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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) > F$%K, BMW FS just lowered their rate for E92 335i by 1%



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      03-05-2008, 05:01 PM   #1
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F$%K, BMW FS just lowered their rate for E92 335i by 1%

7 days after i collected my 335i, BMW FS had lowered their rate from 4.9 to 3.9% APR. does anyone know if i can refinance with the lower rate? or am i basically fucked and framed in the 4.9% rate?

man, i'm so pissed...
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      03-05-2008, 05:15 PM   #2
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      03-05-2008, 05:16 PM   #3
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Well mine is currently being shipped so no worries, I guess I can get the new rate.
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      03-05-2008, 06:32 PM   #4
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Tell me about it. I'm the proud owner of a new 335i sedan. Purchased it on 2/29 and financed @ 4.9%.

Oh well, just enjoy the car since there's no sense crying over spilled milk *sigh*
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      03-05-2008, 06:36 PM   #5
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so there is no way of getting the lower rate now? anyone knows and/or tried it?
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      03-05-2008, 06:43 PM   #6
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You should be able to refinance. If not through BMW then through another company. I refinanced a G35 I bought last year less than a week after I bought it because I found a better rate. USAA FTW!
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      03-05-2008, 06:47 PM   #7
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You should be able to refinance. If not through BMW then through another company. I refinanced a G35 I bought last year less than a week after I bought it because I found a better rate. USAA FTW!
does it hurt your credit or anything else?
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      03-05-2008, 06:54 PM   #8
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Not enough to matter I don't think. I'm 20 with a 740 credit score and I've financed 6 vehicles in 2 years and refinanced 3 of them. I think the main thing holding my score down is my age. We bought my wife's G37 S a month before Midway Infiniti in Phoenix offered 2.9% APR so I refinanced. My score hasn't dropped and that was back in September/October.
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      03-05-2008, 06:55 PM   #9
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I can only tell you my experiances however. I'm sure there are other variables
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      03-05-2008, 06:56 PM   #10
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Quote:
Originally Posted by shift330 View Post
Not enough to matter I don't think. I'm 20 with a 740 credit score and I've financed 6 vehicles in 2 years and refinanced 3 of them. I think the main thing holding my score down is my age. We bought my wife's G37 S a month before Midway Infiniti in Phoenix offered 2.9% APR so I refinanced. My score hasn't dropped and that was back in September/October.
It wouldnt be age, it would be amount in the bank account and credit history other than car credit history from what i know...
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      03-05-2008, 06:57 PM   #11
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my score is 768 right now so i'm pretty happy with it (and don't want it lowered because of 1% APR).

how do you go about refinancing? especially through BMW FS? do you just call and tell them you want to refinance?
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      03-05-2008, 07:03 PM   #12
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You're screwed. You can't refi with BMWFS. It is now a "Pre-Owned" car to them and does not qualify for the 3.9 percent rate. As a previous poster said, you can refi it with someone else as a "pre-owned car". They will have to run your credit and approve you based on their requirements. I don't think you'll beat the 4.9 tho. USAA is for military people only. With the current rates it is likely the only banks that would beat it would be USAA or Navy FCU (special govt related banks).
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      03-05-2008, 07:04 PM   #13
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Quote:
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It wouldnt be age, it would be amount in the bank account and credit history other than car credit history from what i know...
I asked about it they told me it was because I have a "limited history" I've never made a late payment on anything and have plenty of $. Not getting to specific but I'm a government contractor and my wife is an air traffic controller so I don't think how much we have in the bank has much to do with it.
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      03-05-2008, 07:21 PM   #14
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Unless you can somehow convince BMWNA to give you the 3.9%, refinancing with a third-party lender will not lower your rate.

Risk-free treasury bonds are paying around 5% right now. No matter what your credit score is, you are riskier than lending to the US government (at least in theory). If people are lending to the US government for 5%+, depending on term of the loan, they're not going to lend to a riskier borrower for less interest. The only reason BMW NA can offer those rates is because they are incentivizing you to buy the car. The reason I bought the car was because I found the 4.9% attractive (I bought it less than 2 months ago so I share your pain).

Not sure about how it would affect your credit score.
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      03-05-2008, 07:30 PM   #15
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What are the terms for the 3.9%? Can you take it 60 months or more?
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      03-05-2008, 07:35 PM   #16
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Quote:
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I asked about it they told me it was because I have a "limited history" I've never made a late payment on anything and have plenty of $. Not getting to specific but I'm a government contractor and my wife is an air traffic controller so I don't think how much we have in the bank has much to do with it.
Debt to credit ratio and debit to income ratio can be as important as a good history. Good numbers there can overcome a short history.
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      03-05-2008, 07:57 PM   #17
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I think there is a lot of naivety on this forum. In general, one cannot usually buy at the lowest, sell at the highest. Usually things happen in-between. Granted, one doesn't usually happen to make a deal just before the situation does a 180 towards the favorable, either.

Don't get me wrong, I know what it feels like to play the coulda shoulda woulda. I daytraded BlackBerry stock in early Oct., and patted myself on the back for making 5/share in a matter of hours. Got out at 103, only to see it go to 133 by the end of Nov. I didn't need that 6 grand, now did I? Of course I could have used it. But I know I should never have been tracking it daily after my position closed at 103. I made money, period, end of story, walk away.

Those of you who got 4.9%, did you think it was a good deal when you got it? Of course you did. What is it to you if someone else buys a car the next day for 3.9%? You were satisfied yesterday, or you wouldn't have driven your car home. That one day may have cost you $11/mo. and $700 assuming you borrowed 25k for 5 years, but that's life.

It took me a long time to realize that I can't buy a stock today at yesterday's price. 3.9% is an incentive, it's not a readily obtainable interest rate to finance a vehicle over 60 mos.
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      03-05-2008, 07:59 PM   #18
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Quote:
Originally Posted by shift330 View Post
Not enough to matter I don't think. I'm 20 with a 740 credit score and I've financed 6 vehicles in 2 years and refinanced 3 of them. I think the main thing holding my score down is my age. We bought my wife's G37 S a month before Midway Infiniti in Phoenix offered 2.9% APR so I refinanced. My score hasn't dropped and that was back in September/October.
Married at 20 ey? yer a young'n. Cool!
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      03-05-2008, 08:15 PM   #19
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Originally Posted by John 070 View Post
I think there is a lot of naivety on this forum. In general, one cannot usually buy at the lowest, sell at the highest. Usually things happen in-between. Granted, one doesn't usually happen to make a deal just before the situation does a 180 towards the favorable, either.

Don't get me wrong, I know what it feels like to play the coulda shoulda woulda. I daytraded BlackBerry stock in early Oct., and patted myself on the back for making 5/share in a matter of hours. Got out at 103, only to see it go to 133 by the end of Nov. I didn't need that 6 grand, now did I? Of course I could have used it. But I know I should never have been tracking it daily after my position closed at 103. I made money, period, end of story, walk away.

Those of you who got 4.9%, did you think it was a good deal when you got it? Of course you did. What is it to you if someone else buys a car the next day for 3.9%? You were satisfied yesterday, or you wouldn't have driven your car home. That one day may have cost you $11/mo. and $700 assuming you borrowed 25k for 5 years, but that's life.

It took me a long time to realize that I can't buy a stock today at yesterday's price. 3.9% is an incentive, it's not a readily obtainable interest rate to finance a vehicle over 60 mos.
If it makes you guys feel any better,... I financed a purchase at 6.25% and that was the absolute best rate anywhere for the 335 convertible when I bought it in July 2007. I have a spotless credit history.
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      03-05-2008, 08:19 PM   #20
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It all beats the 16% that i paid on my first car loan!
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      03-05-2008, 08:21 PM   #21
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Pay extra each month...

A simple solution if you can afford it... Pay a little extra each month so the principle is payed down faster, thereby avoiding the interest. I could put together an amortization spreadsheet to determine how much extra per month you would have to pay to offset the point if you like. Here is an example with a $50,000 loan financed for 60 months.


Rate Total Paid Payment Total Interest
2.00% 52,583.40 876.39 2,583.40
3.00% 53,905.80 898.43 3,905.80
4.00% 55,249.80 920.83 5,249.80
5.00% 56,613.60 943.56 6,613.60
6.00% 57,998.40 966.64 7,998.40
7.00% 59,403.60 990.06 9,403.60
8.00% 60,829.20 1,013.82 10,829.20
9.00% 62,275.20 1,037.92 12,275.20
10.00% 63,741.00 1,062.35 13,741.00


So the difference is about $1400 or roughly $24/month. If you paid off the loan in 4 years instead of 5, you would not pay the $1400 extra. Again, this is assuming that paying an extra $200 dollars a month (in my scenario) is possible. Hope this helps, take care.


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      03-05-2008, 08:30 PM   #22
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A simple solution if you can afford it... Pay a little extra each month so the principle is payed down faster, thereby avoiding the interest. I could put together an amortization spreadsheet to determine how much extra per month you would have to pay to offset the point if you like. Here is an example with a $50,000 loan financed for 60 months.


Rate Total Paid Payment Total Interest
2.00% 52,583.40 876.39 2,583.40
3.00% 53,905.80 898.43 3,905.80
4.00% 55,249.80 920.83 5,249.80
5.00% 56,613.60 943.56 6,613.60
6.00% 57,998.40 966.64 7,998.40
7.00% 59,403.60 990.06 9,403.60
8.00% 60,829.20 1,013.82 10,829.20
9.00% 62,275.20 1,037.92 12,275.20
10.00% 63,741.00 1,062.35 13,741.00


So the difference is about $1400 or roughly $24/month. If you paid off the loan in 4 years instead of 5, you would not pay the $1400 extra. Again, this is assuming that paying an extra $200 dollars a month (in my scenario) is possible. Hope this helps, take care.


Andrew
I've often heard that making one extra payment per year on a 30 yr. mortgage will effectively shave 7 years off the life of the loan. I've also heard, that in general, it's nothing more than a "feel good" gesture, i.e. reducing one's debt faster. In most scenarios, the extra payment could have been flowing into some conservative fund which over time has a higher ROI than paying off early. I'm not saying to do the other extreme, lease, and invest the cash flow surplus, because the agreement is not a favorable one in itself. But if a person missed the boat by a day and paid 4.9% instead of 3.9%, I don't think saying pay an extra $200/mo and you'll be ok is gonna exactly cheer them up.

I think imho the moral of the story is just realize you're not always going to time things perfectly. Once you've made a deal, accept it, be done with it. Oh snap! I shoulda sold my house in 2k5, it was worth 200k more than it is today.
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