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      11-17-2018, 04:25 PM   #1
crazyclinician
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How many of you have financed your M5?

I am thinking of financing my M5 coming in a few weeks. Got a trade ($47K) for down and some cash. PenFed is giving me 2.49% and I may be able to get 0.99% if I go thru PenFed car buying service. Are any of you buying? What deals are you getting on finance rates?
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      11-17-2018, 10:33 PM   #2
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Just secured 2.5% through BMWFS, but this was for an application back in July when that was the prevailing rate for top credit score applicants. Now it's 2.79 which still ain't shabby.
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      11-17-2018, 10:43 PM   #3
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I put $75k down and financed $45k @ 3.5% then refinanced with a local credit union at 2%. Credit score over 800.
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      11-18-2018, 01:18 PM   #4
crazyclinician
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Rates hopefully will come down by December.
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      12-06-2018, 08:00 PM   #5
Greer
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Quote:
Originally Posted by SpeedyDad View Post
I put $75k down and financed $45k @ 3.5%
Question about financing a car, so for the owner who puts down $75K, what happens if your car is totaled shortly after you get it? Does the insurance company give you another $75K to finance a new car? Or is that money gone? Curious, I don't know how car loans work when there's a total loss of the vehicle.
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      12-06-2018, 08:23 PM   #6
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Quote:
Originally Posted by Greer View Post
Quote:
Originally Posted by SpeedyDad View Post
I put $75k down and financed $45k @ 3.5%
Question about financing a car, so for the owner who puts down $75K, what happens if your car is totaled shortly after you get it? Does the insurance company give you another $75K to finance a new car? Or is that money gone? Curious, I don't know how car loans work when there's a total loss of the vehicle.
With a total loss the insurance company will typically pay the replacement value of the vehicle.
This is why some people purchase something called gap insurance, which pays the difference between the appraised value of the car and the amount of money you might actually owe in case you put nothing down and are upside down on the loan.
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      12-06-2018, 08:58 PM   #7
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For new cars you can get a rider/option on your insurance policy for "new car replacement." Which in the case of a total loss, the insurance company would replace your exact car. I believe this option is only available for 12-24 months from date of new car purchase.

Gap insurance applies when the replacement value of the car is less than the balance owed on your loan. In my opinion you wouldn't purchase GAP in this purchase scenario.

Sorry to get off topic OP.
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