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
 
Post Reply
 
Thread Tools Search this Thread
      11-24-2012, 02:13 AM   #1
Cyclone Chris
US Air Force. HUAP.
Cyclone Chris's Avatar
United Kingdom
5
Rep
224
Posts

 
Drives: 2013 SG M3 ZCP / DCT
Join Date: Jan 2012
Location: Suffolk County, UK

iTrader: (0)

Bank Loan and Downpayment

I went to the bank to finish up the loan documentation on the car yesterday. nim only financing $37,000 and the rest will be in Cash. The bank tells me that they cannot give me a $37k check as it must be made for the full amount of the car, and I would give the Downpayment to the bank.

Is this right? My plan was to give the dealer 2 checks.

By th way, I'm dealing with DoD Community Bank which is operated by Bank of America. Got a rate for 2.06% for 72 months.
Attached Images
 
__________________

2005 Pontiac GTO - 6Spd - 445 RWHP/415 RWTQ - SOLD
2013 BMW M3 Coupe - /// Competition Pkg /// Premium Pkg /// Dual Clutch Transmission /// BMW Apps /// Heated Seats ///
Appreciate 0
      11-24-2012, 02:59 AM   #2
And1M3
Major
And1M3's Avatar
13
Rep
1,063
Posts

 
Drives: 2013 M3 MR FR/Bk
Join Date: Nov 2012
Location: NYC

iTrader: (6)

You can take the full amount of car from the bank and finance the first payment by giving them that big fat check you was about to give the dealer. The bank won't have a say on how much you give back on your finance monthly. But you will have to see if there will be any penalty for paying off the amount early when you ending your finance term. There is a promotion for $1500 cash back if you finance from dealer with 3.29%. I don't know if UK has this deal.
Appreciate 0
      11-24-2012, 04:24 AM   #3
Cyclone Chris
US Air Force. HUAP.
Cyclone Chris's Avatar
United Kingdom
5
Rep
224
Posts

 
Drives: 2013 SG M3 ZCP / DCT
Join Date: Jan 2012
Location: Suffolk County, UK

iTrader: (0)

I just don't understand what the big deal is if I want to pay the dealer the down payment and got the 2nd check financed through the bank. The bank said something about protecting themselves just incase I didn't have the remainder of the money. I wonder if they get bigger tax breaks with the higher check payouts. I don't get it.

I forgot to ask about the $1500 holiday cash offer, however, I highly doubt it as I get factory direct pricing. I think I ended up paying 65,700 fully loaded (heated seats instead of cold weather pkg, no XM, No auto hi beams), comes with DCT, Comp Pkg, Premium Sound, premium pkg. I don't think I've seen any better deals out there.
__________________

2005 Pontiac GTO - 6Spd - 445 RWHP/415 RWTQ - SOLD
2013 BMW M3 Coupe - /// Competition Pkg /// Premium Pkg /// Dual Clutch Transmission /// BMW Apps /// Heated Seats ///
Appreciate 0
      11-24-2012, 10:27 AM   #4
gatorfast
Colonel
gatorfast's Avatar
33
Rep
2,672
Posts

 
Drives: MR E90 M3
Join Date: Jan 2008
Location: SoFla

iTrader: (3)

Bank should be able to give you $37k (amount financed) with you paying the balance directly to the dealer. Not sure what the issue is.

As an alternative, if you have a set amount you want to make as a down payment (ie $20k exactly) then you should be able to get a statement from the dealer listing the total sale price, less your down payment, equals amount that needs to be financed. Maybe just put your dealer in contact with the bank. It shouldn't be difficult.
Appreciate 0
      11-24-2012, 11:06 AM   #5
M3SQRD
Colonel
M3SQRD's Avatar
United_States
24
Rep
2,480
Posts

 
Drives: E92 M3s,R56 CooperS,F22 228iX
Join Date: Jun 2009
Location: EC

iTrader: (2)

^This - should not be a problem; however, I have no experience with the DoD Community Bank.
Appreciate 0
      11-24-2012, 12:22 PM   #6
Endless619
DHS
Endless619's Avatar
Spain
54
Rep
3,930
Posts

 
Drives: 2014 Range Rover Black Edition
Join Date: Oct 2010
Location: Disneyland

iTrader: (14)

Garage List
Quote:
Originally Posted by gatorfast View Post
Bank should be able to give you $37k (amount financed) with you paying the balance directly to the dealer. Not sure what the issue is.

As an alternative, if you have a set amount you want to make as a down payment (ie $20k exactly) then you should be able to get a statement from the dealer listing the total sale price, less your down payment, equals amount that needs to be financed. Maybe just put your dealer in contact with the bank. It shouldn't be difficult.
Agreed. They took my downpayment.
Appreciate 0
      11-24-2012, 12:27 PM   #7
Darth One
Former yr 1of1 owner
Darth One's Avatar
United_States
11
Rep
1,109
Posts

 
Drives: SGM E90
Join Date: Jul 2008
Location: FL

iTrader: (0)

same. i've bought from both dealership and private party and showed up with two checks. no problems either way. perhaps there is some kind of regulation or policy governing car sales by the DoD or in the UK that we aren't subject to stateside.
Appreciate 0
      11-24-2012, 09:35 PM   #8
s2kroma
First Lieutenant
United_States
6
Rep
340
Posts

 
Drives: a new car
Join Date: Mar 2012
Location: Chicago IL

iTrader: (0)

Here in Illinois you are able to give a dealer a deposit money (doesn't matter how much it can be from $500 to your initial down payment) and you can drive out the lot same day. Then you can go to a bank and get your check from them and drop it off next day at your dealer the balance of your vehicle. By the way nice looking M3 in the picture.
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 03:30 AM.




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