[leofuxing]

Hello

It will be my first time to place an order for a custom car. Dealer wants to credit application first. Is this common practice?

I've usually only bought off the lot.

Thank you!

[SpeedyATL]

Seems irregular to me. The app is only good for 90 days, its possible anything you order today will not be in before 90 days. Depends on the model.

My m440cv has been sitting complete at the factory for 70 days.

I'd tell them they are full of it.

[tundetemb]

Originally Posted by leofuxing

Hello

It will be my first time to place an order for a custom car. Dealer wants to credit application first. Is this common practice?

I've usually only bought off the lot.

Thank you!

Find another dealer.

[1WickedE90]

Originally Posted by leofuxing

Hello

It will be my first time to place an order for a custom car. Dealer wants to credit application first. Is this common practice?

I've usually only bought off the lot.

Thank you!

It's pretty irregular behavior for a dealer. What they will ask is for a refundable deposit for the car (I put down $1K). Like the other poster said, find another dealer who is not so shady.

[james1913]

I did a credit app when I ordered mine (and paid the $1k down). My understanding was that it would lock in the current rate offered by BMW, which was .9% for 60 months at the time.

I'll be taking delivery in March. So I sure hope the dealership wasn't misleading me!

[Redditor9000]

Originally Posted by james1913

I did a credit app when I ordered mine (and paid the $1k down). My understanding was that it would lock in the current rate offered by BMW, which was .9% for 60 months at the time.

I'll be taking delivery in March. So I sure hope the dealership wasn't misleading me!

Exact same situation for me in Chicago. The dealership is reputable as well. Ordered in July and received in December.

[TurtleBoy]

Originally Posted by leofuxing

Hello

It will be my first time to place an order for a custom car. Dealer wants to credit application first. Is this common practice?

I've usually only bought off the lot.

Thank you!

It depends if you plan on leasing/financing with them. If you are then you will want to do the credit app now so you lock in the current rate and incentives. It is a no-harm lock so if things would happen to get better, unlikely in this environment, then you can choose the better rate.

[Biggie335]

In Canada, generally if you're placing a factory order and will be buying the car out right the dealer asks for anywhere between 5-10% MSRP as a deposit when placing the order. Ofcourse this is refundable if the car does not have the options you asked for at delivery and you decline to go ahead with the deal at that point etc.

If you're financing or leasing - the dealer does a credit check when placing the order to ensure you're going to be able to qualify. In this scenario, once you qualify the deposit is around 1k. But you can still shop for a rate prior to delivery as well. The credit app is basically to ensure you can pay for the car when it comes in - since dealers are pretty limited on allocation especially in smaller cities etc.

[springerdrive]

Originally Posted by james1913

I did a credit app when I ordered mine (and paid the $1k down). My understanding was that it would lock in the current rate offered by BMW, which was .9% for 60 months at the time.

I'll be taking delivery in March. So I sure hope the dealership wasn't misleading me!

It may depend on when you placed your order and did the credit app. We ordered our M340xi and did the credit app in August 2021. This was before all the supply chain issues started kicking in. We took delivery on February 3, 2022, so because of the 5.5 months since we did the app, we had to do it again. Their system automatically removes all the app info after a certain period of time.

[TurtleBoy]

Originally Posted by springerdrive

Their system automatically removes all the app info after a certain period of time.

The lock is 90 days on the West Coast and 60 days elsewhere. After that period expires another credit app is needed like you said.

[mechman]

I am in the midwest and had to do a credit check when I put the deposit on a G42 and was given a 90day lock through BMWFS (.9% for 60)

The key is to make sure your dealer has an active allocation that they can edit to your desired spec to have high chances of getting the car deliverd prior to the 90day lock expiring.

12/15/21 Placed deposit and credit check
1/5/22 car went into production
2/14/22 car reached Performance center
2/18/22 closed the deal
3/3/22 performance center delivery

[xtopher84]

What vehicle was the 0.9% for? Right now BMW FS is showing 2.45% for a 4 series CV. Local bank can do 1.79

[mechman]

Originally Posted by xtopher84

What vehicle was the 0.9% for? Right now BMW FS is showing 2.45% for a 4 series CV. Local bank can do 1.79

It was .9% on pretty much most models back in Dec. Currently, its 2.49% as you mentioned.