Quote:
Originally Posted by RockCrusher
Last November I financed $20,000 when I purchased my 2024 M8. I didn't have to finance I could written the check for the full purchase price.
But by financing I was being given an additional $9000 (!) discount on the car.
This $9000 combined with the $2000 loyalty discount and the just plain old discount of $24,250 (!!) this brought the price of the car down from $143,885 to $108,635.
The loan interest was 3.99%. It may have been 2.99% with an extra 1% tacked on by the dealer. I hadn't researched BMW interest rates as I had no intention of financing the car.
3.99% or 2.99% made no difference to me. All I had to do was make 3 monthly payments of just under $460 each before paying the loan off. I was told by the finance guy at the dealer if I didn't make 3 payments the dealer would *not* get the $9000 from BMW for the $9000 discount the dealer gave me.
I made the 3 payments -- and paid around $180 in interest -- then after making the 3rd payment in March I mailed a cashier's check for the pay off amount to BMW Financial. Not long after I received the title with a signature releasing any lien on the vehicle.
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Because of that additional $9,000 incentive from BMWNA, your situation is definitely different than the normal scenario where the finance manager at a dealer is trying to ripoff customers for that additional point. If I had been in your shoes, I would have done the exact same thing in order to save an additional $9,000 on a purchase. I applaud you on your fabulous deal which is one of the best I have ever read about for a new car purchase on Bimmerpost!
