Quote:
Originally Posted by stingray23
Go to Michael at Tenafly. He will get you approved if you say your credit is that good and you had a BMW lease before.
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+1000
It is important who works your credit app at the dealer. I heard BMW of Tenafly had very high approval rating (they are a huge Penske organization), so I went there... and got approved! However, I was denied in '09 3 times at other BMW dealers,- they did not know what they were doing for sure. When at BMW of Tenafly, I did not even need to go there in person, did everything on line and via fax. Their Finance Manager is top notch, checks your credit first, and only then after, calls BMWFS for approval. He does not do it like most other dealers do,- get caught with pants down when they call BMWFS...
Score was 640, but all my balances are $0, Debt to credit ratio is like 90+%
I got Tier-2 @ 0.00200 MF.
When I applied this time, I made sure I did not over-extend with options on M3. It is nice to have all the options, but that also brings your monthly payment much higher,- harder to get approved. So I got only options I thought absolutely can't live without. Luckily, best options are FREE,- CF roof, 6MT, Speed Cloth!!! Car is already loaded with power and technology and fun as is! I also decided to do a small Cap Cost Reduction just to keep payment low,- and only then, with reasonable, low numbers... I applied.
