Anyone use USAA auto loan?

[FamilyMan]

I should be taking delivery of my X5 within the next couple of weeks.

I planned on using USAA and the dealer said they could beat the rate and we could work out those details when I come in.

I just got an email from USAA today asking if I made a decision and to remind me that if the dealer offers me a better rate that I should call the number in the email while at the dealer and that USAA would try to beat the dealer's rate.

So, I'm wondering if anyone here has used USAA and what your experience was like.

[viperdoc]

In short- yes, use them. I have for 20+ years. They will always beat the dealer's rates and their customer service is fantastic.

And if the dealer can match the rate, I prefer the convenience of having all my accounts in one place- checking, savings, auto loans, etc. I just like it better that way, but if you don't have any other accounts with USAA, I would go with whichever gets you the better rate. The dealer may also be willing to give you some extra incentives if you use their financing.

One additional benefit of USAA, that is perhaps the biggest, is that by using their car buying service (which includes BMW dealers), you walk into the dealer with a max price that you will pay, which can give you a significant savings. Because BWM has worked out these prices for USAA members, it will save you money if you go to dealers that really try to get you to pay MSRP. And by using the car buying service, USAA discounts your interest rate up to 0.75% on top of the already low rates they have.

The dealer I used had "bottom line pricing" which meant there wasn't any haggling. Kind of enjoyed that actually. And their prices were far below what USAA's car buying service would get me anyway. So in the end it didn't matter. The dealer was going to match USAA's rate, but USAA's rate was so low, that the dealer wasn't going to give me any additional incentives. So I stuck with USAA.

Also, make sure you finish the auto loan with USAA so you can walk in with a check in hand. That may get you additional discounts at the dealer since you will be paying "cash". And if you use USAA it will save you a ton of time.

[Can Drive 5.0]

I agree with the above USAA comments. I prefer to have my accounts consolidated and USAA is an excellent bank. I have been using them for insurance since 1973 and the bank sometime later. I have yet to have an issue with them. That's right, 1973, probably long before a lot of you were born. And on a side not, getting old is overrated. Take good care of your knees, especially if you wear a parachute occasionally.

[FamilyMan]

Thanks gents for your replies.

I've been with USAA since 2000 (that's when I left the Marine Corps).

I have all my banking and insurance with them and yes the service level and commitment to their customers are beyond anything I've experienced.

I haven't used them for auto loans so I was curious about that process.

I did use their car buying service and shopped 4 different dealers in my area and the dealer I went with beat the lowest price from USAA.

I agree that if the rates are the same I'd prefer going with USAA.

Being from the kinder gentler Marine Corp era, I appreciate the service of those who came before us and whose reputation and sacrifices granted the freedom and lifestyles that we enjoy today.

Thank you both for your service!

[ABE2(aw/sw)]

Its not a lot of a rebate. I like the other program but only works when out to sea! Found best deals in Dubai, "sand box." Currently a Navy guy

[viperdoc]

Right back at both of you as well.

[5tony]

Originally Posted by FamilyMan

I should be taking delivery of my X5 within the next couple of weeks.

I planned on using USAA and the dealer said they could beat the rate and we could work out those details when I come in.

I just got an email from USAA today asking if I made a decision and to remind me that if the dealer offers me a better rate that I should call the number in the email while at the dealer and that USAA would try to beat the dealer's rate.

So, I'm wondering if anyone here has used USAA and what your experience was like.

My 911 loan was with USAA. Had them automatically take the payment from my bank account. Never an issue and it was easy to do. Their customer service has always been top notch.

[viperdoc]

Oh, and congrats on the car! This is my first bmw and it by far the bast car I have ever owned.

[FamilyMan]

Originally Posted by viperdoc

Oh, and congrats on the car! This is my first bmw and it by far the bast car I have ever owned.

Awesome! I can't wait to take delivery!

[qwert1234]

1.49% 4yrs - Consumers Credit Union. Just did a financing for 2016 X5. Can't beat their customer care. PM me for contact details. Good luck!

[MotoWPK]

I've been a USAA member for ~40 years and used them for car loans on a couple of occasions. Rates are competitive and service excellent - but, be aware of the following.

BMW will provide a credit towards the purchase on the order of ~$1200 if you finance with them. In addition, you'll receive a credit on the order of ~$750 as a USAA member whether or not you finance with USAA (you'll need to provide evidence of membership, for which I had USAA email a letter confirming same that I provided to the dealer). A maximum credit is thus received by financing with BMW.

For the last two BMW's I purchased I wasn't planning on financing, but did so with BMW to receive both credits, and then paid off the loan shortly thereafter (they request you maintain the loan for at least four months before paying it off, but this appears to be just that, a request, as I can find no such requirement in the loan contract). If you're planning on using the loan over a period of time, you should check if the better rate from USAA is greater than the additional credit you would receive if financing with BMW.

[lowlevelhell]

Originally Posted by viperdoc

In short- yes, use them. I have for 20+ years. They will always beat the dealer's rates and their customer service is fantastic.

And if the dealer can match the rate, I prefer the convenience of having all my accounts in one place- checking, savings, auto loans, etc. I just like it better that way, but if you don't have any other accounts with USAA, I would go with whichever gets you the better rate. The dealer may also be willing to give you some extra incentives if you use their financing.

One additional benefit of USAA, that is perhaps the biggest, is that by using their car buying service (which includes BMW dealers), you walk into the dealer with a max price that you will pay, which can give you a significant savings. Because BWM has worked out these prices for USAA members, it will save you money if you go to dealers that really try to get you to pay MSRP. And by using the car buying service, USAA discounts your interest rate up to 0.75% on top of the already low rates they have.

The dealer I used had "bottom line pricing" which meant there wasn't any haggling. Kind of enjoyed that actually. And their prices were far below what USAA's car buying service would get me anyway. So in the end it didn't matter. The dealer was going to match USAA's rate, but USAA's rate was so low, that the dealer wasn't going to give me any additional incentives. So I stuck with USAA.

Also, make sure you finish the auto loan with USAA so you can walk in with a check in hand. That may get you additional discounts at the dealer since you will be paying "cash". And if you use USAA it will save you a ton of time.

They won't always beat a dealer rate. I got 1.9% and USAA wouldn't beat it at the time. They won't match a same-as-cash rate either. They are often very good, but occasionally a dealer will beat them. On my last BMW, Bank of America through the dealer was willing to undercut USAA's best offer.

The good news is that you don't have to use them for a loan to get their discount at the dealer. The USAA deal cut $1500 off the price. And I still went with the better rate through BMWFS.

[FamilyMan]

That's good to know, thanks!!