[Jblack4083]

Originally Posted by bmrm396

ya but credit cards are all "unsecured debt" - the dealers probably shunning him because he has no history of security debt or collateral debt ... previous car payments, a mortgage, etc

anyway good luck dude, i was in the same position as you once i had to bring my dad to co-sign as a friggin formality basically ... bought a house few years later then went back for another car and had no problems

youll work it out

My Mother can't cosign due to her own being overextended so I'm pretty much on my own.

And I can't sell my 325i until I get a new car because I drive the car to work. If I was able to sell my 325i I would have no problem getting the new car.

[BriMc]

Originally Posted by Jblack4083

I'm not a federal or state employee. I actually work for a dealership myself.

You don't have to be PenFed and NavyFed will both take anyone, you just join the military family association for the minimum, once you are in you can let it lapse.

[jferrell]

You have no history of installment credit. A dealership will submit you to multiple banks especially if BMWFS doesn't pick you up. You can go through a credit union too. In your situation the CU is good because you may not get a promo rate but 9 out of 10 should take the promo over the CU. Banks now a days like to see 10 to 20% for limited credit history.

[Limmerfest]

I got quite the surprise before closing my deal last week.

I thought I was the ideal credit candidate for bmwfs. 750 fico score (faxed a copy of my transunion credit report with my credit app just so they couldn't pull any shenanigans saying my credit had dings), six figure income, 7 year stable employment, 13 year credit history, and no balances on my credit cards.

I was quite surprised when my CA emailed me that BMWFS is requesting additional down to approve my financing. I was told this was due to lack of financing history with a luxary vehicle. I paid cash for my previous two vehicles and have no auto loan history.

I was shocked that it wasn't an instant approval. My CA pushed back for me, I put an additional $1K down, got the respective decrease off my monthly payments and it was all good from there.

I am a firm believer now that bmwfs isn't a typical auto lender. So to sum it up....you need a good credit score, a decent income, AND some solid auto financing history....then you are a lock!

[bavarianboar]

Originally Posted by Jblack4083

I'm working on buying a used car to replace my E46. Being the age I am I did not get approved due to insufficient credit history. This was applying independently on my own on the bank's website. I've had credit for a few years now but I guess that's not enough.

If I walk into a dealership, do you think it will be easier to get approved (of course with a higher rate but thats okay). I just need the approval, the rate and payment are irrelevant.

A friend of mine got an approval this weekend through BMWFS for a 23K loan on a 07 CPO , 24k car + TTL, with 2500 down. He had great score, 720+, perhaps credit cards for only last 2 years, so limited credit history. Though he is above 25. Has a decent software job for only last 1 year as he graduated last year. Never had any auto loans before, and rents out an apartment. Went through a dealer in SoCal.

[itsbrokeagain]

Originally Posted by bavarianboar

A friend of mine got an approval this weekend through BMWFS for a 23K loan on a 07 CPO , 24k car + TTL, with 2500 down. He had great score, 720+, perhaps credit cards for only last 2 years, so limited credit history. Though he is above 25. Has a decent software job for only last 1 year as he graduated last year. Never had any auto loans before, and rents out an apartment. Went through a dealer in SoCal.

His history sounds like mine. I was 24 when I started working for BMW. I had no credit cards, but I had a college loan and a bank loan. When they announced the new employee lease programs, I signed up for an Amex card (which gave me a 4600 balance to start, not bad for a first time cardholder), and started using it for small odds and ends. My score at the time due to the loans was 720, but I had insufficient history.

BMW got me for 3.1% when they were doing 2.9%, so I took it figuring I was lucky they accepted me in the first place. I was paying only 387 a month for an almost fully loaded 2007 335 sedan.

I never missed a payment once or was even late, sure money was tight at times but I'm glad I did it. Got me to where I am today on here, and it gave me some good solid credit history.

I would like to finance a new BMW at some point, but I have other priorities (like getting a house) that are going to take up the next 2 years.

[Dom the Bomb]

i got my 2007 335i coupe. with a 2.9% apr. Wihch i thought was pretty good. I think i payed a little more than i could of got it but i am saving 6to7 thousand on intrest so i didnt feel tobad paying a little more for it to sae in the long run. I pay 550 a month to me thats not to bad for a fully loaded 335i. I had a Dodge Charger R/T before and was paying 400 a month so 150 a month sounded like a good deal to me plus the 2.9 apr so i said what the hell...

[dimabimmer]

Got approved by BMWFS for $65k E92 M3 36 months lease payment $800+ a month... and my score is a low 632 FICO. All because of such great lease rates right now and The New Tiered Lease Rates,- no longer it is Approved or Denied, but mostly Approved for one of the 3 Tier... BMWFS looks at income, more than at score.
OP, you need a very good CA that has exellent Financial Manager at his dealership,- those guys know how to get you approved. If you go to a shitty Customer Advisor, they will only ruin it for you! Trust me I know, I did this mistake myself,- last year I was denied by BMWFS 3 times!
Why buy CPO if Lease Rates are awesomly perfect right now on BMW and it is cheaper to Lease than to Buy... at the end of 3 years it all comes down to Car Value vs Amount Owed. You can always buy at the end of lease...

PM if you have any further questions...

[tntsE90]

Originally Posted by Jblack4083

I'm a little above 650 however I'm getting denied due to insufficient credit history although I have been making payments to multiple credit accounts since 2 years ago.

Can I also refinance at some point?

With a credit score of 650, I would be surprise if you can find a bank loan lower that isn't at least 7%. If you read the fine print of most of these APR special offers including BMW, it usually require a credit score of at least 730, some require Tier 1 credit.

[tntsE90]

Originally Posted by dimabimmer

Got approved by BMWFS for $65k E92 M3 36 months lease payment $800+ a month... and my score is a low 632 FICO. All because of such great lease rates right now and The New Tiered Lease Rates,- no longer it is Approved or Denied, but mostly Approved for one of the 3 Tier... BMWFS looks at income, more than at score.
OP, you need a very good CA that has exellent Financial Manager at his dealership,- those guys know how to get you approved. If you go to a shitty Customer Advisor, they will only ruin it for you! Trust me I know, I did this mistake myself,- last year I was denied by BMWFS 3 times!
Why buy CPO if Lease Rates are awesomly perfect right now on BMW and it is cheaper to Lease than to Buy... at the end of 3 years it all comes down to Car Value vs Amount Owed. You can always buy at the end of lease...

PM if you have any further questions...

What is/was your interest rate?

[bavarianboar]

Originally Posted by dimabimmer

Got approved by BMWFS for $65k E92 M3 36 months lease payment $800+ a month... and my score is a low 632 FICO. All because of such great lease rates right now and The New Tiered Lease Rates,- no longer it is Approved or Denied, but mostly Approved for one of the 3 Tier... BMWFS looks at income, more than at score.
OP, you need a very good CA that has exellent Financial Manager at his dealership,- those guys know how to get you approved. If you go to a shitty Customer Advisor, they will only ruin it for you! Trust me I know, I did this mistake myself,- last year I was denied by BMWFS 3 times!
Why buy CPO if Lease Rates are awesomly perfect right now on BMW and it is cheaper to Lease than to Buy... at the end of 3 years it all comes down to Car Value vs Amount Owed. You can always buy at the end of lease...

PM if you have any further questions...

Exactly my thought!

If we can live with those restricted miles, which works out mostly, lease looks the best option at the moment especially with the F30 out and fewer buyers ready to buy a used E90, out of warranty. This gets complicated with the number of E9x that have been sold in this decade.

Having said that, CPO ain't a wrong decision either. Some people like to own, no mileage limit and slightly used looked on cars is also fine with them. Don't forget the MODs