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      04-08-2011, 03:48 PM   #19
jaymk5
Bheem (Powerful and Fearful)
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Drives: "OnOrder" BMW X3 35i SpaceGray
Join Date: Feb 2011
Location: Plymouth, MN, USA

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Thumbs up Got the Deal.... :)

Quote:
Originally Posted by lhsa View Post
jaymk5,

i'll give it to you straight. if you have solid credit, go get your loan from Pentagon Federal Credit union who offers 2.49% right now. it only takes a few days to process and get your check.

call the dealer and let them know you have your financing of 2.49% and let them know if they can beat it, you'll use their financing (of course confirming the terms are similar, including no early payoff fees, etc.). tell them don't bother with BMW financing because they won't go that much lower than their advertised rate; they need to use another bank who I GUARANTEE can beat that amount if they really want to.

either way, you have one of the best rates out there and your purchase will be made.

good luck
hey lhsa,

Thanks for the great information, I called up penfed and the guys are really great and super fast, I do have a solid credit score and got pre-approved for the 2.49%

Basically I opened membership by paying 15$ for Voice of America charity and then paid 5$ to open a savings account, they took my VISA and processed the membership and saving account application while I am in phone with them, with in few mins my online account was setup and I was able to see my savings account with $5 balance. Then they filled in loan application for pre-approval and with in next min or so I am pre-approved and then I can see my loan application online, they are going to send my pre-approved check in mail.

Next steps as told by penfed: Take the check to the dealer, finalize the rate, call the penfed to let them know what is my final amount on the day of delivery and then sign the check put the amount (I can put the amount upto my pre-approved $, my check is going to say what I am pre-approved for), endrose and hand it to the dealer and thats it. Now thats what I call it fast.

Good thing is I do not need to change any of my direct deposit details or anything like that, even better thing is, they helped me make a sample $5 transfer from my existing account to my newly opened saving account and the balance reflected immediately. I really like this guys.

Anybody out their with finance questions, please read and benefit by the information on this thread and if you have any more questions, post it here and I will try to answer and Thanks to all of you who took time to answer my question and solve this problem for me.

Its a great day
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