Can you change loan term after the fact?
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So BMW has the .9 deal going on still and I'm interested in taking advantage of it. I'd like to maximize the two monthly payments, but after the first two I'd rather not end up with a $1k month car payment. Is it possible to change the loan term to a longer term (thus lowering the monthly) after the fact, or is that not possible? Would this be a refinance thing?
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I believe the 0.9% APR is offered on a 36 month term. If you need longer term, contact BMW Financial and explain your situation, with luck they may agree to modify. If they do, I don't think you will be getting the same APR. 
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Originally Posted by Frank5er' post='1049627' date='Nov 7 2009, 03:12 PM
I believe the 0.9% APR is offered on a 36 month term. If you need longer term, contact BMW Financial and explain your situation, with luck they may agree to modify. If they do, I don't think you will be getting the same APR.
I can't vouch for BMWFS since I always use my credit union to finance car purchases. Usually terms like you are trying to get only apply to people with near perfect credit and specific cars. G/L
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My Ride: 2008 535i:
(8/07 Build) Metallic Bronze, Beige NASCA Leather, Ventilated Seats, Sport Pkg, Cold Wxr Pkg, Logic-7 Sound, HUD, Night Vision, PDC, Split Rear Seats, NAV, Premium Pkg, Comfort Access, HD Radio, Sport Auto Trans
Current mods: M-Aero Kit, JB4, Motorcepts 6000k HID Foglamps
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1992 Camaro RS:
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Originally Posted by vikingshelmut' post='1050682' date='Nov 9 2009, 10:19 AM
I was just there on Saturday, and according to the sales rep they have 36 and 48 month terms for the .9 right now.
Oh and I forgot to add to my last post - there is usually a considerable down payment required (10-20%)
Keep negotiating - hope it works out!!
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Originally Posted by skelevirus' post='1050728' date='Nov 9 2009, 11:21 AM
U can change anything after the fact, as long as both parties agree 
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Originally Posted by porsche911targa' post='1054064' date='Nov 13 2009, 01:44 PM
Theoretically you can, but most financial institutions will not allow any changes after the fact, and since this is BMW we're talking about, it would have to be a pretty cold and snowy day in hell for them to allow you to do that. In Mass. you have three days to back out of any contract, after that, you are stuck with whatever it is you signed for. G/L
They may let you do it, but I think they will do it on a deal by deal basis...
Oh, BTW, I did not have to put anything down...but have excellent credit...
Good luck!
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