[SoCalJon]

Originally Posted by Efthreeoh

Your financing process doesn't sound kosher. No bank "writes a check" for a car loan nor "sends a check". If you are financially pre-approved by your lending institution for the amount you plan to borrow for purchasing the BMW, then all the Bank needs is the VIN and the estimated amount of what you are borrowing from them.

Frankly, I’ve been a little gunshy on this too… (in fact, I posted another thread on this specific issue). However, I have assurances (in emails, not legally binding, but in writing) from both the dealer and the credit union that this is exactly how it will work. We’ll sign the purchase agreement, scan/send it to the credit union, and complete their process by docusign. They will overnight the check to the dealer along with titling instructions. In the interim, we will sign a BMWFS loan as an option for the dealer to exercise if the funds don’t arrive within 3 days. This option loan will allow us to take the car home with us.

If things go sideways, the worst case scenario is that it goes to BMWFS and then we treat it as a refinance.

(Also, that $30k has to get to the dealer somehow: Wire transfer, EFT/ACH, or good old paper check. The Credit Union is a couple hours away, so unless I want to drive four hours R/T, this is how it happens.)

Run all the numbers ahead of time on a spreadsheet to have as reference to check the dealer numbers. Excel has a loan calculator formula you can build into a spreadsheet to estimate the monthly payment. The value of the loan is the difference between the out the door price minus the down payment you are providing. Depending on your state tax laws, DMV fees and what dealer fees the dealer charges you can add all that up to figure out the final price. Your DMV should publish how the taxes, registration, and tag fees are determined. You should already have asked what the dealership fees are, some post that information on their website.

Yup. Got this all figured out down to the penny. Will be able to proof it against their numbers while we sit there. Will reach into my briefcase and grab my laptop if it gets weird.

The only other adders are the BS protection packages and extended warranties the F&I guys will try to sell you. If you want any if those adders, figure out ahead of time what the coverages are and what the packages should cost, so you don't have to make decisions about them on the fly. Wheel and tire packages are stupid to buy. Wheels are covered by insurance and tires are consumables. BMWs tire and wheel package only covers the tires that came from the factory. Once those tires wear out and you replace them the tires are nolonger covered. Spend the value of the package on lowering your insurance deductible instead. I keep a $100 comprehensive policy deductible instead of $500 like most people do. For me it's an extra $40 per year and the $100 deductible applies to anything covered under comprehensive vs. just wheels under the wheel package from the dealer.

Thanks. I’ll run those numbers too. We may just “self-insure” by increasing our emergency fund.

If you don't what to screw with all the financial BS, close on the deal on Friday night an hour before the dealer closes. It caps the time the F&I department has to eff with you. If they say the word "nitrogen" just abruptly get up and nicely say "are you really going to BS me about tire air quality?" just to set the tone of the deal closing process.

That’s awesome. I already asked the sales manager to let F&I know that we are unlikely to consider any new proposals at time of pickup, and if they want us to consider something, they should provide it to us in advance. I’m sure he didn’t pass that along to them, but I may just interrupt the conversation early on with “I’m sorry…. _____ must not have told you. We asked to have anything you wanted us to consider sent in writing three days before delivery. It must not really be that important if you couldn’t have been bothered to send it to us.”

Less adversarial, I might say: “do you remember Ralph Wolf and Sam Sheepdog? Those guys were good friends, clocked in and out together, ate lunch together, but spent the day doing two different jobs. Ralph Wolf’s job was to steal the sheep and Sam Sheepdog’s job was to protect them. I’m sure you’re a great guy and we could enjoy a meal together. But right now, your job is to sell me stuff… and my job is to say no.”

Alternatively, if he says something about “protecting your investment,” I may just start to gather my papers and stand up. It demonstrates a lack of financial credibility to use the word “investment” to describe an asset that is moments away from a guaranteed 10% depreciation.

Mostly this is bluster… they have a job to do, and I know that. I just want to expedite my time and figure out the nicest way to say “stop wasting my time and yours.”