[doneski]

Hey Everyone

I placed an order on a 3 series late Aug at the rate of 1.9. I filled out the credit app to "lock" it in. I thought I had the benefit of accepting the lower rate between Aug and Sept until I spoke with my CA just now and he said that I am locked in at 1.9 since that was when I placed the order.

Is he correct on this issue and I can't take advantage of the 0.9 rate offered in September?

Thanks

[serg1282]

Absolutely incorrect. As long as your credit score is good enough (the requirement is in the upper 600s) you are entitled to the better rate.

From personal experience, I too ordered a car in July at the 1.9% rate and just last week confirmed with my CA via email that I'd be getting the new 0.9% rate.

I'd tell your CA to shape up in a hurry.

[kgb1637]

Serg1282 is spot on, you lock in the rate in case from month to month the rate increases but BMW also allows you to take advantage of the lower rate in the event it goes down assuming you qualify for that rate, call your CA and if he won't budge I would talk to a manager.

[igom3]

1.9 is the worst you can get. If interest is 0.9 in September/October you should be getting that rate.

[doneski]

Originally Posted by igom3

1.9 is the worst you can get. If interest is 0.9 in September/October you should be getting that rate.

Hmm I'm going to fight this tomorrow. He was telling me over the phone that my information was incorrect and that I'm stuck with the 1.9 rate. my CA says he is currently sick due to a surgery and won't be going to work until end of this month. Should I just talk to a manager directly instead of going through him?

If I don't say anything am I stuck with the 1.9 rate if the rate rises in October? Thanks for all your responses

[serg1282]

Pardon my french, but f**k him. Talk to his manager and get locked in to the September rate. Whatever information is incorrect can be corrected (assuming this isn't just BS).

I would also ask his manager if you could deal with another CA. Trust is everything in business; no way I'd be able to trust that CA.

[renaultf1]

I would talk to the Finance Manager. When I ordered my car at the end of August, the Finance Manager was the one that told me I was approved at the 1.9 (was also approved at the .9 they had in August - which took a higher credit score - but that was only for 24 months and I couldn't swing that) and that because my car would not come in until October, I would receive whatever the best rate was from Aug - Oct. When I came back from vacation in September I saw that the rate was .9 and emailed my CA. He said that I didn't need to do anything to get that new rate - I had already done it by signing and locking in. He also said that there is one more cycle for October and if that rate is better I'll get that. It does depend on your credit score though.

If your CA doesn't seem to have the right info, call the Finance Manager as they would have the answer.

[igom3]

Originally Posted by doneski

Hmm I'm going to fight this tomorrow. He was telling me over the phone that my information was incorrect and that I'm stuck with the 1.9 rate. my CA says he is currently sick due to a surgery and won't be going to work until end of this month. Should I just talk to a manager directly instead of going through him?

If I don't say anything am I stuck with the 1.9 rate if the rate rises in October? Thanks for all your responses

Yes go to finance manager

[doneski]

Originally Posted by igom3

Yes go to finance manager

Thank you everyone for your response. I will give the finance manager a call when I take a break from work

[Hokiegrass]

Originally Posted by renaultf1

I would talk to the Finance Manager. When I ordered my car at the end of August, the Finance Manager was the one that told me I was approved at the 1.9 (was also approved at the .9 they had in August - which took a higher credit score - but that was only for 24 months and I couldn't swing that) and that because my car would not come in until October, I would receive whatever the best rate was from Aug - Oct. When I came back from vacation in September I saw that the rate was .9 and emailed my CA. He said that I didn't need to do anything to get that new rate - I had already done it by signing and locking in. He also said that there is one more cycle for October and if that rate is better I'll get that. It does depend on your credit score though.

If your CA doesn't seem to have the right info, call the Finance Manager as they would have the answer.

I thought the .9 is only for 24 months; at least that was my understanding. Can you get a .9 on anything above 24 months? I was planning on filling out the app and getting qualified in early October

[serg1282]

0.9 is for up to 60 months.

From the BMWUSA site: Qualified customers only. Available at participating BMW centers through BMW Financial Services NA, LLC. Applies only to specific models and only for specific model years. 0.9% APR for 24 months available through 9/30/2010. $42.06 per $1,000. Also available, 0.9% APR for 25-60 months. $17.05 per $1,000.

[EJL]

Originally Posted by serg1282

0.9 is for up to 60 months.

From the BMWUSA site: Qualified customers only. Available at participating BMW centers through BMW Financial Services NA, LLC. Applies only to specific models and only for specific model years. 0.9% APR for 24 months available through 9/30/2010. $42.06 per $1,000. Also available, 0.9% APR for 25-60 months. $17.05 per $1,000.

I wonder why it says "Also available" instead of just saying its 24-60 months. Maybe not all dealers are running that?

[serg1282]

Doesn't really matter as long as you can get it - which I did (went from 1.9% over 60 to 0.9% over 60).

[renaultf1]

Originally Posted by serg1282

Doesn't really matter as long as you can get it - which I did (went from 1.9% over 60 to 0.9% over 60).

+1 - same happened with my rate and same term as serg.

[Jalal28]

Essentially what happens is you are eligible to receive the lower of the 2 interest rate offers...

1) The rate at the initial time of order (60 day grace period to close deal), or
2) Rate at time of deal closing.

The simple way around this is to have the dealership re-run your application in the month with the better financing program. This resets your 60 day grace clock and you get the better rate. To answer your next question, yes your credit score gets dinged slightly for the additional credit applications, but because the dealership recognizes it's them that's causing this, it shouldn't adversely affect much. Plus, if a couple points makes that much of a difference, you've got bigger issues...

[doneski]

Originally Posted by Jalal28

Essentially what happens is you are eligible to receive the lower of the 2 interest rate offers...

1) The rate at the initial time of order (60 day grace period to close deal), or
2) Rate at time of deal closing.

The simple way around this is to have the dealership re-run your application in the month with the better financing program. This resets your 60 day grace clock and you get the better rate. To answer your next question, yes your credit score gets dinged slightly for the additional credit applications, but because the dealership recognizes it's them that's causing this, it shouldn't adversely affect much. Plus, if a couple points makes that much of a difference, you've got bigger issues...

Thx for all the responses. So since my CA was sick I spoke with the sales manager who confirmed that I am indeed eligible for the 0.9 rate. I guess my CA was just misinformed? who knows. Anyway I asked if I get any paperwork confirming it is indeed 0.9 but he said don't worry about it, our system shows your credit has been approved in Aug and you are eligible.

I guess it's just time to wait for the car to arrive