E90Post
 


Coby Wheel
 
BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Easier to get approved at dealership?



Reply
 
Thread Tools Search this Thread
      06-30-2010, 04:07 PM   #23
Jblack4083
Captain
United_States
113
Rep
888
Posts

Drives: E46 ///M3 JB/CB
Join Date: Jan 2009
Location: Queens, NYC

iTrader: (0)

Quote:
Originally Posted by bmrm396 View Post
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.
Appreciate 0
      06-30-2010, 08:00 PM   #24
BriMc
Private
BriMc's Avatar
5
Rep
66
Posts

Drives: E92 328xi
Join Date: Jun 2010
Location: Jersey

iTrader: (0)

Quote:
Originally Posted by Jblack4083 View Post
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.
Appreciate 0
      07-01-2010, 04:04 PM   #25
jferrell
Private
2
Rep
82
Posts

Drives: 2004 Mazda3
Join Date: Jun 2010
Location: Raleigh NC

iTrader: (0)

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.
Appreciate 0
      07-06-2010, 11:54 AM   #26
Limmerfest
Enlisted Member
1
Rep
47
Posts

Drives: 328xi
Join Date: Jul 2010
Location: Chicago, IL

iTrader: (0)

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!
Appreciate 0
      07-06-2010, 05:44 PM   #27
bavarianboar
Lieutenant Colonel
bavarianboar's Avatar
568
Rep
1,907
Posts

Drives: 2020 540i, 2020 430i
Join Date: Mar 2010
Location: NorCal

iTrader: (0)

Quote:
Originally Posted by Jblack4083 View Post
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.
Appreciate 0
      07-09-2010, 11:38 PM   #28
itsbrokeagain
itsbrokeagain's Avatar
United_States
316
Rep
15,747
Posts

Drives: 1999 528iT, E53 X5, E46 325xi
Join Date: Mar 2007
Location: Strong Island

iTrader: (7)

Quote:
Originally Posted by bavarianboar View Post
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.
Appreciate 0
      07-10-2010, 12:56 PM   #29
Dom the Bomb
Lieutenant
Dom the Bomb's Avatar
19
Rep
465
Posts

Drives: 2007 335i
Join Date: Mar 2010
Location: Corpus Christi, Texas

iTrader: (18)

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...
__________________
UR Catted Dp's - BMS DCI - JB3 2.0 - Helix FMIC - Vent Boost Gauge - CF Grill-DO Meth Kit 2-Carbon8 Power Dome Hood-Amuse Front Bumper-M3 Side Skirts-LC818 Smoke Chrome Wheels On The Way
Appreciate 0
      07-13-2010, 04:12 PM   #30
dimabimmer
Lieutenant Colonel
dimabimmer's Avatar
United_States
150
Rep
1,885
Posts

Drives: '11 E92 M3 ZCP 6MT
Join Date: Apr 2009
Location: Brooklyn to SoHo NYC

iTrader: (0)

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...
__________________
'11 E92 M3 ZCP SG 6MT Tech Sound USB Heat Cloth Aluminium Sunshade
http://www.m3post.com/forums/showthread.php?t=422151
Appreciate 0
      07-17-2010, 06:28 PM   #31
tntsE90
Private
9
Rep
91
Posts

Drives: e90
Join Date: Jun 2009
Location: bay area, ca

iTrader: (0)

Quote:
Originally Posted by Jblack4083 View Post
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.
Appreciate 0
      07-17-2010, 06:30 PM   #32
tntsE90
Private
9
Rep
91
Posts

Drives: e90
Join Date: Jun 2009
Location: bay area, ca

iTrader: (0)

Quote:
Originally Posted by dimabimmer View Post
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?
Appreciate 0
      07-17-2010, 07:11 PM   #33
bavarianboar
Lieutenant Colonel
bavarianboar's Avatar
568
Rep
1,907
Posts

Drives: 2020 540i, 2020 430i
Join Date: Mar 2010
Location: NorCal

iTrader: (0)

Quote:
Originally Posted by dimabimmer View Post
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
Appreciate 0
Reply

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 11:40 AM.




e90post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2025, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST