

I just did the BMW Select financing, and the interest rate indeed is 1.900% for 60 months.

My credit score was high enough that I also could also raise the normal balloon by 3%; thus increasing the balloon and lowering the payment even further. I just borrowed $72,000~ for about $830 a month.

[esquire]

Originally Posted by richpuer

see, i heard 1.9% from my CA too but why is it on BMWUSA.com saying the rate is 0.9% ?? Is it only for NON-balloon deals, just normal financing??

.9 is for a shorter term, 36 months i believe... or is it 24? But its definitely 1.9% for 60 month financing.

[michaelw9]

Originally Posted by esquire

.9 is for a shorter term, 36 months i believe... or is it 24? But its definitely 1.9% for 60 month financing.

It used to be 0.9% only for 24 months, but they increased that to 36 months for October. If they increase it to 60mo for Nov, I'll be really upset

[hbcpa]

Originally Posted by michaelw9

It used to be 0.9% only for 24 months, but they increased that to 36 months for October. If they increase it to 60mo for Nov, I'll be really upset

I'm betting on .9% / 60 mo in Dec.

[F82_SID]

Is it pretty much standard that all dealerships mark up the MF the .0004 that BMW allows? That makes a dif of almost 50$ a month!

[FastM3]

same thing that happened to me. threaten to cancel the deal, the song changes real quick. or tell them you have a better quote from another dealership who is giving you the .00175.

[persian54]

wait you're doing a buy back and all they're doing is letting you out of the lease early and giving you a M3 at invoice?

either your state's lemon law's suck... or you don't know much about the buy back..

I got 91% of everything i paid back on my car. though it was finance

My friend who leased got all of his payments back after his first HPFP failure and obviously didn't have to continue the rest of the lease

you should get all of your lease payments returned to you (after your first failure) and return the car (getting out of the lease early)

and then go deal for a M3 at invoice

[mrkhanna16]

Originally Posted by persian54

wait you're doing a buy back and all they're doing is letting you out of the lease early and giving you a M3 at invoice?

either your state's lemon law's suck... or you don't know much about the buy back..

I got 91% of everything i paid back on my car. though it was finance

My friend who leased got all of his payments back after his first HPFP failure and obviously didn't have to continue the rest of the lease

you should get all of your lease payments returned to you (after your first failure) and return the car (getting out of the lease early)

and then go deal for a M3 at invoice

+1 thats what im doing. getting all my payments and down-payment back minus like 2000 dollars for miles. getting a m3 at 600 over invoice.

[mpardun]

Originally Posted by hbcpa

I'm betting on .9% / 60 mo in Dec.

Not sure I'd take that bet...

M3's +1% (1.9% in Oct...2.9% in Nov.) for 60 Mo. plus they added $1,500 cash back (on lease, select and finance). Over the term, the new rate (even with cash back) still will cost you more.

[F82_SID]

Originally Posted by mrkhanna16

+1 thats what im doing. getting all my payments and down-payment back minus like 2000 dollars for miles. getting a m3 at 600 over invoice.

How many miles / months did you guys have on your car when they did the buy back?.... When my 1st (of 5) HPFP failed I already had over 20k on the clock.

When you guys say you got all your payments back, are you saying that BMW gave you a giant check?

[Salespunk]

That is the law in California. They must reimburse all payments made on the vehicle. It is their penalty for the hassle that the consumer goes through.

[F82_SID]

Right however, there are limitations on it. Here in Colorado, the lemon law says the the claim must be made within a certain mileage..... I think.....Thats why im asking how many miles you guys had on your car?

[persian54]

My first HPFP went out at 2700 miles

Second at around 14k I think

It's usually 1st 18k miles or 18 months but as long as you're within the original warranty you can have your lawyer fight them.
I only had 2 so my case wasnt that strong but mine were low miles... So it helped

You have more mile but also a lot more HPFP

And yes BMW gave me a nice giant check that cashed immediately

[F82_SID]

So how long did you have your car Persian54? Lease or purchase?

[mrkhanna16]

yes they gave me all my payments back plus my down-payment minus some cash for miles(charged only until the first incident).

[F82_SID]

This is bull. BMW should have offered this to me a long time ago. I thought they were giving me a good deal by selling me a car a cost and letting me out of my lease 2 months early but not any more!

How did you guys initiate the buy back? How many miles did you have when they approved it?