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For the last month or two, I’ve been helping my friend Max with finding a car. He wanted to replace his 1998 Nissan Maxima he’s had since he started driving. He wanted something that had 4 doors, was comfortable and reasonably fast. We looked at plenty of cars, from the Porsche Panamera to the 2011 Jaguar XJ. The XJ was the front runner for a long while, until we drove the 2011 5 series. The driving dynamics of that car are unmatched in its class. But a regular old 5 series wouldn’t do. In a couple of years, everyone will have one and since the F10 M5 is yet even to be revealed, the new five series was ruled out. That left the current generation 7 series. We drove one and it was surprisingly quick and the luxury features were beyond amazing, but it was simply too big. That left only one car in the BMW range that fit the bill. The e60 M5. Once the decision had been made to get an M5 it was less than 2 weeks before we were at BMW of Santa Maria, CA staring at a gorgeous Indianapolis red M5.



We left Tucson at 630 that morning on a flight to LAX, where we would be connecting with a short flight to Santa Barbara. Everything went very smoothly and both flights were early to our destinations. That’s where the smoothness ended however. The dealership had organized for us to be picked up from the airport in Santa Barbara and be driven to the dealership. We were expecting to be picked up by a sales rep in maybe a 5 series or maybe even a 7 series, at worst a 3er. After waiting for more than 20 minutes after our scheduled pick up time, our driver finally arrived, in nothing other than a Chevy Venture. Yep, a Chevy Venture mini van. Our driver (who will not be named) was less than charismatic. All in all I think he may have said a total of 25 words to the two of us on the hour long trip. He asked where we were from (when we answered he said, and I quote, “Oh.”) and asked for directions out of the airport. But I digress.





We finally arrived at BMW Santa Maria after a very unprofessional journey to a warm welcome. As soon as we stepped in we were greeted by one of the floor managers, who told us the internet sales manager would be right with us. After quick introductions we discussed how Max would be paying for his new beast. He decided to place a ~85% down payment and to finance the rest with the goal of building credit, since as a young person he didn’t have any credit to speak of. We were then asked politely to wait while he went and talked to the financial manager. We took this opportunity to go have a closer look at the M5. It was an absolutely gorgeous car. Everything was perfect, and the color looked amazing in the California sun. After ogling the car for a considerable amount of time, we went back inside to talk with the salesman. We were presented with a 25% interest rate. We couldn’t believe it. At worst, car finance rates are about double the house mortgage rate, which was close to 3 percent. There was no excuse for such a high rate. The finance manager insisted that the banks wouldn’t allow them to go any lower. We told them we wouldn’t do the deal for anything less than 18%. They insisted there was nothing more they could do, we insisted that was bullshit, so we started packing our bags.

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so why not finace through his own bank? Probably best to have done research on interest rates and see if his bank would offer a auto loan prior to visiting.

great photos, and the Indy Red color is truely unique and is growing on me everytime i see it.
 

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agreed. Looks like everything turned out OK, but I would have just figured out the financing before flying to pickup the car....
Also--The pictures look great! Beautiful car.
 

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It sounded like you guys wound the car out brand new...should have read the manual about the 3000 mile break in...

Other than that, congrats.
 

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For the last month or two, I’ve been helping my friend Max with finding a car. He wanted to replace his 1998 Nissan Maxima he’s had since he started driving. He wanted something that had 4 doors, was comfortable and reasonably fast. We looked at plenty of cars, from the Porsche Panamera to the 2011 Jaguar XJ. The XJ was the front runner for a long while, until we drove the 2011 5 series. The driving dynamics of that car are unmatched in its class. But a regular old 5 series wouldn’t do. In a couple of years, everyone will have one and since the F10 M5 is yet even to be revealed, the new five series was ruled out. That left the current generation 7 series. We drove one and it was surprisingly quick and the luxury features were beyond amazing, but it was simply too big. That left only one car in the BMW range that fit the bill. The e60 M5. Once the decision had been made to get an M5 it was less than 2 weeks before we were at BMW of Santa Maria, CA staring at a gorgeous Indianapolis red M5.



We left Tucson at 630 that morning on a flight to LAX, where we would be connecting with a short flight to Santa Barbara. Everything went very smoothly and both flights were early to our destinations. That’s where the smoothness ended however. The dealership had organized for us to be picked up from the airport in Santa Barbara and be driven to the dealership. We were expecting to be picked up by a sales rep in maybe a 5 series or maybe even a 7 series, at worst a 3er. After waiting for more than 20 minutes after our scheduled pick up time, our driver finally arrived, in nothing other than a Chevy Venture. Yep, a Chevy Venture mini van. Our driver (who will not be named) was less than charismatic. All in all I think he may have said a total of 25 words to the two of us on the hour long trip. He asked where we were from (when we answered he said, and I quote, “Oh.”) and asked for directions out of the airport. But I digress.





We finally arrived at BMW Santa Maria after a very unprofessional journey to a warm welcome. As soon as we stepped in we were greeted by one of the floor managers, who told us the internet sales manager would be right with us. After quick introductions we discussed how Max would be paying for his new beast. He decided to place a ~85% down payment and to finance the rest with the goal of building credit, since as a young person he didn’t have any credit to speak of. We were then asked politely to wait while he went and talked to the financial manager. We took this opportunity to go have a closer look at the M5. It was an absolutely gorgeous car. Everything was perfect, and the color looked amazing in the California sun. After ogling the car for a considerable amount of time, we went back inside to talk with the salesman. We were presented with a 25% interest rate. We couldn’t believe it. At worst, car finance rates are about double the house mortgage rate, which was close to 3 percent. There was no excuse for such a high rate. The finance manager insisted that the banks wouldn’t allow them to go any lower. We told them we wouldn’t do the deal for anything less than 18%. They insisted there was nothing more they could do, we insisted that was bullshit, so we started packing our bags.

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:cheers:
you should have secured financing before traveling that far.
 

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you should have secured financing before traveling that far.
Would you mind at least deleting the pictures from your quotes? It's a huge paint to scroll through all that...
 

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It's a beautiful car. enjoy it.
 

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Discussion Starter · #9 · (Edited)

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good deal guys. read your whole story... What a day for you gentlemen... lol.. good that the dodgy dealer learned that not every customer cud be Bs'ed that Easily.
 
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wow, what are the chances of running into an old school E28 M5 on that particular trip? the M gods mustof had something to do w it. awesome story. great photos also.
 

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great deal, congratulations. ;)
those sales man make me smile when they say - 1) that is the lowest I can give, 2) it is out of the reach of my hands, 3) I will see what I can do. :D
 

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Great adventure. Interest rates are really high in the US, we pay less than 2% here.
 

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Great adventure. Interest rates are really high in the US, we pay less than 2% here.
I wouldn't say it's high in the US. Depending on the credit of the applicant and scenario of the purchase - rates here are also low. I recieved 2.59% when I bought my car in September...
 

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I wouldn't say it's high in the US. Depending on the credit of the applicant and scenario of the purchase - rates here are also low. I recieved 2.59% when I bought my car in September...
That sounds much more reasonable. We get 1.88% so diff us not big.

How come so much downpayment required?
 

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That sounds much more reasonable. We get 1.88% so diff us not big.

How come so much downpayment required?
As I understood it, it wasn't required. It's just that the OP was willing to pay for it cash, but chose to finance a small portion of it to build credit history.

America is the land of $0 down, low interest financing.... if you have the right credit history ;)
 

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As I understood it, it wasn't required. It's just that the OP was willing to pay for it cash, but chose to finance a small portion of it to build credit history.

America is the land of $0 down, low interest financing.... if you have the right credit history ;)
I understand now. So you actually pay interest just to get credit history.

$0 is dangerous though.
 

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I understand now. So you actually pay interest just to get credit history.

$0 is dangerous though.
I wouldn't, but some people do.

There are many ways to build credit history, paying off loans in monthly installments is one of them. Credit card accounts with high credit limits and low utilization (preferably $0 balance at the end of each month) would also help with one's credit history.
 

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That sounds much more reasonable. We get 1.88% so diff us not big.
I'd rather pay the higher interest rate than buy an M5 from where you're located (if you really do live in Singapore). If I'm not mistaken, Singapore has a VERY HEFTY import duty, should put the M5 over 200k when all said and done?
 
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