First of all, I am very unhappy with BMW of Honolulu. I hope you Honolulu CA's are reading this. I went to try and finalize my deal on a 325i that I am picking up in the upcoming week. As most of you know, the base money factor rate is .0025. I almost fell out of my chair when my CA said my money factor was in fact .0029! I understand that dealers have a right to mark up the MF, but .0029? I won't even start with the trade in offer they gave for my '04 325i. I don't have much of a choice since there is only one dealer on the island. Any similar experiences?
Reply » Money Factor Rip Off!
Same experience here on the 330 - full markup on the MF. Mine started at .0032. I got it down some but it went back up again in lieu of paying a security deposit (though at least there I had a choice). The dealers here can't keep 'em in stock - they're sold before they hit the lot - so it's supply and demand in favor of the dealers!
Reply » Money Factor Rip Off!
I saw the same song and dance at my dealer. When the finance guy told me the MF was 0.0031 I simply told him that's incorrect and I'm not taking this deal. Acknowledging the indifference to my protest, I decided to leave. As I reached for the lobby door, the sales rep scurried after me and offered to consult with the boss once more. Then he came back telling me if I want the 0.0025 MF I'd have to put down one month deposit....."Take the d*** deposit!"
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Not to sound stupid but can someone explain the MF?
Reply » Money Factor Rip Off!
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Not to sound stupid but can someone explain the MF?
MF = money factor on a lease. It is another way to represent the interest rate you pay on your lease. I think they call it "money factor" just to confuse the car shopper. It makes more sense to represent it as a %, i.e. 8%, 9%, etc.
Reply » Money Factor Rip Off!
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Then he came back telling me if I want the 0.0025 MF I'd have to put down one month deposit
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Money Factor Rip Off!
