Emergency situation here guys...

[Titan316]

They are full of shit, my credit is perfect. They needed my BROTHER to co-sign to get down to a 7.9%. They really are trying to take me for a ride.

[Technic]

Originally Posted by Titan316

They are full of shit, my credit is perfect. They needed my BROTHER to co-sign to get down to a 7.9%. They really are trying to take me for a ride.

Indeed...

[Titan316]

I am seeking alternate financing, but I have today and then thats it. Does anybody know ANY BMW dealerships in FLA that offer that 5.?% interest rate?

[mkoesel]

Originally Posted by Titan316

They are full of shit, my credit is perfect. They needed my BROTHER to co-sign to get down to a 7.9%. They really are trying to take me for a ride.

Phuckers.

I like TLud's suggestion of PenFed. Or pull your parts and return the car. There are still other '08s around that you can get deals on, or people are even getting great deals on '09s now too. But like I said before, don't hurry to return it. Although, make sure there is not some stipulation about how many miles can be on it before you return it. In fact, on second thought, if you return it maybe its best to just get rid of it right away. But I'd be careful. Who knows, they may take the car back, claim the contract is canceled, and then keep billing you. Then maybe they'd offer to lower your rate to 6.9% if you take the car back that they've been using for a demo for the past month.

Whatever you do, do not take their loan at their rate. Also, never go back their again. Man, I shutter to think what would happen to your ride if you even took it in for just a coolant top-off.

[Captain Scott]

Originally Posted by Titan316

They are full of shit, my credit is perfect. They needed my BROTHER to co-sign to get down to a 7.9%. They really are trying to take me for a ride.

A cosigner is needed for a auto loan ? kind of reminds me of a Red Flag exercise up at Nellis AFB ???
And as Forest Gump would say, That's all I have to say about that

[IWearScrubs]

this is one shady dealer...

If I may ask, how many miles did this car have on it when you "bought" it?

[TLud]

Originally Posted by Titan316

Hey Tlud, what's PenFed? i have to contact them. Returning the car is an option, but returning the 5k in aftermarket parts I bought for the car ISN'T and i'm wondering whether I take my loaded DCT coupe now, or pay a lot more for an '09. The whole reason I bought the car NOW was to save. Now i'm kind of lost.

Pentagon Federal Credit Union. You don't have to be a member of the military to join.

[IWearScrubs]

I still think you should hire the meanest attack dog of a lawyer you can find in town and go after them.

[stickypaws]

Certainly finance elsewhere. A credit union is a good bet (I belong to one.)

But as far as your own finances here, let me ask you this: Didn't you know that .9% was not available on the M? If you were shopping this long, I would assume that's the case. So, despite that the rate will now be higher, aren't you still financially prepared for that?

I'm not trying to be critical here, but really just curious. Some things aren't making sense. Did you buy $5000 in performance extras only after realizing you were getting a better deal with the dealer's .9% offer?

I am in no way condoning the dealer's behavior. They sound like a dealer one should certainly avoid. Mistake or not, it doesn't sound like a professional dealership.

And another thing: if you are set on getting a MY08, then return this one, cancel the deal, and look for another. Surely the aftermarket parts will work on another MY08 (and on a MY09, for that matter.)

Nonetheless, and my observations aside, good luck and I hope things work out soon.

[TLud]

Originally Posted by IWearScrubs

I still think you should hire the meanest attack dog of a lawyer you can find in town and go after them.

FAIL

[addy85]

try your bank and see what they say You putting money down?

I personally would give the car back and go to another dealer though, just my opinion

[mkoesel]

Originally Posted by Titan316

I am seeking alternate financing, but I have today and then thats it. Does anybody know ANY BMW dealerships in FLA that offer that 5.?% interest rate?

If you can't get financing today, just take the deal, and then immediately refi the car elsewhere. Actually that might be the way to go since you will get both the $4k off the car, and then get a better rate elsewhere too. But as I said before, MAKE SURE there is no penalty for early payoff in this case, or if there is, that it doesn't bite into the $4k off much.

Out of curiousity what was the MSRP of the car?

[AJBoston]

Obviously, the dealer is a sleaze. If there's one piece of information every dealer knows at all times, it's the interest rate/money factor offered by their preferred financing institution on every vehicle on the lot. There's no such thing as an "honest mistake" on this one. Period. But this is a buyer beware situation through and through...

Let's think about the buyer's role in this: He claims that he has perfect credit, yet can't do better than 7.9% WITH a co-signer? My guess is he rolled onto the lot with a pimped 3 yr-old Benzo that he was probably upside down on, and the dealer's eyes lit up with possibility. As any dealer will tell you, upside down buyers are their favorites, because they're easy to sucker. So the OP then spent 3 hours (?!) trying to negotiate terms that he KNEW didn't apply to the vehicle he was trying to purchase. What, exactly, was discussed for 3 hrs, if not the conditions of the contract (i.e. financing subject to approval)? And the OP tried to do all this outside banking hours because he thought he could "lock it in" despite his obviously questionable credit. He probably thought he'd actually pulled a fast one on the dealer, and decided to drive the car off the lot before his financing was approved rather than wait (which anybody will tell you is crazy). He then immediately put the money that he believed he'd "banked" towards $10K in NON-RETURNABLE parts. Within the first week of ownership.

But of course the dealer knew all of this, and knew that he just had a textbook patsy by the short ones. Lesson: Read important contracts before you sign them.

[TLud]

Originally Posted by Titan316

I am seeking alternate financing, but I have today and then thats it. Does anybody know ANY BMW dealerships in FLA that offer that 5.?% interest rate?

Try BoA. They've always been competitive in my experience. 7.9% is not competitive.

[mkoesel]

Originally Posted by AJBoston

Let's think about the buyer's role in this...

Soome hefty speculation there. Sure you could be correct but you are being pretty harsh with a lack of facts beyond the cosigner issue which could be age related or just the dealership making doubly sure their scammie feels trapped in.

[TLud]

Originally Posted by AJBoston

Let's think about the buyer's role in this: He claims that he has perfect credit, yet can't do better than 7.9% WITH a co-signer? My guess is he rolled onto the lot with a pimped 3 yr-old Benzo that he was probably upside down on, and the dealer's eyes lit up with possibility. As any dealer will tell you, upside down buyers are their favorites, because they're easy to sucker. So the OP then spent 3 hours (?!) trying to negotiate terms that he KNEW didn't apply to the vehicle he was trying to purchase. What, exactly, was discussed for 3 hrs, if not the conditions of the contract (i.e. financing subject to approval)? And the OP tried to do all this outside banking hours because he thought he could "lock it in" despite his obviously questionable credit. He probably thought he'd actually pulled a fast one on the dealer, and decided to drive the car off the lot before his financing was approved rather than wait (which anybody will tell you is crazy). He then immediately put the money that he believed he'd "banked" towards $10K in NON-RETURNABLE parts. Within the first week of ownership.

But of course the dealer knew all of this, and knew that he just had a textbook patsy by the short ones. Lesson: Read important contracts before you sign them.

1. Even if your wild conjecture miraculously happened to be true, how is this post helpful at all to the OP or anyone else? Did it make you feel better inside? I'm sure the OP appreciates your sensationalistic post.

2. I have NEVER (and I suspect you haven't either) waited the two or three days it takes for the loan to be finalized to after signing all the paperwork to drive a car off the lot. Other than the dealer's word and the executed retail installment contract, how was the OP to know that his financing had not been approved by BMWFS?

3. Read the contract? The contract and other supporting documents in this case almost certainly stated the 0.9% rate. How would reading the contract more thoroughly have helped the OP in this case?

[Herms]

Originally Posted by Titan316

Guys. Thanks for all the advice. Im going off topic here and I want everyone to know how much their opinions help, I haven't been on the boards because I have been back and forth with this bullshit every minute.

Status:

Dealership says they will give me a 7.9% int. rate. Best they can do, and drop the price of the car from 69k, to 65k. They will also give me 3 days to secure alternate financing. If not, I get that deal. It is what it is right now. I've seeked legal counsel, they said I have a case, but I will be without the vehicle for the duration, and I can't do that. I am, however, going to write a VERY detailed letter to BMWNA, I am going to let everyone know just what happened. I have contacted local news stations here in S. Fla., Al Sunshine and Help me Howard. I was mislead. Plain and simple. Bait and switch. They were working on this deal for 2 full days started negotiating Monday morning was finalized Tuesday at 4pm when I signed. They waited until this Monday to call after everything was taken care of on my end. IF it was a mistake, they would have fixed it much sooner, they called me on a holiday threatening me. The situation is this: I was screwed, and it was not a mistake, it was pre-meditated. I asked 50x AT THE DEALERSHIP how it was 0.9% and they told me "the new programs came out today, don't worry about it."

So now, I am stuck between a rock and a hard place. I am debating on what I have to do now, do I fight, do I settle where its at, or do I settle and go through with talking to BMWNA and the other avenues? My only concern is my case may be done after I sign a new deal, even though I have documentation of the other deal. They threaten me on a regular basis, and pressure me to bring the car back or sign the new deal or they will come after me, so I am at a loss.

have you done the math on the financing to see how much of the total debt service will be offset by the reduction in the sales price of the car? while this may very well have been premediated, it seems like they're making an effort to compensate you for the difference, so perhaps you can push for a further discount or threaten to wait it out. I wouldn't advise lying, but it wouldn't hurt to posture about the info you've gained from such boards and that a lawyer says you have a case and so on.

As someone else mentioned, if you qualified for the 0.9%, they should be able to do much better than 7.9%, so they're obviously trying to get the discount back on the other end. Find your own financing and tell them that you'll take the discount (or more of a discount) with your own financing.

If you can get the numbers to a wash or close, probably makes sense to just work with them and be done with it.

[ideliver]

Return the car...go buy what you what from another dealer...secure your own financing...

That is the best deal for you...and the worst for the dealer...oh...and get your money back...this isn't a rental program...

[addy85]

Originally Posted by AJBoston

Obviously, the dealer is a sleaze. If there's one piece of information every dealer knows at all times, it's the interest rate/money factor offered by their preferred financing institution on every vehicle on the lot. There's no such thing as an "honest mistake" on this one. Period. But this is a buyer beware situation through and through...

Let's think about the buyer's role in this: He claims that he has perfect credit, yet can't do better than 7.9% WITH a co-signer? My guess is he rolled onto the lot with a pimped 3 yr-old Benzo that he was probably upside down on, and the dealer's eyes lit up with possibility. As any dealer will tell you, upside down buyers are their favorites, because they're easy to sucker. So the OP then spent 3 hours (?!) trying to negotiate terms that he KNEW didn't apply to the vehicle he was trying to purchase. What, exactly, was discussed for 3 hrs, if not the conditions of the contract (i.e. financing subject to approval)? And the OP tried to do all this outside banking hours because he thought he could "lock it in" despite his obviously questionable credit. He probably thought he'd actually pulled a fast one on the dealer, and decided to drive the car off the lot before his financing was approved rather than wait (which anybody will tell you is crazy). He then immediately put the money that he believed he'd "banked" towards $10K in NON-RETURNABLE parts. Within the first week of ownership.

But of course the dealer knew all of this, and knew that he just had a textbook patsy by the short ones. Lesson: Read important contracts before you sign them.

And you base your statements on what facts? Why would you even post in this thread with such an idiotic statement? Please take your ignorance and insecurities else were

[spectrumphoto]

Did you need a co-signer to qualify for the BMWNA contract (the 0.9% one)??? If I recall right that program only accepts tier 1 credit apps (over 680+ FICO). So, if you could qualify on your own for that then there is no way you need a Co-x for a tier 2 loan rate which is what 7.9% is. They are giving you the $4k off and making it up in the back end by a higher interest.

You should go to them and either get the $4K off and go with your own financing (Penfed is great and at 4.75% now, my loan is with them) or tel them that you'll take their deal, but you will only accept their "BUY RATE" on a loan (Thats the rate at which the dealership gets the loan directly from the lender before they add their back end profit points). If you are being quoted 7.9%, my guess is that their buy rate is somewhere in the 5% range.

If all that fails, then tell them that you will be happy to return the car, you are/have notified the local BBB, Media, forums, and BMWNA and will be following up with al of them. Also tell them that you either need your Trade back at time of turn in or they need to issue you a check for either the trade value you received or for the value of which the car was sold at auction which ever was greater and that you will need that check in hand before you turn back the BMW not 10 days later. (same goes for any other money out of pocket to dealership)

They can threaten repo all they want, the fact is that process takes at least a week or 2 to get papers prepared and over to their repo agent.So it may not seem like it, but you have a little time.

I still think beat bet is to get your own financing and have them rebate you back $4k for all this trouble.

[Stunnerable]

Originally Posted by AJBoston

Obviously, the dealer is a sleaze. If there's one piece of information every dealer knows at all times, it's the interest rate/money factor offered by their preferred financing institution on every vehicle on the lot. There's no such thing as an "honest mistake" on this one. Period. But this is a buyer beware situation through and through...

Let's think about the buyer's role in this: He claims that he has perfect credit, yet can't do better than 7.9% WITH a co-signer? My guess is he rolled onto the lot with a pimped 3 yr-old Benzo that he was probably upside down on, and the dealer's eyes lit up with possibility. As any dealer will tell you, upside down buyers are their favorites, because they're easy to sucker. So the OP then spent 3 hours (?!) trying to negotiate terms that he KNEW didn't apply to the vehicle he was trying to purchase. What, exactly, was discussed for 3 hrs, if not the conditions of the contract (i.e. financing subject to approval)? And the OP tried to do all this outside banking hours because he thought he could "lock it in" despite his obviously questionable credit. He probably thought he'd actually pulled a fast one on the dealer, and decided to drive the car off the lot before his financing was approved rather than wait (which anybody will tell you is crazy). He then immediately put the money that he believed he'd "banked" towards $10K in NON-RETURNABLE parts. Within the first week of ownership.

But of course the dealer knew all of this, and knew that he just had a textbook patsy by the short ones. Lesson: Read important contracts before you sign them.

Are you "the dealer"?

[Dascamel]

Wait shady dealer and shady op all in one no way! Grab some popcorn and lets see more info.