[sdiver68]

I think you are getting some very bad advice here. Work with the dealer if you want, but you have NO obligation to redo anything unless you signed something which states you do.

I rechecked all my paperwork, there was no right of recession except in the case of fraud, and if the tow truck showed up, I'd have them arrested for theft.

[JIMD1709]

Originally Posted by sdiver68

I think you are getting some very bad advice here. Work with the dealer if you want, but you have NO obligation to redo anything unless you signed something which states you do.

I rechecked all my paperwork, there was no right of recession except in the case of fraud, and if the tow truck showed up, I'd have them arrested for theft.

This is not correct. We are beating a dead horse here. Look carefully at your buyers order, not just the contract. That is part of the legal deal. It will have something like "for tranactions involving dealer arranged financing" I don't know how it will read in your state, they vary. Also note on your contract, at the bottom, there is a place for a "dealers acceptance". This is signed by the GM or F&I director AFTER it is a done deal. See an original signature....I didn't think so. There will be one original signature in the line that says "lessors acceptance". One that is not signed until it is sent in to FS. That is not a valid contract yet. Please trust me on this, been doing it for many years. It is not a "right of recession" there is nothing to recede....it is not a deal yet. It has to accepted by ALL parties. BMWFS is not accepting it the way it is. Period. The dealer will not receive payment for that car, except what you put down, it is not yours yet. Again, if anybody here has more Finance experience than myself, tell this guy what he should do. If not, stop giving opinionated, poor advice. You are wrong. Don't tell this person to play hard-ball on bad advice. Please. If they pick the car up, they are justified in doing so, they still have the title (actually an MSO) not the driver. You can't claim theft unless you are the "owner", get it?

As for you not getting your downpayment back, not true. They're just trying to scare you, not a nice dealer IMO.

[Orient330iNYC]

Originally Posted by sdiver68

I rechecked all my paperwork, there was no right of recession except in the case of fraud, and if the tow truck showed up, I'd have them arrested for theft.

since BMWFS holds the title of the car, they cant steal their own car....nor can you have them arrested for theft, as its their property.

[Orient330iNYC]

Originally Posted by kevinkevin

Yes, I will be making all the payments.

What's interesting is that the finance officer told me that I could lease a 6 series based on my income alone. I guess BMWFS disagrees.

The F&I guy can tell you whatever he wants. Income is not the end all for creditworthiness.

When i was 23 and got my first BMW, the 330i, i made more than enough to cover the payments, but did not have enough credit history to qualify for a lease. I had the lease cosigned by my dad. Three years later i had no problems leasing the S60R and now the 335i. I can understand wanting to make it on your own, but sometimes you need a little help, especially at your age. Having a lease under your name, even with your dad as a cosignee, will help you build your credit.

At the end of the day its up to you, if you want the car then you will need a cosignee. if you want to do it on your own, then you'll most likely have to return the car, and get whatever monies you put down minus usage charges.

[Revlis]

Originally Posted by JIMD1709

These statements are not true. You need to read the contract. That contract does not mean anything until it is signed and accepted by the Dealer (GM) who will never sign it until it is funded by BMWFS. Also read your buyers order that you signed (it is a legal part of the deal) that will state the deal is not done until it is accepted by dealer (which they haven't done) or the bank (BMWFS, which has not accepted it either) It is not a done deal yet. I am sorry, but this is the truth.

On a side note. The Finance person who did your original contract screwed up. There can be no Guarrantor on a personal contract, unless the dealer signs recourse. (seperate issue altogether) That box is for coporate use. You Dad should have signed the co-leasee box to start with. Trust me, I have done finance for several years. They simply made a mistake. It's BS, but it happens. F&I guy didn't know how to do the deal properly.

Do not take advice from forum members who simply do not know lending laws!
Just because you sign a contract does not mean the deal is DONE. The are several other forms that go along with the contract that will say "this is part of the contractual agreement" one of them will say "upon acceptable terms" of the Bank, and the dealer. You do have leagl recourse....Bring the car back, or sign a contract acceptable to BMWFS. That is it. Ask a lawyer if you must, he will tell you the same.

Like I said, they had you sign in the wrong place. Work them for something, like an accessory or some money off, but if you don't sign a proper contract the car is not yours yet. Sorry for their mistake, but that is the truth.

Originally Posted by JIMD1709

Again, not true. There are supplemental forms that he signed (read them) that state this is not the case. True, you do not HAVE to sign a new contarct if it is not acceptable....Simply return the vehicle. Tust me on this, it is shitty, I know, but legal.

It states clearly on the back of the contarct, and Buyers order that it is not a done deal until the bank accepts it.THE BANK. The dealer is merely a middle-man.

Good Posts.... Too much TV for many, I am not even near a financing expert, but working in the Motorsports industry I am familiar with Bank and Dealership Acceptance, nobody is going to leave an opening for mistakes to cost them thousands of dollars.

[kevinkevin]

Originally Posted by Garrett

If that was the case then why did you have your dad sign the current lease you have...???

Doesnt make sense! Plus you said your dad was the co-signer on your last car.... and your still not approved?

I hope everything works out for you.

To answer, read post # 62.

Thanks.

[Revlis]

To the OP, not to be a dick, but why wouldn't you finance/lease a car you can afford on your own if having it in your name only is so important to you? I understand BMWs are nice cars but so is a VW GTI... WTF?

Buy/lease a car you can afford, having Dad co-sign even after college is weak.

Buy a POS ON YOUR OWN. Wait till you have a year on the job, then go get a BMW. But not if it's more than you can afford. Being house poor is shitty, being car poor is plain nuts... IMO

[kevinkevin]

Originally Posted by Revlis

To the OP, not to be a dick, but why wouldn't you finance/lease a car you can afford on your own if having it in your name only is so important to you? I understand BMWs are nice cars but so is a VW GTI... WTF?

Buy/lease a car you can afford, having Dad co-sign even after college is weak.

Buy a POS ON YOUR OWN. Wait till you have a year on the job, then go get a BMW. But not if it's more than you can afford. Being house poor is shitty, being car poor is plain nuts... IMO

Seriously, those are good questions, though.

Let me clarify...

When trying to determine which car I can afford based on salary alone, I could finance a 6 coupe. Adding credit history to the mix changes a lot of things.

The reason I asked them first if I could get the 3er is to find out if my credit history would be enough. I have no doubt that I can afford the monthly payments.

My finances are in pretty good shape: no student loans, no mortgage, no family to support, and very low credit card debt.

On the other hand, my credit history needs a lot of work. But I know it's only a matter of time...

Didn't mean to brag, but thought I have some explaining to do.

Oh, and if you're wondering what job I have...

I'm a Junior IT Consultant with IBM. My current project is with the Department of Education in Washington, D.C.

[kevinkevin]

Thanks to everyone who replied.

I'm still waiting for them to call me, but will have to call them myself if I don't hear from them soon.

I don't think they would want to delay this whole thing on purpose.

Again, thanks for all your input. I knew I came to the right place!

[JIMD1709]

Kevin,
You'll be Ok. I was just stating don't take advice from people who don't know the legalities of vehicle leasing. It is a little complex. It's a smart way to drive a vehicle, just has some different rules because it's not a "loan" Also, dealers are good at CYA procedures, because at many times they let cars drive away without an approval from the bank. Saturdays, late night deals, ect.

If I were you, and I'm not, but I would just have your dad sign the contract in the proper place. Having him as co-lessee will only impact your credit positively. You will still be given credit for the lease. Your credit will benefit, and next time around you won't have to deal with this situation.
Enjoy your new BMW, put this behind you. Just my .02

[sdiver68]

Originally Posted by Orient330iNYC

since BMWFS holds the title of the car, they cant steal their own car....nor can you have them arrested for theft, as its their property.

Not true.

They must have valid legal grounds to take it back, or else be liable for civil and even criminal damages. You must be in default of the agreement in most States for them to have that option.

[Mo]

FYI, when i signed for my BMW, first time on my own im only 20, the guy told me that there is a little box on the contract that states that BMW has the right to take the vehicle away or make you sign with a co-signer if they feel your credit isn't strong enough. This has to happen within the first 30days of you having the car. After 30days pass you are in the clear until then you should try to provide pay stubs and things like that to reassure the bank you can afford this car.

[kevinkevin]

Talked to the finance officer and he said that they have escalated the matter with BMWFS.

He also added that it's looking less likely for me to keep the car.

They're trying to get this whole thing resolved by the end of today.

[JIMD1709]

Originally Posted by sdiver68

Not true.

They must have valid legal grounds to take it back, or else be liable for civil and even criminal damages. You must be in default of the agreement in most States for them to have that option.

God knows..... THERE IS NO STINKING AGREEMENT YET!!! the only agreement is in all the fine print that no one bothers to read! It will clearly state that the contract has to be accepted by ALL FREAKIN' PARTIES. One, the major party by the way, BMWFS, is not accepting it. For Pete's sake, why is this so hard to some people?!

Sorry kid, can't be of any more help if you won't listen to someone who's been in the business 12+ years.

[JIMD1709]

Originally Posted by kevinkevin

Talked to the finance officer and he said that they have escalated the matter with BMWFS.

He also added that it's looking less likely for me to keep the car.

They're trying to get this whole thing resolved by the end of today.

That is because you took the crappy advice from all the "Lawyers" on here. should have just had Dad sign in the proper place. The place he was supposed to sign in the first place for crying out loud. Now the Dealer and FS don't want anything to do with all the crap, it's not worth it.

Should have listened to post #76 I'm done with this thread!

[DanMardik]

Looks like they didn't follow their guidelines correctly and are trying to fix this situation.

[sdiver68]

Originally Posted by JIMD1709

God knows..... THERE IS NO STINKING AGREEMENT YET!!! the only agreement is in all the fine print that no one bothers to read! It will clearly state that the contract has to be accepted by ALL FREAKIN' PARTIES. One, the major party by the way, BMWFS, is not accepting it. For Pete's sake, why is this so hard to some people?!

Sorry kid, can't be of any more help if you won't listen to someone who's been in the business 12+ years.

I'm sorry, sir, but in another 10 years you might have my experience level. You act like an advocate for the finance company..oh you are! I very clearly stated that if he has access to all of his paperwork, and in that paperwork there is no right of rescission as is the case with my paperwork (oh you don't think I can read fine print lol), then there is no reason to renegotiate.

Your advocacy does not change contractual law, no more so than the dealer who tried to pull the same stunt on me.

[Two Sheds]

If you do have to give it back, just try and squeeze in one huge roadtrip before giving it them back

[Orient330iNYC]

Originally Posted by sdiver68

Not true.

They must have valid legal grounds to take it back, or else be liable for civil and even criminal damages. You must be in default of the agreement in most States for them to have that option.

He very likely does not have a valid contract to entitle him to any of the protections you're referring to. so if they show up with a tow truck, he has no grounds to have them arrested. saying that YOU would have them arrested for theft is nice for you, but gives the OP a false sense of recourse.

[BK]

I'm interested to hear how this works out. I put even money on "Dad co-signs, we all go on with our lives."

BTW - to the OP, the DoEd has a huge IT bid out there right now (Education Department Utility for Communications, Applications, and Technical Environment (EDUCATE)). I know lots of SI's are looking at it, including, I'm sure, IBM Business Consulting.

[dmboone25]

Originally Posted by BK

I'm interested to hear how this works out. I put even money on "Dad co-signs, we all go on with our lives."

.

+1

[Garrett]

Originally Posted by dmboone25

+1

/Agree

If you want the BMW and you want the Credit and your dad is willing to co-sign, somtimes you have to bit your pride and do whats best for your credit.....!

The car is already in your possesion.