[flamesone]

Recently went to a local dealership and felt I was totally jacked around. I looked online and saw a 07 black/black 335i coupe with only 27,877 miles still under factory warranty and it was a CPO car. I went in and test drove the car and told him i wanted it. the price was $29,900, is this too high?? or pretty reasonable??

They ran my credit and it came back as low 700's and im a first time buyer with no cosigner and only 2k down, they first told me they couldnt approve me without a cosigner. then i told him i couldn't get one, and he asked if i could put more down, and i said only 1k more. so he left me and came back and said my manager said we can do the deal. so we they type up the deal and i get 8.24% for 72 months and 560/month notes. I sign all the paper work and i take the car, but i didnt have my down payment with me at the time so they still let me take the car and tell me to bring it in on wednesday and this is sat. so monday they say i can pick up the car early and just bring in the down payment wed. so tues they call me and say that they cant approve the deal without a cosigner and that the bank will only finance me for 24k and id have to put down like 5k more.

Is this a load of crap?? are they just jacking me around b/c im a first time buyer and dont know any better?

Ultimately they made me bring the car back after a week and found a 07 328i for $24,300 with 48,000 miles non CPO and they said they could finance me for that for 60 months at 10.5% with monthly notes at $516. It does have a cpo warranty through 100,000 miles though.

I signed for the 2nd car but this time they gave me my papers and im supposed to bring in the downpayment and pick up the car at the end of this week. is this a good deal on the 2nd car or are they still jacking me around, and i can find way better??

Please help!!!! I really want a 335i!!

What do u guys think?

[TXe92]

I work for a bank.. and see this shit pulled all the time.. if your credit score is in the 700's they fucked you big time.. find a credit union and they can finance you for closer to 6%.. if you had a signed contract you should have told them to fuck off.. NEVER take the car back or give them more money... all in all look at it positivley.. you can find a better deal for 30K.. i bought my 335 for 25,000.. granted it was not CPO

[1997gtx]

10.5% is VERY high with a low 700's credit score.

[flamesone]

They said bc im a first time buyer with no car credit history on my credit report that no lender would lend more than 15-20k without a cosigner. I think they jacked me around

[wrickem]

Originally Posted by flamesone

I think they jacked me around

They jacked you around.

[flamesone]

I def agree.

On the 1st car, blk/blk CPO 07' 335i for $29,900 with 27,800 mi they had me sign everything and let me take the car, but said they couldn't give me the paperwork until i brought in the down payment, only later for me to find out that i wasn't actually approved, even though I signed all the paperwork for my monthly notes and everything. They said that BMW thought it was a done deal, and thats why they let me take the car. So I had to bring it back.

On the 2nd car, blue/tan non-CPO 07' 328i for $24,300 w/ 48,000 mi they had me sign everything again just liek the first time, and still i didn't give them the down payment yet bc the car isn't ready for pick up yet, but this time they gave me the paperwork and said its a done deal even without the down payment.

I asked them what was the difference from the first time, and they said "oh well you weren't approved so it was a tentative deal, u are definitely approved for this one so that's why we're giving you the paperwork.

So the car is supposed to be ready this friday, and thats when i'm supposed to bring in the down payment to pick up the veh.

Since I haven't given the down payment yet on the veh, is it not a done deal until this happens?? Can I still walk away from the deal if I wanted to? b/c I feel like they backed out on me on the first deal.

[luv135i]

They might not have jacked you around. Ive seen this before...They pre-approve someone then when they process bank will only give so much and person ends up bringing the car back. Make sure you take care of everything before you take delivery of a vehicle. Also go with penfed. 2.49% on new and used cars. No co signer needed. Very easy process. All completed online.

[mikracer]

Dealer sounds shady to me. If you're signing papers and not taking a vehicle, something is not right. Also, your interest rate is too high for what you state your credit score is. Dealers make money on jacking up the interest rate higher than what the bank is offering. The bank will qualify you at 5% and the dealer will sometimes jack up the rate to 7+% and make that extra percentage off you...kinda like charging points. You should walk away from this dealer and go somewhere a little more reputable.

[mikracer]

I should also mention that low 700's isnt exactly tier 1 credit anymore. Its more along the lines of 740-760.

[Wild Squid]

Originally Posted by mikracer

I should also mention that low 700's isnt exactly tier 1 credit anymore. Its more along the lines of 740-760.

Baloney, 700's is always good. There are less and less people with scores this high, so if they don't want to approve someone in 700's they are idiots. Everyone gets good rates for 700 credit score.

OP is getting jerked around. When you had to return the first car you got all your money back right?
Tell the dealer to go suck a horse cock, you'll take your 700 credit score and money elsewhere and watch how he falls to his knees begging you back. When they hear first time buyer what they really hear is big fucking sucker.

[1997gtx]

I have about a 720 credit score. I am 27. Don't own a house. Have a good debt-to-income ratio, have a very good income, and a few CC's with no balance. I've had credit for about 10 years.

I got a private bank's car loan (Chase) for my used 08 328xi a couple months ago at 3.2%.

10%+ is VERY high, even for someone with little to no credit.

[blacknbean]

the interest rate is super high. i also had a hard time getting a loan from BMWFS with no prior car loan history. i always buy all my cars cash and I was even putting down 80% of the price and i still had to fight to get the loan.

it seems the dealer was just keeping your payments the same while giving you a lot less car and making more money off interest. seems shady to me. if you dont own the car already id walk away.

[Legion5]

Originally Posted by flamesone

Recently went to a local dealership and felt I was totally jacked around. I looked online and saw a 07 black/black 335i coupe with only 27,877 miles still under factory warranty and it was a CPO car. I went in and test drove the car and told him i wanted it. the price was $29,900, is this too high?? or pretty reasonable??

The price is standard/average.

They ran my credit and it came back as low 700's and im a first time buyer with no cosigner and only 2k down, they first told me they couldnt approve me without a cosigner. then i told him i couldn't get one, and he asked if i could put more down, and i said only 1k more. so he left me and came back and said my manager said we can do the deal. so we they type up the deal and i get 8.24% for 72 months and 560/month notes.

That is a mega terrible rate. Honestly with the amount you're paying you could have swung an M3 with very similar year/miles.

I sign all the paper work and i take the car, but i didnt have my down payment with me at the time so they still let me take the car and tell me to bring it in on wednesday and this is sat. so monday they say i can pick up the car early and just bring in the down payment wed. so tues they call me and say that they cant approve the deal without a cosigner and that the bank will only finance me for 24k and id have to put down like 5k more.

Yeah dealers do this all the time, they sell cars that don't have financing approved yet. It's honestly not the dealer's fault it's the bank's. You got screwed by the system not jacked around. It's rare but it happens.

Is this a load of crap?? are they just jacking me around b/c im a first time buyer and dont know any better?

Ultimately they made me bring the car back after a week and found a 07 328i for $24,300 with 48,000 miles non CPO and they said they could finance me for that for 60 months at 10.5% with monthly notes at $516. It does have a cpo warranty through 100,000 miles though.

I signed for the 2nd car but this time they gave me my papers and im supposed to bring in the downpayment and pick up the car at the end of this week. is this a good deal on the 2nd car or are they still jacking me around, and i can find way better??

Please help!!!! I really want a 335i!!

What do u guys think?

Dude both those deals are ridiculously beyond horrible. Don't take either of them. Seriously, you can afford a nice M3 with extended warranty for that kind of payment (CPO'ed M3's are jacked up in price beyond being worth it so you'd have to get a normal M3 and just buy the warranty which would be cheaper, but shop around because the warranty can be marked up as much as 100%, shoot for aroun 3k)

What you need to try to do is first try to get a loan that ISN'T a car loan to pay for your car, I'm talking home equity whatever, even taking out a student loan can work for this, that will be your best bet because the interest rate is typically much lower. If getting the money through an alternate loan doesn't work you need to at least find a cosigner, this will save you litelrally $5000, pay off your parents $1000 if you have to, just get someone to cosign.

Next you need to have your own financing before buying the car, this puts you in a much better position, espetially to negotiate the purchase price.

Like I said for around $600 per month for a 72 month 4% loan you can definitly get a very nice warrantied M3. Don't settle for less.

[flamesone]

I really appreciate all the help fellas, they were def jacking me around