[le panecito]

This is my first time purchasing a vehicle through BMW and got preapproved online. My vehicle is on a ship and will be at the dealer by late September/early October.

I wanted to see what people's experiences have been with the BMWFS pre-approval. Do you just walk in, go over the numbers, sign some papers, and take the car? I'm assuming that there won't be any additional information needed as I've already completed the credit application online.

I may ultimately go with a CU or private lender but I just wanted some feedback from others who have gone through this process.

[TillyM]

I went thru pre-approval on BMWFS.
overall it was pretty smooth flow. based on ++ credit rating, I received the top tier APR, which than was 2.9%. When I went to do some research on private lender, it was bit more higher based on national average which was 3.5% at the time.
I was glad I went with BMWFS as it was linked to my BMW login which was very convenient where I can see all in one.
unless you have crazy difference compare to your private lender, I say go with BMWFS

[le panecito]

Originally Posted by jadeite22

I went thru pre-approval on BMWFS.
overall it was pretty smooth flow. based on ++ credit rating, I received the top tier APR, which than was 2.9%. When I went to do some research on private lender, it was bit more higher based on national average which was 3.5% at the time.
I was glad I went with BMWFS as it was linked to my BMW login which was very convenient where I can see all in one.
unless you have crazy difference compare to your private lender, I say go with BMWFS

My credit is solid and was approved via the online process within minutes. When you finalized everything at the dealer, did they ask you for any additional info or was everything already set because you were pre-approved?

[bb1857]

Originally Posted by le panecito

My credit is solid and was approved via the online process within minutes. When you finalized everything at the dealer, did they ask you for any additional info or was everything already set because you were pre-approved?

The only thing you will need to bring with you is drivers license and insurance info. They may ask you to sign the application in the dealer but it won't run your credit again. Its mainly to have the signature for the deal jacket and compliance reasons.

[5eries619]

I went through BMWFS and got approved for 2.99; however, before I drove to my local dealer I stopped by NFCU and they where able to offer me 1.99. When I arrived at my local dealer I had a check on hand for up to 80k, found out they had their own finance company they offered me 1.5 to go through their lender.
You still have time to shop around and save yourself money on interest. let them know what else your able to get outside they'll negotiate if you have good credit.