NEW Information Regarding 2 free months! If your a potential buyer, READ THIS!

[Rickster311]

Talked to my rep today, who happens to be the internet sales manager. Confirmed that the 2 free months is EXTENDED till March 31, 2009. Any cars you sign the paper work for from NOW TILL MARCH 31, WILL GET THE 2 FREE MONTHS, EVEN IF YOU PICK UP IN 2 MONTHS.

On top of this, the 2 free months DOES qualify with EURO-DELIVERY!!!! So, you can sign the paperwork before March 31 for Euro Delivery, SAVE 7%, AND as long you finance through BMW, get the first 2 months FREE!

Nice trick for those who don't want to finance, do it anyways, and then pay off the finance loan after 2 months! (Exactly what I'm doing).

and it is NOT only for LOYALTY customers.. it's for EVERYONEEEEE!

[singular]

Originally Posted by Rickster311

Nice trick for those who don't want to finance, do it anyways, and then pay off the finance loan after 2 months! (Exactly what I'm doing).

That's what I'm considering as well.

Have you checked the fine print on the paperwork? A lot of car loans have prepayment penalties and I'm thinking that might be the case with these 2 month free loans.

Also, does anyone know if 0.9% is available for the 1's?

[chazm]

^Excellent point, make sure their is not a penalty

[Monterra]

No prepayment penalties (I asked) but no .9 as of now just 3.9 but maybe they'll sweeten it for March. I'm planning on very little down on a 4 yr. term to get the payment to 750 to take full advantage of the offer then pay a chunk of it down and deduct the 2700 sales tax off next year's return. Both these events occurred after I pulled the trigger so even if in March (when I take deliv) the rate doesn't drop, I'm still quite pleased with the outcome.

[dbtheo]

Originally Posted by Monterra

No prepayment penalties (I asked) but no .9 as of now just 3.9 but maybe they'll sweeten it for March. I'm planning on very little down on a 4 yr. term to get the payment to 750 to take full advantage of the offer then pay a chunk of it down and deduct the 2700 sales tax off next year's return. Both these events occurred after I pulled the trigger so even if in March (when I take deliv) the rate doesn't drop, I'm still quite pleased with the outcome.

no pre-payment penalty after 6 months, before that, there is a minor penalty

[dbtheo]

also for euro delivery, if you are doing the paperwork more than 30 days out, make sure your ca gets clearance from BMWFS:

"When should the customer sign their lease or retail contract?
− Contract should be dated a minimum of 7 days before leaving for Europe but not more than
30 days"

[singular]

Originally Posted by dbtheo

no pre-payment penalty after 6 months, before that, there is a minor penalty

Thanks! Good info.

[hbdunn2003]

Originally Posted by dbtheo

also for euro delivery, if you are doing the paperwork more than 30 days out, make sure your ca gets clearance from BMWFS:

"When should the customer sign their lease or retail contract?
− Contract should be dated a minimum of 7 days before leaving for Europe but not more than
30 days"

So what is the max they will allow or that you have been able to do?

Don't you need a VIN to complete the contract?

My delivery date is May 23.

Thanks,

Brad

[Temple]

Originally Posted by dbtheo

no pre-payment penalty after 6 months, before that, there is a minor penalty

how much is the fee? and I am guessing that the first free two months count toward the six months?

[dbtheo]

Originally Posted by Temple

how much is the fee? and I am guessing that the first free two months count toward the six months?

I think it's only $150

[dbtheo]

Originally Posted by hbdunn2003

So what is the max they will allow or that you have been able to do?

Don't you need a VIN to complete the contract?

My delivery date is May 23.

Thanks,

Brad

not sure, I am trying right now to get approval for a client also for may delivery.

Yes, the lack of a vin does create a (very big) issue, that's the otherside that we are trying to figure out. We essentially need them to assign an earlier confirmed production date

[singular]

I'm talking to a BMW Finance guy right now that is claiming that this is only for current BMW owners (loyalty program). Is this true? Is there an official announcement that I can point to that gives the details?

Thanks.

[dbtheo]

Originally Posted by singular

I'm talking to a BMW Finance guy right now that is claiming that this is only for current BMW owners (loyalty program). Is this true? Is there an official announcement that I can point to that gives the details?

Thanks.

No, Rickster was correct in stating that the 2 payment are not a loyalty program. They are for everyone.

A simple thing to keep in mind regarding specials: If BMW advertises it to the general public, ie. bmwusa.com etc, it is for everyone. They don't advertise owner loyalty programs, it would cause way too much confusion & piss off a lot of people

[dbtheo]

Cribbed from bulletin:

"Retail Finance Two Payment Waiver Program
BMW is introducing a Two Payment Waiver Program on 18 unique and diverse models. Through this initiative, BMW will make up to two payments ($750 per month / $1,500 max) on retail finance and Select contracts. Please note that this program cannot be locked and expires on 3/31 for 2009 models and 3/2 for applicable
2008 models."

if that doesn't work you can always send him here:
http://www.bmwusa.com/Standard/Conte...r/Default.aspx

[singular]

Originally Posted by dbtheo

Cribbed from bulletin:

"Retail Finance Two Payment Waiver Program
BMW is introducing a Two Payment Waiver Program on 18 unique and diverse models. Through this initiative, BMW will make up to two payments ($750 per month / $1,500 max) on retail finance and Select contracts. Please note that this program cannot be locked and expires on 3/31 for 2009 models and 3/2 for applicable
2008 models."

if that doesn't work you can always send him here:
http://www.bmwusa.com/Standard/Conte...r/Default.aspx

The finance guy called back and said he "found" it.

Thanks for the quote and pointers. dbtheo you rock!

[Temple]

Does anyone know if you have to put money down when going through BMW Financial?

[dbtheo]

Originally Posted by Temple

Does anyone know if you have to put money down when going through BMW Financial?

unless they approve you with "stipulations",no, you won't need to.

[Call]

Originally Posted by Rickster311

Talked to my rep today, who happens to be the internet sales manager. Confirmed that the 2 free months is EXTENDED till March 31, 2009. Any cars you sign the paper work for from NOW TILL MARCH 31, WILL GET THE 2 FREE MONTHS, EVEN IF YOU PICK UP IN 2 MONTHS.

On top of this, the 2 free months DOES qualify with EURO-DELIVERY!!!! So, you can sign the paperwork before March 31 for Euro Delivery, SAVE 7%, AND as long you finance through BMW, get the first 2 months FREE!

Nice trick for those who don't want to finance, do it anyways, and then pay off the finance loan after 2 months! (Exactly what I'm doing).

and it is NOT only for LOYALTY customers.. it's for EVERYONEEEEE!

Just keep in mind those first payments on a financed vehicle are mostly interest which will not reduce the total amount owed if you pay it off in two months. In this particular situation you will save nothing. Your best deal is always to pay cash up front and never have a payment.

Call

[Monterra]

It absolutely does decrease the total amount owed. Based a normal 4 yr. loan amortorization financing the 33k (to get to a payment of 750) with 2 months free will knock off just shy of 1300 off the principal. Pay it off after 2 months and save the $, less a 150 penalty it's still well worth it and anyone who pays cash (my last 3 cars were paid in cash) is making a mistake not to take advantage of this.

DB- Do you know if this penalty applies to any/all accelerated payments or just when the car is paid fully off early? My CA and finance guy told me "no penalties" does this apply only on this type of promotion and maybe that's why they may not know about said penalty?

[singular]

Originally Posted by Call

Just keep in mind those first payments on a financed vehicle are mostly interest which will not reduce the total amount owed if you pay it off in two months. In this particular situation you will save nothing. Your best deal is always to pay cash up front and never have a payment.

Call

True in a 30 year loan, but not true in a 4 or 5 year loan.

Interest on a 35K loan at 3.9% is less than $100 / month, while the payment is nearly $800.

Paying this loan off early with little or no pre-payment penalty is like getting a discount on your car.

[dbtheo]

Originally Posted by Monterra

It absolutely does decrease the total amount owed. Based a normal 4 yr. loan amortorization financing the 33k (to get to a payment of 750) with 2 months free will knock off just shy of 1300 off the principal. Pay it off after 2 months and save the $, less a 150 penalty it's still well worth it and anyone who pays cash (my last 3 cars were paid in cash) is making a mistake not to take advantage of this.

DB- Do you know if this penalty applies to any/all accelerated payments or just when the car is paid fully off early? My CA and finance guy told me "no penalties" does this apply only on this type of promotion and maybe that's why they may not know about said penalty?

typically there is not a penalty, BMWFS tends to apply fees to these type of promtions to ensure they get something.

[Call]

If your loan is based on the Rule of 78 that will not be the case. Why not just ask the question when you next talk to your salesman then when you do the finanacing get it in writing.

Here is a website that will give you an idea of what I'm talking about. Most banks and lending institutions use it. If BMW doesn't use the Rule of 78 then ask them what method do they use.

Call