I already signed this deal earlier today but still want to share and see what people here think.
2022 BMW X6 M50i
MSRP: $94,045 (no markup)
Incentives: PenFed Member ($3,250)
Final purchase price including tax and registration fees: $100,788.11
Down Payment: $30,888.11
Financed Amount: $69,900 at 3.14% for 72 months
Payment: $1,066/mo
Considering holding this car for 2-3 years and selling it after.
Umm, what is your tax rate? How are we ending up at over $100k OTD, including the $3k+ incentive…?
With ca reg as high as it is, this makes total sense. State sales tax is like 7.25% + local.
Wouldn’t the 1.9% at 60 months offered by BMW put you in a better situation in 2 or 3 years to sell?
OP would not have been able to combine BMW finance offers with the Penfed incentive.
I was gonna register the car under my business for tax incentives and I wasn’t sure if they would give 1.9% to our business so I didn’t apply. Plus as others mentioned the PenFed offer cannot be used when financed through BMW.
You’re actually spending a tad more by prioritizing the penfed discount over the interest rate ($3,250 pen fed vs. $3,454 in additional interest by doing 3.14% over 72 instead of 1.9% over 60) - but the ~$150 less in monthly payment is probably worth an additional $200 overall, I’d imagine.
That’s assuming he keeps the loan the full term. If he sells in 2-3 years then he’s better off having taken the PenFed.