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

[singular]

Originally Posted by 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

Good point. I've assumed no prepayment penalty = not Rule of 78.

But maybe BMW USA finance doesn't think that way.

dbtheo - do you know if these loans are Rule of 78?

[lannypoffo]

Originally Posted by Monterra

and deduct the 2700 sales tax off next year's return. .

oh dude..... i bought a new 2009 xterra on dec 29th 2008 i think.. i already did my taxes. can i still claim it on the 2009 return even tho i bought it in 2008? i gotta find out before its too late. i can do an ammended return if i need to.

[Monterra]

I don't believe so and not because you already filed, its because you bought 3 days too early. I know there was a lot of back and forth over when this would be effective from in relation to date of purchase. What I'm seeing shows new car purchases made in the 09 calendar year. Sorry man, but you should follow up with a tax pro to be sure about that but if you did qualify I believe you could still take it on next year's return.

[lannypoffo]

Originally Posted by Monterra

I don't believe so and not because you already filed, its because you bought 3 days too early. I know there was a lot of back and forth over when this would be effective from in relation to date of purchase. What I'm seeing shows new car purchases made in the 09 calendar year. Sorry man, but you should follow up with a tax pro to be sure about that but if you did qualify I believe you could still take it on next year's return.

ah i was thinking of my 2008 xterra which i bought on dec 29th 2008. but i bought my 2009 xterra on 1/5/2009. so im good!

[Monterra]

Holy xterras! The one you bought this year should qualify for the deduction as far as I know.

[singular]

Originally Posted by singular

Good point. I've assumed no prepayment penalty = not Rule of 78.

But maybe BMW USA finance doesn't think that way.

dbtheo - do you know if these loans are Rule of 78?

My CA tells me it is *not* Rule of 78, it's simple interest and no pre-payment penalty.

I suppose it might vary between dealerships.

[Call]

If it's BMW F it shouldn't differ from dealership to dealership.

Call

[drivrswntd]

How do I take advantage of this if my car isnt scheduled to be here till end april/beg may but is already on order?

[syenisch]

Originally Posted by drivrswntd

How do I take advantage of this if my car isnt scheduled to be here till end april/beg may but is already on order?

If they say you're taking delivery too late, you could probably say you want to start paying for it off early and get the loan going soon.

[jbablak]

Has anyone actually purchased under this offer? If so can you provide some of the details discussed like prepayment penalty and length of contract?

[Rickster311]

I'm in the process right now. I will ask these questions when we're down to the signing.

Every dealer in my area has told me I can't get the 2 free payments with EuroDelivery, but my dealer says I can.. He said he even checked with the finance director, who checked the fine print/contract rules, and it didn't mention anything about not being applicable to ED, so they assume they can do it.

Should sign/order the car on Monday. I'll update then =)

[hbdunn2003]

It does apply to ED. That has been established.
As long as you sign the finance contract before April 1 (this means you will start paying for the car) you get the two free payements. The key is usually you can not do this more than 30 days prior to your pickup date in Munich.


Rickster, what it is your delivery date or what have you requested?

[Rickster311]

Hasn't been established yet. Will know by Monday. All I was told so far was if I get it signed by Monday, I'll have a production date by the end of March (before the promotion ends).

Will update soon.

[new2the3]

Quick question, If I place an order for a 135i sometime in March, Would I qualify for the two months free? Would they be able to start the contract March 31st and it would take about 2 months to get an ordered car so by the time it comes in I would be on my 1st actual payment (3rd payment)? Also, what are the chances of BMW renewing the free 2 month promotion past march?

[singular]

Originally Posted by jbablak

Has anyone actually purchased under this offer? If so can you provide some of the details discussed like prepayment penalty and length of contract?

I've been approved for the loan and my car gets into port this week, so I should be able to confirm things by next weekend.

[singular]

Originally Posted by new2the3

Quick question, If I place an order for a 135i sometime in March, Would I qualify for the two months free? Would they be able to start the contract March 31st and it would take about 2 months to get an ordered car so by the time it comes in I would be on my 1st actual payment (3rd payment)? Also, what are the chances of BMW renewing the free 2 month promotion past march?

IMO...

This is all about keeping the marketing buzz. If they renewed this program, it would encourage buyers to wait. The economy is not getting any better, and car sales are continuing to slump. It seems more likely to me that the next incentive will be a lower interest rate for the 1er.

There will always be some marketing program to urge you to buy NOW!

But again...IMO.

[dbtheo]

Originally Posted by singular

IMO...

This is all about keeping the marketing buzz. If they renewed this program, it would encourage buyers to wait. The economy is not getting any better, and car sales are continuing to slump. It seems more likely to me that the next incentive will be a lower interest rate for the 1er.

There will always be some marketing program to urge you to buy NOW!

But again...IMO.

that's a pretty good opinion....

[SLO]

Originally Posted by singular

IMO...

This is all about keeping the marketing buzz. If they renewed this program, it would encourage buyers to wait. The economy is not getting any better, and car sales are continuing to slump. It seems more likely to me that the next incentive will be a lower interest rate for the 1er.

There will always be some marketing program to urge you to buy NOW!

But again...IMO.

That said, if you do the math, the 2 payments is a better deal that even droping the interest rate to 1.99%...assuming you take advantage of the full $1,500 in payments ($750/month)

[singular]

Originally Posted by SLO

That said, if you do the math, the 2 payments is a better deal that even droping the interest rate to 1.99%...assuming you take advantage of the full $1,500 in payments ($750/month)

+1

Especially if there's no pre-payment penalty and you pay off early.

[joeo]

Just talked to a local dealer, and she says that in order to take advantage of the first 2 payments being free, you must take physical delivery of the car - just placing the order does not qualify you.
Even if I ordered the car today, I would not expect it to be here until April, which is after the offer ends.
Is this really the case? I thought you just had to sign the paper work??

-Joe

[Alow]

Originally Posted by joeo

Just talked to a local dealer, and she says that in order to take advantage of the first 2 payments being free, you must take physical delivery of the car - just placing the order does not qualify you.
Even if I ordered the car today, I would not expect it to be here until April, which is after the offer ends.
Is this really the case? I thought you just had to sign the paper work??
-Joe

Yes. If you are ordering a car, my understanding is you can't sign the paperwork until the car arrives. If you do a performance center delivery, 2 weeks before the car arrives. If you are doing european delivery, I am not sure, but I think its 2 weeks too.

[Alow]

Originally Posted by jbablak

Has anyone actually purchased under this offer? If so can you provide some of the details discussed like prepayment penalty and length of contract?

I just closed on my car last Saturday (delivery at the performance center on 3/5). I was able to take advantage of the offer. I confirmed there is no pre-payment penalty, 3.9% and my loan is for 60 months. I didn't specifically ask but they didn't seem to care about the length of contract.