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      10-05-2007, 02:48 PM   #1
TESLAASTRO
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FINANCING Q

Just for the heck of it, I filled out an online auto loan app from my insurance/financial services company. this company is a leader in the industry, and w/o naming them, they only provide services for military officers and their families (not GEICO).....I was immediately approved for a 37k loan, 60 months @ 5.9%....

As a first time BMW buyer, do you think when it's time to buy my 135 (!) I could get a more attractive rate, whatever it may be at the time, from BMW?.....does BMW Finance typically compete well vs financial institutions? Or,would I be in a better negotiating position to have my financing lined up prior to working with the BMW dealer?

any thoughts would be appreciated ...Thanks....
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      10-05-2007, 03:31 PM   #2
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i bought my 3 series through USAA. :-) i doubt you'll get a better rate from bmw. i started to do BoA but their rates sucked. USAA also does a split payment so they auto-deduct half on the 1st and half on the 15th. it's very convenient.
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      10-05-2007, 04:17 PM   #3
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Generally speaking, BMW Finance isnt going to give the most competitive rate and is mostly their for convenience. In some cases (like repeat customers), you can find a great deal with BMW Finance. It really depends upon your circumstances. If you are planning on buying future BMWs, it might be worth going with BMW Finance to establish credit with BMW and to begin earning rewards towards BMWs.

For comparative purposes, I financed my MINI through BMW Finance and have a rate of 7.49% (I could have lowered that 6.9% if I chose a 60 month term). This was a month and half ago, though, and things have certainly changed since then with the Fed lowering rates a week ago. I would say that the best you could do right now would be low-to-mid 6s with BMW Finance.

As for negotiating position, it certainly gives the salesman a green light knowing that his customer has already been approved for finance. That ultimately may not much difference but it wouldnt hurt.
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      10-05-2007, 05:06 PM   #4
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Quote:
Originally Posted by sstainba View Post
i bought my 3 series through USAA. :-) i doubt you'll get a better rate from bmw. i started to do BoA but their rates sucked. USAA also does a split payment so they auto-deduct half on the 1st and half on the 15th. it's very convenient.
did you actually use USAA's car buying service, or just financed through them?....I've been a USAA member since I started driving at 16, and I think they are a tremendous company.......
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      10-05-2007, 08:14 PM   #5
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Quote:
Originally Posted by TESLAASTRO View Post
Just for the heck of it, I filled out an online auto loan app from my insurance/financial services company. this company is a leader in the industry, and w/o naming them, they only provide services for military officers and their families (not GEICO).....I was immediately approved for a 37k loan, 60 months @ 5.9%....

As a first time BMW buyer, do you think when it's time to buy my 135 (!) I could get a more attractive rate, whatever it may be at the time, from BMW?.....does BMW Finance typically compete well vs financial institutions? Or,would I be in a better negotiating position to have my financing lined up prior to working with the BMW dealer?

any thoughts would be appreciated ...Thanks....

You have 5 months to think about it and consider your options, this thread is a tad premature!
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      10-05-2007, 09:50 PM   #6
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Quote:
Originally Posted by TESLAASTRO View Post
Just for the heck of it

ok Tad, i'm sorry for my transgression, and for making you read my post....you see, I have too much free time on my hands since Jack and Meg cancelled the tour.....

guess what, i dont plan on buying the car until next summer.....more than a "tad" premature......double secret tad premature!!!!.....

Dont worry about me Mr Winter Car, I got things covered.....
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