Is rate lock not transferable to other dealer?

[parky1215]

My friend has rate locked for 0.9%/60 month for M4 that expires end of January 2017. The dealer she's dealing with has some issue so car will most likely not arrive before rate lock expires.

I was wondering if locked rate only applies to the dealer that she applied to.

I tried calling BMW Finance and BMW NA, but they are not really giving me clear answer.

[Vitacura]

Based on my experience, yes a credit app submitted to BMWFS will only be good at the dealership on the initial application. If you change dealerships, you have to submit a new app and lock in the rates available at the time of that new application.

[parky1215]

Originally Posted by Vitacura

Based on my experience, yes a credit app submitted to BMWFS will only be good at the dealership on the initial application. If you change dealerships, you have to submit a new app and lock in the rates available at the time of that new application.

That's unfortunate.
It shouldn't really matter for BMW to finance the car with any dealer...
I guess it's some kind of dealer protection.

[bb1857]

Originally Posted by parky1215

That's unfortunate.
It shouldn't really matter for BMW to finance the car with any dealer...
I guess it's some kind of dealer protection.

Absolutely dealer protection as well as BMW FS protection. And yes a new app has to be done and you may have to sign something nullifying the original approval so you can't go run and buy another car. Sounds silly but there are some shady ass people out there that do just this then default on both loans.

I had an approval from FS on a used M4 out of state and it complicated things a little bit for the new car approval at my local dealer. Nothing they couldn't work through but definitely added a step or two for them.

Also tell your friend if she pushes the finance dept they can get an extension from BMW FS on the rate lock if the issue is being caused by something at the factory. This also happened for me with the diff debacle and mine got extended another 60 days. I didn't end up needing it but they absolutely will do extensions in the right situations.

[parky1215]

Originally Posted by bb1857

Also tell your friend if she pushes the finance dept they can get an extension from BMW FS on the rate lock if the issue is being caused by something at the factory. This also happened for me with the diff debacle and mine got extended another 60 days. I didn't end up needing it but they absolutely will do extensions in the right situations.

Thanks for this tip