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BMW Credit Tiers

CreditPacMan
Established Contributor

Re: BMW Credit Tiers

Wow. Things must've changed a lot. When I got my 6 Series in 2016 I qualified for the lowest tier (1.9% interest) and my FICO score was 680!

Current Cards:
Message 21 of 45
DarkKnight_Credit
Valued Member

Re: BMW Credit Tiers


@CreditPacMan wrote:

Wow. Things must've changed a lot. When I got my 6 Series in 2016 I qualified for the lowest tier (1.9% interest) and my FICO score was 680!


Wow that's great! Was there any kind of negotiations or a special sales event? That's a super low interest when your score's below 700.

Message 22 of 45
Joro2819
New Visitor

Re: BMW Credit Tiers

My car will be here on the 22nd and my score is 676 Experian Auto 8. I have financed 5 cars with them and am putting 20% down on a 22 M3 competition. I almost confident I will get loan but am still nervous. Also I bought most of my cars from dealership so I have that relationship Also.

 

Message 23 of 45
Haita323
New Visitor

Re: BMW Credit Tiers

Hey! Just curious since you've purchased BMW in the past and current how is the maintenance on these guys? I'm considering the X5

Message 24 of 45
NoMoreE46
Established Contributor

Re: BMW Credit Tiers


@Haita323 wrote:

Hey! Just curious since you've purchased BMW in the past and current how is the maintenance on these guys? I'm considering the X5


If you were buying new then first three years or 36,000 miles there's no cost.

 

Buying used  (past 3 years/36K) then it will be quite pricey.

 

I will say the oil changes is one of the easiest things to do on BMWs. Pads and discs are relatively simple as well but you need E torx tools....

 

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Message 25 of 45
DarkKnight_Credit
Valued Member

Re: BMW Credit Tiers

So I just got my BMW Z4 car last month and it's gorgeous! Both inside and outside looks great. I'm very amazed on the amount of tech that's in the car.

 

With that said, I'm wondering did I make a good deal in negotiations? I'm asking because when my credit was pulled, the finance manager seen 750 on my credit report, so I got it finanaced at around 3.59%. But I'm seeing others' interest rates on this site significanly lower than the offer I got. I was told that BMWFS would only lower it to 3.59% if I buy the extended warranty, since the maintenance cost 3K a year without it. Without the warranty I was told it would be around 5%. Which I accepted the warranty. So did I screw up on the negotiations? And is 3.59% a bad interest rate for someone with a credit score around 750?

 

I wanted the loan term to be 84 months, because I wanted the payments to be as low as possible so I can save up and pay it off early.

 

Let me know if more information is needed.

Message 26 of 45
Camarejh
New Member

Re: BMW Credit Tiers

Wow they made you get a warranty for a percentage drop? You should have told them no and walked out. They would have called you back to come get it. With a 750 you should have been top tier for bmwfs. What year is the z4? Was it CPO? For reference i just got an 18 M5 CPO with a 700 score on their standard tier financing and got 3.9. If i had a 750 i would have got 2.9. 


@DarkKnight_Credit wrote:

So I just got my BMW Z4 car last month and it's gorgeous! Both inside and outside looks great. I'm very amazed on the amount of tech that's in the car.

 

With that said, I'm wondering did I make a good deal in negotiations? I'm asking because when my credit was pulled, the finance manager seen 750 on my credit report, so I got it finanaced at around 3.59%. But I'm seeing others' interest rates on this site significanly lower than the offer I got. I was told that BMWFS would only lower it to 3.59% if I buy the extended warranty, since the maintenance cost 3K a year without it. Without the warranty I was told it would be around 5%. Which I accepted the warranty. So did I screw up on the negotiations? And is 3.59% a bad interest rate for someone with a credit score around 750?

 

I wanted the loan term to be 84 months, because I wanted the payments to be as low as possible so I can save up and pay it off early.

 

Let me know if more information is needed.


 

Message 27 of 45
NoMoreE46
Established Contributor

Re: BMW Credit Tiers


@DarkKnight_Credit wrote:

So I just got my BMW Z4 car last month and it's gorgeous! Both inside and outside looks great. I'm very amazed on the amount of tech that's in the car.

 

With that said, I'm wondering did I make a good deal in negotiations? I'm asking because when my credit was pulled, the finance manager seen 750 on my credit report, so I got it finanaced at around 3.59%. But I'm seeing others' interest rates on this site significanly lower than the offer I got. I was told that BMWFS would only lower it to 3.59% if I buy the extended warranty, since the maintenance cost 3K a year without it. Without the warranty I was told it would be around 5%. Which I accepted the warranty. So did I screw up on the negotiations? And is 3.59% a bad interest rate for someone with a credit score around 750?

 

I wanted the loan term to be 84 months, because I wanted the payments to be as low as possible so I can save up and pay it off early.

 

Let me know if more information is needed.


Currently I see that BMW FS is Advertising 0.9 % which is what we got back in June.  

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PNC Points 12,000
Target Redcard MC 13,000
WF Active Cash 10,000
WF Propel 21,000
Message 28 of 45
DarkKnight_Credit
Valued Member

Re: BMW Credit Tiers


@Camarejh wrote:

Wow they made you get a warranty for a percentage drop? You should have told them no and walked out. They would have called you back to come get it. With a 750 you should have been top tier for bmwfs. What year is the z4? Was it CPO? For reference i just got an 18 M5 CPO with a 700 score on their standard tier financing and got 3.9. If i had a 750 i would have got 2.9. 


Yep Smiley Sad

 

Thank for the reference and nice car you got! Well according to them, mine's was plantinum. Which is higher than Super Elite Plus and it's a new tier that they recently added. It's the highest, so they say. I was also told that plantinum is only for those with 800+ scores. I couldn't get 84 months without a platinum tier. The reason why they gave me platinum is because a mistake was made on their end: They calculated the costs based on a 800+ score.

 

It's not CPO. It's a 2022 year that was shipped from Germany.

 

But yeah, I should've walked out, because I knew they would've made a better deal with me, especially with the amount I put down for the car. I guess I was just too excited when I saw the car arrived.

 

The only reason I don't feel too bad is because I enjoy the car a lot and I can handle the payments. But I want to be a better negotiater next time Smiley Happy

Message 29 of 45
DarkKnight_Credit
Valued Member

Re: BMW Credit Tiers


@NoMoreE46 wrote:


Currently I see that BMW FS is Advertising 0.9 % which is what we got back in June.  


I'm glad you brought this up, because I've asked about that as well during the negotiation. I was told that anything around %1 and lower is only given to those who's only willing to finance the car around 1-2 years.

Message 30 of 45
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