Get the 1.9% Financing Honored on the BMW iX50 Pre-Order - Here's What You Need to Know
BMW iX Pre-Orders - Getting 1.9% Financing Honored Steps
BMW Financial Services offers a 1.9% financing rate for pre-ordering the BMW iX50, but some dealerships may not honor it. To ensure that you get the 1.9% rate honored, you can take steps such as telling the dealership to call BMW FS and citing the Consumer Financial Protection Bureau website with the details of what they are doing. If enough complaints are filed, those who still don't get the 1.9% honored could receive rewards for the damage from the misleading advertisement.
In the US, my wife and I pre-ordered on 8/18/2021 and accepted delivery of our iX50s on 6/3/2022 and 6/30/2022 respectively. We live in MD which has great consumer protection laws including "Lemon Law" protection. We mentioned filing a CFBP complaint and eventually, the dealership caved in.
Another member also had success getting their 1.9% rate honored after mentioning filing a CFPB complaint. However, if there are enough complaints for those who still won't get the 1.9% honored, then filing a CFPB complaint is recommended. It is important to visit your State's Attorney General's website to find out your rights when purchasing an automobile.
My husband's iX50 was recalled and he initiated a vehicle transfer to a 2022 BMW X5 M50i which we both were ecstatic with the performance of. He custom built and custom ordered a 2023 model but had to pay a higher interest rate than the original 1.9%. My husband's Buy Back went well and he is still waiting for his excise tax refund from the MVA. As long as BMW makes you whole, that should be your bottom line too.
I am doing my own "Buy Out" process and have sent my payoff check via Fedex to BMW Finance. When I receive my title, I will be selling my iX50 to one of two local retailers and have ordered a 2023 BMW X6 M50i which should be delivered by the end of the year. Interest rates have skyrocketed since we pre-ordered so make sure to inquire about what is called a "substitution" which means that they would simple swap out the car with a new one and not touch anything regarding the existing loan if you need to do financing all over again.
In conclusion, if you are pre-ordering a BMW iX50 and want to get the 1.9% financing rate honored, make sure to tell the dealership to call BMW FS and cite the Consumer Financial Protection Bureau website with the details of what they are doing. If enough complaints are filed, those who still don't get the 1.9% honored could receive rewards for the damage from the misleading advertisement. Additionally, it is important to visit your State's Attorney General's website to find out your rights when purchasing an automobile.
How can I ensure my 1.9% financing rate is honored?
You should contact BMW Financial Services and explain that you are considering filing a complaint with the Consumer Financial Protection Bureau if they do not honor your 1.9% rate. If enough people file complaints, you may be eligible for rewards for the damage from the misleading advertisement.
What rights do I have when purchasing an automobile?
Your rights depend on the state in which you live. Visit your State's Attorney General's website to find out more information about consumer protection laws in your area, including "Lemon Law" protection.
What should I do if my vehicle is recalled?
If your vehicle is recalled, BMW North America and your dealership should be supportive. You may consider initiating a vehicle transfer if there is no remedy on the horizon. You may also be able to receive a buyback at the 30-day mark. Contact BMW Finance to inquire about what is called a "substitution," which means that they would simply swap out the car with a new one and not touch anything regarding the existing loan.
Are interest rates higher now than before?
Yes, interest rates have increased significantly since before. The latest rate through BMW Finance is 4.79%/60mos. However, you may be able to get a lower rate if you have a good credit score.
What is the best way to negotiate a better interest rate?
The best way to negotiate a better interest rate is to shop around and compare rates from different lenders. You can also try to negotiate with BMW Financial Services directly. Make sure to bring up any special offers or discounts that you may qualify for, such as military discounts or loyalty programs. Additionally, make sure to ask about any additional fees or charges that may be associated with the loan.
How long does it take for my pre-order to arrive?
It typically takes between 4-6 weeks for your pre-order to arrive. However, this timeline can vary depending on the availability of the vehicle and other factors. If you have not received your vehicle within 6 weeks, contact BMW North America and inquire about the status of your order.