I called today to verify the numbers once more before I pay for the car. The sales manager took my call this time. After breaking the numbers out, she mentions that I have to register the car for $150 when the car gets to the dealership. That's fine.
Then she mentions that I have to have my car insured at the time of payment. I asked why and she said its because her bank won't let her collect on a finance loan unless the car is insured first and that there is no other way of doing this. Is this true? If you finance a car on ED, that means you have to not only pay for the car 2 months ahead, but insure it two months ahead as well?
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| Reply » Reasonable or not? Insurance must be paid prior to ED? |
Quote: I called today to verify the numbers once more before I pay for the car. The sales manager took my call this time. After breaking the numbers out, she mentions that I have to register the car for $150 when the car gets to the dealership. That's fine.
Then she mentions that I have to have my car insured at the time of payment. I asked why and she said its because her bank won't let her collect on a finance loan unless the car is insured first and that there is no other way of doing this. Is this true? If you finance a car on ED, that means you have to not only pay for the car 2 months ahead, but insure it two months ahead as well? | I did not have to insure my BMW myself until I picked it up at redelivery. When I signed the finance papers, I had to prove I was insurable, and I did that by providing a copy of my current insurance ID card for my other car.
Remember, your BMW is already 100% insured, no deductible, until you pick it up at redelivery. Hope this helps.
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| Reply » Reasonable or not? Insurance must be paid prior to ED? |
Quote: I did not have to insure my BMW myself until I picked it up at redelivery. When I signed the finance papers, I had to prove I was insurable, and I did that by providing a copy of my current insurance ID card for my other car.
Remember, your BMW is already 100% insured, no deductible, until you pick it up at redelivery. Hope this helps. |
The lady won't let me pay for it unless I go to Geico and have it insured first. 
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| Reply » Reasonable or not? Insurance must be paid prior to ED? |
If you are financing or leasing through BMWFS, you do not need to insure the car until it is redelivered. If you are financing or leasing through a third party, they might not release the funds to the dealer without proof of insurance.
From what I've read on lots of posts here, I would never consider financing/leasing an ED through anyone other than BMWFS.
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| Reply » Reasonable or not? Insurance must be paid prior to ED? |
Quote: If you are financing or leasing through BMWFS, you do not need to insure the car until it is redelivered. If you are financing or leasing through a third party, they might not release the funds to the dealer without proof of insurance.
From what I've read on lots of posts here, I would never consider financing/leasing an ED through anyone other than BMWFS. |
Yes, I am financing through the BMW dealership. I am assuming its therefore through BMWFS.
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| Reply » Reasonable or not? Insurance must be paid prior to ED? |
I had to finance through BMWFS. My bank would not finance a car that was to be picked up in Germany (as soon as it hit the US I changed to my bank). With BMFS, I did not have to insure the car until I went to pick it up (and even then I am not sure if "that" was required since I never showed the dealer or BMWFS my insurance card)
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Reasonable or not? Insurance must be paid prior to ED?