The bank is going to look at your FICO score and your credit history. You may have excellent credit where you pay your bills on time or even early, but that still does not mean you're an automatic approval. If you have never leased or financed a vehicle in sizable price of an M3, the banks are not going to like that because you lack "Comp Auto" or Comparable Auto Credit. Meaning you've never had a comparable loan of this degree so the analyst will more than likely turn you down. For example, a person who's most expensive car he/she has leased or financed was a $20K Honda Civic and now trying to get a $70K M3.
However, since the dealer wants your business, they'll fight with the bank as much as they can to get you approved. Usually it comes down to putting a significant down payment or if you have a large income, that you provide bank statements and pay stubs to prove you have significant cash flow or cash in bank.
Or, they'll approve you with a stipulation, such as having a strong co-signer.
BTW, I see that you live in Old Bridge. If you're looking for a salesman, I highly suggest going to Circle BMW in Eatontown and seeing Danny Wong. Got mine from him. He's professional and knowledgeable. I call him a car enthusiast more than a salesman! I'd stay away from Freehold BMW and Open Road BMW in Edison
Last edited by Ghetto2315; 03-01-2012 at 09:43 PM.