Possible financing issue...anybody can help? - BMW 1 Series Coupe Forum / 1 Series Convertible Forum (1M / tii / 135i / 128i / Coupe / Cabrio / Hatchback) (BMW E82 E88 128i 130i 135i)

Yablonski135 · 04-29-2009, 01:36 PM

I sent an email to my CSA and he said it is getting close to the time for my 135i to go into production. I placed my order in January and will have it delivered in October (after I return from Iraq). I spoke with my bank about financing and they said, for my protection, they do not want to write the loan until I am ready to take delivery of the car (I am easily approved though). BMW will want their money before the car is shipped. My first payment will be due about 30 days after the loan is written and thus I will have made 4-5 payments by the time I pick up the car.

So the question is for anybody who ordered their car. How did you financing work? Did you pay ahead of delivery or at delivery? Where was your financing through.

Any information/advice is greatly appreciated.

KeithLM · 04-29-2009, 01:46 PM

I ordered my car and paid when I picked it up. But if you've ordered so far in advance of picking it up I can see that as a problem. Do you expect the dealership to store it for months on their lot for you? Why did you order so far in advance? You should be getting a 2010 model instead of an 2009 if you aren't going to get it until October. Still, BMW shouldn't expect a dime until you take ownership of the car, unless there's something particularly unique about it that makes them think they can't sell it if you back out. Of course if I ran a dealership and was going to hold a car for 4-5 months I would expect for you to pay for it upon arrival and then pay for storage.

Yablonski135 · 04-29-2009, 02:56 PM

Expected delivery is sometime in October (I will be back in the US sometime in September). So there won't be much, if any, storage time. I made the decision to buy in January due to a price increase on the military sales price ($31,500 base). I had to purchase the car while here in Iraq to be eligible. I am buying directly from BMW in Germany, not a dealer (however I will pick it up at a dealer and pay tax, title and registration there).

esstee · 04-29-2009, 02:58 PM

Great choice with the Cashmere Silver. If you haven't seen it in person you will be very impressed.

KeithLM · 04-29-2009, 03:00 PM

Ah, well I know nothing about military purchases. But it seems odd that it'd be manufactured anytime soon. Granted they shut down in August, but typically they can deliver within 4 weeks or so of manufacturing. So where is it going to be if it's manufactured soon and you don't take delivery until October?

singular · 04-29-2009, 03:04 PM

I financed through BMW on day of delivery.

Did you check with BMW finance? I would assume they could deal with a military purchase.

Yablonski135 · 04-29-2009, 04:33 PM

Quote:

Originally Posted by esstee

Great choice with the Cashmere Silver. If you haven't seen it in person you will be very impressed.

Actually I haven't seen it. Well, only a stock photo. I am looking forward to seeing it. I went with the suggestion the girl made. I was leaning toward one of the blues at first.

Quote:

Originally Posted by KeithLM

Ah, well I know nothing about military purchases. But it seems odd that it'd be manufactured anytime soon. Granted they shut down in August, but typically they can deliver within 4 weeks or so of manufacturing. So where is it going to be if it's manufactured soon and you don't take delivery until October?

I was under the impression that it won't be manufactured until June or July.

Quote:

Originally Posted by singular

I financed through BMW on day of delivery.

Did you check with BMW finance? I would assume they could deal with a military purchase.

Oddly enough, I just got an response to the email I sent BMW a couple days ago about financing. Here is what they said:

Quote:

BMW Financial Services is a captive finance company. Due to regulations which surround a captive finance company, we can only offer financing to our BMW centers for vehicles in their inventory. We recommend contacting a BMW center regarding any financing options that may be available to you at this time. You may locate a listing of authorized BMW centers in your area on our website at www.bmwusa.com.

I guess I'm back to financing square one.

singular · 04-29-2009, 05:14 PM

Quote:

Originally Posted by Yablonski135

Oddly enough, I just got an response to the email I sent BMW a couple days ago about financing. Here is what they said:

I guess I'm back to financing square one.

I ordered mine two and a half months before delivery intending to pay cash and decided to finance only a few days before it arrived. The car was in their inventory only a day or so before I picked up.

KeithLM · 04-29-2009, 05:22 PM

Being in their inventory probably just means on the lot. If I understand how it is handled correctly, the car is acquired by the dealer, even in the case of a customer order, then it is sold by the dealer to the customer. It probably becomes the dealer's before it even gets to them. I bought mine the day it came off the truck, but I still bought from the dealer and could have financed through BMW if I wanted.

But military sales could be a different thing altogether. In that case the dealer may just handle delivery of the car.

Yablonski135 · 04-30-2009, 01:03 AM

Quote:

Originally Posted by KeithLM

Being in their inventory probably just means on the lot. If I understand how it is handled correctly, the car is acquired by the dealer, even in the case of a customer order, then it is sold by the dealer to the customer. It probably becomes the dealer's before it even gets to them. I bought mine the day it came off the truck, but I still bought from the dealer and could have financed through BMW if I wanted.

But military sales could be a different thing altogether. In that case the dealer may just handle delivery of the car.

That is the case, AFAIK. I may pick up a couple accessories from them that day because I'm such a super guy.

04-29-2009, 01:36 PM	#1
Yablonski135 Private First Class Drives: 09 CSM 135i Join Date: Jan 2009 Location: Pittsburgh, PA Posts: 127 iTrader: (0)	Possible financing issue...anybody can help? I sent an email to my CSA and he said it is getting close to the time for my 135i to go into production. I placed my order in January and will have it delivered in October (after I return from Iraq). I spoke with my bank about financing and they said, for my protection, they do not want to write the loan until I am ready to take delivery of the car (I am easily approved though). BMW will want their money before the car is shipped. My first payment will be due about 30 days after the loan is written and thus I will have made 4-5 payments by the time I pick up the car. So the question is for anybody who ordered their car. How did you financing work? Did you pay ahead of delivery or at delivery? Where was your financing through. Any information/advice is greatly appreciated.
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04-29-2009, 01:46 PM	#2
KeithLM Proud 1er Drives: Crimson/Coral 135i Join Date: Apr 2008 Location: Wylie, TX Posts: 699 iTrader: (0)	I ordered my car and paid when I picked it up. But if you've ordered so far in advance of picking it up I can see that as a problem. Do you expect the dealership to store it for months on their lot for you? Why did you order so far in advance? You should be getting a 2010 model instead of an 2009 if you aren't going to get it until October. Still, BMW shouldn't expect a dime until you take ownership of the car, unless there's something particularly unique about it that makes them think they can't sell it if you back out. Of course if I ran a dealership and was going to hold a car for 4-5 months I would expect for you to pay for it upon arrival and then pay for storage. __________________ Stett Performance Charge Pipe with DDV, Cold-Air Intake, Front Mounted Intercooler, and Stage 1 Oil Cooler. I've recently moved my photos to Google's web albums. Photos can be found here, here, and here.

04-29-2009, 03:00 PM	#5
KeithLM Proud 1er Drives: Crimson/Coral 135i Join Date: Apr 2008 Location: Wylie, TX Posts: 699 iTrader: (0)	Ah, well I know nothing about military purchases. But it seems odd that it'd be manufactured anytime soon. Granted they shut down in August, but typically they can deliver within 4 weeks or so of manufacturing. So where is it going to be if it's manufactured soon and you don't take delivery until October? __________________ Stett Performance Charge Pipe with DDV, Cold-Air Intake, Front Mounted Intercooler, and Stage 1 Oil Cooler. I've recently moved my photos to Google's web albums. Photos can be found here, here, and here.

04-29-2009, 05:22 PM	#9
KeithLM Proud 1er Drives: Crimson/Coral 135i Join Date: Apr 2008 Location: Wylie, TX Posts: 699 iTrader: (0)	Being in their inventory probably just means on the lot. If I understand how it is handled correctly, the car is acquired by the dealer, even in the case of a customer order, then it is sold by the dealer to the customer. It probably becomes the dealer's before it even gets to them. I bought mine the day it came off the truck, but I still bought from the dealer and could have financed through BMW if I wanted. But military sales could be a different thing altogether. In that case the dealer may just handle delivery of the car. __________________ Stett Performance Charge Pipe with DDV, Cold-Air Intake, Front Mounted Intercooler, and Stage 1 Oil Cooler. I've recently moved my photos to Google's web albums. Photos can be found here, here, and here.

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04-29-2009, 02:56 PM	#3
Yablonski135 Private First Class Drives: 09 CSM 135i Join Date: Jan 2009 Location: Pittsburgh, PA Posts: 127 iTrader: (0)	Expected delivery is sometime in October (I will be back in the US sometime in September). So there won't be much, if any, storage time. I made the decision to buy in January due to a price increase on the military sales price ($31,500 base). I had to purchase the car while here in Iraq to be eligible. I am buying directly from BMW in Germany, not a dealer (however I will pick it up at a dealer and pay tax, title and registration there).

04-29-2009, 02:58 PM	#4
esstee Enlisted Member Drives: 128i Cashmere Silver Join Date: Mar 2009 Location: Washington, DC Posts: 41 iTrader: (0)	Great choice with the Cashmere Silver. If you haven't seen it in person you will be very impressed.

04-29-2009, 03:04 PM	#6
singular Captain Drives: BSM 135i ppk cab Join Date: Nov 2008 Location: SF Bay Area Posts: 935 iTrader: (0)	I financed through BMW on day of delivery. Did you check with BMW finance? I would assume they could deal with a military purchase.