BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > New and Preowned M3 Pricing, Ordering, Tracking / European Delivery / Dealer Reviews
 
GT Haus
Post Reply
 
Thread Tools Search this Thread
      12-14-2009, 12:28 PM   #1
antjemac
New Member
United_States
0
Rep
10
Posts

 
Drives: 2010 E90 M3 AW/FR
Join Date: Oct 2009
Location: Western NC

iTrader: (0)

Got financing set up for E90 M3

I was pleasantly surprised to get BMWNA financing set at 5.9% for 72mo plus the $1500 holiday cash. That was .7 better than my local bank would do. Its not great but much better than what I was qouted 2 mos ago something like 7.5 for 72mo. Anyway im locked in unless it goes lower and i'm set for mid feb. delivery. Doing the Performance delivery in Greenville SC just down the mountain from here in Asheville NC. So excited!
Appreciate 0
      12-14-2009, 05:10 PM   #2
CORTDD
Private
0
Rep
78
Posts

 
Drives: E46 M3
Join Date: Nov 2009
Location: Planet earth, top part.

iTrader: (0)

Whooa nelly!!!

You are financing a car for 72 months? At nearly 6% interest? Plus, your 2010 vehicle is set for February delivery?

You must really want this car because financially, this seems like a bad move. Hopefully you are putting a substantial amount down on this car (i.e. more than $10k). Otherwise, you are going to be upside down in it from the get go. You could be in the position of bringing money to the table just to sell the car later.

The rumor is that March 2010 starts production of 2011 model year M3's. So in a hurry your new 2010 car is going to be considered "a year old." These 2011's will be slightly updated meaning that your 2010 car is "the old model."

Finally, if you must buy now, there are some credit unions out there that may be able to finance for a better rate--do you have any military/government connections for PenFed? I hope you at least got the car at invoice or less than $1k over. Run, don't walk away from the deal if you are paying anything close to MSRP. While it is an awesome car, it is just a car.

Last edited by CORTDD; 12-14-2009 at 05:43 PM.
Appreciate 0
      12-14-2009, 05:48 PM   #3
alms21
Captain
United_States
18
Rep
864
Posts

 
Drives: '10 GT-R
Join Date: Jul 2007
Location: Frederick, MD/Sarasota, FL

iTrader: (3)

Congrats on the new purchase. 72 months at 5.9% is a pretty damn good deal.

CORTDD - how about letting the OP do as he chooses. I doubt he posted this to get financial advise from somebody on a car forum. On top of that, how in the hell do you know how long he plans on keeping the car to be upside down at some point in time?

For someone that has but 15 posts, you won't make many friends here with comments like you just made above.
__________________
2010 GT-R (gone)
2006 BMW X5; '04 Toyota 4runner LTD
Past: '14 Audi S5; '11 M3; '07 Porsche 997 Turbo; '09 E92 M3, '11 GS Vette; E46M3; C6Z06; E60M5; '09 335; '06 CaymanS; Porsche 996 Turbo; Porsche 997S
Appreciate 0
      12-14-2009, 06:07 PM   #4
ersin
Brigadier General
ersin's Avatar
United_States
42
Rep
4,068
Posts

 
Drives: 08 IB E92 M3
Join Date: Mar 2008
Location: Maryland

iTrader: (1)

Actually, I thought CORTDD had some good advice. I didn't read it as putting down the OP. I wouldn't go to 72 months on a car loan either but to each his own. The OP can certainly do as he chooses and I don't know all of his circumstances, but he might want to shop around for a better finance deal. I would hate to see someone get screwed by the bank (even though it happens all the time).

Cheers.
__________________

I've been assimilated. 6MT/ZPP/18"/PS extended.
Appreciate 0
      12-14-2009, 06:28 PM   #5
autospiel
BMW CCA Member
autospiel's Avatar
United_States
1
Rep
67
Posts

 
Drives: E46 M3, F10 diesel
Join Date: Feb 2007
Location: Traverse City

iTrader: (0)

Antjemac, when in mid-February are you taking Performance Center delivery? My delivery date there is February 11 (E90 w/ DCT in Mondstein)
Appreciate 0
      12-14-2009, 09:38 PM   #6
antjemac
New Member
United_States
0
Rep
10
Posts

 
Drives: 2010 E90 M3 AW/FR
Join Date: Oct 2009
Location: Western NC

iTrader: (0)

Here is a little more info on my deal and I do appreciate the comments. I purchased the car at $800 over invoice with $10000 down including holiday cash so I don't believe i'll be that badly upside down. I decided to go 72mo because my goal was to have payment under $1000, it ended up being like $915 which I though was reasonable. I do plan on keeping the car for at least 6 or7 yrs, but then again I have said that before. We will see how much I like the car, this is my first M car. Here lately I have read about the MY2011 and this has caused me some concern but not because of reduced resale value but more because of any change and or improvement that may happen. From what I have gathered it does not look like there will be anything significant changed on the E90. Another important fact is that I need a car by mid Feb. and I just dont see the value of waiting to basically April or May for MY2011 March build. Thanks again for your opinions. Do not know exact delivery date at Performance Center hopefully before Feb 20 (birthday)
Appreciate 0
      12-14-2009, 11:19 PM   #7
osteome
Major
osteome's Avatar
United_States
12
Rep
1,096
Posts

 
Drives: 2009 M3 E93 SSII/Bamboo
Join Date: Oct 2005
Location: San Antonio, TX

iTrader: (4)

I would also echo the caution on financing for 72 months, but it's not my money.

Enjoy the ride!
__________________
2009 M3 E93 Silverstone II over Bamboo: 6MT, Tech, Premium, Cold, Premium Sound, Ipod, 19'' Wheels, OEM Exhaust Mod.
Appreciate 0
      12-18-2009, 04:20 PM   #8
antjemac
New Member
United_States
0
Rep
10
Posts

 
Drives: 2010 E90 M3 AW/FR
Join Date: Oct 2009
Location: Western NC

iTrader: (0)

reconsidered term

I changed my mind and decided to go 60mo with 4.9% through BMW, I also believe 72mo is too long for a car loan.
Appreciate 0
      12-18-2009, 09:10 PM   #9
Alchem
Lieutenant
7
Rep
422
Posts

 
Drives: 335xi
Join Date: Mar 2007
Location: Chicago

iTrader: (0)

Quote:
Originally Posted by antjemac View Post
I changed my mind and decided to go 60mo with 4.9% through BMW, I also believe 72mo is too long for a car loan.
Good! But I still think you should wait for the 2011 especially since ur gonna keep the car for 6-7 years. I dont think waiting till May/June is gonna kill you.
Appreciate 0
      12-18-2009, 11:37 PM   #10
NoM3ForMe
Major
NoM3ForMe's Avatar
United_States
17
Rep
1,424
Posts

 
Drives: '04 Quest, '07 Kia Sorrento
Join Date: Aug 2008
Location: ...location, location?

iTrader: (0)

Send a message via MSN to NoM3ForMe
Quote:
Originally Posted by Alchem View Post
Good! But I still think you should wait for the 2011 especially since ur gonna keep the car for 6-7 years. I dont think waiting till May/June is gonna kill you.
He said he needed a car by mid-February...

And to the OP, good move on changing to 60 mos; you would have been upside-down after the first year at 72. And that is one HELL of a Bday gift!!!
__________________
try { Life.Live(); } catch (Experience exp) { Console.WriteLine(exp.ToString(); } finally { Brian.Dispose(); }
"There are only 10 kinds of people in the world; those that read binary, and those that don't."
Appreciate 0
      12-19-2009, 10:12 AM   #11
antjemac
New Member
United_States
0
Rep
10
Posts

 
Drives: 2010 E90 M3 AW/FR
Join Date: Oct 2009
Location: Western NC

iTrader: (0)

I really would like to have the car by Feb. I have waited long enough for this car. I do suppose if the changes were that significant on the 2011 E90 M3 I could probably wait a little longer. However from what is known at this point with the changes, it does seem to me to justify the additional 3-4 month wait. Plus I have wanted a "M" car since college and I can't think of a better B-day present.
Appreciate 0
      12-19-2009, 02:21 PM   #12
Technic
Lieutenant General
Technic's Avatar
United_States
172
Rep
11,190
Posts

 
Drives: 2015 320i
Join Date: Apr 2005
Location: Ft Lauderdale, Florida

iTrader: (18)

Garage List
2004 M3  [0.00]
Quote:
Originally Posted by antjemac View Post
I changed my mind and decided to go 60mo with 4.9% through BMW, I also believe 72mo is too long for a car loan.
IMO, 72 months is not the problem it is 72 months at 5.9%...
Appreciate 0
      12-19-2009, 03:00 PM   #13
FStop7
I like cars
FStop7's Avatar
Vatican City State
96
Rep
5,059
Posts

 
Drives: M6
Join Date: Oct 2008
Location: Newbury Park, CA

iTrader: (3)

72 months at 6% wow

makes me glad i got 60 at 0.9%
__________________
Appreciate 0
      12-19-2009, 04:35 PM   #14
enigma01
Fight On!
enigma01's Avatar
United_States
3
Rep
238
Posts

 
Drives: M3 e93/e92, Z4 M Coupe
Join Date: Dec 2007
Location: San Diego

iTrader: (0)

Quote:
Originally Posted by Technic View Post
IMO, 72 months is not the problem it is 72 months at 5.9%...
I have a complete opposite view. With the amount of currency being printed to fund all the spending bills, we'll most likely have high inflationary years, and 5.9% will seem like a good deal.

I don't think financing a car over 72 months is a good idea, especially for young guys who should be putting money smartly into solid investment vehicles. Many things can happen in 6 years and you probably don't want to be stuck with a good deal of income committed to a depreciating asset.
Appreciate 0
      12-19-2009, 05:14 PM   #15
Technic
Lieutenant General
Technic's Avatar
United_States
172
Rep
11,190
Posts

 
Drives: 2015 320i
Join Date: Apr 2005
Location: Ft Lauderdale, Florida

iTrader: (18)

Garage List
2004 M3  [0.00]
Quote:
Originally Posted by enigma01 View Post
I have a complete opposite view. With the amount of currency being printed to fund all the spending bills, we'll most likely have high inflationary years, and 5.9% will seem like a good deal.

I don't think financing a car over 72 months is a good idea, especially for young guys who should be putting money smartly into solid investment vehicles. Many things can happen in 6 years and you probably don't want to be stuck with a good deal of income committed to a depreciating asset.
I just got 2.5% for 72 months for a VW CC two weeks ago so this 5.9% from BMW is not inflation-related at all, this is just BMW going back to basics: making a lot of money with less demand.

By the way, I also got my M3 at 0.9% for 60 months last year...
Appreciate 0
      12-19-2009, 10:59 PM   #16
jwnpgh
Enlisted Member
0
Rep
30
Posts

 
Drives: e92
Join Date: Sep 2008
Location: Pitt Pa

iTrader: (0)

All the advice sounds good.

Another angle I was told by a friend in banking and loan management. She said there is a reason to put less down and stretch out a loan for as long as possible.

Also keep in mind there is no great economic reason to buy any new car, but spending less on interest is always a good idea.

Anyway, the reason to have a long loan with little down is in the event you lose the car and the insurance company only pays a blue book value or the loan only. You will be out any down payment if the numbers come out not in your favor.

Also a long loan gives a person room in the event of financial difficulty. If you can afford a shorter loan payment, then locking in a longer loan and paying it back faster, at the shorter loan payment, is a choice that gives you some room in some situations.

Just more advice and perspective ,hope it helps.

john
Appreciate 0
      12-20-2009, 12:27 AM   #17
enigma01
Fight On!
enigma01's Avatar
United_States
3
Rep
238
Posts

 
Drives: M3 e93/e92, Z4 M Coupe
Join Date: Dec 2007
Location: San Diego

iTrader: (0)

Quote:
Originally Posted by Technic View Post
I just got 2.5% for 72 months for a VW CC two weeks ago so this 5.9% from BMW is not inflation-related at all, this is just BMW going back to basics: making a lot of money with less demand.

By the way, I also got my M3 at 0.9% for 60 months last year...
Good for you for getting such a favorable rate, but I am not sure what your point is. The interest rate from a financial institution has nothing to do with the projected inflation? I never said 5.9% is due to the inflation, but how do you figure it has nothing to do with the projected economical conditions?


Quote:
Originally Posted by jwnpgh View Post
A
Anyway, the reason to have a long loan with little down is in the event you lose the car and the insurance company only pays a blue book value or the loan only. You will be out any down payment if the numbers come out not in your favor.
Are you serious? You should stop your friend from giving your more financial advises.

An insurance company will pay out a fair (typically near blue book) value for your car in case of a total loss. That amount doesn't change the fact that you still owe the loan amount to the lien holder(s), unless you took out a gap insurance. Remember your car is only a collateral, not the end of your loan obligation.
Appreciate 0
      12-20-2009, 12:48 AM   #18
tma1c
Lieutenant
tma1c's Avatar
United_States
13
Rep
567
Posts

 
Drives: 08 E93 6MT M3
Join Date: May 2008
Location: philly

iTrader: (12)

Send a message via AIM to tma1c
Come on peeps. 5.9% for 72 months is HORRIBLE! Not in today's economy. 60mo with 4.9% isnt bad but i think you can negotiate to a lower rate. Nobody NEEDS a M3 so I would wait for a lower rate. Telling the OP that is a good deal is just plain lying.
Appreciate 0
      12-20-2009, 01:15 AM   #19
Technic
Lieutenant General
Technic's Avatar
United_States
172
Rep
11,190
Posts

 
Drives: 2015 320i
Join Date: Apr 2005
Location: Ft Lauderdale, Florida

iTrader: (18)

Garage List
2004 M3  [0.00]
Quote:
Originally Posted by enigma01 View Post
Good for you for getting such a favorable rate, but I am not sure what your point is. The interest rate from a financial institution has nothing to do with the projected inflation? I never said 5.9% is due to the inflation, but how do you figure it has nothing to do with the projected economical conditions?
I'm not sure what's you point of inflation in this thread is, neither.

My point is that BMW 5.9% for 72 months is nothing to brag about, much less to even say that it is a "good" rate and that it is not based on any inflation. It is most probably due to the 44,000 units production cut for the USA this year becoming a permanent cut from now on due to low sales, so BMW it is just adjusting their profit margin accordingly wherever they can, like increases lease and finance rates, .4% MSRP increase this January, and a possible 5% additional increase in MSRP next March.
Appreciate 0
      12-20-2009, 05:14 AM   #20
firewired
Private First Class
4
Rep
177
Posts

 
Drives: 2010 M3 Sdn
Join Date: Nov 2005
Location: San Antonio

iTrader: (0)

penfed has 3.99%
Appreciate 0
      12-20-2009, 03:30 PM   #21
brusso
Second Lieutenant
brusso's Avatar
3
Rep
258
Posts

 
Drives: 08 E92
Join Date: Apr 2007
Location: So.Cal

iTrader: (2)

b of a is 3.99 or 4.2 for 72 mo.
__________________
AA boosted 500+ hp
Appreciate 0
      12-22-2009, 05:40 PM   #22
rich2saint
Enlisted Member
1
Rep
30
Posts

 
Drives: '11 e90 ZCP
Join Date: Sep 2007
Location: D.C. Area

iTrader: (0)

BoA

I got 3.75 for 60 mnths through BoA, 0 down... Would have loved to get the .9% - that was really an awesome offer for '09. Alas, timing-wise, I got lumped in to '10 production for Euro delivery... Oh well, reasonable amount of blood to spill on the alter...
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 12:33 PM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST