subject: Buyers of 101 BMW cars talk to dealer, SBI for a good deal [print this page] Buyers of 101 BMW cars talk to dealer, SBI for a good deal
Together, 101 residents of the tourism centre of Aurangabad in this state who'd mass-booked a BMW (Bayerische Motoren Werke GmbH) car each, are jointly negotiating with SBI (State Bank of India) to get a 7-year car loan at a 7 % rate of interest.
They did the booking on Sunday at a Pune-based dealer, Bavaria Motors, and are also negotiating with the latter to supply the models (3-series, 5-series, 6-series and 7-series) at a 10-20 % discount. The total deal is expected to be worth Rs 40 crore.
A BMW car costs between Rs 28 lakh and Rs 1 crore. The buyers include young entrepreneurs, doctors, builders, politicians and other professionals.
Something similar had taken place in Aurangabad earlier in the year, when 150 people got together to book a Mercedes-Benz each. They got the car last month, in an Rs 65-crore deal.
Pankaj Agarwal, a young entrepreneur who took the initiative in this regard, told Business Standard: "We have organised a road show and test drive on December 3, 4 and 5 at Aurangabad to get acclamatised with various models of BMW. We expect to strike a deal with the Pune-based dealer within a month and hope to take the delivery in January."
After the news-making Mercedes deal, he said, the group had approached BMW for a similar one. "The company was quite enthused and directed us to coordinate with Bavaria Motors. We expect a discount of 10-20 % on each car, like Mercedes, which had offered 22 % discount to the buyers."
"Talks are at a preliminary stage," said a senior executive of Bavaria Motors.
SBI normally grants scuha loan for only five years, but the group is holding out for 7 years, at 7 %. "Each buyer would have to pay an advance of Rs 4-5 lakh," said Agarwal.
