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05-13-2008, 11:55 AM | #1 |
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BMW matched PenFed 4.25% rate
My dealer matched the penfed rate so I'm just going to use them. It's a lot easier I figured. Just an FYI for anyone wanting to that route...BMW should be able to match the rate you get.
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05-13-2008, 12:01 PM | #3 |
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Wow that's awesome, from everything I've heard PenFed has a bunch of hoops you have to jump through. I opted to go with BMWFS as well to avoid the hassle. Though my rate is 5.04
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05-13-2008, 12:01 PM | #5 |
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That is probably not bmwfinancial, it is more likely a third party the dealer set up. Not saying it is bad, just not the same as bmwfs.
P.S. This is what I did and my loan is through us bank.
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05-13-2008, 12:03 PM | #6 |
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Nice! I got a 4.65 rate from my dealer. Simple interest loan, no prepayment penalty, so it was a good deal for me, actually.
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05-13-2008, 12:12 PM | #7 |
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I got 4.24% on a 48 month loan from my bank. Pretty happy.
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05-13-2008, 01:26 PM | #11 |
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I got 4.25% from Bank of America through the dealers finance department.
Edit: Term 48 months
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05-13-2008, 01:29 PM | #12 |
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I wonder what ED customers are getting, since we are kind of over a barrel for financing choices. I assume with an 800 plus credit rating I have a pretty good argument on my side.
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05-13-2008, 01:35 PM | #14 |
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Everything I've heard is that BMWFS doesn't like anything beyond 60 month loan terms. My CA told me the same thing about the 72 month term (even though I was only interested in 48 or 60). Since there's no prepayment penalty I opted for 60 months. IMO if you have to go more than 60 months to finance the car you may want to reconsider the situation.
I got 5.04% however I believe the new rate is 5.99% I got lucky and got a concession on the rate and got the 5.04 (even though the papers are being signed when the new rate is 5.99)
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05-13-2008, 01:54 PM | #15 |
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I found 4.54% for 5yrs with AAA. They can do slightly better if your LTV is 80% or less of invoice. Importantly, there are fees that effectively add about 0.3% to the rate.
Have asked my SA to offer something competitive with that. Will check PenFed too. Thanks for passing that on NY SLC 93. |
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05-13-2008, 01:56 PM | #16 |
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Drives: BMW i3 rex
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Garage List 2018 I01 i3s | CURRENT [0.00]
2018 G01 X3 | CURRENT [0.00] 2017 I01 i3 | SOLD [0.00] 2017 F48 X1 | SOLD ... [0.00] 2016 I01 i3 | SOLD [0.00] 2017 F22 M240 | SOLD [8.00] 2016 F25 X3 diesel ... [0.00] 2006 E60 550 | SOLD [6.00] 2011 E90 335 | SOLD [8.66] 2012 E82 135 | SOLD [5.50] 2011 E82 1M | SOLD [7.94] 2007 E85 Z4M| SOLD [4.50] 2003 E53 X5 4.6is S ... [9.00] 2008 E92 328 | SOLD [0.00] 2008 E82 135 | SOLD [0.00] 2008 E90 335 | SOLD [0.00] 2003 E46 M3 | SOLD [7.50] 2006 E90 330 | SOLD [10.00] 2003 E46 330ZHP | SOLD [0.00] |
financed 8 cars thru bmw fs but gave the biz to pfcu. they were great from A to Z...
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05-13-2008, 02:25 PM | #18 |
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NY_SLC... are you sure this is through BMW Financial Services, or is it via another bank that they deal with? It is my understanding that it's extremely rare for BMW Financial Services to lower by >2%, which it sounds like you got, from their current rates for the 1 series.
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05-13-2008, 03:46 PM | #21 |
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What was the length? The best my dealer offered was 4.7% 60mos 4.8% 72mos through Chase. BMW was offering in the 5's. Thats despite them giving me their highest credit rating (above 740). If I take the 4.8% its only $10 more a month and it would be much easier than Penfed. Probably gonna take it, but I might ask them to see about BofA if yours is for 72mos.
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05-13-2008, 04:20 PM | #22 | |
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