03-24-2016, 12:14 AM | #1 |
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BMW Select Excel Payment Calculator
Seeing as how it's pretty annoying to figure out what payments are via BMW Select financing, I went ahead and took a stab at making an excel calculator. This should make it much easier, but I would appreciate having someone double check my formulas. I believe they are correct though and I have worked it backwards to verify. This calculator really shows how much the 2.99% apr sucks compared to the .99%...it's a solid $65 monthly difference.
https://dl.dropboxusercontent.com/u/...alculator.xlsx |
03-25-2016, 08:21 AM | #2 | |
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You could use 3.99 to make it even look worse. I mean seriously..... @1M Tex and I were just talking two days ago and he found a 1.49 rate for 60 months and I know I can get 1.99 for 84 months ... |
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03-28-2016, 06:40 PM | #3 | |
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84mo car loan?
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03-28-2016, 07:00 PM | #4 | ||
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One can always pay it off sooner by paying more than the minimum or by making additional payments. And who cares if it's 108 months when the interest rate is 1.99 percent lol... Darn near free money. |
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03-29-2016, 10:24 AM | #5 |
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84 month loan makes a ton of sense on the M2 if you get a good APR and put down a large down payment to ensure you are not upside down, since the lease rates are so terrible.
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03-29-2016, 10:35 AM | #6 |
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Putting a large deposit down makes no sense when financing can be had for under 2%. Going upside down will largely depend on the resale value of the car while it is in limited supply. I would be willing to bet that the depreciation curve of the car will actually float above the loan balance for the duration of the loan even with an extended term like 84 months.
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03-29-2016, 10:37 AM | #7 | |
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03-29-2016, 11:11 AM | #8 | ||
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Penfed is using a 50% residual with a 2.49 apr.
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03-29-2016, 11:19 AM | #9 |
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03-29-2016, 11:36 AM | #10 |
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It definitely does suck. BMW is doing its very best at getting everyone to give up on the M2 and move up into an M3/4. . My dealer was shocked when I didn't accept 3.99%. Sorry guy, i wasn't born yesterday and I have elite credit- please.
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03-29-2016, 12:43 PM | #12 | |
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I have called Penfed numerous times to get a 'payment saver' rate. They say the car is too new. I get the 1.99 for 48/60 and 2.74 for longer. April rates from BMWNA might be different/better. March rates were useless since there was no release. Last edited by clubsport; 03-29-2016 at 12:44 PM.. Reason: added text |
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03-29-2016, 12:47 PM | #13 | ||
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03-29-2016, 02:04 PM | #14 | |
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Those that are the type that don't want a payment and know they will love it can throw a chunk down. Those that Want to " lease " an M2 or if you want to " lease to own " then use the owners choice or just. finance it with as long as terms as possible and then plan to sell it in 2-4 years. If you are really smart you'll use a credit union and not a bank... As an M car it's clearly going to have good resale value. As a highly Desired car , it will likely have excellent resale value. |
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07-05-2019, 09:50 AM | #15 | |
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