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      11-21-2009, 03:29 AM   #7
artifice
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Drives: 2008 E92 M3
Join Date: Jul 2009
Location: The Colony, TX

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Quote:
Originally Posted by red998 View Post
hey guys

thanks for all the support and criticism. So here is my debacle:
2010 models with everything except carbon roof, premium sound, PDC i have prices out the door for about 66-67. So i was happy with that. Next was 5.9% financing through BMW. I then contacted my bank who rejected me for the reason that i never had a car loan (i am putting under 10K down) and then the dealer went their route to get banks to compete for the loan. same end, i need a co signer to be approved for the loan. bank is providing loan at 4.xx% and it saves a lot over the course of 5 yrs.
i have no cosigner.
i don t plan on asking someone to do that.
its either bmw select, or finance it through bmw. anyone have other ideas?
i wasn t pushing for a car but my truck is dying and it almost kill me with it when it turned off all the power while i was driving it.
my original plan was to save up 10-15k and do ED with financing...however i need a car now and so i pushed the car purchase to now.
credit score is 800s on all 3 reports.

thanks

red

ps i would have bought the car if it werent for this hitch.
Did your bank decline you for any lower amounts. If you have credit scores of 800 if you have a mortgage or any other payments a month that do not quite match up to your income level they probably couldn't finance you at the amount you wanted. I would assume you would have been able to get about a 40k loan for a vehicle. At this time I would suggest you either: a, purchase a used 08 with about a 10k dp. Or b, purchase a used old cash truck to supplement your car until you decide to buy. After you secure your financng and then shop for the car it might be the more "sound" route. Plus, you could always sell the truck. Depriciation is killer in markets like this so becareful of your financial situation. If you plan on keeping the car indefintily or till you have kids that will take it, go new, I wouldn't go new bc you will lose 15-20k right when it gets titled plus I go through cars on a yearly basis.

So, my advice, buy a truck with your down payment money and wait to get the m. You did good by going to bank (hopefully credit union) because most dealers get a % off the top for financing through them from the bank the put you with. It is easy to get ahead of yourself when wanting to buy a car, just be patient and maybe even save until you have your dp that will satisfy your loans balance when buying the car.

Am I wrong or do most m drivers have a secondary vehicle?