Anyone else getting seriously pissed about pricing...

[mm320cap]

Originally Posted by NavNurs

Navy Federal Credit Union seems to have decent rates. I got 3.5% for my new Offroad Xterra and am planning on a big chunk for the M.

This is totally off topic, but is there a way to know at what $$ level auto loans decrease ones FICO score? I plan on buying a house in the next couple of years and am thinking 60K in loans may not help the process. I could pay cash for the car but figured on just leaving it in the money market?

http://www.navyfcu.org/

I would be very very careful about taking out a big car loan if you are planning on buying a house anytime soon. I recently went in to get a mortgage and found out that the lending requirements have changed DRAMATICALLY since the Great Credit Explosion of 2007. The qualifications have changed such that a loan that I qualified for easily just 3 months ago when I got pre-approval was completely impossible now. In order to qualify, I will need to remove about $1300 a month from my debt exposure. You might want to talk to a mortgage broker and run some numbers before you buy the car.

[Keto]

Originally Posted by mm320cap

I would be very very careful about taking out a big car loan if you are planning on buying a house anytime soon. I recently went in to get a mortgage and found out that the lending requirements have changed DRAMATICALLY since the Great Credit Explosion of 2007. The qualifications have changed such that a loan that I qualified for easily just 3 months ago when I got pre-approval was completely impossible now. In order to qualify, I will need to remove about $1300 a month from my debt exposure. You might want to talk to a mortgage broker and run some numbers before you buy the car.

He can just use the old, classic, conservative 28/36 debt ratios. House payment 28% of gross monthly income, total debt 36% of gross monthly income. They don't count credit card debt (make sure you have none anyway) but they do count student loans and other cars.

[mm320cap]

Originally Posted by Keto

He can just use the old, classic, conservative 28/36 debt ratios. House payment 28% of gross monthly income, total debt 36% of gross monthly income. They don't count credit card debt (make sure you have none anyway) but they do count student loans and other cars.

He sure can! They DO count credit card debt though. I pay off my credit cards every month, but whatever the balance is when your credit is run is counted against you. I was told NOT to use my credit cards at all the month before I want to take out the loan so that it will show a 0 balance.

If his ratios are 28/36, then he is all set! What I have found now, is that if you are using any sort of an ARM loan, you now have to super-qualify for what your payment WILL be when the arm expires... in some cases, thats 10 years out! Just wanted him to be aware of the change.

Happy shopping!

[Voltigeur]

All these comments above, plus the bad macro data I have seen, are confirming the hypothesis that this will be a tougher economic environment in which to launch the e92. Credit will be tighter, bonuses slimmer and jobs fewer . Before SS jumps on me for this: yes, there'll be plenty of early punters for whom money will not be an obstacle.

[NavNurs]

Thanks for all the information!

Hopefully this housing crash in San Diego will allow less than 28% of my gross! Knowing I shouldn't go more than 8% for auto loans is a BIG help.

Thanks again!

[Keto]

Originally Posted by mm320cap

He sure can! They DO count credit card debt though. I pay off my credit cards every month, but whatever the balance is when your credit is run is counted against you.
Happy shopping!

Right, but if you spend, say, $1000/month on the CC but pay it off every month, they don't count it towards your ratios, as that is nonrecurring debt. Nowadays most people that make enough to afford this car pay a significant fraction of their expenses via CC. It's not really "debt" if you pay it off each month.

If your mortgage company is nutso or you are exceptionally paranoid you can always pay with a debit card shortly prior. Remember that having a credit card or two, using them frequently and paying them off every month is actually good for your credit score. Cancel all those store cards, however. Geh.

[InJapan]

Navy Federal Credit Union is the way to go if you qualify for membership. They have made their requirements for membership much easier, so even if you are not active duty you still may qualify.
I finance all of my cars through them.
As much as I like paying off my debts, getting a loan for 3.5% and then sinking the money into their MM fund at 4.5% is just hard not to do. I finance as close to 100% as they let me.

The only time I think that anyone offered a lower rate was way back when... as a newly commissioned officer, Pentagon Federal use to give Extremely low rates for new officers with a new account.

[THE JEDI]

yeah navy fed is who i'm going thru to...they have great loan rates...hard to beat...USAA...are hard on membership soI don't deal with em.

[THE JEDI]

Originally Posted by InJapan

I agree. The pricing should be announced in Detroit.

If not, I may cancel my order. This is irritating to the extreme.
I hope that someone from BMW is watching this board.

Hey in Japan.....this is the guy I'm dealing with......Shane..cool dude.....

098-935-4727..works for the Military sales main office in Japan....

http://unilife-bmw-military.com/index1.php

[mm320cap]

Originally Posted by Keto

Right, but if you spend, say, $1000/month on the CC but pay it off every month, they don't count it towards your ratios, as that is nonrecurring debt. Nowadays most people that make enough to afford this car pay a significant fraction of their expenses via CC. It's not really "debt" if you pay it off each month.

If your mortgage company is nutso or you are exceptionally paranoid you can always pay with a debit card shortly prior. Remember that having a credit card or two, using them frequently and paying them off every month is actually good for your credit score. Cancel all those store cards, however. Geh.

Hi Keto,

Perhaps its just the lending institution that my mortgage broker is using, but I was specifically told that if you have a balance on your credit card, whatever the minimum monthly payment is for the balance you carry is considered "debt". I pay my cards off every month but tend to charge everything I can so I can get rewards points. If you have a $5000k balance on your cards it can show up as $100 or $150 a month minimum required payment which will count toward your ratios. I agree with every other thing you have said... have a few credit cards, don't carry any store cards, etc. Your strategy of using your debit card for a couple of months is exactly right if you are close on the ratios.

[THE JEDI]

Hey I heard a rumor the deilvery charge was gonna change....any word on that....but I really think I'm out of the running on the M3......sad to say it..but man I'd really like one....the sedan is perfect but the pricing crap is pissing me off feel like i'm begging someone to take my money and I don't like that......at all

[JoB01]

Originally Posted by InJapan

Navy Federal Credit Union is the way to go if you qualify for membership. They have made their requirements for membership much easier, so even if you are not active duty you still may qualify.
I finance all of my cars through them.
As much as I like paying off my debts, getting a loan for 3.5% and then sinking the money into their MM fund at 4.5% is just hard not to do. I finance as close to 100% as they let me.

The only time I think that anyone offered a lower rate was way back when... as a newly commissioned officer, Pentagon Federal use to give Extremely low rates for new officers with a new account.

Navy Federal is very nice. I've been banking with them for over 10 years now (since I was a mid): two mortgages later and a car loan and the rates have been lower than any other institution I've looked at (including USAA). I highly recommend them as well if you have the means...

[mdrobc13]

Hey can an AD AF guy get membership with Navy Fed Credit Union? Or do they just take Navy/Marine types?

[THE JEDI]

Originally Posted by mdrobc13

Hey can an AD AF guy get membership with Navy Fed Credit Union? Or do they just take Navy/Marine types?

If your stationed on a Marine base yes..but ARMY AND AIRFORCE are done by Pentagon Federal Credit Union....Kadena AirBase, and Yokota and Misawa airbase.......

[InJapan]

Originally Posted by THE JEDI

If your stationed on a Marine base yes..but ARMY AND AIRFORCE are done by Pentagon Federal Credit Union....Kadena AirBase, and Yokota and Misawa airbase.......

Sorry to disagree, but ANY service member can apply for NFCU membership.
I was in the Army when I joined.... Navy now.. don't ask, it's a long story.

Call NFCU to apply for a membership.

[Blip Bavarian]

I have a written agreement with my dealer that i will pay MSRP for the car; so at least I know that I am not going to get reamed oncce the car comes in.

[Van_bimmer]

Back when I ordered my e60 M5, it was second allocation. The prices were not available until the second allocation was able to spec, basically about a week before the FIRST allocation people were able to pickup thier cars. It sucks, but thats the way it is... its the gamble you make being the special guy on the top of the list. If you dont like it, then it goes to lucky person number two, or the dealer floor.

With the M5, back in the days of anticipation when I lurked the M5board, nobody ever complained about the price not being available... whatever it costed was what it took to get such a desirable car... the know is this: the M3 will likely be somewhere between $55-65K, if you cant afford that, then dont complain that you cant play with a configurator all day long. Sorry, but its the truth.

Welcome to the world of high performance german sports cars that everyone wants!

That being said, im waiting until I can sit behind the wheel of an M-DCT car before I even consider the M3 at all.... I will NOT order blind again like I did with the M5, what a huge dissapointment the SMG III was.... herky jerky thing...

good luck

[Voltigeur]

Originally Posted by Van_bimmer

the M3 will likely be somewhere between $55-65K, if you cant afford that, then dont complain that you cant play with a configurator all day long. Sorry, but its the truth.

Your range has got to be wide enough, from all I've read I think it will be $57 - 62.5. Semantically, if you can't afford that then you can still play (daydream) on the configuarator all-day-long, you just can't delete enough options to make the #'s work!

Originally Posted by Van_bimmer

Welcome to the world of high performance german sports cars that everyone wants!

At least it's not the world of hi-perf Italian sports cars - where MSRP for more desired models can be an unattainable fantasy (unless you are a valued repeat customer).

Originally Posted by Van_bimmer

That being said, im waiting until I can sit behind the wheel of an M-DCT car before I even consider the M3 at all.... I will NOT order blind again like I did with the M5, what a huge dissapointment SMG III was....

+1 I want to keep my next car for several years. Therefore there's no way I want to buy blind (and I too want to try m-dct). I also want to make sure the M3's engine compensates sufficiently for the steering & other elements of competing Porsches.

Wow, so the M5 was that big a disappointment... (makes the e39 one seem even more classic) - I note that you have already moved to a 335i. Don't miss the V10?

[SMSgt B]

Originally Posted by InJapan

Sorry to disagree, but ANY service member can apply for NFCU membership.
I was in the Army when I joined.... Navy now.. don't ask, it's a long story.

Call NFCU to apply for a membership.

True but you have to meet these requirements according to their website:

Eligibility Checklist
Navy Federal's Field of Membership is determined by the National Credit Union Administration (NCUA). If you are in any of these categories, you are eligible to join.

All Department of the Navy (DON) Personnel—regardless of location or rank, including: Active duty Navy and Marine Corps Reservist, regardless of drilling status Civilian employees Contractors assigned to DON sites afloat or ashore

Officer Candidate programs, NROTC, U.S. Naval Academy, U.S. Coast Guard Academy, U.S. Merchant Marine Academy

U.S. Government—Military and civilian personnel employed by the U.S. Government assigned to, stationed at or working at a Navy installation, afloat or ashore

Retired—from any of the categories listed above

Family—including:
Grandparents
Parents
Spouse
Siblings
Children (includes adopted, foster and stepchildren)
Grandchildren
Household Members
Once your family members have joined, they can extend the membership opportunity to their family members, too.

[Van_bimmer]

+1 I want to keep my next car for several years. Therefore there's no way I want to buy blind (and I too want to try m-dct). I also want to make sure the M3's engine compensates sufficiently for the steering & other elements of competing Porsches.

Wow, so the M5 was that big a disappointment... (makes the e39 one seem even more classic) - I note that you have already moved to a 335i. Don't miss the V10? [/QUOTE]

Oh believe me, I miss the singing sound of that smooth V10... and I also miss the rumble of the e39's v8 engine too... I think in the end, the E9x suits me more, since im 30yrs old. I would like to own an m5 again one day, when im a bit older ang going through my mid-40's crisis. The problem with the M5 was, that I only really enjoyed the car about a half dozen times; a few long road trips, and the track days with the car club. Otherwise, it was a pretty agrivating car to drive. Its one of those things where you have to live with one for a little while, to fully understand it. But when I got that beast on the highway, it was the greatest car in the world. Cant wait to try the M3... i always prefer the sound of a V8, personally.
cheers

[InJapan]

Originally Posted by SMSgt B

True but you have to meet these requirements according to their website:

Eligibility Checklist
Navy Federal's Field of Membership is determined by the National Credit Union Administration (NCUA). If you are in any of these categories, you are eligible to join.

All Department of the Navy (DON) Personnel—regardless of location or rank, including: Active duty Navy and Marine Corps Reservist, regardless of drilling status Civilian employees Contractors assigned to DON sites afloat or ashore

Officer Candidate programs, NROTC, U.S. Naval Academy, U.S. Coast Guard Academy, U.S. Merchant Marine Academy

U.S. Government—Military and civilian personnel employed by the U.S. Government assigned to, stationed at or working at a Navy installation, afloat or ashore

Retired—from any of the categories listed above

Family—including:
Grandparents
Parents
Spouse
Siblings
Children (includes adopted, foster and stepchildren)
Grandchildren
Household Members
Once your family members have joined, they can extend the membership opportunity to their family members, too.

Interesting....
I just walked into a NFCU branch while in the Army, not meeting any of those conditions and was accepted... but that was 19 years ago. Things could have changed.
I also joined Pentagon Federal recently while in the Navy, stationed at a Navy base.

I have a feeling that those rules are not set in stone.

[devo]

Back to the topic of pricing.

This is getting so ridiculous, I am tempted to cancel my order and buy a low mileage 911S or order the facelifted one. F**k BMW for handling this pricing issue like this.

My car is ready to be built in about three weeks.