I know BMW can match or beat any car loan, so I am wondering what kind of % did everyone get or how low can they really go. I have outstanding credit (that means really good from what the banks have been telling me. 785 ratio), so that is not a problem.

Did anybody go threw a diffrent company?

Thank for all the info you can give.

 

I have a bankruptcy that is 6 years old. I did not qualifiy for BMW's $$ but the manager of the Dealership got me a loan thru SunTrust bank. Without his help I would not have been able to get my MCS and I would have been certainly caught in the hell that is owning say a base model civic or something.. I took a greyhound bus to the dealership with the tag off my freshly blown up 91 Talon TSi and walked out without a single penny down on anything and managed to get a 9.2% apr, Which I was happy to get since my bank was gracious enough to offer me 11.5%....

 

3.99% from my local bank. Probably could have gotten slightly lower from one of the internet banks.

 

I also forgot That I will be doing this for 60 months, because for the first year I need the PAYMENTS to be very low, like between 300 a month. 350.00 tops. All my local banks could not offer me anything, they said for me to go to the dealer, that I would get a lower %, because banks can't compete with them.... Thanks so far for the info.

 

All,

I went to VEHIX.com and filled out an application for a loan and got 3.5% thru Capital One. It was the easiest thing I've ever done. I was accepted for the loan in minutes, and they sent me out a check 3 days later. If I decide to cash the check, then the loan is finalized, otherwise, in 45 days, the check expires.

I figure if BMW can match the offer, then great, if not, I'll use the Capital One loan. Can't lose.

Just so everyone knows, I'm not a spokesman for Vehix or Capital One, so I'm not trying to promote them. I was just honestly astounded at how easy the process was.

I'd suggest trying this avenue.

BB-

PS: if anyone has ever gotten a loan from Capital One and has had any problems, I'd be interested to hear what happened, as I still haven't cashed their loan check.

 

I've been doing some research and 4% seems to be the going rate. Slightly lower through an Internet search. Local banks also tend to discount their rates up to 1/4 point for their customers who elect to do direct withdrawal.

If BMW is matching the 4%, I wonder if there is some leverage with the dealer. The dealer makes money on the spread between their buy rate and their sale rate for a given loan. That amounts to additional profit for both the dealer and the salesperson. Given that, I'll try to get a free set of mats or mirror caps for the priveldge of letting them service the loan.

Alex

 

I would suggest maybe looking at capitalone auto finance, or a credit union. Just make sure that your dealership takes the capitalone blank check that they issue you, because my dealer (Long Beach Mini) would not take it. They ended up offering me a great rate through BMW, so it worked out for me.

 

I never bothered with BMW Financial Services. I got a loan thru CapitalOne Auto Finance (Formerly known as PeopleFirst.som) for 3.99% APR for 3 years for my new '04 MCS. I typically payoff my new cars 1 or 2 years ahead of schedule so I end up saving a whole bunch more in interest charges than originally planned.

My '02 Cooper CVT is already paid for. I paid it off in 11 months and also got a loan with Peoplefirst.com for that one (It was for 36 months @ 4.75% APR ).
CapitalOne Finance is fantastic and my dealer Lauderdale MINI is more than glad to accept thier blank checks, no problemo!

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'02 Cooper CVT (Absolute Keeper!)
'04 Cooper S Delivered: 10/3/2003 It's finally home!!!!!!!!!!