[EstorilM]

Originally Posted by lax01

Wut...that's not possible...unless you are doing an 96-120 month loan...please tell me you aren't doing that

Payment saver. It is their version of BMW Select.

[Tumbleweeds78]

Originally Posted by Xtianh

Hi all, I have a week 38 M2 scheduled and am currently in the process of obtaining financing. Does anyone have any suggestions for a low-rate credit union/bank? I am in SoCal with ~750 credit. I am not affiliated with USAA or any military branch. Probably looking for a 72 week term.

Thanks very much!

If you live or work in San Diego County, check out Cabrillo CU. They offer 1.9% for up to 72 months, provided your credit is good enough to qualify.

[Blurbo311]

Originally Posted by pruettfan

I follow the industry closely and I believe the average new car loan is 67 months so most are getting 72 month loans or even longer. In Canada 84 and even 96 month loans are pretty common apparently, that is crazy.

For car loans I strongly recommend the credit unions, they offer great rates and excellent customer service. Personally I have one car loan with Penfed and one with Navy Federal, both are at excellent rates and both credit unions have very easy processes and great customer service. There is no promotional rate for the M2 so no sense in even letting the finance guy at the dealer run your credit. Rates are bouncing around a bit right now but with 700's it is pretty easy to get under 3% for 72 months. A few months ago the rates jumped for most credit unions to 3.2% from 2.75% so shop around a bit, most credit unions advertise their rates openly unlike many banks.

Yes, 60 months used to be highest a lot of banks would go, then many started going to 72 months but charged a higher rate. Then 72 has become somewhat normal and banks charge more for 84 months. Now, 84 is becoming normal is some bank and credit union circles and some will go to 96 with a higher rate. Your estimate of 67 months being the average new car loan is probably where it was at a year or two ago, I think its closer to 72 months now.

OP, another good option is http://www.alliantcreditunion.org/bo...car-loan#rates

[blefevre]

I use Alliant CU for my 4Runner and M2. They beat both Toyota and BMW's rates by a good amount. For me the 72 month rate was the same rate as 60 months. No early prepayment penalty. I typically pay at an amount that is a 2-4 year loan but take a 60-72 month loan as a safety net if I need to reduce payments for any reason. I think they do over 72 months, but I'm not sure.

[termigni]

So I just completed financing through PenFed. It took total 45 min on the phone with them because 2018 M2 was too new to be in their system. They offer great rate and great customer service.

thank you bimmerpost members for saving me yet another few bucks. /thumbsup

[rouxeny]

Weird as I finance s through penfed a month ago, entirely using their website.

[Nortdort]

Originally Posted by termigni

So I just completed financing through PenFed. It took total 45 min on the phone with them because 2018 M2 was too new to be in their system. They offer great rate and great customer service.

thank you bimmerpost members for saving me yet another few bucks. /thumbsup

Did you do standard financing or their payment saver loan?

If you went payment saver, what residual did you get?

Seriously considering the payment saver option.

[termigni]

Originally Posted by Nortdort

Did you do standard financing or their payment saver loan?

If you went payment saver, what residual did you get?

Seriously considering the payment saver option.

I did standard. i did see pmnt saver link but didnt even bother. how does it work?

[DocB]

I have an 830 credit score and was quoted a 3.4% APR from Penfed Credit Union for a 72 month loan. Nearly 1% high than my local CU.

[OSee]

Originally Posted by DocB

I have an 830 credit score and was quoted a 3.4% APR from Penfed Credit Union for a 72 month loan. Nearly 1% high than my local CU.

A 830 gets you ohhhhs and awwwwws from the finance manager / loan officer. That’s about it. No much difference between a 740 and a 850 at the bigger banks.

You should call PenFed and see what the problem is. Looks like they snuck in a extra .5 on you for one reason or another.

[pruettfan]

Originally Posted by DocB

I have an 830 credit score and was quoted a 3.4% APR from Penfed Credit Union for a 72 month loan. Nearly 1% high than my local CU.

Then go with your local credit union. Interest rates fluctuate all the time and I have noticed Penfeds published rates for 72 month loans have gone up and down the past 6 months. Yours is a good example of why it is good to shop a couple of credit unions to make sure you get the best rate.

[ORIGIN M.]

Originally Posted by rouxeny

Since when did the average car loan extend out beyond 60 months? Most M2 owners won't even keep their cars that long.

For many many years now. Not a good deal by any means.

It is great way to have a car own you instead of the other way around.

[ORIGIN M.]

Originally Posted by OCfromOC

A 830 gets you ohhhhs and awwwwws from the finance manager / loan officer. That’s about it. No much difference between a 740 and a 850 at the bigger banks.

You should call PenFed and see what the problem is. Looks like they snuck in a extra .5 on you for one reason or another.

Tier 1 starts at 720 and higher.

So between 720-850 you get the best rate.

.

[termigni]

Originally Posted by DocB

I have an 830 credit score and was quoted a 3.4% APR from Penfed Credit Union for a 72 month loan. Nearly 1% high than my local CU.

I had them give me rate on a couple of different months and I got 3.24% on 72 month term. I don't think my score is as high as 830. prob in the high 700s. Are you putting any down payment?

Just avoid BMW financial. their rates are pretty high currently. My salesman tried to convince me to go with BMW financial just incase my car is in the shop for few months for any reason. They would pay for my monthly while my car is being fixed. pure BS right there.

[DocB]

Asked for 60K and will end up putting 5K down. I will go with the 2.4% from my local CU (SECU).

[termigni]

Originally Posted by DocB

Asked for 60K and will end up putting 5K down. I will go with the 2.4% from my local CU (SECU).

nice!

[jjclyde]

Originally Posted by termigni

Just avoid BMW financial. their rates are pretty high currently. My salesman tried to convince me to go with BMW financial just incase my car is in the shop for few months for any reason. They would pay for my monthly while my car is being fixed. pure BS right there.

Um - maybe not pure BS. My 2006 550i (6MT, ED'd ) was "in the shop" for a problem with the Active Steering - a part was backordered for several months. 3 months I think ... seemed like forever, especially as I had just waited through the interminable ED re-delivery process. When I suggested that BMW FS should make the lease payments for those 3 months, they agreed - and they did. And that was on top of the dealership providing me a service loaner (E60, but not a 6MT V8) for the whole period. And on top of the fact that they had already made my "second" lease payment as part of the ED arrangement. BMW FS got some points from me on that one.

Disclaimer: I don't work for BMW FS, and I have no idea what their current policies are. Just sharing my experience.

[termigni]

Originally Posted by jjclyde

Um - maybe not pure BS. My 2006 550i (6MT, ED'd ) was "in the shop" for a problem with the Active Steering - a part was backordered for several months. 3 months I think ... seemed like forever, especially as I had just waited through the interminable ED re-delivery process. When I suggested that BMW FS should make the lease payments for those 3 months, they agreed - and they did. And that was on top of the dealership providing me a service loaner (E60, but not a 6MT V8) for the whole period. And on top of the fact that they had already made my "second" lease payment as part of the ED arrangement. BMW FS got some points from me on that one.

Disclaimer: I don't work for BMW FS, and I have no idea what their current policies are. Just sharing my experience.

that's great. I never had to deal with any of my BMWs gone in service more than 3 days in over 15 years so I would've never known. I hope my car doesn't get into such trouble.