Do you need financing in place to order ED or just a deposit?

Craigito · 03-09-2007, 11:07 PM

After my test drives this week, I want to get the ball rollin here on my purchase. I'm guessing no more than a $1000 deposit is most likely right? I have no previous business with the dealer FYI as this is important.

liquid · 03-09-2007, 11:32 PM

i ordered without a deposite. however you should be ok as long as u set up the financing a few weeks before you leave. enjoy the trip, i had an awsome time.

james

Brett · 03-10-2007, 01:06 AM

Quote:

Originally Posted by liquid

i ordered without a deposite. however you should be ok as long as u set up the financing a few weeks before you leave. enjoy the trip, i had an awsome time.

From the bimmerfest wiki:

Quote:

Originally Posted by Bimmerfest

Financing Your Car
Not all banks are willing to work with you to finance your European Delivery as it does not fit in their typical loan definition. The biggest potential pitfal here is that most banks would like to have the title in hand within about 3 months. As you are required to pay for your car 15 days prior to pick-up and it takes another 6-8 weeks to get back to you, it is quite possible that the bank will not receive the title quick enough. This is not the only problem but is probably the most common. There are a number of people that have paid for their car through a source other than BMW FS but it is suggested that you fully explain the situation with the bank to avoid any additional problems.

A common solution for European Delivery pick-ups is to initially finance through BMW FS to avoid any potential problems and simply re-finance the loan from a local bank or credit union when you take re-delivery. Most credit unions and some banks allow you to re-finance within a short period of time and still receive their "new car" loan rates.

-Brett

mkoesel · 03-10-2007, 08:11 AM

Quote:

Originally Posted by Craigito

After my test drives this week, I want to get the ball rollin here on my purchase. I'm guessing no more than a $1000 deposit is most likely right? I have no previous business with the dealer FYI as this is important.

You don't need a deposit - but you DO need to have proof of financing as it is required by BMW.

I financed through my credit union. They were cool with the whole delay in receiving the title thing that Brett points out above. They also delayed the first payment a month so there was less a discrepancy from when we started paying for the car and when it was actually in our garage.

Cheers, and have a blast on the ED!

JSpira · 03-10-2007, 08:28 AM

Quote:

Originally Posted by Craigito

After my test drives this week, I want to get the ball rollin here on my purchase. I'm guessing no more than a $1000 deposit is most likely right? I have no previous business with the dealer FYI as this is important.

Make sure you are dealing with an experienced sales person (experienced in European Delivery). Otherwise problems may ensue.

Lots of recommendations available in this respect on Bimmerfest.

JSpira · 03-10-2007, 08:30 AM

Quote:

Originally Posted by mkoesel

They also delayed the first payment a month so there was less a discrepancy from when we started paying for the car and when it was actually in our garage.

But presumably you were paying interest on it regardless of the delay in the payment.

JSpira · 03-10-2007, 08:31 AM

Quote:

Originally Posted by mkoesel

You don't need a deposit - but you DO need to have proof of financing as it is required by BMW.

That is not true. Many dealers may require a deposit. Please be careful when giving out information which is not entirely correct.

mkoesel · 03-10-2007, 08:33 AM

Quote:

Originally Posted by JSpira

That is not true. Many dealers may require a deposit. Please be careful when giving out information which is not entirely correct.

True, but what I meant was, the deposit is not required by BMW USA. Sorry if that was not clear. It is perfectly possible to do an ED without a deposit down if you find the right dealership.

Cheers

TahoeOG · 03-10-2007, 11:04 AM

Well my car is the 5th bmw in the family. And after the first we didn't leave deposits anymore. We delt with the same Sales Rep all this time. I was buggin him since the e92 wasn't out yet. AFter i got back from brazil, the car was out but no pricing as of yet. Then i think 1 month later price was releaced and he called me. I went for a test drive and told him to order me one with the options i wanted. He said ok, filled out the options sheet, printed it out, and that was that. When the car came in then business (cash) was all completed. That's it. My sales rep is cool dude. Called me when my car was on the truck outside the dealership. and to test drive the car he would give me the keys and say "go take a ride come back an hour". I thought that was pretty cool

Good Luck

John 070 · 03-10-2007, 11:59 AM

Refinancing is a bad move--the added interest that you will pay in doing so will negate the benefits of ED imho.

03-09-2007, 11:07 PM	#1
Craigito Captain 152 Rep 846 Posts Drives: 20' F82 M4 Join Date: Nov 2006 Location: SoCal iTrader: (0) Garage List 2020 BMW M4 Competi ... [10.00]	Do you need financing in place to order ED or just a deposit? After my test drives this week, I want to get the ball rollin here on my purchase. I'm guessing no more than a $1000 deposit is most likely right? I have no previous business with the dealer FYI as this is important. __________________ *Current Ride* 2020 M4 Competition/ Alpine White / DCT/ Full Black Leather / 19in Gunmetal / Executive /LED/Ohlinds RT/SSR DP-CP-Intake/AP Essex 9668/Bootmod STG 2/ VRSF DP
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03-09-2007, 11:32 PM	#2
liquid Lieutenant 72 Rep 583 Posts Drives: graphite 328i E92 Join Date: Aug 2006 Location: South FL iTrader: (1)	i ordered without a deposite. however you should be ok as long as u set up the financing a few weeks before you leave. enjoy the trip, i had an awsome time. james
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03-10-2007, 11:04 AM	#9
TahoeOG Major 89 Rep 1,207 Posts Drives: e92 335i Join Date: Nov 2006 Location: NJ iTrader: (1)	Well my car is the 5th bmw in the family. And after the first we didn't leave deposits anymore. We delt with the same Sales Rep all this time. I was buggin him since the e92 wasn't out yet. AFter i got back from brazil, the car was out but no pricing as of yet. Then i think 1 month later price was releaced and he called me. I went for a test drive and told him to order me one with the options i wanted. He said ok, filled out the options sheet, printed it out, and that was that. When the car came in then business (cash) was all completed. That's it. My sales rep is cool dude. Called me when my car was on the truck outside the dealership. and to test drive the car he would give me the keys and say "go take a ride come back an hour". I thought that was pretty cool Good Luck __________________ Selling my winter setup, Hit me UP!
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03-10-2007, 11:59 AM	#10
John 070 Lieutenant General 1755 Rep 14,825 Posts Drives: 335i cpe Join Date: Oct 2006 Location: ZSP/ZPP/ZCW iTrader: (0)	Refinancing is a bad move--the added interest that you will pay in doing so will negate the benefits of ED imho.
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