[Jbmw21]

Hey there fellow members M2 comp is almost here any day now at the VPC… sales man now tells me can't do .9% they want 1.9% smh what should I do

[Ashander]

They tried to pull that on me. I had proof that I was pre-approved and locked in for 0.9%.

Do you have proof?

[Jbmw21]

Originally Posted by Ashander

They tried to pull that on me. I had proof that I was pre-approved and locked in for 0.9%.

Do you have proof?

Yes of course

[Ashander]

Hand them the proof, show them the current promotion which is STILL 0.9% and talk to General Manager.

Make sure they don't toss it out, they also tried that with me.

[Jbmw21]

Originally Posted by Ashander

Hand them the proof, show them the current promotion which is STILL 0.9% and talk to General Manager.

Make sure they don't toss it out, they also tried that with me.

Thanks car should arrive by this weekend to the dealer from VPC… it's crazy So frustrating and ridiculous

[KevinC]

Same thing happened to me. Damn f&i criminal tried to sneak it past me. When I caught it on the contract he claimed the rate was no longer being offered. I called bullshit and pointed out I’d already been approved and locked when I placed my order. He finally relented. One of many lies from this jackass. I will never set foot in that dealership again.

[nioh_lbbm2]

Name and shame

[e90post_user]

The BMW incentive financial offer for 0.9% has been extended thru Aug 2nd, 2021.
Call BMW of North America and out their name - I won’t be surprised if you receive a call from your dealer mumbling about an honest mistake.

[Foggins]

Originally Posted by KevinC

Same thing happened to me. Damn f&i criminal tried to sneak it past me. When I caught it on the contract he claimed the rate was no longer being offered. I called bullshit and pointed out I’d already been approved and locked when I placed my order. He finally relented. One of many lies from this jackass. I will never set foot in that dealership again.

My car is arriving 200 miles away from me…I hate and detest the dealership experience so much (esp F&I) that I’m doing everything through mail/phone, and paying a few hundred bucks to get it delivered to me. The whole industry is primed to get ripped up, it sucks so bad.

[kthor703]

Finance tried to do the same to me as well. Although, I quickly called them out on it and luckily they dropped the game immediately.

[M3R1]

Pay cash...

[e90post_user]

Originally Posted by M3R1

Pay cash...

At 0.9% I disagree, but different strokes for different folks.

[Capt Canuck]

^Ah man before this turns into an 'opportunity costs' thread ;-) surely we can all agree that dealers like Chapmans that pull this BS, really should get stuffed.

[Mullins]

My dealer added the extra 1% as well. I spent a good hour trying to get them to back off of it, but at the end of the day, it was either walking away from the car or agreeing to it, and there are obviously plenty others willing to pay for it. Dealers to have the ability to add points, this isn't anything new. Mine said BMW let's them cap it at an extra 1% (unconfirmed).

All that aside, now I'm trying to figure out if it's worth me paying off the loan within the first 6 months to prevent the dealer from getting the loan kickback…

I did finagle a few items from them for "compensation".

Had I been in a better position, I wouldn't have shopped at this dealer, and won't in the future either.

[KevinC]

Originally Posted by Mullins

My dealer added the extra 1% as well. I spent a good hour trying to get them to back off of it, but at the end of the day, it was either walking away from the car or agreeing to it, and there are obviously plenty others willing to pay for it. Dealers to have the ability to add points, this isn't anything new. Mine said BMW let's them cap it at an extra 1% (unconfirmed).

The BMWFS rate at 0.9% is contingent only on you qualifying for it (credit score). There is NO reason a dealership should jack that rate up if you're qualified. I would have walked out - especially considering I was paying full list price for the car, a fat deal for them already. Actually I would have walked out of the F&I office and marched straight over to the GM's office. I would be polite at first, but if they were gonna stick to their guns and try to rip me off, causing me to walk on the deal, it would have gotten ugly!

I would write to BMW customer service and demand that it be adjusted to the quoted 0.9% rate. I'd raise a big stink, but be polite about it. At the amount I was financing - not that much as I was putting $42,500 down - it would have cost me an additional $820 over the life of the loan. That's not chicken feed. Much smaller down and it would have been much more.

Here's a breakdown of what the criminal tried to do to me:

1. Tried to pump the APR by a point as per above, $820

2. "Lost" my $2500 deposit somehow, missing from my contract. Whoops.

3. Tried to jack up the sale price of the car, which was $64,114 as configured (full list price) to $65,303. No explanation for how this happened, other than "miscommunication with sales". $1189 "error" if I didn't catch it.

4. Leaned on me HARD to purchase Ultimate Care +1 plan. I wasn't interested. No matter how many times I said "no", i just got more pressure. "I've never sold an M without maintenance!", "brake job on that car costs $7000, you'll definitely need brakes before 30k miles, one just just needed them at 11k, you'll come out WAY ahead!!", and other fluffery and gross exaggerations. When none of that worked, he poked at his keyboard, said I qualified for a 17% discount for being "ex-military" (which I am not), and another 5% for being a Costco member. New price, only $2677! I finally decided to bite, figuring that there was a decent chance I'd need brakes within the 4/48 coverage, even though that cost was probably about $2k and not $7k - I'd still come out ahead. THEN I come to find out that FULL LIST PRICE for that package is $2099 - he had charged me $578 over list, while claiming I was getting 22% off. I wound up cancelling and getting my money back. Oh, and he also lied when I asked if the package was transferable if I were to sell the car - he claimed yes, BMW website says otherwise - only transferable on MY '22 cars and forward. Prior years, nope.

5. I show up to pick up the car, and it's littered with those stupid VIN tags for some bogus "vehicle recovery" service, at a cost of $185. I ordered the car, it wasn't a car from stock, price had already been negotiated without that garbage, so I refused to pay for it. That happened before we even got seated to get started. I have a feeling this a-hole targeted me at that point to pull out all the stops and apply ALL his dirty tricks. But I didn't let him get away with it. Any of it.

Add it up - $820, $2500, $1189, $578, $185 = a whopping $5,272 I would have been jacked out of had I not caught all this stuff. This store moves 250-300 cars a month. Can you imagine how much money they are stealing on a monthly basis? Un-freaking-believable.

[peteyrx7]

Originally Posted by Mullins

Mine said BMW let's them cap it at an extra 1% (unconfirmed).

All that aside, now I'm trying to figure out if it's worth me paying off the loan within the first 6 months to prevent the dealer from getting the loan kickback…

I did finagle a few items from them for "compensation".

The 1% finance cap is allowed. Whether you choose to accept the dealer doing so is another matter. From their perspective, there is little incentive to run financing through a manufacturer's captive finance company if they were not able to also mark up that rate as the payment for the promotional rate to the dealer is pretty small. F&I is a huge profit center, nearly half the total take on new car sales and I would guess that without it they couldn't turn a profit. That said, what is happening today is an aberration. All the publicly traded dealer groups are reporting record gross profits per retailed unit.

I call out marked up rates but accept them whenever I buy a new car if doing so allows me to negotiate a larger % off. I know that the dealer makes a good amount from this markup from the manufacturer, but I also pay my loans off way early, so the extra fiance charges I incur isn't much. I wouldn't suggest this path unless you have cash on the sidelines that would otherwise earn near 0. Paying off what is still a low rate loan to spite a dealer for charging what the market will bear if you have other debt and/or under-allocating your investment portfolio would hurt you more than them.

[Mullins]

Originally Posted by peteyrx7

The 1% finance cap is allowed. Whether you choose to accept the dealer doing so is another matter. From their perspective, there is little incentive for a dealer to run financing through a manufacturer's captive finance company if they were not able to also mark up that rate as the payment for the promotional rate to the dealer is pretty small. That said, I accept it whenever I buy a new car but negotiate a larger % off knowing that the dealer makes a good amount from this. I also pay my loans off way early, so the extra fiance charges incurred isn't much. I wouldn't suggest this path unless you have cash on the sidelines that would otherwise earn near 0.

Yeah, all points understood. Ultimately, they knew I wasn't walking away from the car over a ~$1,400 difference. Paying it early would just be my petty attempt at "screwing" over the dealer =)

This would have all been a different story a year ago when allocations were not evaporating.

Either way, having the car in hand makes it easy to forget all that!

[Jbmw21]

G.M didn't budge on financing….Smh

[XYoung]

After reading the post, I feel so lucky, no tricks at all when I bought my M2c, got 0.9% without any problems.

[e90post_user]

Originally Posted by Mullins

My dealer added the extra 1% as well. I spent a good hour trying to get them to back off of it, but at the end of the day, it was either walking away from the car or agreeing to it, and there are obviously plenty others willing to pay for it. Dealers to have the ability to add points, this isn't anything new. Mine said BMW let's them cap it at an extra 1% (unconfirmed).

All that aside, now I'm trying to figure out if it's worth me paying off the loan within the first 6 months to prevent the dealer from getting the loan kickback…

I did finagle a few items from them for "compensation".

Had I been in a better position, I wouldn't have shopped at this dealer, and won't in the future either.

Check PenFed - their regular loans are at 1.99% and if you use their car buying service thru TrueCar you get 0.99%. Even if you don’t use the 1 point off deal I would go with PenFed to make the dealer know that they get no business from me if they pull this shit.

[peteyrx7]

Originally Posted by Mullins

Yeah, all points understood. Ultimately, they knew I wasn't walking away from the car over a ~$1,400 difference. Paying it early would just be my petty attempt at "screwing" over the dealer =)

This would have all been a different story a year ago when allocations were not evaporating.

Either way, having the car in hand makes it easy to forget all that!

Anyone who is getting jacked by a dealer that is not honoring what they previously agreed to should do the following:

1) call Bmw USA and out the dealership. Make sure you have documentation of what was previously agreed and what was then done.

2) complete the BMW survey post purchase and give 1s where they are deserved. Dealership kickbacks and sales bonuses are tied to those scores. If enough people rank a dealer as crap there are significant financial consequences.

Also adding a disclaimer. If you knowingly agreed to a crappy deal up front that's on you. Don't roast a dealer for what you accepted. If they tried to pull one over or didn't honor their commitment, then out them to Bmw NA both by calling and through the survey.

[vj123]

If the dealer is not willing to honor their written agreement, i would escalate the issue within their management calmly. If they still wouldnt honor the deal, i would go ahead with the purchase.

Days later, i would give lowest possible star in BMW survey and post honest reviews in other public forums as well. Thats going to cost the dealer a lot more than what they earned through the jacked up rate.