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      03-20-2017, 10:28 PM   #23
apun426
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Final update:
Picked up the vehicle today. Finance guy says, 'you've got excellent credit! We can offer you 3.96%!' After informing him that this isn't our first rodeo and he would have to do better, he initially gave us a runaround, and then finally started looking at other banks, and BoA had a 2.49% rate. The wrinkle in our situation is that we had a lease that we were giving back early through the 'Pull Ahead' promotion. Due to that we would have 2 payments plus disposition fee waived (about 1200) but contingent on using BMW FS. We were still not prepared to sign onto a 3.9% rate and negotiated until the finance guy talked to manager and they offered to pay half the fee (about 600) and we would pay half and then we would go with BoA. And all of a sudden just before we were gonna sign the BoA paperwork, a 'magic' option came up where BMW FS could go down to 2.9% and then we wouldn't owe anything for the lease. Therefore despite a slightly higher interest rate than BoA, we made it up by not having to pay the lease fees.

So in the end I have learned that if you go into the dealer with a clear idea of what a fair market rate is, persistence and patience will go a long way in helping you secure a deal. Many thanks to all of you here that have helped me prepare for what to expect.
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      03-20-2017, 10:51 PM   #24
Neuera09
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Congrats man! Glad you are happy with the purchase. Now post some pix so we could take a peek! Now start ordering your mods with all the money you just saved! Lol

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      03-21-2017, 08:49 AM   #25
dtronics
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Quote:
Originally Posted by apun426 View Post
Final update:
Picked up the vehicle today. Finance guy says, 'you've got excellent credit! We can offer you 3.96%!' After informing him that this isn't our first rodeo and he would have to do better, he initially gave us a runaround, and then finally started looking at other banks, and BoA had a 2.49% rate. The wrinkle in our situation is that we had a lease that we were giving back early through the 'Pull Ahead' promotion. Due to that we would have 2 payments plus disposition fee waived (about 1200) but contingent on using BMW FS. We were still not prepared to sign onto a 3.9% rate and negotiated until the finance guy talked to manager and they offered to pay half the fee (about 600) and we would pay half and then we would go with BoA. And all of a sudden just before we were gonna sign the BoA paperwork, a 'magic' option came up where BMW FS could go down to 2.9% and then we wouldn't owe anything for the lease. Therefore despite a slightly higher interest rate than BoA, we made it up by not having to pay the lease fees.

So in the end I have learned that if you go into the dealer with a clear idea of what a fair market rate is, persistence and patience will go a long way in helping you secure a deal. Many thanks to all of you here that have helped me prepare for what to expect.
Congrats! Glad that you were able to save some money.
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      03-21-2017, 06:47 PM   #26
apun426
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Here's a few pics of the new ride

Thanks again to everyone for their advice and help.
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      03-25-2017, 04:56 AM   #27
superdog
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Quote:
Originally Posted by Neuera09 View Post
@superdog. Its fair to say that we all have been in your situation at one point or another. We live and learn right? You were fortunate enough that you were able to pay off the balance and not have to deal with BMWFS.

This is exactly why this is a great forum; we get to share the do's and don'ts of owning/leasing a car; from building it, financing it, and most importantly modding it.

Car salesman/dealers and mortgage loan agents are hated because of how they structure their "deals". Of course there are honest ones out there but I'm sure the percentage is not high. Unethical behavior is encouraged in commission based jobs (esp the ones above). The more unprepared a consumer is the more these guys make money.

Hey all, just a quick thanks for this thread.

I decided recently to pick up a weekender. After negotiating the price of a CPO SL 550, I started on the interest rate.

They quoted me 4.99 stating because used cars get a higher rate than new. I shopped around and went back and forth a bit. Dealership finally came back with 2.99.

They got me for prepaid maintenance, but I negotiated from 2 services up to 3 for the same price and basically got it for free considering the money saved on my rate.

So again, many thanks.
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