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BMW 3-Series (E90 E92) Forum
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Finance Issues
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12-13-2005, 05:12 AM | #23 |
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Since you are in the field, do you know if Hawaii honors the SCRA? I was told last week that I would pay the 4% excise tax for being a "resident" and I'm a resident of TX and in the military! I cannot find anything and the State taxation office agrees that I have to pay. I have never paid taxes on cars that I bought in Colorado, SC, VA and TX. :mad:
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06-06-2006, 09:15 AM | #25 | |
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Lease vs. Finance
I pasted this post from another (off topic) thread, and think it belongs here.
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06-06-2006, 09:14 PM | #26 |
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Atty - well said and much appreciated!
Just to throw in my two cents... With indirect auto lending, I believe the standard practice is for the finance guy to split the yield spread premium 50/50 with the bank. One thing I still find odd is that even with a yield spread premium included, you will probably get a much better rate through the finance guy than if you go directly to the bank he is getting his rate from! It's the difference in competition in the indirect auto lending area (fierce) versus competition in the retail business (so so), but still it seems odd. I was recently qouted 4.75% through Bank of America by the finance guy, but BoA's advertised rates are generally closer to 8% at a branch. Of course, this is why you go visit a credit union for an alternate quote. As a bank regulator, I also had a little fun at the dealership, but more so with the finance guy. I think I made him more than a little nervous with my line of questioning. What amazed me was the amount of junk he was trying to sell! The various financing options were pretty good (nothing like competition in a large metro market to eliminate origination fees, prepayment penalties, credit life, etc.), but pre-paid maintenance, extended warranties, tire and wheel insurance, and on and on - I couldn't stop laughing. I finally had to stop the poor guy and just tell him I "self insure". Again, great info Atty. Real value there. ![]() By the way - the one area you didn't touch on that I feel is the most predatory of all is Credit Life/Debt Cancellation Agreements. World's most expensive "insurance", and they've been known to make you think it is required for the loan... ![]()
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06-06-2006, 10:59 PM | #27 |
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Great info Atty.
I have a question for the group. I have a piece of paper that I got from the dealer when I negotiated the price of the car and what kind of down payment I'll be putting down etc... The paper has the unit price (price of the car with options), a registration/title ($375, I'm sure this is normal) and a doc free which is $189. It also lists my deposit and what I plan on paying out of pocket when I pick up the car. The salesman if I remember said this fee non-negotiable. He also called it a PAC or something along those lines. He said all dealers charge this, and the money goes toward the preparation of the car (and paperwork as well... I think). Does anyone know what this PAC is? Is this a hidden fee I'm going to get? Any who, that's all I have in the paper work I have signed thus far with the dealership. None of its binding (and its not binding for them either). I'm going to keep in mind YSP and origination fees when I finalize the finance stuff. I don't want to pay anymore than the amount left after my down payment (plus the simple interest). I a got interest rate 6.15 with ELoan and 5.7 from the dealer so I'm going with the dealer. Does anything smell fishy to you guys? I'm from Jersey too if that helps. (Note, this is my first time buying a car so its all new to me.) Thanks. Update: Talked to my CA, all the car preparation stuff (PAC) is included in my price. Whew... the more you read this forum the more you double back to everything that happened at the dealership and parse it all looking for anything shady. This forums is really a great resource for buying any car, not just BMW's.
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Last edited by deltron; 06-07-2006 at 05:08 PM.. |
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06-10-2006, 12:16 AM | #28 | |
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A: One's a bottom-dwelling, scum-sucking, filthy SOB.. and the other's a fish. ![]() Seriously.. great info, thanks for sharing. And thanks for being a good sport.
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06-10-2006, 02:58 PM | #29 | |
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Equifax only goes up to 850, while Transunion goes up to 925. |
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01-04-2007, 07:41 AM | #30 | |
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but i thought you can call your insurance company and tell them to suspend your policy till you 'get back'...? |
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01-04-2007, 07:45 AM | #31 | |
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i just copied that from a site... my curiosity is, what formulated this 'magic' # 2,400 or 2.4? |
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01-04-2007, 10:41 AM | #32 | |
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01-04-2007, 03:45 PM | #33 |
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"This is because of the confusing terms used in leasing as well as the fact that a lease is basically based on a "bet" - how much are you willing to bet that your new E90's residual will be 50% of the MSRP in 3 years? Does it depend on condition? Location? Economic prosperity? Whether it's a stick or automatic? Color choice? iDrive?"
Great info! If the lease is "closed end" why would I care. Isn't that BMW's problem? I can just walk away and they need to dispose of the car. Right?
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01-04-2007, 04:08 PM | #34 | |
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![]() as for fees, i wouldnt pay anything but TTT and destination ESPECIALLY if you already negotiated a price a question for the OP, i have a ton of money but no credit, have any advice on getting a loan with a good rate? ive alwasy thought it was dumb that banks wont give you a good rate, even if they know u have a stupid amount of money, just because you havent used credit before
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01-04-2007, 04:32 PM | #35 |
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What if the Doc Fee is posted on the wall?
But during the negotiations the dealer says I'll do $500 over invoice but then tacks on the posted Doc Fee? Legal or not?
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01-04-2007, 05:15 PM | #36 |
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ATTY great post!
I think we need to Sticky this one. Someone let the admins know. BMW of Mountain View has a pretty decent finance department. I did hit the Doc Prep Fee on their Purchase Orders, but it only cost $55 for them and with the below invoice price I got for my 335i, I wasn't about to nickle and dime the dealership for my car. In California, this is actually LAW. http://www.calnurses.org/media-cente...temID=28139875 But is not a governmental fee (and it states so right on the PO). There was also a $28 DMV Electronic Filing Fee which allows you to get your license plates in 90 days instead of 3-6 months (optional, but hey, it's only $28 and I want my plates instead of getting pulled over with fixit tickets and that stupid sticker) The license fee was dead on at $351. If you live in California and would like an estimation on your license fee, go to https://mv.dmv.ca.gov/FeeCalculatorWeb/index.jsp California also has a tire fee, same fee you get when you buy new tires from any tire store. $7. Big woop. And then for those who are FINANCING to own, i'd HIGHLY recommend you get the extended warranty, and for $1600 you get instead of 4yrs/50,000, you get 6yrs/100,000. This INCLUDES brakes and for those of you who have done brake replacements, this sucker almost pays for itself as brake replacements usually occur after 4 yrs. Hope that helps for you future car owners. |
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05-14-2013, 04:38 PM | #38 | |
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MACO Training fee Doc fee Acquisition fee Cap fee MF markup from BMW? Those are the fee's in my lease quote totaling $1115, including TAX on the acquisition fee!! Tax on a fee, is that a service? Please! I negotiated $1700 over invoice then get stacked with the $1034 in dealer fee's. Then adding BMW charged MACO/Training BS at 400+130 to get $1564. Then he marked up the MF by >1% over BMW rate which costs me an extra $2004 over life of the loan, making total extra $3568. So after negotiating $1700 profit over invoice, what does he actually return my quote with? $5268 dealer income! |
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05-14-2013, 04:54 PM | #39 | |
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This is a very useful thread and it was worth the bump so no harm there. I'm not an attorney so I can't comment on the legality of paying fees. The only real input I can add is that the money factor/interest rate is not guaranteed, but is certainly negotiable. If you have bad/no credit, you're obviously not going to get the best interest rate available. The money factor is most certainly negotiable and the "best" rate may change from dealership to dealership. |
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05-15-2013, 05:46 AM | #41 |
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05-23-2013, 11:11 PM | #42 | |
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