Lease buyout, what are the best lender rates today?

[Westside Guy]

The lease on my wife's 2021 228i GC is ending in January, she has only 10,000 miles on the car and her residual payment is only $23,700. I would appreciate any recommendations for the best lenders with low rates for used car loans.

Also does BMW FS ever give used car loans?

[tooshay]

If you want to keep the car, just call BMWFS and refinance the car. They'll do a credit check and give you the interest rate that you qualify for based on your credit score. You can also shop around from different banks.

[Germanauto]

I got 5%/48mo from a local credit union, nobody else was even close. I suppose that's considered a great interest rate in today's economy.

[Westside Guy]

Originally Posted by Germanauto

I got 5%/48mo from a local credit union, nobody else was even close. I suppose that's considered a great interest rate in today's economy.

Which credit union?

[alex2364]

Shop around your local credit unions. I was able to get 3% when BMWFS was offering 5%.

[Westside Guy]

Originally Posted by tooshay

If you want to keep the car, just call BMWFS and refinance the car. They'll do a credit check and give you the interest rate that you qualify for based on your credit score. You can also shop around from different banks.

Thanks, her credit score is 815 and I will definitely call them.

[Germanauto]

Originally Posted by Westside Guy

Which credit union?

Pasadena federal here in LA

[LDT]

Navy Federal Credit Union. Joining is easy.

[Westside Guy]

Originally Posted by LDT

Navy Federal Credit Union. Joining is easy.

Do you have to be a veteran?

[LDT]

Originally Posted by Westside Guy

Do you have to be a veteran?

No. Check their website for info.

[Westside Guy]

Originally Posted by LDT

No. Check their website for info.

Thanks, I will!

[tturedraider]

Originally Posted by Westside Guy

Do you have to be a veteran?

Originally Posted by LDT

No. Check their website for info.

Originally Posted by Westside Guy

Thanks, I will!

You absolutely do have to have some kind of military association to join Navy Federal. If you aren’t active duty or a veteran you must have an immediate family member who is or have someone physically living in your household who is to be eligible for membership.

Pentagon Federal CU is open to anyone if you join military support organization and they have a link on their website to do that.

edit for clarity: DoD civilians can also be eligible to join Navy Federal, so technically it is possible to join without being active duty military or a veteran or immediate family member or sharing a household.

[LDT]

Originally Posted by tturedraider

You absolutely do have to have some kind of military association to join Navy Federal. If you aren’t active duty or a veteran you must have an immediate family member who is or have someone physically living in your household who is to be eligible for membership. And that person has to actually be a member of Navy Federal.

Pentagon Federal CU is open to anyone if you join military support organization and they have a link on their website to do that.

edit for clarity: DoD civilians can also be eligible to join Navy Federal, so technically it is possible to join without being active duty military or a veteran or immediate family member or sharing a household.

My only military association is that my father (deceased) was a veteran. I joined NFCU with ease and obtained the BMW military discount certificate via True Car military with relative ease. I’m not bragging nor am I gaming the system. I simply answered their questions and uploaded the requested documentation which was my father’s form DD214 or it’s predecessor. Got 4.54% financing plus $2k military discount in August.

[tturedraider]

Originally Posted by LDT

My only military association is that my father (deceased) was a veteran. I joined NFCU with ease and obtained the BMW military discount certificate via True Car military with relative ease. I’m not bragging nor am I gaming the system. I simply answered their questions and uploaded the requested documentation which was my father’s form DD214 or it’s predecessor. Got 4.54% financing plus $2k military discount in August.

That’s not what they state in the eligibility criteria they have on their website. Admittedly, I didn’t have to answer the questions with the same answers you gave, because I am a veteran. But, you do have a military affiliation through your dad. I don’t quite understand how that qualified you for membership based on their published criterion, but I feel about 100% positive the average Joe who has absolutely zero military affiliation would not be able to join. Of course, I can’t say with absolute certainty, because apparently they have some unpublished, “back door” ways to join that you were able to benefit from.

[LDT]

Originally Posted by tturedraider

That’s not what they state in the eligibility criteria they have on their website. Admittedly, I didn’t have to answer the questions with the same answers you gave, because I am a veteran. But, you do have a military affiliation through your dad. I don’t quite understand how that qualified you for membership based on their published criterion, but I feel about 100% positive the average Joe who has absolutely zero military affiliation would be able to join. Of course, I can’t say with absolute certainty, because apparently they have some unpublished, “back door” ways to join that you were able to benefit from.

Yes and understood. In business, any business, assuming you have unused capacity, widening your network aka audience, should have a positive effect on your business. I think that’s what PenFed and NFCU have done albeit quietly.

[tturedraider]

Originally Posted by LDT

Yes and understood. In business, any business, assuming you have unused capacity, widening your network aka audience, should have a positive effect on your business. I think that’s what PenFed and NFCU have done albeit quietly.

It looks like from the website you probably had to call. Is that right? I can’t see a way to do what you did without calling.

Penfed has accepted the general public for many years. All you have to do is join a specific military support organization and they even have a link on their website to do it. I have been recommending Penfed to forum members for years.

For years I couldn’t join Navy Federal, because you had to have either a Navy or Marine (which is Navy, of course) affiliation to join. Then about five years ago they opened it to all veterans.

[LDT]

Originally Posted by tturedraider

It looks like from the website you probably had to call. Is that right? I can’t see a way to do what you did without calling.

Penfed has accepted the general public for many years. All you have to do is join a specific military support organization and they even have a link on their website to do it. I have been recommending Penfed to forum members for years.

Yes I did have to call. I uploaded the requested docs and was immediately enrolled.FWIW, my Dad served in the US Navy during WW II.