Financing BMWFS after owner's choice

youngandcreditwrthy · ‎06-27-2015

Okay... So I'm on month 10 of my owner's choice loan on my M235i, and I was told if I refi at the end of the 36 month, I avoid paying additional sales taxes as compared to if I refi with another bank.

First, does anyone have experience with this? I want to make sure I can get a low rate. I qualified for nearly the best rates the first time and would expect to when refi time comes.

I want to keep the car unless I get an M2. If nothing else, I will sell it prior given that I have $10-15k of positive equity. We're talking $2-3k in taxes(if I refi with an alternate bank) as I'd owe about $30k at that point. Current rate is 3% on the loan.
So far BMWFS has been really great, but then again... I've stayed paid ahead several months at a time LOL!

Creditaddict · ‎06-28-2015

1. If you financed this BMW, you paid all taxes at time of purchase... why would you pay taxes to refinance the loan?! THEY LIED TO YOU

youngandcreditwrthy · ‎06-28-2015

I did, but they told me I have to pay taxes AGAIN if I refinance with another company... They said if I refi with BMWFS, I avoid paying sales tax again...
I did the math; I did pay taxes and am paying interest on the full purchase price of the vehucle
It wouldnt surprise me if they lied though? They tried to con me out of several thousand dollars by adding bs protections, like that permaplate garbage, that I didn't want. Took me several months to get that money back.

Creditaddict · ‎06-28-2015

Depending on your state if you trade your car in within the year you can apply the taxes already paid towards the new car if it's higher price.
But refinancing does not restart taxes because you own the car and you already paid them on the first loan.

youngandcreditwrthy · ‎07-06-2015

Thanks creditaddict! As always, you're incredibly knowledgable!