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      04-20-2010, 10:45 PM   #1
edlin303
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Drives: 2011 E90 M-DCT ZCP
Join Date: Mar 2010
Location: AZ

Posts: 59
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Back-up loan application mandatory in case bank loan check bounces?!?

I thought I would ask the regulars here if this is a common situation. I am buying my first ever BMW, a 2011 e90 M3, and am surprised by the way the dealer is behaving. Perhaps it is because they have a large amount of my money already as a "deposit" so they know they have me stuck.

I ordered it over a month ago, and at the time mentioned I would be financing it elsewhere. Fast forward to last week when my M3 got off the boat, and I started asking for details about the financing process. PenFed will send loan approval information prior to the check arriving so that if the dealer is willing they can release the car to me even before the check arrives in the mail. I asked the dealer if this is ok, or if I need to get the check in hand when i come to pick it up. That question was not answered (it was one of a few questions in the email).

Today I finally get word back from them (keep in mind the car should be arriving Sat) telling me that not only will they not accept only a confirmation of the approved loan to release the car, but they will hold my credit union's cashier's check for up to 10 days before I can take my car. The only way around this is to allow them to do a credit check and fill out a "back up loan" application.

This information is all coming out after they tried to talk me into doing my loan through them multiple times, and I politely declined each time. I told them I would not give them my SSN, nor approve a credit check, because I have no intention of financing through them and tightly control who I give that information to.

Unfortunately I do not like being bullied, so I will go without my car longer rather than giving over any information.

I will post my full dealership review once I have my car out of their control, but I must say I am not enjoying the BMW experience at all so far. Obviously I am now looking around for other options for tint and bra because I do not want to give the dealer any more money than I already have committed to. I have heard Danny's is good, but they can't give me a price on a full front bra without the car in hand.

Last edited by edlin303; 04-20-2010 at 11:20 PM.
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