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11-04-2010, 12:42 PM | #2 | |
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"The BMW select is at 60 months. If your score is between 640-699, the balloon is 33%, is score is 639 or lower, the balloon is 30%, higher then 700 the balloon is 36% at 2.9% interest" If you find out any more info please share. I think my CA BS's me allot.
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11-04-2010, 01:50 PM | #3 | |
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I will let you know if the dealer quotes me differently. Thanks again! |
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11-08-2010, 11:45 AM | #5 |
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My select deal
Same interest rate as Financing (I locked in at .9 for 36 or 1.9% for 60 mo. in October)...in a 60 month Select term for example, you have a 37% residual of the e90 sedan (with a credit score over 700). This amount is the balloon due at the end of the term.
So...the net effect is monthly payment that more closely approximates leasing than outright financing and a lump sum (balloon) owed at the end of the term that you can finance at that point, or pay in full. The big advantage is obviously cash-flow up front and ownership, the downside is ownership and the uncertainty around the market value of the vehicle and the shape it is in after the term is up.
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2011.5 e90 M3 ZCP {Space Gray / 1/2 Fox Red & Blk / 6MT / ZCV / ZCW / ZP2 / EP Sound}
Former BMW's: '08 335i sil/blk (6sp) / '03 M3 sil/red (SMG) / '98 540i sil/blk (6sp) |
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11-08-2010, 11:51 AM | #6 | |
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Am I missing something?
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Could your CA be mixing up residual values with the balloon payment calculation? The latest (NOV) lease rates peg the 60 month lease residuals at 33%? 2011 BMW M3 Sedan Lease
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2011.5 e90 M3 ZCP {Space Gray / 1/2 Fox Red & Blk / 6MT / ZCV / ZCW / ZP2 / EP Sound}
Former BMW's: '08 335i sil/blk (6sp) / '03 M3 sil/red (SMG) / '98 540i sil/blk (6sp) |
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11-08-2010, 11:59 AM | #7 | |
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The residual gets lower with a lower credit score because that is less trust the finance company will have in you. Good credit rewards you with a higher residual, which yields a lower payment, due to paying down less of the car. As with any kind of financing, you pay more when your credit is lower. Also, you cannot use the residuals from the leasing, as they differ from the BMW Select residuals. |
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11-08-2010, 03:13 PM | #8 | |
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2011.5 e90 M3 ZCP {Space Gray / 1/2 Fox Red & Blk / 6MT / ZCV / ZCW / ZP2 / EP Sound}
Former BMW's: '08 335i sil/blk (6sp) / '03 M3 sil/red (SMG) / '98 540i sil/blk (6sp) |
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11-08-2010, 03:26 PM | #9 |
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yeah it sucks that they don't list the Select Residuals (Other refer to it as Balloon rate). For example, the 36 month Select Residual on a Coupe is 52% I believe, and the Lease Residual is 57 - 60% depending on mileage.
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11-10-2010, 12:20 PM | #10 |
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My CA just quoted me BMW Select 60 months at 6.9%!! He said promo 2.9% finance cannot be applied to Select Financing. Is he BSing me?
BTW, does anybody have any proof of BMW Select at 2.9% for 60 months that I can show my CA? Thanks in advance. |
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11-10-2010, 12:56 PM | #11 |
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He's wrong. I just did it a few weeks ago, 1.90% for 60 months.
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11-10-2010, 01:28 PM | #12 |
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I just emailed my CA back again telling him all the deals people are getting here on BMW Select. He replied back right away and said that's impossible because BMW Finance doesn't allow it. I'm beginning to think about switching to a different dealership but I want to show him that he is wrong but I don't have any actual proof that states BMW select is at 2.9%. Can someone help me obtain some type of proof?
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11-10-2010, 01:31 PM | #13 |
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I heard the same thing not less than a few hours ago from my dealer. He stated that BMW FS Select rates are NOT the same as the deals currently going for financing.
I have an email into BMW FS to confirm this....but if anyone else has proof, I would love to see it. Thanks! |
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11-10-2010, 01:40 PM | #14 | |
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Thanks! |
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11-10-2010, 02:18 PM | #15 | |
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I could scan my finance document for you, but it will take a day or two to get done. He should just believe you. If he's making such a big deal about being correct, it means he's not going out of his way to verify it. What about when something comes up where you really do need his help, and you don't want the lazy "Can't do it" response? They are working for you, and he's not doing the work. I'd find another dealer. |
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11-10-2010, 02:27 PM | #16 | |
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11-10-2010, 02:54 PM | #17 |
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Just my .02. I did BMW Select in May. I don't know what happened since then but the rate for Select and traditional financing through BMWFS was EXACTLY THE SAME - 3.9 at the time.
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11-10-2010, 04:16 PM | #18 |
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My CA actually asked me to send him an example agreement. I asked him to check with BMW FS again and still he wouldn't budge. Is this program only for certain states and not for where I live? This is getting frustrating.......
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11-10-2010, 04:20 PM | #19 |
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Talk to Ryan Amico at Steve Thomas in Camerillo, CA
I am 3 weeks out form picking my vehicle up at the PC...It has gone very smoothly
He quoted me 1.9% select rate for 60 months with a 37% balloon payment (best credit) or straight Finance at 60 months for 1.9%. NO BS! Ryan Amico
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2011.5 e90 M3 ZCP {Space Gray / 1/2 Fox Red & Blk / 6MT / ZCV / ZCW / ZP2 / EP Sound}
Former BMW's: '08 335i sil/blk (6sp) / '03 M3 sil/red (SMG) / '98 540i sil/blk (6sp) |
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11-10-2010, 04:20 PM | #20 |
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I will scan my document for you and post it tomorrow. I'd send it to him, thank him for not checking his own business facts, and then do business with someone else.
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11-10-2010, 04:58 PM | #22 | |
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It's amazing how many sales people take advantage of people who they otherwrise think may not have all information instantly available at their disposal! |
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