Since When Does BMW Not Accept an NFCU Loan?

[dunn2500]

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@i4owner wrote:

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.  

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exactly.....its just a game, thats all it is......all about perception

I had GM match Navy Federals lowest interest rate, and while i had an approval i didnt know what the rate was at the time (their system went down) told the dealer i usually get their lowest rate and they bought it, i still dont know what the rate was as i never checked.....but ive never got their lowest rate, usually  1-1.5% higher typically......after quite a few purchases ive gotten fairly decent at the car buying game

[CreditCuriosity]

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@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. 

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What I did, but was at a MB dealership had car I wanted on lot so just used MB financial to secure vehicle best APR was 6.99(LOL).. less than month later refinanced with NFCU for 3.79.  

Likely the FI manager wanted his commission aka points from whatever lender they used.  FI is one of highest earners at dealership next to GM's.  So many dealerships are going to be in bad shape after supply chain is fixed as they have charged over MSRP while others haven't and pulling stunts like this that would never happen during a normal supply chain/market and people are going to remember this as I am one of them.  Kinda sad you can't even really negotiate on a car anymore unless it is a undesirable make/model.  Part of fun of car shopping is thinking you got a good deal.  Now you know you are getting a bad deal, just what it is bad or real bad is the question.

[Credit4Growth]

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@i4owner wrote:

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.  

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Okay! 🤪

This moved me to post again.

You were dealing with, IMHO, B.s. and that is something I can not stand.   Kudos to you for receiving a matched rate... in the least! 👍

[Gladius]

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@CreditCuriosity wrote:

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@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. 

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What I did, but was at a MB dealership had car I wanted on lot so just used MB financial to secure vehicle best APR was 6.99(LOL).. less than month later refinanced with NFCU for 3.79.  

Likely the FI manager wanted his commission aka points from whatever lender they used.  FI is one of highest earners at dealership next to GM's.  So many dealerships are going to be in bad shape after supply chain is fixed as they have charged over MSRP while others haven't and pulling stunts like this that would never happen during a normal supply chain/market and people are going to remember this as I am one of them.  Kinda sad you can't even really negotiate on a car anymore unless it is a undesirable make/model.  Part of fun of car shopping is thinking you got a good deal.  Now you know you are getting a bad deal, just what it is bad or real bad is the question.

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This.  You just go in with the mindset that you will AT LEAST pay sticker.  No more wheelin' and dealin'.

[enriqueshockwave]

i know you posted this some time ago but i work for a dealer group and navy federal is notorius for giving checks out to customers and then giving massive trouble with paying them out to the stores. they have all kinds of technicalities with their checks, routinely have to reissue them...and in one case we let a guy take a car who paid by NFCU check who didn't fund us after the fact and we now have to sue him to get us placed as the lienholder on the car bc he refused to cooperate or help.

i was told by the state of michigan that this happens all the time with them.

[FicoMike0]

Muck Fichigan!

Years ago I had a friend who bought a car and charged it to his mastercard. They gave him quite an argument, but finally went for it.

[IsambardPrince]

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@dunn2500 wrote:

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@i4owner wrote:

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.  

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exactly.....its just a game, thats all it is......all about perception

I had GM match Navy Federals lowest interest rate, and while i had an approval i didnt know what the rate was at the time (their system went down) told the dealer i usually get their lowest rate and they bought it, i still dont know what the rate was as i never checked.....but ive never got their lowest rate, usually  1-1.5% higher typically......after quite a few purchases ive gotten fairly decent at the car buying game

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That .35% is on a BMW so you're probably talking about a 5-6 year car loan on a car that's running at least $70-80 grand that's going right into the dealer's pocket. Of course they love Chase. Just take the car tonight and give us another $700 of your hard earned money, please and thank you.

When you don't pay for a car in cash you don't feel like you're losing anything so it's the job of the finance room people to rip you off out of a dozen pots by adding $700 here and $4,000 there until you're freaking broke for the next 5-6 years because you agreed to give them too much.