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      05-23-2019, 10:21 PM   #1
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ED and 𝙸𝚗𝚜𝚞𝚛𝚊𝚗𝚌𝚎

My build date is June 5th. I have 3 days with the car in Germany.
I'm guessing the US dealer delivery date is early to mid August at best...
My finance company wants confirmation of insurance coverage within 30 days of initial financing.. I.E 23rd of June. (30 days from today)
My question to the group is:
Being that I won't have the vehicle until August and BMW covers insurance until then, how did you explain that to your financial institution and what was the outcome?

Don't want or need to pay for insurance unnecessarily.


Thanks for your help.
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      05-23-2019, 10:35 PM   #2
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Good luck with this. The easiest way is to finance with BMWFS. Any other bank will require registration and insurance (which you cannot get until the car is registered in the US anyway) within 30 days of financing. There is no way to register or get insurance (legally) on your car until it clears customs and hits your dealer in the US. Thus, you have 3 options:

1. Go with BMWFS and save yourself the headache, but if the headache is worth the marginal difference in interest rate compared to your preferred bank, then see 2 or 3.
2. Lie to your bank and tell them that it's in the mail or some other bull (although they can see in the insurance database that your lying) OR try to insure a car that's not registered in US yet, which is insurance fraud (but the bank will wonder where the title is because it will require that in hand in 30 days too, and that not created until the car is registered in the US). Under either, the bank has the right whether at that 30 day mark or upon discovering the fraud, to rescind your financing contract and sue you for the amount financed plus damages.
3. Call your bank and tell them the situation and ask for an exception to policy, or if there are any extensions on showing proof (90 days is ideal, but 60 may work). If there is, get it in writing.

Personally, the .25-1% interest rate difference between what BMWFS is offering and your independent bank is likely not worth the headache of 2 or 3. That's just me.
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      05-23-2019, 10:43 PM   #3
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Quote:
Originally Posted by Thescout13 View Post
Good luck with this. The easiest way is to finance with BMWFS. Any other bank will require registration and insurance (which you cannot get until the car is registered in the US anyway) within 30 days of financing. There is no way to register or get insurance (legally) on your car until it clears customs and hits your dealer in the US. Thus, you have 3 options:

1. Go with BMWFS and save yourself the headache, but if the headache is worth the marginal difference in interest rate compared to your preferred bank, then see 2 or 3.
2. Lie to your bank and tell them that it's in the mail or some other bull (although they can see in the insurance database that your lying) OR try to insure a car that's not registered in US yet, which is insurance fraud (but the bank will wonder where the title is because it will require that in hand in 30 days too, and that not created until the car is registered in the US). Under either, the bank has the right whether at that 30 day mark or upon discovering the fraud, to rescind your financing contract and sue you for the amount financed plus damages.
3. Call your bank and tell them the situation and ask for an exception to policy, or if there are any extensions on showing proof (90 days is ideal, but 60 may work). If there is, get it in writing.

Personally, the .25-1% interest rate difference between what BMWFS is offering and your independent bank is likely not worth the headache of 2 or 3. That's just me.
Hey thanks.
I'm gonna call my credit union tomorrow, explain the details ( hopefully NOT their first ED) and go with BMWFS If they can not or are not willing to work with me.
Much appreciated👍🏻
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      05-24-2019, 12:42 AM   #4
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      05-24-2019, 12:50 PM   #5
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I did two ED's both times financing with my credit union. They never gave me issues regarding insurance. All I had to do is show them proof of insurance on my other cars.
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      05-24-2019, 04:32 PM   #6
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Quote:
Originally Posted by Captaincookie View Post
My build date is June 5th. I have 3 days with the car in Germany.
I'm guessing the US dealer delivery date is early to mid August at best...
My finance company wants confirmation of insurance coverage within 30 days of initial financing.. I.E 23rd of June. (30 days from today)
My question to the group is:
Being that I won't have the vehicle until August and BMW covers insurance until then, how did you explain that to your financial institution and what was the outcome?

Don't want or need to pay for insurance unnecessarily.


Thanks for your help.
Not surprising. Assuming you have an active policy, the standard insurance policy dictates that you have an "automatic" coverage window for a period of 30 days after acquisition of a new vehicle. After that you do not have coverage on that new vehicle unless you've notified your carrier. I would just notify my carrier on the 30th day because this is some red tape stuff that is hard to get out of. Other idea is to explain the above to the finance company and see what they say.
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      05-24-2019, 04:47 PM   #7
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Quote:
Originally Posted by infinitekidM2C View Post
Quote:
Originally Posted by Captaincookie View Post
My build date is June 5th. I have 3 days with the car in Germany.
I'm guessing the US dealer delivery date is early to mid August at best...
My finance company wants confirmation of insurance coverage within 30 days of initial financing.. I.E 23rd of June. (30 days from today)
My question to the group is:
Being that I won't have the vehicle until August and BMW covers insurance until then, how did you explain that to your financial institution and what was the outcome?

Don't want or need to pay for insurance unnecessarily.


Thanks for your help.
Not surprising. The standard insurance policy dictates that you have an "automatic" coverage window for a period of 30 days after acquisition. After that you do not have coverage on that vehicle unless you've notified your carrier. I would just notify my carrier on the 30th day because this is some red tape stuff that is hard to get out of. Other idea is to explain the above to the finance company and see what they say.
The insurance carrier is not the issue. It's the Finance company... They are requiring notification of insurance coverage within 30 days of the loan origination.
That was May 23rd.
I won't receive the car in the USA until about mid August and therefore cannot legally obtain coverage.
I'm hoping BMW can provide proof of coverage until the vehicle is handed over to me in the US and they will waive the 30 day period.
Can't believe others haven't encountered this🙈

Last edited by Captaincookie; 05-25-2019 at 08:42 AM..
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      05-24-2019, 04:49 PM   #8
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Quote:
Originally Posted by chmura View Post
I did two ED's both times financing with my credit union. They never gave me issues regarding insurance. All I had to do is show them proof of insurance on my other cars.
So they waived the 30 day requirement because you had insurance on other vehicles?
Hmmmmm..
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      05-24-2019, 04:56 PM   #9
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Quote:
Originally Posted by Captaincookie View Post
The insurance carrier is not the issue. It's the Finance company... They are requiring notification of insurance coverage within 30 days of the loan origination.
That was May 23rd.
I won't receive the car in the USA until about mid August and therefore cannot legally obtain coverage.
I'm hoping BMW can provide proof of coverage until the vehicle is handed over to me in the US and they will waive the 30 day period.
Can't believe others haven't encountered this��
I understand the issue. I'm trying to explain why the finance company is concerned about their collateral (a potential gap in coverage). That way you can determine how to appease them.

"Captain" cookie. American Airlines...Pilot?

Last edited by infinitekidM2C; 05-24-2019 at 05:01 PM..
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      05-24-2019, 05:08 PM   #10
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Quote:
Originally Posted by infinitekidM2C View Post
Quote:
Originally Posted by Captaincookie View Post
The insurance carrier is not the issue. It's the Finance company... They are requiring notification of insurance coverage within 30 days of the loan origination.
That was May 23rd.
I won't receive the car in the USA until about mid August and therefore cannot legally obtain coverage.
I'm hoping BMW can provide proof of coverage until the vehicle is handed over to me in the US and they will waive the 30 day period.
Can't believe others haven't encountered this��
I understand the issue. I'm trying to explain why the finance company is concerned about their collateral (a potential gap in coverage). That way you can determine how to appease them.

"Captain" cookie. American Airlines...Pilot?
Very perceptive 👍🏻👨*✈️✈️.
Thanks, I think we've got it worked out..Finally.
Can't wait til June 5th👍🏻
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      05-24-2019, 08:27 PM   #11
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Call the finance company and explain to them the car is not in USA yet.

I called them and told them that although I bought the car officially end of September my car was to be delivered in October in Europe and wouldn't be here until December.

I insured it the same day I did Performance Center Delivery in South Carolina.

I received letters from Florida DMV and also told them same thing and they gave me no hassle.

No sense in paying insurance on the car if it's not in your hands in USA yet.
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      05-24-2019, 08:35 PM   #12
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Quote:
Originally Posted by BAN_M2C View Post
Call the finance company and explain to them the car is not in USA yet.

I called them and told them that although I bout the car officially end of September my car was to be delivered in October in Europe and wouldn't be here until December.

I insured it the same day I did Performance Center Delivery in South Carolina.

I received letters from Florida DMV and also told them same thing and they gave me no hassle.

No sense in paying insurance on the car if it's not in your hands in USA yet.
Thanks for the information.
I'll definitely do that.
How was the performance center delivery?
I want to do the M performance track days.
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      05-24-2019, 08:52 PM   #13
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Quote:
Originally Posted by Captaincookie View Post
Quote:
Originally Posted by BAN_M2C View Post
Call the finance company and explain to them the car is not in USA yet.

I called them and told them that although I bout the car officially end of September my car was to be delivered in October in Europe and wouldn't be here until December.

I insured it the same day I did Performance Center Delivery in South Carolina.

I received letters from Florida DMV and also told them same thing and they gave me no hassle.

No sense in paying insurance on the car if it's not in your hands in USA yet.
Thanks for the information.
I'll definitely do that.
How was the performance center delivery?
I want to do the M performance track days.
It was amazing. Did PCD with the previous M2 and repeated with the Competition because it's so close to my detailers. So after PCD car went directly in for PPF before the travel to Florida.

You can do both ED and PCD. The X5 on the trail is fun and they are doing the hot laps in the F90 M5 Competition so it's a great day.

M Track Days are also great, done it 3 times in Homestead Miami. At some point I will do a full day Performance School with them.
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      05-24-2019, 09:00 PM   #14
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Quote:
Originally Posted by BAN_M2C View Post
Quote:
Originally Posted by Captaincookie View Post
Quote:
Originally Posted by BAN_M2C View Post
Call the finance company and explain to them the car is not in USA yet.

I called them and told them that although I bout the car officially end of September my car was to be delivered in October in Europe and wouldn't be here until December.

I insured it the same day I did Performance Center Delivery in South Carolina.

I received letters from Florida DMV and also told them same thing and they gave me no hassle.

No sense in paying insurance on the car if it's not in your hands in USA yet.
Thanks for the information.
I'll definitely do that.
How was the performance center delivery?
I want to do the M performance track days.
It was amazing. Did PCD with the previous M2 and repeated with the Competition because it's so close to my detailers. So after PCD car went directly in for PPF before the travel to Florida.

You can do both ED and PCD. The X5 on the trail is fun and they are doing the hot laps in the F90 M5 Competition so it's a great day.

M Track Days are also great, done it 3 times in Homestead Miami. At some point I will do a full day Performance School with them.
Awesome!!
I think they do a 2/3 day M performance course also. Gonna do that soon.
I raced Formula ford in the UK in the mid 70s (formula 1 was my dream), had to settle for road racing on my work commute😂👍🏻
Thanks again 👍🏻
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      05-24-2019, 09:04 PM   #15
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Quote:
Originally Posted by Captaincookie View Post
Quote:
Originally Posted by BAN_M2C View Post
Quote:
Originally Posted by Captaincookie View Post
Quote:
Originally Posted by BAN_M2C View Post
Call the finance company and explain to them the car is not in USA yet.

I called them and told them that although I bout the car officially end of September my car was to be delivered in October in Europe and wouldn't be here until December.

I insured it the same day I did Performance Center Delivery in South Carolina.

I received letters from Florida DMV and also told them same thing and they gave me no hassle.

No sense in paying insurance on the car if it's not in your hands in USA yet.
Thanks for the information.
I'll definitely do that.
How was the performance center delivery?
I want to do the M performance track days.
It was amazing. Did PCD with the previous M2 and repeated with the Competition because it's so close to my detailers. So after PCD car went directly in for PPF before the travel to Florida.

You can do both ED and PCD. The X5 on the trail is fun and they are doing the hot laps in the F90 M5 Competition so it's a great day.

M Track Days are also great, done it 3 times in Homestead Miami. At some point I will do a full day Performance School with them.
Awesome!!
I think they do a 2/3 day M performance course also. Gonna do that soon.
I raced Formula ford in the UK in the mid 70s (formula 1 was my dream), had to settle for road racing on my work commute😂👍🏻
Thanks again 👍🏻
Indeed they have the more entailed courses. If that was the level you did you do need more than that road racing to work! Check out when the M Track Days from BMW are announced they are fun and a great price! Glad I could help with some info!
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      05-24-2019, 09:06 PM   #16
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Quote:
Originally Posted by BAN_M2C View Post
Quote:
Originally Posted by Captaincookie View Post
Quote:
Originally Posted by BAN_M2C View Post
Quote:
Originally Posted by Captaincookie View Post
Quote:
Originally Posted by BAN_M2C View Post
Call the finance company and explain to them the car is not in USA yet.

I called them and told them that although I bout the car officially end of September my car was to be delivered in October in Europe and wouldn't be here until December.

I insured it the same day I did Performance Center Delivery in South Carolina.

I received letters from Florida DMV and also told them same thing and they gave me no hassle.

No sense in paying insurance on the car if it's not in your hands in USA yet.
Thanks for the information.
I'll definitely do that.
How was the performance center delivery?
I want to do the M performance track days.
It was amazing. Did PCD with the previous M2 and repeated with the Competition because it's so close to my detailers. So after PCD car went directly in for PPF before the travel to Florida.

You can do both ED and PCD. The X5 on the trail is fun and they are doing the hot laps in the F90 M5 Competition so it's a great day.

M Track Days are also great, done it 3 times in Homestead Miami. At some point I will do a full day Performance School with them.
Awesome!!
I think they do a 2/3 day M performance course also. Gonna do that soon.
I raced Formula ford in the UK in the mid 70s (formula 1 was my dream), had to settle for road racing on my work commute😂👍🏻
Thanks again 👍🏻
Indeed they have the more entailed courses. If that was the level you did you do need more than that road racing to work! Check out when the M Track Days from BMW are announced they are fun and a great price! Glad I could help with some info!
Definitely 👍🏻😂
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