Quote:
Originally Posted by icebeam
1. Does a rate lock, lock in the residual % at the current time?
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Yes.
Quote:
Originally Posted by icebeam
2. Does a rate lock, lock in the invoice price for the dealer at the current time?
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No, Ordering the car locks in the invoice, should any price changes from the manufacturer occur before delivery.
Quote:
Originally Posted by icebeam
3. Does a rate lock, lock in the buy rate for the money factor for the dealer at the current time?
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Yes. That's the definition of a "rate lock."
Quote:
Originally Posted by icebeam
4. Does a rate lock, lock in a conquest offer that BMWNA has made available at the current time?
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Now you are using "rate lock" as meaning "program lock." Whatever BMWFS decides are lockable programs can be locked. If in your region the conquest is lockable, then either a credit application or a priority 1 order will lock the program.
It depends on the source of the $$$. BMW FS programs are locked by a credit app. BMW NA programs that are lockable are done so by putting a car in P1 status.
Quote:
Originally Posted by icebeam
5. How do you rate lock on a car that takes longer than 60 days to produce. For example you may have a build number but your production week is 1 month away.
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You can't. Submit an app within 60 days of estimated delivery.
Quote:
Originally Posted by icebeam
6. Do you have to sign the lease agreement and run the credit for a lock to occur?
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The lease agreement is signed at delivery. The credit application with BMW FS is what provides the program lock.
Quote:
Originally Posted by icebeam
7. For special order cars like the Alpina does the lock work differently?
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No
MJB