Quote:
Originally Posted by cavasoti
Hey guys..
I am trying to get myself an M3 Coupe as I mentioned before on some threads. I have the car and the deal from a dealership in Spring Valley, NY. They located the car I wanted and gave me a decent deal. The bank return to the dealer asking for a 5 year visa or us residency/green card. I dont know if any of you guys are foreigners, but there are no 5 year visa. The visas are renewed every 2/3 years until you get a green card that has also to be renewed every now and then. My visa as of now is valid until 2012 and then I will renew for who knows more years, my job helps me with that and I will have no problems getting the visa extended or getting a green card in the future.
my deal was on a 60 month BMW Select.
My question is what should I do or tell them? Should I try to get a 2/3 years lease? on a $74k car it will go way over $1000 I believe when I would like to stay under $900.
Please any input would be valid.
On a side note, I have a Nissan Murano and a 2008 Evo MR both on a 5 year loan and none of them asked me for a freaking 5 year visa. What is wrong with BMW?
Thank you all in advance.
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They don't care whether a 5-year VISA exists, that is not their area of expertise. All they care about is there is proof you will have the ability to remain in the country and pay your bills. Since there are no 5 year VISAs, my bet is there are no 5 year payment plans in your future. You will only get approved for a payment plan that runs the same length of time you are guaranteed to be allowed to stay in the country.
Just because you think your renewal will be easy, doesn't mean its definite, which makes you an impossible credit risk to calculate, hence why if you won't get approved for a 5-year payment plan under your current situation.
On a side-note, a 60-year Select Program is down right dangerous unless you are putting down a huge chunk of cash, and if you are why go 60 months? If not, then when your payments have expired you will have a car that is worth less than you owe by a large margin, and what you owe will be a fairly sizable balloon payment. Without sounding like a judgmental prick, if you are trying to get into a car for under $900/month, I can't see how a 74k makes any sense unless you are putting down a big down payment (20k+). But again, to each is their own.
Cheers,
e46e92