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      04-15-2021, 02:02 PM   #1
Ashander
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BMW Rate Lock

Hi,

I'm ordering an M2C and I'm currently locked into the 0.9% promotion, the car might be finished beyond the 90 day lock. My dealer/Finance manager is telling me if I exceed the 90 days I'll need to rerun my credit, but I'll keep the 0.9% promo, which is contradictory from everything on Google/Forums.

Does anyone have experience with this?

Also... in everyone's experience, is build week the week it's done or the week it starts? I'm getting mixed information.
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      04-15-2021, 02:53 PM   #2
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My build was scheduled for week 14 and it was completed in 1 day in that week - April 7th.

I was locked in late last month for the same financing promo, I hadn't been asked to rerun my credit and am not expecting to.
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      04-15-2021, 10:59 PM   #3
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Seems logical. If your credit was run over 90 days ago, all kinds of crazy sheet could have happened since then. As long as they're locking the rate, it's all good in my eyes. A second hard inquiry on your credit is no big deal.
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      05-03-2021, 10:10 PM   #4
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Rate Lock

Quote:
Originally Posted by Ashander View Post
Hi,

I'm ordering an M2C and I'm currently locked into the 0.9% promotion, the car might be finished beyond the 90 day lock. My dealer/Finance manager is telling me if I exceed the 90 days I'll need to rerun my credit, but I'll keep the 0.9% promo, which is contradictory from everything on Google/Forums.

Does anyone have experience with this?

Also... in everyone's experience, is build week the week it's done or the week it starts? I'm getting mixed information.
I am doing PCD on 5/18, and I locked my rate on 2/1, so this 90 day lock is an interesting topic for me, as I'm beyond the window. I've noticed that the 0.9% APR promo on the M2C has been extended to this month (MAY), but I have not heard anything from the finance dept at the dealership about re-running my credit. You bring up a good topic, and I'll be circling back with them.

Lastly, the build week is the week it actually starts, but also turned out for me to be the week it finished as well.

Good Luck
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      05-03-2021, 10:41 PM   #5
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Quote:
Originally Posted by Puppetz View Post
Quote:
Originally Posted by Ashander View Post
Hi,

I'm ordering an M2C and I'm currently locked into the 0.9% promotion, the car might be finished beyond the 90 day lock. My dealer/Finance manager is telling me if I exceed the 90 days I'll need to rerun my credit, but I'll keep the 0.9% promo, which is contradictory from everything on Google/Forums.

Does anyone have experience with this?

Also... in everyone's experience, is build week the week it's done or the week it starts? I'm getting mixed information.
I am doing PCD on 5/18, and I locked my rate on 2/1, so this 90 day lock is an interesting topic for me, as I'm beyond the window. I've noticed that the 0.9% APR promo on the M2C has been extended to this month (MAY), but I have not heard anything from the finance dept at the dealership about re-running my credit. You bring up a good topic, and I'll be circling back with them.

Lastly, the build week is the week it actually starts, but also turned out for me to be the week it finished as well.

Good Luck
Build week is the week of completion.
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      05-04-2021, 12:07 PM   #6
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Picked up my car last Friday. Put $42,500 down, financed the rest, had locked at 0.9% on Feb 4th when I ordered the car and put $2,500 down with the order.

So I sit down in F&I and start going over the contract. It's showing 1.9%. Wasn't even mentioned to me, I had to spot it. I call it out and F&I guy says that the 0.9% promo has gone away, this is now the best rate. I point out that I'd had my credit run and was told 90-day lock in February. He shuffles some paperwork, pokes at his keyboard, and decides yeah, I can have 0.9%. I go home that night and confirm that the 0.9% rate has NOT gone away. He was either just wrong, or trying to jam me for an extra point. Would have cost me $810 over the life of the loan had I not caught it.

Moral of the story - check your contract closely at close!!
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      05-04-2021, 01:16 PM   #7
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Quote:
Originally Posted by KevinC View Post
Picked up my car last Friday. Put $42,500 down, financed the rest, had locked at 0.9% on Feb 4th when I ordered the car and put $2,500 down with the order.

So I sit down in F&I and start going over the contract. It's showing 1.9%. Wasn't even mentioned to me, I had to spot it. I call it out and F&I guy says that the 0.9% promo has gone away, this is now the best rate. I point out that I'd had my credit run and was told 90-day lock in February. He shuffles some paperwork, pokes at his keyboard, and decides yeah, I can have 0.9%. I go home that night and confirm that the 0.9% rate has NOT gone away. He was either just wrong, or trying to jam me for an extra point. Would have cost me $810 over the life of the loan had I not caught it.

Moral of the story - check your contract closely at close!!
My dealer is adding on the point as well, but was not willing to budge when placing the order. "It's how we make money", as if that's really a concern of mine lol.
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      05-06-2021, 09:52 PM   #8
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Quote:
Originally Posted by Mullins View Post
My dealer is adding on the point as well, but was not willing to budge when placing the order. "It's how we make money", as if that's really a concern of mine lol.
That's pure BS. BMWFS is offering 0.9%, and ASSuming your credit score qualifies you for it, they shouldn't be padding that rate. Call them out on it or move your order elsewhere, if that's possible at this stage. Or mention to them that being robbed of the 0.9% promo is going to "impact their survey score". That scares the bejesus out of them. Will quickly recede to 0.9%, I'd bet on it.
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      05-07-2021, 12:24 AM   #9
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Quote:
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Quote:
Originally Posted by Mullins View Post
My dealer is adding on the point as well, but was not willing to budge when placing the order. "It's how we make money", as if that's really a concern of mine lol.
That's pure BS. BMWFS is offering 0.9%, and ASSuming your credit score qualifies you for it, they shouldn't be padding that rate. Call them out on it or move your order elsewhere, if that's possible at this stage. Or mention to them that being robbed of the 0.9% promo is going to "impact their survey score". That scares the bejesus out of them. Will quickly recede to 0.9%, I'd bet on it.
Not sure how much leverage I have at this point. The car is at the port ready to board a boat. When I pushed they guy, he said the only time they've waived the point increase was when someone paid extra to remove it. The car was already as MSRP, and I was (seemingly) running out of options with dealer allocations in the area.

I'm willing to try to push them again to see if they will budge. Is that better to do in person at the time of pickup?
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      05-07-2021, 01:08 AM   #10
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Quote:
Originally Posted by Mullins View Post
Quote:
Originally Posted by KevinC View Post
Quote:
Originally Posted by Mullins View Post
My dealer is adding on the point as well, but was not willing to budge when placing the order. "It's how we make money", as if that's really a concern of mine lol.
That's pure BS. BMWFS is offering 0.9%, and ASSuming your credit score qualifies you for it, they shouldn't be padding that rate. Call them out on it or move your order elsewhere, if that's possible at this stage. Or mention to them that being robbed of the 0.9% promo is going to "impact their survey score". That scares the bejesus out of them. Will quickly recede to 0.9%, I'd bet on it.
Not sure how much leverage I have at this point. The car is at the port ready to board a boat. When I pushed they guy, he said the only time they've waived the point increase was when someone paid extra to remove it. The car was already as MSRP, and I was (seemingly) running out of options with dealer allocations in the area.

I'm willing to try to push them again to see if they will budge. Is that better to do in person at the time of pickup?
Going to pick up my car from the dealership tomorrow. Signed everything already and I am in the same boat as you. They failed to give me the 0.9% and told me they could only apply it if they mark up the car. Unfortunately I am in no position to negotiate as the cars already here and well if I pass on the deal over just an additional 1% someone else definitely will not.
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      05-07-2021, 08:29 AM   #11
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Quote:
Originally Posted by Stryyker View Post
Going to pick up my car from the dealership tomorrow. Signed everything already and I am in the same boat as you. They failed to give me the 0.9% and told me they could only apply it if they mark up the car. Unfortunately I am in no position to negotiate as the cars already here and well if I pass on the deal over just an additional 1% someone else definitely will not.
Don’t negotiate with the sales advisor.

When you go in to the finance office bring it up with the finance manager, “oh do you mind checking the current best BMWFS offer”
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      05-07-2021, 02:51 PM   #12
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I was having a discussion with my SA about this topic today. He told me that rates are locked for 60 days after current promotions expire. I am approved for this month's APR and he told me that its locked for 60 days from end of this month (not from the approval day). So i should be covered until end of July.
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      05-11-2021, 10:01 AM   #13
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Quote:
Originally Posted by Mullins View Post
Not sure how much leverage I have at this point. The car is at the port ready to board a boat. When I pushed they guy, he said the only time they've waived the point increase was when someone paid extra to remove it. The car was already as MSRP, and I was (seemingly) running out of options with dealer allocations in the area.

I'm willing to try to push them again to see if they will budge. Is that better to do in person at the time of pickup?
That's a bunch of BS, especially when you're paying MSRP. I think the only leverage you have is if you're really willing to walk away from the deal. And do what Ashander suggested--ask the finance office instead of dealing with the sales person.

When I bought my M2C the finance office tried to pull a fast one with the rate and ignored all the info my CA collected from me. They sent me paperwork for 72 months, $0 down, and 2.1% over the advertised BMW rate. Uh, no. I kindly sent the finance office the link for advertised rates, told them the corrected down payment and loan term. No pushback at all, just an excuse that they had an outdated rate sheet. Yeah, sure.
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      05-11-2021, 02:43 PM   #14
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"Outdated rate sheet"

The sh*t these guys get away with is absolutely criminal. If I ever buy another new car, I'm bringing a tape recorder and a greasy hippie attorney in a polyester suit and clip-on tie with me to the F&I office - just to watch them freak out and tell me "you can't do that".
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      05-11-2021, 04:55 PM   #15
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No one on this forum should be paying a dime over the base BMW FS financing rate. Marking up the APR without saying anything is a common tactic to make more money since so many unaware shoppers only think about the sale price.

When we bought my SO’s F56 the mini FS guy tried the same thing. Sales guy confirmed we’d get the base MiniFS rate when I negotiated the deal (3.49%) but the finance guy tried to have me sign a paper that said 4.9% in tiny print at the bottom. I caught it and called him out, he tried to play the “well the CA said this rate” and I told him “I don’t believe you and you’re really giving your survey a bad rap here because I know what you’re doing”. Of course he said “I’ll see what I can do” and came back with the base rate in 30 seconds.

Don’t let them get away with it.
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      05-12-2021, 12:37 AM   #16
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I've NEVER heard of a CA dictating a finance rate! Hell, half of them don't even know what it is. This stuff should be a crime.
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      05-13-2021, 10:05 AM   #17
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I got "pre-approved" for 1.9%...for my M2C coming in July. After seeing all the posts above, I called my salesperson yesterday and told him about the .9%. After a little back and forth, he agreed to the .9%...gee, thanks He acted like he was doing me a huge favor.
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      05-20-2021, 06:46 PM   #18
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Quote:
Originally Posted by Foggins View Post
I got "pre-approved" for 1.9%...for my M2C coming in July. After seeing all the posts above, I called my salesperson yesterday and told him about the .9%. After a little back and forth, he agreed to the .9%...gee, thanks He acted like he was doing me a huge favor.
The interest goes into the bank's pocket, doesn't it? Does dealer have any incentive in not offering you a low rate?
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      05-20-2021, 08:04 PM   #19
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The interest goes into the bank's pocket, doesn't it? Does dealer have any incentive in not offering you a low rate?
I’m not an expert, but I think the rate is thru BMW financial services? So I think anything above the .9% is gravy for them.
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      05-21-2021, 06:07 AM   #20
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Quote:
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Quote:
Originally Posted by Foggins View Post
I got "pre-approved" for 1.9%...for my M2C coming in July. After seeing all the posts above, I called my salesperson yesterday and told him about the .9%. After a little back and forth, he agreed to the .9%...gee, thanks He acted like he was doing me a huge favor.
The interest goes into the bank's pocket, doesn't it? Does dealer have any incentive in not offering you a low rate?
Yes, the dealer has incentive to sell financing and lease contracts at rates higher than the "buy" rate.
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      06-02-2021, 06:09 PM   #21
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My 60-day lock on the 0.9% APR loan will expire mid-June. Since I'm not expecting to see the car until later in June, I called about how to extend the 60 days. The Finance guy told me that BMW Finance announced to dealerships this week that, because of factory delays, they are extending all credit locks to 90 days. So mine is now extended to mid-July. No need to re-run credit checks, etc.
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      06-03-2021, 03:45 PM   #22
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My 60-day lock on the 0.9% APR loan will expire mid-June. Since I'm not expecting to see the car until later in June, I called about how to extend the 60 days. The Finance guy told me that BMW Finance announced to dealerships this week that, because of factory delays, they are extending all credit locks to 90 days. So mine is now extended to mid-July. No need to re-run credit checks, etc.
That's great to hear about the extension.

In the past, East coast dealers got 60 days and west coast dealers 90 days, although they expire at the end of the month, not the actual 60/90 days after you applied and got approved.
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