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2010 2011 BMW 5 Series Forum F10 BMW 5-Series (F10) Forums F10 Pricing, Ordering, and Tracking (and European Delivery) Vehicle Insurance for European Delivery
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      06-15-2012, 12:31 AM   #1
M2COMP
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Question Vehicle Insurance for European Delivery

Folks my credit union approved my loan for ED at a great rate, however they want me to show them the proof of insurance once the check is cashed.
Does that mean that I have to get insurance once the VIN is issued against a vehicle that is under production and overseas. It does not make sense to me.
Has anyone been through this? Thanks for your input.
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      07-14-2012, 09:42 AM   #2
MississippiBlue
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Quote:
Originally Posted by pittx52011
Folks my credit union approved my loan for ED at a great rate, however they want me to show them the proof of insurance once the check is cashed.
Does that mean that I have to get insurance once the VIN is issued against a vehicle that is under production and overseas. It does not make sense to me.
Has anyone been through this? Thanks for your input.
No one has answered this yet? Being a long-time lurker, I will repeat what has been noted before. This is always a problem for people who finance outside of BMWFS or a few select other companies. You/they pay for the car 2 weeks prior to delivery, then you drive it, then it takes 6-10 weeks to get to you for re-delivery. That entire time, even though you/financier owns it, BMW insures it. It's a leap of faith for your financier to swallow that. Most often, you cannot convince them. Most people finance with BMWFS... If your available rates are much better, see if you can re-finance with them at re-delivery. Saves a lot of headaches, and some financiers will give you the "new rate" so long as you are within 3-6 months of purchase.

Alternatively, there are a couple of credit unions, most commonly talked about is Penfed, which will directly finance an ED BMW. Even then, it seems to depend on the experience and knowledge of the loan officer you get.

Good luck!
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      07-15-2012, 07:08 AM   #3
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Thanks for the advice, I am financing thru BMWFS and plan to refi later on.
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