What about ED financing options besides BMWFS

desinole · 07-14-2006, 03:26 PM

I was wondering if I could get the car financed from my local credit union or some other bank.

What about all you guys who have done ED ? Was BMWFS your only choice ?

Gripster · 07-14-2006, 03:35 PM

Mine was financed through my CU. All they needed was a VIN. My history with them was good, so when I explained ED to the loan mgr, they were fine to proceed.

However, some CU's/banks are not as accommodating. Going through BMWFS will always be easier.

If your CU won't play ball, you could always go the BMWFS route and refinance when the car gets back to US soil.

desinole · 07-14-2006, 03:56 PM

Well that is true, but I did not want to walk into the showroom and get screwed over on doc fees or something like that.

BiggieJ · 07-14-2006, 08:41 PM

i used capital one. they just send you a "blank check" up to the amount youre approved for and you just fill in whatever you need. very easy process. if you do decide to shop around your local CU's, just dont mention the ED. itll just a headache. once you get a VIN get a loan for a regular purchase and go pick up your car in munich, it really doesnt make any difference to the CU anyhow. technically youre buying the car here and just picking it up over there. but with a ED finance youll end up paying for a month or two of car payments before your car gets here.

JSpira · 07-14-2006, 08:50 PM

What happens when you have provide proof of insurance that the finance company is listed as additional insured?

desinole · 07-14-2006, 09:19 PM

I also read somewhere that if you get the car financed thro' BMWFS, there are no payments for 60 days (almost the until the car is pickedup stateside). How true is this or am I reading something wrong ?

CALIF65GM · 07-14-2006, 09:45 PM

Quote:

Originally Posted by desinole

I also read somewhere that if you get the car financed thro' BMWFS, there are no payments for 60 days (almost the until the car is pickedup stateside). How true is this or am I reading something wrong ?

It's partially correct. No payments for 60-days after you sign the paperwork. Typically most people end up making 1 or 2-payments on the car while enroute. I made 2-payments on my BMWFS loan and then re-financed. In fact I could have gotten away with any making one, but my pmt due date was the same as the day I was taking re-delivery.

Going through BMWFS on an ED is less stress for you although, you do pay a higher rate typically.

mog_pj · 07-19-2006, 07:32 PM

Are the BMWFS rates at all competative with a CU? If it's a .02% difference, then I'd go with them but if it's a whole percentage point... well I'll just lie to my CU

JSpira · 07-19-2006, 08:15 PM

Quote:

Originally Posted by mog_pj

Are the BMWFS rates at all competative with a CU? If it's a .02% difference, then I'd go with them but if it's a whole percentage point... well I'll just lie to my CU

and when they ask for the insurance coverage endorsement? which BMW won't provide you with.

07-14-2006, 03:26 PM	#1
desinole Private 1 Rep 66 Posts Drives: Nissan Join Date: Jan 2006 Location: Tallahassee iTrader: (0)	What about ED financing options besides BMWFS I was wondering if I could get the car financed from my local credit union or some other bank. What about all you guys who have done ED ? Was BMWFS your only choice ?
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07-14-2006, 03:35 PM	#2
Gripster Captain 147 Rep 981 Posts Drives: E93 M3 Join Date: May 2005 Location: San Diego iTrader: (5) Garage List 2013 BMW M3 [0.00]	Mine was financed through my CU. All they needed was a VIN. My history with them was good, so when I explained ED to the loan mgr, they were fine to proceed. However, some CU's/banks are not as accommodating. Going through BMWFS will always be easier. If your CU won't play ball, you could always go the BMWFS route and refinance when the car gets back to US soil. __________________ *2013 M3 (E93)* - ZPP/ZCW/DCT
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07-14-2006, 03:56 PM	#3
desinole Private 1 Rep 66 Posts Drives: Nissan Join Date: Jan 2006 Location: Tallahassee iTrader: (0)	Well that is true, but I did not want to walk into the showroom and get screwed over on doc fees or something like that.
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07-14-2006, 08:41 PM	#4
BiggieJ Second Lieutenant 62 Rep 239 Posts Drives: e92 335 ZSPZPPOPP Join Date: Nov 2005 Location: SoCal iTrader: (0)	i used capital one. they just send you a "blank check" up to the amount youre approved for and you just fill in whatever you need. very easy process. if you do decide to shop around your local CU's, just dont mention the ED. itll just a headache. once you get a VIN get a loan for a regular purchase and go pick up your car in munich, it really doesnt make any difference to the CU anyhow. technically youre buying the car here and just picking it up over there. but with a ED finance youll end up paying for a month or two of car payments before your car gets here.
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07-14-2006, 08:50 PM	#5
JSpira Freude am Fahren 336 Rep 5,254 Posts Drives: Fünfer, Dreier, + Join Date: Aug 2005 Location: New York, München, Wien iTrader: (1)	What happens when you have provide proof of insurance that the finance company is listed as additional insured? __________________ Freude am Fahren. Jonathan E90 2006 330xi E90 2006 325i E39 2003 530i Sport* E46 2000 328Ci* E36 1996 328iS* E36 1992 325i* E30 1991 318is E21 1982 320iS* E21 1979 320 (6-Zyl)* *retired Nominated: Most Contributing Member
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07-14-2006, 09:19 PM	#6
desinole Private 1 Rep 66 Posts Drives: Nissan Join Date: Jan 2006 Location: Tallahassee iTrader: (0)	I also read somewhere that if you get the car financed thro' BMWFS, there are no payments for 60 days (almost the until the car is pickedup stateside). How true is this or am I reading something wrong ?
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07-19-2006, 07:32 PM	#8
mog_pj Enlisted Member 0 Rep 33 Posts Drives: 97 Ford Mustang Join Date: Jun 2006 Location: Los Angeles iTrader: (0)	Are the BMWFS rates at all competative with a CU? If it's a .02% difference, then I'd go with them but if it's a whole percentage point... well I'll just lie to my CU
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