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      03-20-2013, 10:51 PM   #1
stonex1
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Financing with BMW

I'm considering financing my soon to be new bmw with bmw financing.
Here's a question:

Lets say I get a 60 month term, and my payment is $650 per month.
Then say after 2 years, I get a promotion.
I want to start putting $750 per month on the loan.
Is that possible?
or do I have to contact bmw to make changes to the loan?
or am I locked in with the $650 per month for the whole term?

Thanks,
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      03-21-2013, 02:06 AM   #2
1bad335
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Quote:
Originally Posted by stonex1 View Post
I'm considering financing my soon to be new bmw with bmw financing.
Here's a question:

Lets say I get a 60 month term, and my payment is $650 per month.
Then say after 2 years, I get a promotion.
I want to start putting $750 per month on the loan.
Is that possible?
or do I have to contact bmw to make changes to the loan?
or am I locked in with the $650 per month for the whole term?

Thanks,
I guess it could be different in the U.S. but I have sent more than the stated payment several times when I was financed through BMWFS. Never was an issue and they always reflected the additonal money sent.
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      03-21-2013, 05:45 AM   #3
bobblehead
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No change on monthly, but you can make a lump sum pay down on your loan at any given time without penalty.
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      04-05-2013, 12:34 PM   #4
BavFan_08
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Quote:
Originally Posted by bobblehead View Post
No change on monthly, but you can make a lump sum pay down on your loan at any given time without penalty.
+1
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      04-06-2013, 08:38 AM   #5
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It's an open loan with no penalty for paying in advance. You can actually call BMW Canada finance and get an automatic payoff quote for your car at any time.

I chose the balloon finance method and every year I try to make some extra payments towards it so that I don't have to pay back the balloon all at once in year 5
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