[KevinC]

In my case, I was told I was approved and locked at 0.9%. I think that's the only reason the criminal relented and "let" me have the rate.

Here's the bottom line: BMW has been offering 0.9% on this specific car on their website for months and months now. The only qualifier is you need top-tier credit. So call the GM or BMW and ask if they would like to be reported to the FTC and state attorney general for false advertising and/or bait & switch. I suspect the problem will be rectified immediately.

[SilverDust]

Sadly I'm finding myself in this position as well. Verbally was told by SA that i would get .9% when i ordered.. They never sent through verification. Then Finance director last week said that I qualified for the lowest rate, but then they called back today saying they don't remember us talking and its now 1.9%.

It's not the money so much as it is the principle.. And to KevinC's point - it's false advertising. Shouldn't go unpunished.

That said, I can't wait for dealerships to all go bankrupt. Between EVs crushing service revenues and business models like Tesla's taking over the OEMs, their day of reckoning is coming.

[e90post_user]

Originally Posted by SilverDust

Sadly I'm finding myself in this position as well. Verbally was told by SA that i would get .9% when i ordered.. They never sent through verification. Then Finance director last week said that I qualified for the lowest rate, but then they called back today saying they don't remember us talking and its now 1.9%.

It's not the money so much as it is the principle.. And to KevinC's point - it's false advertising. Shouldn't go unpunished.

That said, I can't wait for dealerships to all go bankrupt. Between EVs crushing service revenues and business models like Tesla's taking over the OEMs, their day of reckoning is coming.

I’d repeat myself - at this point, if you haven't signed the papers yet, I’d secure financing thru PenFed (or other alternative low APR financing program), have them cut the check to the dealer and never ever show my face at that dealership. Oh and I would voice my opinion on every review platform.

[SilverDust]

Originally Posted by e90post_user

I’d repeat myself - at this point, if you haven't signed the papers yet, I’d secure financing thru PenFed (or other alternative low APR financing program), have them cut the check to the dealer and never ever show my face at that dealership. Oh and I would voice my opinion on every review platform.

Honestly I have half a mind to... I did get them down to 1.49%, but definitely got the run around.

Will be filing reports with the BBB, BMWNA, etc about this. Pretty ridiculous.

[chris719]

Does anyone know if the program will be extended through September? I'm getting some BS story from a dealer.

[Uscray]

Originally Posted by chris719

Does anyone know if the program will be extended through September? I'm getting some BS story from a dealer.

The BMW website states the 0.9% offer is good until August 2nd and rate can be locked for 60 days.

[chris719]

Originally Posted by Uscray

The BMW website states the 0.9% offer is good until August 2nd and rate can be locked for 60 days.

Are they able to lock it if the car is at VPC but not at the dealership yet?

[Uscray]

Yes I think the purpose is to lock the rate while waiting for an ordered car to arrive.

[myb24]

I feel bad for the people who are having trouble locking in the rate. Picking up my car 1st-2nd week of August and I had no issues locking in the rate with my SA. Shady dealers!

[Uscray]

Yes I was very lucky too! My dealer traded for me an allocation mid May and gave me 2k off MSRP. Now they didn't want to let me do performance center delivery for some reason but everything else was perfect.

[myb24]

BTW didn't think to lock in the rate until I read this thread, so thank you to the OP and everyone else who responded. I hope the OP and everyone else can lock in the lowest rate possible!

[alphakinase]

Literally signed the paperwork yesterday and got the 0.9% (BMW Select).

Any dealer not honoring the rate is just being a d*ck.

[chris719]

I think I was able to lock it in also, fingers crossed.

[KevinC]

Originally Posted by chris719

I think I was able to lock it in also, fingers crossed.

Do NOT let them deny you that rate. All these dealers attempting to mark it up to 1.9% use the same excuse - "BMW allows us to mark up financing by up to 1 point, and we've got you by the short hairs after waiting 3 months for your car and with exactly zero more being built, you're gonna pay up."

Here's why that reasoning doesn't hold water: the rate is advertised, so they can't simply mark up something that BMW has advertised - that can't possibly be legal. The 1% bump that they're allowed makes sense on a normal, non-promotional loan. For example - you walk in to buy your car, you have brought a 2.9% offer from your credit union. If they can get you into something better, they will. But it might be 2.8% - with some markup built in. Nothing crooked about that, you can take it or leave it and nothing was advertised that's now being yanked. But in this case BMW is very specifically advertising a 0.9% rate and the only qualification is your credit rating. DO NOT LET THEM RIP YOU OFF because that's exactly what it is if they mark it up.

[chris719]

Originally Posted by KevinC

Do NOT let them deny you that rate. All these dealers attempting to mark it up to 1.9% use the same excuse - "BMW allows us to mark up financing by up to 1 point, and we've got you by the short hairs after waiting 3 months for your car and with exactly zero more being built, you're gonna pay up."

Here's why that reasoning doesn't hold water: the rate is advertised, so they can't simply mark up something that BMW has advertised - that can't possibly be legal. The 1% bump that they're allowed makes sense on a normal, non-promotional loan. For example - you walk in to buy your car, you have brought a 2.9% offer from your credit union. If they can get you into something better, they will. But it might be 2.8% - with some markup built in. Nothing crooked about that, you can take it or leave it and nothing was advertised that's now being yanked. But in this case BMW is very specifically advertising a 0.9% rate and the only qualification is your credit rating. DO NOT LET THEM RIP YOU OFF because that's exactly what it is if they mark it up.

They gave me that rate, fortunately.

I understand what you're saying, but I feel like if your dealer wants that extra money, they will get it one way or another. The BMW terms also do have qualifiers like "participating", which are presumably in there to allow them to do stuff like this.

[InsideMan]

Originally Posted by KevinC

Do NOT let them deny you that rate. All these dealers attempting to mark it up to 1.9% use the same excuse - "BMW allows us to mark up financing by up to 1 point, and we've got you by the short hairs after waiting 3 months for your car and with exactly zero more being built, you're gonna pay up."

Here's why that reasoning doesn't hold water: the rate is advertised, so they can't simply mark up something that BMW has advertised - that can't possibly be legal. The 1% bump that they're allowed makes sense on a normal, non-promotional loan. For example - you walk in to buy your car, you have brought a 2.9% offer from your credit union. If they can get you into something better, they will. But it might be 2.8% - with some markup built in. Nothing crooked about that, you can take it or leave it and nothing was advertised that's now being yanked. But in this case BMW is very specifically advertising a 0.9% rate and the only qualification is your credit rating. DO NOT LET THEM RIP YOU OFF because that's exactly what it is if they mark it up.

Yes, they advertise it but there is plenty of small print that give the dealership an out. Words like...you may not be able to finance at this rate. Or, dealer participation varies.

If the dealer agrees to .9 then goes back on it, that is bad business, but it is their business. With the M2 as hot as it it is and going for over MSRP in a lot of areas, they seem to be okay potentially losing customers over a point of rate. What goes around comes around.

[///M TOWN]

I got the same shaft when I bought my M2 ended up going through my credit union after the dealership finance department lied yet a second time firstbtelling me my credit union had turned me down but they were happy to tell me another Credit union had us approved at a much higher rate

Turns out I called our credit union and they had never even submitted an application and we were approved and that's who we used evidently our credit union was only paying 1% and the credit union they had approved us with was paying 2%…. hahaha no way
So it was all bout the money that's why I never got .9% because the dealership finance department wanted to make as much money as possible off of us

And you might wonder why I didn't buy an extended warranty