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The dealer may not accept your check unless you go through BMW FS for a high demand car
I would ask for a sales invoice and bring a check in for that negotiated price so BMW doesn't need to know the details of your financing
Many times I have been told no - either you finance with us or walk - they know others will pay more for the car
Porsche dealerships do it all the time... Knowing that someone else will come through the door and pay more in financing, down payment, leasing, APR etc. they make more money when you have a worse credit score or really want the car bad with mark up.
If going through PenFed i would find out what the value of the car is as they may only allow 100 per cent financing and I'm sure market values have not been established as of yet
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