Need help from canadian M3 owners

[ac870]

Hi everyone,

I'm thinking of ordering an 2012 E92 M3 around march or april next year, keeping in mind that production stops in june. If anyone here has purchased a brand new M3 from a dealer in Canada I would appreciate some help, I'm told there's currently a waiting list for E92 M3s, is this true?

I would also like to know how harsh BMW Canada could be when it comes to financing, I have an A1 credit score and make about 110k a year and I should be able to give them a 15-20k cash down, will this cut it or are they gonna give me a hard time?

Any other info about buying an E92 in Canada would be very much appreciated.

Thanks

[DDS2015]

Never ordered or bought an M3, but I know that there is one sitting at my local dealer's lot (or as of a few weeks ago, haven't been there in a while). But if your dealer is giving you a run around, why not order from a dealer that's out of province? The dealer in Winnipeg is very willing to negotiate and they routinely sell vehicles that are destined for other provinces. Then you could either pick it up at the other dealer or drive it back (that would be my choice, through the canadian shield would be a really nice and scenic drive and would be your break in period also.

[Vise]

Originally Posted by ac870

Hi everyone,

I'm thinking of ordering an 2012 E92 M3 around march or april next year, keeping in mind that production stops in june. If anyone here has purchased a brand new M3 from a dealer in Canada I would appreciate some help, I'm told there's currently a waiting list for E92 M3s, is this true?

I would also like to know how harsh BMW Canada could be when it comes to financing, I have an A1 credit score and make about 110k a year and I should be able to give them a 15-20k cash down, will this cut it or are they gonna give me a hard time?

Any other info about buying an E92 in Canada would be very much appreciated.

Thanks

I don't think you'll have any issues, just make sure you find a dealer in advance that has allocation early enough in the year... if you try and order in April you might be out of luck given production ends in June. I just ordered a new E90 M3 beginning of July and since production ends in October not all dealers had allocations for the remaining 2011 cars. If anything you might want to move your timeline up as there may be a run on the final 2012 models early next year.

As for financing, you won't have any issues trust me. Good luck!

[JulieDriving]

Originally Posted by Vise

I don't think you'll have any issues, just make sure you find a dealer in advance that has allocation early enough in the year... if you try and order in April you might be out of luck given production ends in June. I just ordered a new E90 M3 beginning of July and since production ends in October not all dealers had allocations for the remaining 2011 cars. If anything you might want to move your timeline up as there may be a run on the final 2012 models early next year.

• This might be an issue. So I'd do as Vise recommended and order a bit earlier... My sales associate has already sold one 2012 coupe (production Sept) and when I was with him, he got a call from another client who wanted to place an order. Prices are not even out yet, nevermind finance and lease rates. I was a little surprised. (But these people are probably paying cash and don't care.) You hear about how the M3's are slow sellers in the States, where they get discounted finance and lease rates, but there seems to be a higher demand in Canada, even though we pay more! Must be a supply and demand thing. Still, I'm not going to go crazy and order now... as I'm still keeping my eye open for a possible (used) US purchase...
  
  
• I asked when was the latest I could place an order and he said April or May. That seemed too close to comfort for me though.
  
  
• When I was at the dealership, they had a nice 2011 model on the floor and showed how much the payments would be with $20,000 down. So I think $20,000 down is probably something pretty standard that they see...
  
  
• In addition to your annual salary and credit rating, there's also how much debt (if any) you currently have. For instance, if you have a mortgage. They calculate how much debt payment you have over income per month - it only seems to be based on how much debt you can carry per month. So, say someone decides to triple their monthly mortgage payment just before they buy the car, and that leaves them a few months away from owning outright their house. Who cares. Their credit application is going to show a 3 X increase in their mortgage payments per month, that's it. So don't take on any new debt before you go to order the car!
  
  
• Here's some info from Royal Bank. The full guide is at: http://www.rbcroyalbank.com/buyingacar/bc_afford.html

Do You Qualify for a Loan

How does a prospective lender determine whether you have the financial ability to handle specific loan? The most widely-accepted guideline for estimating how much of your income can be allocated to monthly loan payments is the Total Debt Service ratio (TDS).

Total Debt Service Ratio (TDS)

The TDS ratio examines the relationship between your total monthly debts (i.e. mortgage payments, property taxes, car loan payments, credit cards, other loans or obligations, etc.) and your gross monthly income. The general rule is that these total monthly payments should not exceed 40% of your income.

The formula for calculating the TDS ratio is:

Monthly housing costs + all other monthly debts / gross monthly income x 100

The Right Debt Ratio for You

If your TDS ratio is close to the 40% maximum, you might want to consider how you will meet all your living expenses before making a commitment. Remember that a debt load amounting to 40% or more of your gross income can quickly translate into 50% or 60% of your after-tax take-home pay. This may not allow enough to cover other important or unexpected expenses.

You may find that you qualify for a car loan based on these guidelines, but you may also decide that a TDS ratio of 40% is just too much to comfortably handle.

• Oh, and also how long you've been working (stable job), and if you're out of the probation period.

Hope that helps,
Julie

[gthal]

I bought two new M3s. Didn't have an issue either time and the last time we found one being delivered to Toronto for dealer inventory and grabbed it in transit. If your dealer has allocation issues, check with another dealer because you should be able to get one without too much problem.

[Mr. ///M3 RD]

Originally Posted by ac870

Hi everyone,

I'm thinking of ordering an 2012 E92 M3 around march or april next year, keeping in mind that production stops in june. If anyone here has purchased a brand new M3 from a dealer in Canada I would appreciate some help, I'm told there's currently a waiting list for E92 M3s, is this true?

I would also like to know how harsh BMW Canada could be when it comes to financing, I have an A1 credit score and make about 110k a year and I should be able to give them a 15-20k cash down, will this cut it or are they gonna give me a hard time?

Any other info about buying an E92 in Canada would be very much appreciated.

Thanks

I have not purchased a car on credit for a long time therefore I cannot advise you as far as financing thru the dealer is concerned.

The last car I purchased on credit was thru my bank. I've been a customer with that bank for a long time and there was no issue to get a loan I used at the time "A line of Credit" The bank then evaluated my house and other commitments I had at that time. I told them what I wanted to purchase and all went clear. I found this to be the best financial arrangement since I was able to pay back over the minimum on the line of credit and my a car at that time was paid for fairly soon. That was the last time I financed a car. Perhaps look at your situation and see if you can do that.

Then when you go shopping (once you got the bank's okay) you are in a better situation as far as negotiating is concerned. You will be dealing in the same fashion as a cash deal since the bank will cut you a cheque to close the deal.

As others said finding the car or a dealer is not an issue you have the internet at your disposal and picking the car up even in Vancouver and bringing her back home will be a fine experience along our great Canadian highways at the same time you can gently break her in as others mentioned and WestJet has always specials on just check it out make a plan and just do it the ///M3 is a wonderful car and you will enjoy her for many a years to come.

Good luck with your shopping.

PS. There are great dealers in Vancouver, Calgary, Edmonton, Winnipeg, and Toronto. I purchased Bimmers in three of the aforementioned cities all good deals.

[JulieDriving]

Originally Posted by Rolf-Dieter

...I used at the time "A line of Credit" The bank then evaluated my house and other commitments I had at that time. I told them what I wanted to purchase and all went clear. I found this to be the best financial arrangement since I was able to pay back over the minimum on the line of credit and my a car at that time was paid for fairly soon. That was the last time I financed a car. Perhaps look at your situation and see if you can do that.

Then when you go shopping (once you got the bank's okay) you are in a better situation as far as negotiating is concerned. You will be dealing in the same fashion as a cash deal since the bank will cut you a cheque to close the deal.

Rolf's got a great point. If you are financing, don't limit yourself to BMW finance rates. Compare what a bank would be willing to give you.

[stefan]

You will get killed by bmwfs given the last year of the e92.. expect 6+%.

[saeedg48]

when I bought my car from the dealer there was no waiting list being that I took it off the showroom floor.

it took the dealer two and half weeks to get all the paper work and "programming" ready.. what bullish*t ahhah.

I'm used to walking in the showroom and having all the paper work done the same day. the precs of buying a car at a US dealer.

anyways if you have cash i suggest you order your car from the US and just pay import tax as a used car at the crossing border. my car was 90K after tax (14% tax in ontario) sigh.. not worth it