Quote:
Originally Posted by Mako
don't trust the dealer/SM, if they say they can get you 2.9%, they might BUT not through BMW NA, if they are offering 4.9% that is the best you can get. Now the dealer might always have banks they "work with" to get you a matched rate or close and thats probably what the SM will do, because then they get a little kickback, if you go with your own bank they don't.
One reason I will never go back to Motor Werks in Barrington, IL is that when I was looking into buying my C63 (they sell BMW, Mercedes, Porsche and others) they had one and they asked to pre-approve me with Mercedes credit, I said sure (stupid me) well Mercedes credit rejected me (long story I won't get into), but he proceeded to send my wife and my credit app to 10 different banks (literally) we got so many letters over the next month of acceptance or denial that she wanted to go puch the guy (we never approved him to do that). We ended up going to Capital one through a different dealer at around 5.5% then a few months later refinanced through our own bank (now PNC) at 3.25%.
To sum up my story, just go to your own bank first, or a couple on your own, get the best rate you can under BMWs 4.9% and don't let the dealer run your credit... now if BMW lowers this to 1.9-2.9% then you can ask them to check with BMW credit only to see if you qualify. I wouldn't count on a % reduction from BMW until at least 2012 models 2nd quarter...
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Good point, I never thought about this, I think I should go with my own option. Thanks.