Interest rate - BMW 3-Series (E90 E92) Forum

328iWithNavPkg · 05-15-2007, 03:02 AM

I have a question. When I ordered my car, which was in Feb, lease interest rate was 5.9%. Now it's 4.9%. Which interest rate am I gonna pay? If the dealership insists on 5.9%, what can I say?

328Toronto · 05-15-2007, 07:46 AM

i ordered mine in March at 5.9% and picked it up in May. i asked the dealer to adjust the contract to reflect the lower 4.9% rate. i didn't have any problems or arguments about that ... you should be OK. Just remind your dealer to prepare the new paperwork in advance ....

discoboy1 · 05-15-2007, 09:05 AM

You will pay the better rate on delivery of the car, just have to notify your CA.

montreal_bimmer · 05-15-2007, 09:50 AM

you pay the one on your contract... so if your contract hasnt been typed up yet, then you're fine, but if it was typed up back in febuary, then you might be stuck with the 5.9

e90sexion · 05-15-2007, 01:21 PM

Quote:

Originally Posted by montreal_bimmer

you pay the one on your contract... so if your contract hasnt been typed up yet, then you're fine, but if it was typed up back in febuary, then you might be stuck with the 5.9

I dont think this is true. you will be end up with the new interest the day you pick up your car.... notify your SA.

cadbimmer · 05-15-2007, 01:26 PM

ask if it was the other way around and the interest rate went up what would you pay. you'll find the answer you want. i work at a dealership and you pay the new interest rate.

imike20 · 05-15-2007, 05:25 PM

If you do some research you'll find almost any bank will get you a better rate then whatever BMW Canada will get you. When I picked up my BMW in early May it was 5.9% for 48months or 7.5% for 60months.

Check out http://money.canoe.ca/rates/carloans_2.html

discoboy1 · 05-15-2007, 07:00 PM

Quote:

Originally Posted by cadbimmer

ask if it was the other way around and the interest rate went up what would you pay. you'll find the answer you want. i work at a dealership and you pay the new interest rate.

If you sign your contract and on the delivery the rate has gone up, you will keep your rate in the contract.
If the rate goes down you can ask to get that new rate and if the dealer don't want to give it they are full of sh..., go somewhere else.

Frank ZZR · 05-15-2007, 07:36 PM

I asked the same question of my dealerships manager and was told that I would pay the more favourable (for me) rate at the time of delivery. I will be leasing and unfortuneatly the residual value went down as well so my payments stay almost the same.

kalch · 05-15-2007, 09:36 PM

i would think the dealership makes it's money on the selling of the car, and bmw financial on the lease/finance rate. It's in the best interest of the dealership to make you happy, hence I would believe you'd get the lower interest rate!

Kinda like a mortgage going 90 days out. When you get approved for a mortgage you're protected against it going up, and reap the benefits of any decrease in rates.

328iWithNavPkg · 05-15-2007, 10:00 PM

I called my sa and he said I would get the reduced rate. If it weren't for the $1000 deposit I made, I'd probably go somewhere else. I called him and asked if I could get some break on the price and he starts yelling and sh$%. But I don't wanna lose my $1000 dollors by backing out of an order. Nevertheless, I'm excited about my first bimmer and when I get my 335 3 years later, I'm planning to look for a bigass discount

discoboy1 · 05-15-2007, 11:44 PM

Quote:

Originally Posted by 328iWithNavPkg

I called my sa and he said I would get the reduced rate. If it weren't for the $1000 deposit I made, I'd probably go somewhere else. I called him and asked if I could get some break on the price and he starts yelling and sh$%. But I don't wanna lose my $1000 dollors by backing out of an order. Nevertheless, I'm excited about my first bimmer and when I get my 335 3 years later, I'm planning to look for a bigass discount

I have a 1000$ deposit for a 2008 production, my CA told me if I wanted to cancel my order, they would refund me no questions asked.

328iWithNavPkg · 05-16-2007, 12:37 AM

My CA emphasized on "non refundable" when I deposited the money. lol

e90sexion · 05-16-2007, 12:58 AM

Quote:

Originally Posted by 328iWithNavPkg

My CA emphasized on "non refundable" when I deposited the money. lol

it just depends..... just make sure it's refundable when you give them the deposit.

cadbimmer · 05-16-2007, 03:31 PM

its refundable but not on specific orders. if you order one exactly how you want it and then decide you dont want it the dealership doesnt have to refund. there are laws that do state though that if you put money down and the dealership changes the agreement then its refundable.

kalch · 05-16-2007, 05:41 PM

what if the car hasnt been ordered?

05-15-2007, 03:02 AM	#1
328iWithNavPkg Private Drives: '07 e90 328i AW Join Date: Mar 2007 Location: Vancouver Posts: 52 iTrader: (0)	Interest rate I have a question. When I ordered my car, which was in Feb, lease interest rate was 5.9%. Now it's 4.9%. Which interest rate am I gonna pay? If the dealership insists on 5.9%, what can I say?
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05-15-2007, 07:46 AM	#2
328Toronto Private First Class Drives: 2007 E90 328i Join Date: Mar 2007 Location: Toronto (Canada) Posts: 158 iTrader: (0)	i ordered mine in March at 5.9% and picked it up in May. i asked the dealer to adjust the contract to reflect the lower 4.9% rate. i didn't have any problems or arguments about that ... you should be OK. Just remind your dealer to prepare the new paperwork in advance .... __________________ 2007 E90 328i \| Sparkling Graphite \| Black \| 6MT \|

05-15-2007, 09:36 PM	#10
kalch Lieutenant Drives: Gracie:E92 335 19" S/P/FL/CA Join Date: Apr 2007 Location: TORONTO Posts: 528 iTrader: (0)	i would think the dealership makes it's money on the selling of the car, and bmw financial on the lease/finance rate. It's in the best interest of the dealership to make you happy, hence I would believe you'd get the lower interest rate! Kinda like a mortgage going 90 days out. When you get approved for a mortgage you're protected against it going up, and reap the benefits of any decrease in rates. __________________ E92 335 SPACE GRAY/BLK; 6MT; PREMIUM 19" SPORT PACKAGE;6FL;COMFORT ACCESS

05-16-2007, 05:41 PM	#16
kalch Lieutenant Drives: Gracie:E92 335 19" S/P/FL/CA Join Date: Apr 2007 Location: TORONTO Posts: 528 iTrader: (0)	what if the car hasnt been ordered? __________________ E92 335 SPACE GRAY/BLK; 6MT; PREMIUM 19" SPORT PACKAGE;6FL;COMFORT ACCESS

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05-15-2007, 09:05 AM	#3
discoboy1 Major Drives: E82 1M VO Join Date: Mar 2005 Location: Montreal Posts: 1,261 iTrader: (3)	You will pay the better rate on delivery of the car, just have to notify your CA.

05-15-2007, 09:50 AM	#4
montreal_bimmer Major General Drives: E90 AW Join Date: Feb 2006 Location: Montreal Posts: 5,501 iTrader: (6) Garage List 2006 325i [5.00]	you pay the one on your contract... so if your contract hasnt been typed up yet, then you're fine, but if it was typed up back in febuary, then you might be stuck with the 5.9

05-15-2007, 01:26 PM	#6
cadbimmer BeeeeYaaaaa Drives: 335xi Join Date: May 2007 Location: Grande Prairie, Alberta, Canada Posts: 211 iTrader: (0)	ask if it was the other way around and the interest rate went up what would you pay. you'll find the answer you want. i work at a dealership and you pay the new interest rate.

05-15-2007, 05:25 PM	#7
imike20 Enlisted Member Drives: 335xi Join Date: Feb 2007 Location: Toronto, Canada Posts: 32 iTrader: (0)	If you do some research you'll find almost any bank will get you a better rate then whatever BMW Canada will get you. When I picked up my BMW in early May it was 5.9% for 48months or 7.5% for 60months. Check out http://money.canoe.ca/rates/carloans_2.html

05-15-2007, 07:36 PM	#9
Frank ZZR Private Drives: 2007 BMW 328i Sedan SG/Terra Join Date: Mar 2007 Location: Calgary, Alta Posts: 62 iTrader: (0)	I asked the same question of my dealerships manager and was told that I would pay the more favourable (for me) rate at the time of delivery. I will be leasing and unfortuneatly the residual value went down as well so my payments stay almost the same.

05-15-2007, 10:00 PM	#11
328iWithNavPkg Private Drives: '07 e90 328i AW Join Date: Mar 2007 Location: Vancouver Posts: 52 iTrader: (0)	I called my sa and he said I would get the reduced rate. If it weren't for the $1000 deposit I made, I'd probably go somewhere else. I called him and asked if I could get some break on the price and he starts yelling and sh$%. But I don't wanna lose my $1000 dollors by backing out of an order. Nevertheless, I'm excited about my first bimmer and when I get my 335 3 years later, I'm planning to look for a bigass discount

05-16-2007, 12:37 AM	#13
328iWithNavPkg Private Drives: '07 e90 328i AW Join Date: Mar 2007 Location: Vancouver Posts: 52 iTrader: (0)	My CA emphasized on "non refundable" when I deposited the money. lol

05-16-2007, 03:31 PM	#15
cadbimmer BeeeeYaaaaa Drives: 335xi Join Date: May 2007 Location: Grande Prairie, Alberta, Canada Posts: 211 iTrader: (0)	its refundable but not on specific orders. if you order one exactly how you want it and then decide you dont want it the dealership doesnt have to refund. there are laws that do state though that if you put money down and the dealership changes the agreement then its refundable.