[2SG5]

Does anyone know what the current rate offered through BMW FS is? I checked their website and it now states " Attractive Finance Offers Available. contact dealer" Last month it clearly stated 3.99%

[Offer50Fives]

I was expecting 3.99% when I picked up my 22 X3M this weekend but they hit me with 4.49%. I accused the finance guy of jacking the apr but he said he didn't. I didn't have time to argue because I was in a rush so I told him I'd either refi or pay it off because I still didn't believe him. This is for 800+ score too

[Berzerker]

Rates are astronomical from all manufacturers and big banks because of the rate hikes. 1.5% over the last month.

Check local credit unions to see what some lower options are. Local CU to me has 2.39% up to 48 months, 2.5% at 60.

Can easily refi anywhere after the fact.

[2SG5]

Originally Posted by Berzerker

Rates are astronomical from all manufacturers and big banks because of the rate hikes. 1.5% over the last month.

Check local credit unions to see what some lower options are. Local CU to me has 2.39% up to 48 months, 2.5% at 60.

Can easily refi anywhere after the fact.

Very true, I was told that the $750 discount I was getting for loyalty would only apply if I financed through BMW. I was being quoted a rate of 4.99% when the rate on the website was 3.99%. My credit score is 800 + as well. They are definitely trying to make money off of me. My plan is to still finance through them get the $750 and then go refi it at my local credit union at 3.29%.

[2Times]

Definitely go with a credit union.. got about 1% lower than BMW was offering (810 credit score)

[dooo]

I'd check your local credit unions. I got a 1.99% from my local credit union

[porsche332]

Originally Posted by dooo

I'd check your local credit unions. I got a 1.99% from my local credit union

You did not get 1.9 today maybe 6-8 months ago??????

[dooo]

Originally Posted by porsche332

You did not get 1.9 today maybe 6-8 months ago??????

I did 2 weeks ago. Another local credit union was offering 2.49%

[BrockDM]

Originally Posted by Berzerker

Rates are astronomical from all manufacturers and big banks because of the rate hikes. 1.5% over the last month.

Check local credit unions to see what some lower options are. Local CU to me has 2.39% up to 48 months, 2.5% at 60.

Can easily refi anywhere after the fact.

This! I went through my local CU and got 1.99% at 60. Well worth calling a few

[anthemavm]

Originally Posted by BrockDM

This! I went through my local CU and got 1.99% at 60. Well worth calling a few

That is a great rate, looks like mine is 2.49%

[BobsM3Coupe]

Originally Posted by anthemavm

That is a great rate, looks like mine is 2.49%

The rate will depend on location.

[BMWFanatic2008]

How does refinancing a car loan work? Is there a fee associated with this transaction? Trying to figure out if its worth doing for the loyalty.

[dmanb2b]

Originally Posted by BMWFanatic2008

How does refinancing a car loan work? Is there a fee associated with this transaction? Trying to figure out if its worth doing for the loyalty.

It's easy. My CU charges a $65 app fee. so it's worth the loyalty $

[BMWFanatic2008]

Originally Posted by dmanb2b

It's easy. My CU charges a $65 app fee. so it's worth the loyalty $

I see. And how soon can it be done after financing through BMW? The dealer is marking up the interest rate so want to switch asap. And can BMW/dealer prevent you from doing this?

[robopp]

Originally Posted by BMWFanatic2008

I see. And how soon can it be done after financing through BMW? The dealer is marking up the interest rate so want to switch asap. And can BMW/dealer prevent you from doing this?

As long as there's no early payoff penalty, you can do it immediately. When you refi, the bank is paying off your loan and assuming the balance.

[Berzerker]

Originally Posted by BMWFanatic2008

How does refinancing a car loan work? Is there a fee associated with this transaction? Trying to figure out if its worth doing for the loyalty.

Unlike home loans, there's no massive fees associated with car loans since there's minimal paperwork and not really any "effort" on the part of the lender past a credit check and some identity verification.

As long as you don't care about the hard credit check (which resolves itself, score-wise, on your credit report within a month or two anyway), there's no reason to not go through the process.

The only thing to potentially watch out for is if your *current* lender charges any "early payoff" fees, which you should confirm with beforehand. If you're going with BMWFS, they do not charge anything, so no worries.

On my G30, I immediately turned around and refi'ed with a local CU, they just paid off the full balance to BMWFS and I was free from them to deal with my CU at that point. They didn't charge me any application fees and I got all of my money back for "extras" on my BMWFS loan like gap insurance through dealing with the dealer.

[BMWFanatic2008]

Thank you guys for the detailed explanation.

[spdandpwr]

Sheesh, I got hosed by the dealer. I had to take a 5.79 rate even though it was a 5.49 BEFORE I entered the F&I. I knew he jacked up the rate to counter the fact that I didn't accept any of the "insurance" packages. I believe the buy ate on 72 is a 4.9, though. It used to be 3.9.

[Berzerker]

Originally Posted by spdandpwr

Sheesh, I got hosed by the dealer. I had to take a 5.79 rate even though it was a 5.49 BEFORE I entered the F&I. I knew he jacked up the rate to counter the fact that I didn't accept any of the "insurance" packages. I believe the buy ate on 72 is a 4.9, though. It used to be 3.9.

Check local credit unions and refinance. It costs nothing and you'll almost certainly get a better rate.

[spdandpwr]

Originally Posted by Berzerker

Check local credit unions and refinance. It costs nothing and you'll almost certainly get a better rate.

Yeah, that's what I'm thinking. Heck, I can refi via Bank of America and get a better rate.