Since When Does BMW Not Accept an NFCU Loan?

[Gladius]

Wife encountered that this weekend which baffled both of us (kinda pissed me off).  She just went to the MB dealership close to our house and purchased a new(er) vehicle there.  She liked that one better anyways....lol  Just thought I would share.

[Harvey26]

@Gladius Sorry that you expereinced that. I would be willing to bet they just wanted to use their financing to get a kick back from it, I would certainly reach out to the GM and let them know your experience and that they missed a sale and if it were me I would attach a picture of ne whip! 

[cashorcharge]

Technically, a dealership doesn't have to accept your outside credit provider/loan to purchase a car.  As they are independantly operated and BMW North America does not dictate what financing they do or do not accept, it's at the dealers discretion.  

[Gladius]

---

@cashorcharge wrote:

Technically, a dealership doesn't have to accept your outside credit provider/loan to purchase a car.  As they are independantly operated and BMW North America does not dictate what financing they do or do not accept, it's at the dealers discretion.  

---

I understand the the whole independantly owned thing, but would you agree that it is very "odd" they wouldn't except financing from one of the nation's largest CUs?

[Dadof31978]

Did you offer them an option contract? If you just give a check to them they won't accept it in many times as you are taking their $50k car and they have no idea who you are etc...and if it's good etc..if you do an option contract, they usually will accept it as if you don't come up with the funds, they can just submit the signed contract to the bank. 

[increasingmyfico]

Some dealers aren't accepting any outside financing at this time. Others have certain lenders that they don't accept payment from. Some will only accept checks not drafts which is what Navy sends.

[Shooting-For-800]

---

@Gladius wrote:

---

@cashorcharge wrote:

Technically, a dealership doesn't have to accept your outside credit provider/loan to purchase a car.  As they are independantly operated and BMW North America does not dictate what financing they do or do not accept, it's at the dealers discretion.  

---

I understand the the whole independantly owned thing, but would you agree that it is very "odd" they wouldn't except financing from one of the nation's largest CUs?

---

THE largest credit union...

[pizzadude]

If they won't take your NFCU check then you could always go with the captive lender and then immediately refinance with NFCU.  Obviously they're making ( more ) money by funneling everyone through BMW financial but you don't have to keep the loan if there are better terms / rates with outside banks / CUs. 

[dunn2500]

---

@pizzadude wrote:

If they won't take your NFCU check then you could always go with the captive lender and then immediately refinance with NFCU.  Obviously they're making ( more ) money by funneling everyone through BMW financial but you don't have to keep the loan if there are better terms / rates with outside banks / CUs. 

---

thats what i would do if the deal was good and it was the car i wanted......re financing is pretty easy and it would eliminate the hassle of going thru the process again........a year or so ago no dealers were taking checks from other banks so people would do exactly this

[i4owner]

My BMW Dealer was pushing Chase at me for .35% more than my NFCU approval.  They tried to sell it is as "with Chase you can take the car tonight, with NFCU you have to wait and get the check prior to taking the car."   I pulled out my NFCU check, and they said hold tight.  Came back with Chase matching the NFCU rate, so I agreed.