[kk88]

This is the first BMW I am purchasing and I’d love some feedback on BMWFS. My credit is between 745-780 for both myself and my wife.

Are there any benefits for financing with BMW and how is their customer service? The reviews I find online are pretty bad but people usually only complain in reviews so it’s not an accurate representation.

[JayPichardo]

BMW FS often gives you an incentive to use them to finance the vehicle. I do all of my stuff online and so far have had no complaints about them.

[davecraze]

BMWFS has been very aggressive to beat interest rates on the last three BMWs I bought for my wife.

I do all my interactions online also and I have no complaints at all.

[kk88]

Awesome! Thanks for the info. Did you suggest I go with a prequalification from another company or should I just point them to the company’s website?

[M2taz]

I also had good luck with PenFed Credit Union for my last two cars. They offer very competitive rates and you'll have a check in hand when you're ready to negotiate.

[davecraze]

Originally Posted by kk88

Awesome! Thanks for the info. Did you suggest I go with a prequalification from another company or should I just point them to the company’s website?

I went in with prequal and a lender check in hand - I did not need it, of course.

[kk88]

Originally Posted by davecraze

I went in with prequal and a lender check in hand - I did not need it, of course.

Originally Posted by davecraze

I went in with prequal and a lender check in hand - I did not need it, of course.

Excellent! Thanks for all the advice. I'll do the same.

[darksilkx1]

Originally Posted by kk88

This is the first BMW I am purchasing and I’d love some feedback on BMWFS. My credit is between 745-780 for both myself and my wife.

Are there any benefits for financing with BMW and how is their customer service? The reviews I find online are pretty bad but people usually only complain in reviews so it’s not an accurate representation.

Been a BMWFS customer since 2006 non stop. Never an issue. Great service. Just be sure that your dealer is giving you the base rate you qualify for and not marking it up for profit. You can apply for credit on their site and literally get a response in less than 5 minutes. The approval is sent directly to the dealer where you'll finalize terms.

[LordBarton]

I have had BMW most of my life, I have used BMW Financial the past two vehicles with regular financing which I recommend for everyone. But I have had some credit problems in the past 3 years from a bad relationship/legal issues. My 4 series was almost paid off this year and I really wanted a new BMW but was worried about my credit as that will eventually be cleared up thanks to a great lawyer!! I applied online at BMW online and Capital One and got approved at capital one for a new car loan. The next morning, my local BMW center called me, it was the sales manager and he was like “hey, I see your looking for a new BMW and you applied online at BMW. He said I think we can work with you. I told him I was approved with capital one regardless and that I would like to get into the new X5. When I got to my local BMW I was a little nervous as my credit isn’t that good right now. I was immediately welcomed and treated like royalty. The Sales Manager yelled “hey Paul” across the room, I asked the dealer who that was, he said “Oh that’s the Sales Manager that you spoke with earlier this morning.” I was impressed that he knew who I was. They immediately had a new X5 parked out front for me to check out. I was in love.... and the dealer said if you want this my sales manager says he thinks we can make this work because I have been with BMW Financial for several years with no late payments. Sure enough! Not only did they pay off my 4 series and gave me equity toward the X5 but I was able to get the rebates as well. They had me out of there in 3 hours with a new X5 with my payments less that what I was paying on 4 series. I couldn’t believe it! I suggest using BMW Financial moving forward as your payment history matters with them and took into consideration when buying a new BMW even if you credit is low. Thank you BMW, I will be BMW for life.

[plutnicki]

I lease, so I've used BMW Financial for the last decade or so, solid. They're good. Responsive, helpful, etc... The website is just ok, not the best, not the worst. I use EasyPay for automatic payment, and it all pretty much just works. The one time there was a hiccup they resolved it on the phone.

I don't have any experience with just financing with them though. I tend to prefer my Credit Union, but it's really about the best rate at the end of the day.

[TK421BMW]

I've financed and leased through them. Biggest reason is there's usually a rebate, discount, or something for going through them. Usually around $2k. Plus have gotten 0.9%-2% financing.

No idea on customer service. I send them money, they let me keep the car. Never needed any other "services" or support from them.

[BMWDude2018]

I have no issues with BMWFS. I've used it for five BMWs mainly because of the cash incentives. My other bank (USAA) can usually beat the APR by a little, but they don't provide the same APR credit and that makes a difference on a low rate car loan.

I don't like BMW's credit card though. I had a fraud issue (who buys $8000 worth of merchandise at the Atlanta Falcons stadium?) and getting it resolved with BMW credit card was more hassle than with other cards (Capital One is very good).

[cszekl]

I've used BMWF for both my last BMW's. Excellent customer service! Also the dealer can give more incentives going through BMWF. Just remember the incentives are from the manufacturer not the dealer. Make sure to get an incentive from the dealer also. Then it's a win win for you.

[bmwmgens]

Originally Posted by cszekl

I've used BMWF for both my last BMW's. Excellent customer service! Also the dealer can give more incentives going through BMWF. Just remember the incentives are from the manufacturer not the dealer. Make sure to get an incentive from the dealer also. Then it's a win win for you.

I've financed through BMWFS several times - incentives are good and you get the best value if you're going to pay off the car quicker than scheduled.

If you're a big fan of "Mint", you're out of luck....there's no integration...

[mnx5er]

BMWFS has been great for me. Love that when you pay ahead or over the due amount they credit the money for future payments. Allows you to build up an emergency fund of sorts. Also can see BMWFS stuff in the connected app.

[puckybadger]

I'm getting a $3000.00 BMWFS "rebate" and 2.99% for 60 months for my 2020 X6 M50i. Why the rebate? I am hearing I will not be able to make payments with my 2% cash back credit card.

[mnx5er]

Originally Posted by puckybadger

I'm getting a $3000.00 BMWFS "rebate" and 2.99% for 60 months for my 2020 X6 M50i. Why the rebate? I am hearing I will not be able to make payments with my 2% cash back credit card.

The 3K is their way of selling the loan and getting you to use them. My dealer always mentions they want you to hold the loan for at least 4 months. Many automakers use loan rebates from their own finance arms.

I’m not aware of anyone that allows credit card payments on loans. Doesn’t make financial sense to allow it for the finance company.

[bryanw1996]

Originally Posted by davecraze

BMWFS has been very aggressive to beat interest rates on the last three BMWs I bought for my wife.

I do all my interactions online also and I have no complaints at all.

About how long should it take to get my BMW Financial account number? Picked up my car 2 and a half weeks ago and still nothing when I try to register online or call. The error message says it should be 14 days at most...which has passed

[Timmer-Bimmer]

Originally Posted by mnx5er

The 3K is their way of selling the loan and getting you to use them. My dealer always mentions they want you to hold the loan for at least 4 months. Many automakers use loan rebates from their own finance arms.

I’m not aware of anyone that allows credit card payments on loans. Doesn’t make financial sense to allow it for the finance company.

The sales manager gets a bonus on the financing, but they lose it if you pay off before four months. I got a discount by financing, but the discount is quickly eaten up by the interest you pay. So I financed the minimum amount I could - $15,000. Then I paid off $14000 right away. Then I paid the rest off over the four months. It irritates me that BMW makes me do that, but they really don't like cash customers.

[owine]

Originally Posted by puckybadger

I'm getting a $3000.00 BMWFS "rebate" and 2.99% for 60 months for my 2020 X6 M50i. Why the rebate? I am hearing I will not be able to make payments with my 2% cash back credit card.

Originally Posted by mnx5er

The 3K is their way of selling the loan and getting you to use them. My dealer always mentions they want you to hold the loan for at least 4 months. Many automakers use loan rebates from their own finance arms.

I'm not aware of anyone that allows credit card payments on loans. Doesn't make financial sense to allow it for the finance company.

You can use http://plastiq.com to pay BMWFS with a credit card. There's a fee, but it can be deductible depending on your situation.

[samvora]

Does anyone know of a good bank/company to use at the moment for refinance of my X5? I would assume that the rates would be low at the moment due to covid, similar to mortgage interest rates, no?

[647TTA]

I don't have anyone to recommend, but I have worked for a large bank for 30 years. Typically our automobile refinance rates are much higher than new purchase rates. Good luck and be sure to check credit unions and on-line only banks.