Need opinions here guys(and by guys I mean all of us):

I got financing for my MINI through People First. Now the dealer says he got me approved for 20 basis points lower than People First. I asked him to send me confirmation that it is approved and I'll tear up the People First check. He says he can't, I just have to know it's a go. I have 7 days to cash this people first check. Do I send them the check and forget MINI financing or should I trust this guy and hope for the best?????

Help!!!!

 

>> Need opinions here guys(and by guys I mean all of us):
>>
>>I got financing for my MINI through People First. Now the dealer says he got me approved for 20 basis points lower than People First. I asked him to send me confirmation that it is approved and I'll tear up the People First check. He says he can't, I just have to know it's a go. I have 7 days to cash this people first check. Do I send them the check and forget MINI financing or should I trust this guy and hope for the best?????
>>
>>Help!!!!

Until you see BMW Financial loan rate in WRITTING do not tear up your Peoplefirst check.

If the dealer can't produce it in writting, they are bluffing and hoping that you will forgo your pre-approved financing arragements with Peoplefirst.


Yesterday I got approved, in a matter of minutes, for a 36 month loan @3.99% APR with Peoplefirst.com.

I would personally go with People's blank check. Don't let the dealer's finance guy intimidate you.

 

Tell him if he beats peoplefirst you will use BMW, if not then you will use peoplefirst. Don't tear up the check though, you will have no choice.

I also used peoplefirst, but if BMW had beaten the rate I would have torn up the check, after I signed the papers.

 

>> Need opinions here guys(and by guys I mean all of us):
>>
>>I got financing for my MINI through People First. Now the dealer says he got me approved for 20 basis points lower than People First. I asked him to send me confirmation that it is approved and I'll tear up the People First check. He says he can't, I just have to know it's a go. I have 7 days to cash this people first check. Do I send them the check and forget MINI financing or should I trust this guy and hope for the best?????
>>
>>Help!!!!

The dealer should be able to confirm your rate in writing via fax, or whatever with a signature. The only question is when is your car arriving?

The only thing I can possibly think of that would change the rate would be if the bank changed their rates prior to you picking up your car. I your car on order? Is it more than a week or so away?

The dealer may have to include that caveat in whatever they give you as confirmation. Some banks only hold rates until the end of any given month, and then adjust rates if needed.

 

:smile: :smile: