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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Mandatory dealer financing if credit union check doesn't arrive in 7-days?????



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      02-07-2006, 11:24 PM   #1
smellygas
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Mandatory dealer financing if credit union check doesn't arrive in 7-days?????

Wanted to get people's opinions on this. I've decided to finance a new 325i through my credit union at 4.2%, pre-approved. My CU requires a purchase order to be faxed to them from the dealer, after which point they will mail them the check. However, my dealership refuses to mail this purchase order to the CU UNTIL the car arrives (it's on order). Apparently, the Finance Department wants to give me the "hard sell" for dealer financing when I arrive to pick up the car (rather than give the interest income to a 3rd party)...but here's the kicker:
I've been told that in order to drive-off with the car, I will need to sign an agreement that states that if the credit union check does not arrive with 7 days, I am automatically accepting DEALER "financing." They call this an "either/or" contract, which I have never heard of.

I'd rather show up when the car comes, get the purchase order faxed to my credit union, and wait for the dealer to receive the loan check -- this way, they will have received payment in full and I won't have to mess around with such a contract (and I can just drive off with the car).

Any thoughts on this? Thanks

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      02-08-2006, 01:30 AM   #2
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Talk to the CU. See how long it takes them to mail the check once the PO has been faxed.

Maybe you have to make 2 trips...first to get the PO once the car arrives and fax it in.

Second to actually pick up the vehicle...once the dealer has received the check.

I dunno...tough bind. Good luck!
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      02-08-2006, 01:41 AM   #3
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I doubt that it'll take the CU very long. They can easily overnight the check to the dealership.

When I re-financed a few weeks back, I faxed everything over the weekend and my CU had the paperwork ready to sign by 9am on Monday and the check was FedEx'd to me on Tuesday to endorse and BMWFS received the check on Wed. to pay-off the loan.

BTW which CU are you using for 4.2% that's a great rate. How many months?
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      02-08-2006, 10:57 AM   #4
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That situation shouldn't be a problem for you. Usually when the car arrives at the dealer, it will take a day or so for them to have the car ready for delivery.

Just make sure they fax that paperwork to your credit union as soon as the car arrives. That way, by the time you take delivery of the car, the check will be in thier hands. In fact, you could stop by the credit union and pick up the check on the way to the dealer and avoid any potential problems.
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