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Demo Car With 20 miles on it? (1 Viewer)

ROCKET

Footballguy
I agreed to a deal on a new car, dealer seemed fair on the price/trade in and terms. My credit isn't a problem. So he calls me today and tells me to get 0.9% financing from BMW he has to list the car as a demo with 300 miles on it on the sales agreement to enable me to be eligible for the 0.9% financing as opposed to the 2.9 % rate????? He tells me the care has 20 miles on it, has a clear car fax and is only listing it on the sales agreement as a demo to get me the 0.9% financing.

The car is being shipped from another dealer and obviously I would check the car fax and mileage before I sign on the dotted line. Does this sound like bs to anyone else? Would they actually need to list it on a sales agreement as a demo to get the lower financing from BMW in essence  lying to them? Assume the car has 20 miles on the odometer, has a clean car fax and is pristine is their any downfall to signing the agreement where it's stating it's a demo?  I'm thinking of telling them I think it's bs and saying I'm not signing anything referring to demo regardless of mileage. My credit should be good enough to get the better financing without the "demo " wording. Thoughts and concerns over this?

 
I agreed to a deal on a new car, dealer seemed fair on the price/trade in and terms. My credit isn't a problem. So he calls me today and tells me to get 0.9% financing from BMW he has to list the car as a demo with 300 miles on it on the sales agreement to enable me to be eligible for the 0.9% financing as opposed to the 2.9 % rate????? He tells me the care has 20 miles on it, has a clear car fax and is only listing it on the sales agreement as a demo to get me the 0.9% financing.

The car is being shipped from another dealer and obviously I would check the car fax and mileage before I sign on the dotted line. Does this sound like bs to anyone else? Would they actually need to list it on a sales agreement as a demo to get the lower financing from BMW in essence  lying to them? Assume the car has 20 miles on the odometer, has a clean car fax and is pristine is their any downfall to signing the agreement where it's stating it's a demo?  I'm thinking of telling them I think it's bs and saying I'm not signing anything referring to demo regardless of mileage. My credit should be good enough to get the better financing without the "demo " wording. Thoughts and concerns over this?
No, this is normal.

As long as the carfax does not show a title transfer to a private party you will not have any issues.  You 100% want to check the car fax though in the unlikely event that this was a lemon that someone bought and returned.

 
My credit should be good enough to get the better financing without the "demo " wording. Thoughts and concerns over this?
Nobody's credit deserves 0.9%.  One-year T-Bill is at 2.4%.  They are better off not lending you the money.  It's a rate given as an incentive to sell a car.  

 
No, this is normal.

As long as the carfax does not show a title transfer to a private party you will not have any issues.  You 100% want to check the car fax though in the unlikely event that this was a lemon that someone bought and returned.
With only 20 miles, no one would know if it was a lemon yet.

 
I lease a demo'd 328 that had fewer than 20 miles on it, IIRC.

When dealers take on too much inventory, they get stuck with it at the end of the year. To have more control over the pricing, they convert the cars to "demo" status, which gets them out from under the BWM mothership. Then they can move inventory. Something like that anyway...

 
Financing has nothing to do with the car. They can give you any rate they want. Telling you that would make me go to the next dealer with the same offer and see what they could do. Don't rush into anything.

 
Ok, thanks for all the input. I am not leasing the car. I am buying it. The car is a 2018 M4. It lists for 74K and I am buying it for 65 which includes a 3K rebate from BMW.

I am trading in a 2015 Tahoe (paid for) with 36K miles on it and they are giving me 35K for my trade in so I'm financing 30K for the car.

For the record I don't trust anyone when it comes to money especially car dealers.

The dealer told me he was getting the car from another dealer but now he is claiming they need to list the car as a demo to get me the 0.9% BMW financing which saves me $1600 over getting 2.9%. I'm thinking this is bs, just wanted some opinions especially those who know more about the car seliing/financing business than myself.

 
Maybe my reading comprehension is bad, but I thought this car he is ultimately taking delivery on has 300.
No, 20.  They are lying on the paperwork claiming 300 mi. in order to get better financing.  At least that is how I understood it.

 
Ok, thanks for all the input. I am not leasing the car. I am buying it. The car is a 2018 M4. It lists for 74K and I am buying it for 65 which includes a 3K rebate from BMW.

I am trading in a 2015 Tahoe (paid for) with 36K miles on it and they are giving me 35K for my trade in so I'm financing 30K for the car.

For the record I don't trust anyone when it comes to money especially car dealers.

The dealer told me he was getting the car from another dealer but now he is claiming they need to list the car as a demo to get me the 0.9% BMW financing which saves me $1600 over getting 2.9%. I'm thinking this is bs, just wanted some opinions especially those who know more about the car seliing/financing business than myself.
That is a sweet car. And that's better than 10% off MSRP, a good deal as deals go these days. 

You're breaking a rule turning in your current car but if you're good with that, your call.

I suggest posting your deal here:

BIMMERFEST

 
Financing has nothing to do with the car. They can give you any rate they want. Telling you that would make me go to the next dealer with the same offer and see what they could do. Don't rush into anything.
Not true. Based on lender, interal red tape and even certain banks cars listed as new can get better rates than a used car. I got 0.0 incentive before.  That said it's all an internal she'll game based on lender, dealer and even banks. They have their own internal "rules"

 
GM currently has a current model year loaner program.  We have cars in this loaner program that we can give to service customers that come in for warranty work and get reimbursement from GM for them.  After they get so many miles on them, we take them out of the program and sell them as new even though they have X number of miles on them (usually between 2 and 3 K).  The manufacturer gives special incentive to the buyer on these cars basically to entice them to buy a new car that has miles on it.  This is what it sounds like BMW is doing and what the dealer is trying to work around to get you a better rate.

 
Not true. Based on lender, interal red tape and even certain banks cars listed as new can get better rates than a used car. I got 0.0 incentive before.  That said it's all an internal she'll game based on lender, dealer and even banks. They have their own internal "rules"
The manufacturer is also doing the financing. They will give you 0.9 on a new or a demo anyway. True!

 
GM currently has a current model year loaner program.  We have cars in this loaner program that we can give to service customers that come in for warranty work and get reimbursement from GM for them.  After they get so many miles on them, we take them out of the program and sell them as new even though they have X number of miles on them (usually between 2 and 3 K).  The manufacturer gives special incentive to the buyer on these cars basically to entice them to buy a new car that has miles on it.  This is what it sounds like BMW is doing and what the dealer is trying to work around to get you a better rate.
Basically same program with Ford. Minimum 2000 miles and 30 days in service. 

Sounds like BMW program is only 300 miles. 

I wouldnt hesitate to take the deal. If the dealer gets caught they would eat the incentive. We have had dealers drop $100K plus on loaner audits. 

 

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