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2023 iX xDrive50
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Discussion Starter · #1 ·
When I placed the order for my iX, the only option I was provided was they sent me a link to enter my credit card information.

When I pick up my iX(I don't think it will be before Jan 2023), they informed me when the iX is ready to be picked up, they want me to pay for the vehicle thru a text processing app and wait for 24-48 hours before it is confirmed, THEN come on down to check out the car.

Why wouldn't my BMW dealer accept a cashier's check? Has any of you folks got any other ways paying for the car?

I am not comfortable in paying for the car before even looking at it in person and checking out all the systems. Am I paranoid doing it this way? With so many systems that are not including on builds previously(like no touch screens, systems that should be there but isn't), etc. I believe the only feature that isn't going to be on my iX, would be the internal camera.

I would think after I give it a very solid inside/outside check then verify all systems are present and functioning and the iDrive8 system is at the latest release, why would I need to wait for 1-2 days or even longer to actually take ownership on my iX?

I would love to hear from other people on how everything worked for others out there.

Thanks so much in advance for any details I might not have not thought of.
 

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Former banker here - There are still ways to cancel / stop payment / counterfeit a cashier's check. If you can pick up your car during the day, work with your bank to prep a wire to the dealership, and then call to release the wire after you see your car. The whole thing should be quick.
 
2023 iX xDrive50
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135 Posts
Discussion Starter · #3 ·
Former banker here - There are still ways to cancel / stop payment / counterfeit a cashier's check. If you can pick up your car during the day, work with your bank to prep a wire to the dealership, and then call to release the wire after you see your car. The whole thing should be quick.
The last time I bought my current car, I just wrote a personal check. They just called the bank to verify funds.
I wasn't aware you could cancel a cashier's check. I figured you could stop payment of the deal went south.

I would certainly look into the option of a wire transfer. Thanks for the suggestion.
Everything is so different in buying a car/ordering process, etc...(I purchased my Lexus in 2006)

Thanks again.
 

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Often times it will have to do with where the dealer banks, and also if you're in state or out of state. If y'all happen to be at the same bank, they're much more likely to accept because it's an instantaneous transaction. Same with a Cashier's check. It's much harder to mess with an in state cashier's check than an out of state one.
 

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When I placed the order for my iX, the only option I was provided was they sent me a link to enter my credit card information.

When I pick up my iX(I don't think it will be before Jan 2023), they informed me when the iX is ready to be picked up, they want me to pay for the vehicle thru a text processing app and wait for 24-48 hours before it is confirmed, THEN come on down to check out the car.

Why wouldn't my BMW dealer accept a cashier's check? Has any of you folks got any other ways paying for the car?

I am not comfortable in paying for the car before even looking at it in person and checking out all the systems. Am I paranoid doing it this way? With so many systems that are not including on builds previously(like no touch screens, systems that should be there but isn't), etc. I believe the only feature that isn't going to be on my iX, would be the internal camera.

I would think after I give it a very solid inside/outside check then verify all systems are present and functioning and the iDrive8 system is at the latest release, why would I need to wait for 1-2 days or even longer to actually take ownership on my iX?

I would love to hear from other people on how everything worked for others out there.

Thanks so much in advance for any details I might not have not thought of.
Hi rouguex,

I just wanted to pay cash for my iX too. My salesperson said that it would be quicker if I just went through their finance company, then just pay the thing off in a month. He was right. I went in, checked the car out with a test drive while they did the paperwork, signed the papers, and drove it off of the lot the day that it arrived. I paid it off after one payment to their lending company. Sure, I paid one month of interest, which was a couple of hundred bucks, but they wanted to upcharge the retail price of the car by $2,500 if I paid cash.
Hammix
 
2023 iX xDrive50
Joined
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135 Posts
Discussion Starter · #7 ·
Hi rouguex,

I just wanted to pay cash for my iX too. My salesperson said that it would be quicker if I just went through their finance company, then just paid the thing off in a month. He was right. I went in, checked the car out with a test drive while they did the paperwork, signed the papers, and drove it off of the lot the day that it arrived. I paid it off after one payment to their lending company. Sure, I paid one month of interest, which was a couple of hundred bucks, but they wanted to upcharge the retail price of the car by $2,500 if I paid cash.
Hammix
I've hear that some F&I Managers will pull that stunt of charging you extra to pay cash. They make a lot of money if they get you to finance it, and extended warranties, gap insurance, tire and upholstery protecting plans, etc.
 

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I've hear that some F&I Managers will pull that stunt of charging you extra to pay cash. They make a lot of money if they get you to finance it, and extended warranties, gap insurance, tire and upholstery protecting plans, etc.
Yes, I'm sure that you are correct and the dealers do get some sort of incentive for each loan application. I just thought that $2500 was a huge markup for just paying cash so the one month of interest made sense. The process was quick and easy, so it was worth it to me. The retail markup is a scare tactic to get you to finance, but with the iX being so popular, I did not want to risk losing it. The other offerings like gap insurance, extd warranties, and upholstery protecting I didn't fall for. I just paid the sticker price plus tax.
 

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I'm picking up my iX50 on Monday. The dealership's business manager emailed me the following instructions on how to pay; just like for every vehicle I've ever taken delivery of. I would never do a banking transaction over text messaging. I don't do any online banking by mobile phone, for that matter.

Due on Delivery

Your due on delivery amount is xxxxxxx. (Sorry, No Debit/ Credit Cards or Cash)
  • For amounts over $5000, please make sure the Certified Cheque or Bank Draft has 2 Bank officials’ signatures.
  • Payable by Certified Cheque. Bank Drafts must be from one of the following major institutions:
    • Bank of Montreal
    • TD Bank
    • Royal Bank
    • Scotia Bank
    • CIBC
    • HSBC
 

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Yes, I'm sure that you are correct and the dealers do get some sort of incentive for each loan application. I just thought that $2500 was a huge markup for just paying cash so the one month of interest made sense. The process was quick and easy, so it was worth it to me. The retail markup is a scare tactic to get you to finance, but with the iX being so popular, I did not want to risk losing it. The other offerings like gap insurance, extd warranties, and upholstery protecting I didn't fall for. I just paid the sticker price plus tax.
You are correct in dealerships making money on financing. They get wholesale rates and charge you retail rates and profit on the difference.
 

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Hi rouguex,

I just wanted to pay cash for my iX too. My salesperson said that it would be quicker if I just went through their finance company, then just pay the thing off in a month. He was right. I went in, checked the car out with a test drive while they did the paperwork, signed the papers, and drove it off of the lot the day that it arrived. I paid it off after one payment to their lending company. Sure, I paid one month of interest, which was a couple of hundred bucks, but they wanted to upcharge the retail price of the car by $2,500 if I paid cash.
Hammix
Can't say I'm a fan of this, as it would have dinged your credit. Too many inquiries can drive your score down. I guess if you don't care about that, or if you aren't too worried about the hit, this is a decent solution.
 
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