[Patton250]

So, my M5 competition is on the train from the factory on its way to the port. If everything goes well, I should get it by the end of February or midway through March. I went ahead and got all my paperwork for financing taken care of today and I’m putting about 40% down on it. My dealer is quoting me 5.59% from BMW. WTF! I know the world is falling apart, but I have no idea Interest rates for cars were that high. Call me ignorant. My credit score is above 800. Are any of you guys getting better than 5.59? My dealer did say that maybe next month when we get the car interest rates might drop but for now I’m locked in at 5.59%.

[ResIpsaLoquitur]

Originally Posted by Patton250

So, my M5 competition is on the train from the factory on its way to the port. If everything goes well, I should get it by the end of February or midway through March. I went ahead and got all my paperwork for financing taken care of today and I’m putting about 40% down on it. My dealer is quoting me 5.59% from BMW. WTF! I know the world is falling apart, but I have no idea Interest rates for cars were that high. Call me ignorant. My credit score is above 800. Are any of you guys getting better than 5.59? My dealer did say that maybe next month when we get the car interest rates might drop but for now I’m locked in at 5.59%.

I don’t mean to speak on his behalf, so perhaps nerdogray will chime in here, but I believe I saw he secured 5.49% in the last few days. Seems to be that you are in the wheelhouse of what numbers are looking like now, thought admittedly, these are really high rates.

Are you intent on purchasing? Perhaps a lease might be a consideration if it makes sense for your use case.

Life is short though. You’re going to have an awesome car, and you’re going to enjoy the hell out of it.

Congrats on being en route from Bremerhaven!

[Patton250]

Originally Posted by ResIpsaLoquitur

I don’t mean to speak on his behalf, so perhaps nerdogray will chime in here, but I believe I saw he secured 5.49% in the last few days. Seems to be that you are in the wheelhouse of what numbers are looking like now, thought admittedly, these are really high rates.

Are you intent on purchasing? Perhaps a lease might be a consideration if it makes sense for your use case.

Life is short though. You’re going to have an awesome car, and you’re going to enjoy the hell out of it.

Congrats on being en route from Bremerhaven!

Thanks brother. I’m pretty excited. This is my first M5. I think I got every option there is except for ceramic brakes. Lol. I mean if everything goes well I’ll have it paid off in eight or nine months but still. Freaking 5.59% is outrageous. I see other manufacturers offering a lot lower than that.

[crypto]

I know car interest rates were in the 3s about a year ago or more but they have shot up for sure. Might be worth calling around to some credit unions and what not and see what they offer.

[ResIpsaLoquitur]

Originally Posted by Patton250

Thanks brother. I’m pretty excited. This is my first M5. I think I got every option there is except for ceramic brakes. Lol. I mean if everything goes well I’ll have it paid off in eight or nine months but still. Freaking 5.59% is outrageous. I see other manufacturers offering a lot lower than that.

You’re welcome! We can’t wait to see!

[ResIpsaLoquitur]

Originally Posted by crypto

I know car interest rates were in the 3s about a year ago or more but they have shot up for sure. Might be worth calling around to some credit unions and what not and see what they offer.

And some were even lower prior to that, during the height of the pandemic. I have an acquaintance that secured 1.99% on high spec M8C when we all thought the world was going to self implode.

[nerdogray]

Yea best I could do was 5.49%. BMWFS wanted to give me 6.49%, but the finance manager argued that just because I didn't have debt didn't mean I didn't have a credit history. Not like I was over-extended. I tried to shop around but met with little results. Navy Federal flagged me as fraudulent within a few hours of joining and applying. Funny how I was legitimate enough for them to send me a cashier's check for the amount I paid upon joining when I called to close everything. The guy on the phone asked me "didn't you appeal the security hold?" I replied, "I don't care anymore." When they do that, they shut all of your accounts down for closure. It's not a simple "hold." You have to appeal. If you don't, they close everything. USAA wasn't any better, forcing me through their extremely impersonal process where they hide behind messages to which you cannot reply, offering me a 72-month loan for $65k (LOL) for 5.89%. I closed up there, too, and I had actually been a member for a few years.

BMWFS welcomed me with open arms. The underwriter even sent me a card: "Welcome home, NerdoGray."

[Patton250]

Originally Posted by nerdogray

Yea best I could do was 5.49%. BMWFS wanted to give me 6.49%, but the finance manager argued that just because I didn't have debt didn't mean I didn't have a credit history. Not like I was over-extended. I tried to shop around but met with little results. Navy Federal flagged me as fraudulent within a few hours of joining and applying. Funny how I was legitimate enough for them to send me a cashier's check for the amount I paid upon joining when I called to close everything. The guy on the phone asked me "didn't you appeal the security hold?" I replied, "I don't care anymore." When they do that, they shut all of your accounts down for closure. It's not a simple "hold." You have to appeal. If you don't, they close everything. USAA wasn't any better, forcing me through their extremely impersonal process where they hide behind messages to which you cannot reply, offering me a 72-month loan for $65k (LOL) for 5.89%. I closed up there, too, and I had actually been a member for a few years.

BMWFS welcomed me with open arms. The underwriter even sent me a card: "Welcome home, NerdoGray."

What a freaking nightmare. Well 5.59 is what they’re offering me right now. Maybe that will change next month or in March when the car gets here.

[damianwo]

I got mine at 2.99% from a credit union.

[carseatsm5]

If you’ll allow me to brag, my rate from 2020 is 0.9%. And back then you could still get a discount on the cars!

[nerdogray]

That is awesome, both of your rates.

[Patton250]

Originally Posted by damianwo

I got mine at 2.99% from a credit union.

When did you get that rate and where?

[Patton250]

Originally Posted by carseatsm5

If you’ll allow me to brag, my rate from 2020 is 0.9%. And back then you could still get a discount on the cars!

So did I in 2020. I bought a brand new M3 G80 at .9%. That was back when the economy was rocking and a Rolex Daytona cost $50,000 in the secondary market. Times ain’t like that no more. Lol. We have new leadership.

[carseatsm5]

Originally Posted by Patton250

So did I in 2020. I bought a brand new M3 G80 at .9%. That was back when the economy was rocking and a Rolex Daytona cost $50,000 in the secondary market. Times ain’t like that no more. Lol. We have new leadership.

It was the BMW incentive like April or May after the pandemic hit.

I’ve had lots of bad timing in my life, but nice to have gotten lucky on that one.

[nerdogray]

My entire life is all about bad timing. Got bit by the housing bubble in 2008 and missed sooo many real estate opportunities before this current clusterfuck.

[windtendo]

Picking mine up today. 5.59% here w/ 800+ credit. This is the BMWFS standard at this moment in time.

[SSM5]

Tower Federal Credit Union is currently 2.99% up to 60 Months

[Patton250]

Originally Posted by SSM5

Tower Federal Credit Union is currently 2.99% up to 60 Months

Yep. Unfortunately, you have to be a member and only businesses that they approve can become members.

[damianwo]

Originally Posted by Patton250

When did you get that rate and where?

Polish Slavic Federal Credit Union. You can do everything online or over the phone I think. You have to open one saving account and deposit like $10.

[Patton250]

Originally Posted by damianwo

Polish Slavic Federal Credit Union. You can do everything online or over the phone I think. You have to open one saving account and deposit like $10.

Do what? I can join that?? :-)

[NoMods]

I paid cash, 0% interest

[damianwo]

Originally Posted by armoredsaint

I paid cash, 0% interest

This! Or put that $1xxk towards a purchase of 3 unit building, rent it out and drive the M5C for free.