[_Ack_]

I just got a call from my SA that BMW Financial is offering 2.89% loans from 24 to 60 months on ///M cars. Not bad considering my credit union is currently offering 2.5%.

I checked online and BMW Financial still shows rates for 4.35%, so the site still needs to be updated: BMW Financial - M2

Can any of the dealers on here confirm?

UPDATE - 11/12/18

I picked up my car on Thursday (11/8/18) and can now confirm that the rate is 2.89%.

[HPIA4v2]

Originally Posted by _Ack_

I just got a call from my SA that BMW Financial is offering 2.89% loans from 24 to 60 months on ///M cars. Not bad considering my credit union is currently offering 2.5%.

I checked online and BMW Financial still shows rates for 4.35%, so the site still needs to be updated: BMW Financial - M2

Can any of the dealers on here confirm?

Usually Dec is the best.
Last month when I decided to get onto the waiting list, my CA told me it was 2.99% up to 60-mo

Crazy if you think CD approaching 2.5% for 1yr right now

[jdub486]

I picked up m2C on 10/31. BMW financing at that time was 4.99% with excellent credit. So they ran me through another major bank at 4% flat. If they are 2.89% as of 11/1 on M cars I am going to be pissed. I wonder if I’d have any recourse.

[MartyE12345]

Originally Posted by jdub486

I picked up m2C on 10/31. BMW financing at that time was 4.99% with excellent credit. So they ran me through another major bank at 4% flat. If they are 2.89% as of 11/1 on M cars I am going to be pissed. I wonder if I’d have any recourse.

Couldn’t you just refinance?

[detroitm2]

Originally Posted by jdub486

I picked up m2C on 10/31. BMW financing at that time was 4.99% with excellent credit. So they ran me through another major bank at 4% flat. If they are 2.89% as of 11/1 on M cars I am going to be pissed. I wonder if I’d have any recourse.

I still do not understand why people use dealership financing. In most cases, the dealerships are taking a point (or two) on that interest rate as a kickback from the banks. Not sure if thats true with BMW FS, but you can almost count on it with other banks.

4% with excellent credit is way too high, unless you're financing for 84 months or something insane.

I have Good/Excellent credit (had a divorce a few years ago which messed things up), The dealership offered me 5.5% and said "I won't find a better interest rate". Considering my last car was a point and a half below that, I knew they were crazy. Checked my credit union. 2.49% for up to 72 months. Their "prime" rate for anyone with 720+ credit.

You should definitely shop around. At the very least you can refinance and save yourself some money.

[jdub486]

I guess I could refinance, although it seems odd to do that so soon and it would be another hard credit pull. I did dealer finance because I was hoping to get the 2.89 promo they had in October which did not end up counting for the m2.

[nioh_lbbm2]

Originally Posted by jdub486

I guess I could refinance, although it seems odd to do that so soon and it would be another hard credit pull. I did dealer finance because I was hoping to get the 2.89 promo they had in October which did not end up counting for the m2.

The creditors will group it under one pull on your credit report since the timeframe is so close to each other. You have literally no reason not to try to refinance now.

[jdub486]

How long would the window be for it to be one pull? I may give the dealer the opportunity to re-fi if this special November financing is real.

[HPIA4v2]

Originally Posted by jdub486

I guess I could refinance, although it seems odd to do that so soon and it would be another hard credit pull. I did dealer finance because I was hoping to get the 2.89 promo they had in October which did not end up counting for the m2.

It may be too late now, but for others....
You could lock the 2.89% rate back in October up to 60-days in East Coast and 90-days in West Coast while waiting for your BMW to arrive. The nice thing about lock, if rate drops again right on the day your car arrives, you can use the lowest rate.

Dealer won't refi yours, dealer will get the kick back if the car is not paid off in 90-days after paper-work signed. The only refi for OP is to go to CU or bank.

[nioh_lbbm2]

Originally Posted by jdub486

How long would the window be for it to be one pull? I may give the dealer the opportunity to re-fi if this special November financing is real.

Usually around 30 days are grouped as a single inquiry

Don't re-fi through the dealer. Credit unions are always lower

[jdub486]

Do dealers usually get a kick back or are they making a half or full point?

[nioh_lbbm2]

Originally Posted by jdub486

Do dealers usually get a kick back or are they making a half or full point?

Who knows. Why take the chance? Go directly to the lenders. It's your money, take full control and cut out the middle man

[detroitm2]

Regardless of the hard pull, its still worth it. A couple hard pulls isnt going to drop your score so much you'll feel it. I.e. finance companies do not care if you have 760 or 759 credit score. Its essentially the same. If anyone questions it, just tell them you refinanced because your dealership-sponsored financing was taking you for a ride.

[HPIA4v2]

Originally Posted by jdub486

Do dealers usually get a kick back or are they making a half or full point?

No one knows, BMWNA and BMWFS put gag order on all sponsors on BMW forums not to release official MF and financing rate from BMWFS.
If you can trust your CA, he/she is the only source of actual MF/rate from BMWFS.

My CA right of the bat says, they do mark-up MF maybe at least 0.5% and up.

BMWNA trying to give their dealers "upper hand" recently since they cut back on back-end incentives to dealers; in short BMWNa try to be more profitable in the North America.

[jdub486]

It appears that the 2.89% only applies to 2018 m2’s.

[CosmosMpower]

Dang, 2.89 would be good for 2019 M2C. I just went to BMW FS website and plugged in 2019 M2C and it showed 2.99 for the payment estimator. Not sure if that's the accurate rate.

[cpvince]

Originally Posted by CosmosMpower

Dang, 2.89 would be good for 2019 M2C. I just went to BMW FS website and plugged in 2019 M2C and it showed 2.99 for the payment estimator. Not sure if that's the accurate rate.

Interesting... I'd take 2.99 if true.

[HPIA4v2]

Originally Posted by CosmosMpower

Dang, 2.89 would be good for 2019 M2C. I just went to BMW FS website and plugged in 2019 M2C and it showed 2.99 for the payment estimator. Not sure if that's the accurate rate.

This could be regional though, for example Bay area customers won't be able to get it only Texans

[mbchris]

Originally Posted by laszlof

I still do not understand why people use dealership financing. In most cases, the dealerships are taking a point (or two) on that interest rate as a kickback from the banks. Not sure if thats true with BMW FS, but you can almost count on it with other banks.

Because you can get a kickback from some lenders. For example, I used BMWFS. I got $350 disposition and $200 under mileage credit back from my prior BMW lease when financing with BMWFS. The minimum to finance is $7500 and I can pay it back as soon as I like. Rate was 5% give or take back in August.

[cpvince]

Originally Posted by HPIA4v2

This could be regional though, for example Bay area customers won't be able to get it only Texans

Ah, I see. Makes sense.. best rate I've found so far is through BofA with 0.5% discount.

Local credit unions seem to all be in the 4% range right now.

[CosmosMpower]

My CA just told me BMW FS updated M2C financing for Nov to 2.99 up to 60 months.

[jdub486]

That’s a great deal if true. Others have mentioned the dealer won’t let me re-fi even though I picked up the car 10/31 and this deal apparently became available on 11/1?

I’m debating re-financing. I got 4% despite excellent credit. Pen Fed Crédit union is one I have have used in the past. They have 3.5% for 48 months and 3.25% for 36 months. Would save me only about $500 over the life of the loan. They took my credit application on 10/31. What’s the best time for me to re-fi? ASAP? Or by end of November?