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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
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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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      01-06-2019, 08:21 AM   #8
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Financed mine for 2.74 from Service Credit Union. Also secured the rate back in August before interest rates went up. I believe current rates now even with excellent credit is 3.4. I've never been a fan of leasing.
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      01-06-2019, 09:59 AM   #9
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Loan, lease or balloon payment

With the slowly shrinking inventory of M5 and M5C's out there I am patiently waiting till mid to late spring to find a good deal on either one. It could be risky. I may not get what I really want. I could just order one but here in my market (San Francisco Bay Area) I am more likely to get a better price on car off the lot. Some model BMW 's even have a 10k mark up! So, lease - not to interested in a lease because I drive a lot and I would likely keep the car for about 5 years. Standard loan payments would be a bit high. What do you guys think about the balloon payment plan that Bmw has?
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      01-06-2019, 05:48 PM   #10
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I had a finance manager make me the offer. It just felt like I could seem to figure out how this could possibly be good for me to do. If your balloon payment at the end of the term is larger than the value of your car you are upside down and without a lot of options especially if you want out of the car at that time.
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      01-07-2019, 03:11 PM   #11
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Also, with the balloon payment option what happens if your car is in a major accident and the value goes down, you could be underwater at the end.
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      01-07-2019, 03:37 PM   #12
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Quote:
Originally Posted by Greer View Post
Also, with the balloon payment option what happens if your car is in a major accident and the value goes down, you could be underwater at the end.
Is gap insurance available for that?
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      01-09-2019, 09:50 AM   #13
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If you need gap insurance, do not buy it from the dealer. Get it from your own insurance company, it'll be vastly cheaper and you can get rid of it when you're no longer upside down, or feel comfortable. With the dealer gap insurance, you pay for the whole thing like a product! What a scam.
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      01-10-2019, 08:50 PM   #14
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Quote:
Originally Posted by themnmd View Post
With the slowly shrinking inventory of M5 and M5C's out there I am patiently waiting till mid to late spring to find a good deal on either one. It could be risky. I may not get what I really want. I could just order one but here in my market (San Francisco Bay Area) I am more likely to get a better price on car off the lot. Some model BMW 's even have a 10k mark up! So, lease - not to interested in a lease because I drive a lot and I would likely keep the car for about 5 years. Standard loan payments would be a bit high. What do you guys think about the balloon payment plan that Bmw has?
Penfed has a deal if you can join. I'm a member and they have a killer 36-60 month balloon finance offer. Depends on what you are comfortable with but the residuals they calculate are pretty solid from what I can tell comparing to BMW's. They do cap it at 100K so if you put a little bit of money down to make up the difference, financing the rest with that program and knowing where you stand it's a great program for people that want to preserve cash. Some don't like the risk and will look at other means.
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