The Auto Writer

German Automaker Offers Across The Board 0.9% Financing

There are a handful of automotive brands whose financing deals are as scarce as hen’s teeth. Toyota and Honda are two that come to mind with Lexus, Mercedes, and other luxury makes presenting their best offers usually at year’s end.

Includes All 2008 Inventory

BMW isn’t waiting for the calendar to flip over to December, as the luxury automaker is offering 0.9% financing on all remaining 2008 stock. You know that the economy is getting hit when such a widespread offer is presented especially weeks before the year end campaign kicks in. It sounds like BMW is anxious to move inventory to free up space for 2009 stock.

The financing deal is for a limited time, ending on October 31st. At least that is what BMW is saying on the financing page of their website.  The Truth About Cars, one of the sources which broke the story, says that the credit restrictions on this offer is quite high with BMW requiring borrowers to have a credit score of 701 or higher.

Little did people know that the financing special started at the first of the month, with news spreading through the blogosphere over the last day or two that the offer was out there. Financing plans of 24 to 60 months are being offered to all qualified consumers.

More Bargains Likely To Follow

Before the year is out, we’re likely to see additional offers of this magnitude (fleetwide) from virtually all other automotive manufacturers. With sales expected to drop even further for October over September, November and December will be shaping up as a bargain hunters dream come true, especially if you can pay cash for a new car.

For everyone else, in order to take advantage of most offers, you’ll need to have very good or excellent credit, otherwise if you are able to find a loan, you can expect to pay double digit interest rates for your new set of wheels. As far as leasing goes, most American manufacturers have limited or no leasing available, one more thing that is driving loyal customers into the arms of foreign competitors.