I don’t think you need to finance with PenFed to get the $2k purchase incentive for bmw on select cars. I think it’s through BMWFS.
I recently signed up for a Penfed membership (less than 30 days), but I have already been able to view the “car service” incentive offers in my account. If I finance instead of lease a new MY19/MY20 5 series, it appears I can stack $4,500 APR credit, $1000 Loyalty rebate, and the $2000 Penfed Credit. I am unable to generate a certificate to actually read any fine print and confirm the terms.
I reached out to my local dealer for more info. Waiting for their response.
Your PenFed incentive is not activated yet. I think they are enforcing the 60 day wait period now.
Agreed. I have time on my hands, so I am not too worried. It was still kind of weird seeing the incentive one sec, and then not seeing it again in the same day.
I opened PenFed account on Dec6th and offer code generation is still disabled as of today (Jan 7th). I think it’s 60 day or longer wait period. Can someone confirm?
This special incentive is available to Pentagon Credit Union members with greater than 60 days of membership.
Hope this helps but you have to wait 60 days.
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@Bostoncarconcierge - Do you mind confirming whether the $2k Penfed incentive can be used with the current $4,500 APR credit (for 2019 530i) / $4,000 APR credit (for 2020 530i) being offered through BMWFS for a purchase?
EDIT: APR Credit for financing a 540i through BMWFS is $4,500 - 5,000 on a 2019/2020 540i (source https://www.bmwusa.com/special-offers.html)
Awesome! Appreciate your help in confirming this.
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I finally got a response from Penfed about the $2k finance incentive. Please see the attached email below. For those who still have questions, I would suggest calling them directly.
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She said there is no incentive for leasing. So the 500 credit is gone? 
Call them up or ask your local dealer.
Looks like they changed the program… if you look at the screenshots in the OP, program had an expiration date of 1/2/2020 and I noticed the website is definitely different as I wait for my certificate.
The MB programs look awesome. $1000 for MY2020 and according to my read, it should be applicable when leasing as well. So should be a sweet discount off the dealer negotiated prices…
I, , hereby authorize Dealer listed above to deduct the applicable Member incentive from the agreed upon transaction price for VIN listed above. I further hereby assign and transfer to Dealer, Purchaser’s right to receive from MBUSA said incentive amount. I acknowledge that once deducted from the transaction price, said Member incentive amount will not be owed to Purchaser by Mercedes-Benz USA with respect to the mentioned vehicle.
("5. Incentive must be used at time of purchase/lease. Purchaser granted control number must be the buyer/co-buyer or lessee/co-lessee. Fleet incentives cannot be used in conjunction with Diplomat, European Delivery, Courtesy Vehicle Program (CVP) vehicle that has not met the minimum service requirement, Special Demos, certificate programs, control number programs, Spring Bonus Program and other Fleet Programs (Corporate Sales or Fleet Employee Program (FEP)), or non-U.S. specification vehicles.)
Do you mind sharing where in your Penfed account you are seeing this info?
After logging into my account and clicking the link for the car buying service, I am only seeing a $750 incentive for MB. I have attached a screenshot below.
Just spoke with PenFed and confirmed that the $500 lease credit is still available & 60 day wait must be met, no exceptions.
That’s clearly not what their website says specific to BMW… there are still likely lease credits for other manufacturers so maybe they were referring to that
My dealer said it can’t be combined with things like loyalty… They called it a “g” code and they said that type of discount doesn’t stack. Definitely put the pressure on it. My sales guy was definitely trying
Yeah… I pointed to that repeatedly
It’s their car.
The dealer DNGAF.
They can do whatever they want with their car.
You can either do the current deal you have there or find another dealer.
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