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      01-13-2013, 06:52 PM   #1
M3Eddy
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Purchasing?

So I'd like to purchase my own 2013 e92 but I'm not really sure how this works. Is it possible to pay monthly until payed off and is there an estimate of how much I have to pay each month? Would that be the same as leasing? Also, is there an initial one time fee? Thanks,
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      01-13-2013, 07:10 PM   #2
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Before I say something sarcastic I need to know if this is a serious question?
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      01-13-2013, 07:45 PM   #3
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Quote:
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Before I say something sarcastic I need to know if this is a serious question?
Yeah it's serious.
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      01-13-2013, 07:50 PM   #4
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This is a joke right?
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      01-13-2013, 07:56 PM   #5
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Ok, so I had the same reaction. But I'll take the high road....go to BMW website and check your payment options there. Depends on what amount you put down and the length of the loan or lease. Your credit rating will play a part as well...
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      01-13-2013, 08:14 PM   #6
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Quote:
Originally Posted by chris s View Post
Ok, so I had the same reaction. But I'll take the high road....go to BMW website and check your payment options there. Depends on what amount you put down and the length of the loan or lease. Your credit rating will play a part as well...
Alright that's what I needed, thanks
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      01-13-2013, 08:15 PM   #7
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This is a joke right?
And for those who think this is a joke, I'm a 16 year old who wants to drive an M3. I make my own money. Say all you want. I'm listening.
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      01-13-2013, 08:29 PM   #8
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OP, like Chris S, I'll take the high-road as well. At 16 years of age, even if you are making "good" money, the issue will be length of credit history especially with an installment loan against (roughly) a $70k vehicle. Even if you went with traditional financing with a significant down-payment, it would be difficult. You would need a co-signer with the credit rating and DTI to offset your "newness" to the credit world.

I don't know what your financial status is and frankly it's none of my business. However you may want to next steps by starting with a used M3. Perhaps the E46 model which was the last generation. It's still a very good car. Establish a credit history and move forward. Otherwise I will not preach about the priorities in life whether investments, education, etc over a new M3.....that's for people around you to provide counsel.
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      01-13-2013, 09:14 PM   #9
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Quote:
Originally Posted by NHman View Post
OP, like Chris S, I'll take the high-road as well. At 16 years of age, even if you are making "good" money, the issue will be length of credit history especially with an installment loan against (roughly) a $70k vehicle. Even if you went with traditional financing with a significant down-payment, it would be difficult. You would need a co-signer with the credit rating and DTI to offset your "newness" to the credit world.

I don't know what your financial status is and frankly it's none of my business. However you may want to next steps by starting with a used M3. Perhaps the E46 model which was the last generation. It's still a very good car. Establish a credit history and move forward. Otherwise I will not preach about the priorities in life whether investments, education, etc over a new M3.....that's for people around you to provide counsel.

good advice....
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      01-13-2013, 09:40 PM   #10
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      01-13-2013, 09:43 PM   #11
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must resist..... ah temptation. the term living under a rock comes to mind.
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      01-14-2013, 01:41 AM   #12
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Quote:
Originally Posted by NHman View Post
OP, like Chris S, I'll take the high-road as well. At 16 years of age, even if you are making "good" money, the issue will be length of credit history especially with an installment loan against (roughly) a $70k vehicle. Even if you went with traditional financing with a significant down-payment, it would be difficult. You would need a co-signer with the credit rating and DTI to offset your "newness" to the credit world.

I don't know what your financial status is and frankly it's none of my business. However you may want to next steps by starting with a used M3. Perhaps the E46 model which was the last generation. It's still a very good car. Establish a credit history and move forward. Otherwise I will not preach about the priorities in life whether investments, education, etc over a new M3.....that's for people around you to provide counsel.
Thanks for the advice mate. +1
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      01-14-2013, 02:29 PM   #13
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      01-14-2013, 02:37 PM   #14
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You will probably have to co-sign a contract with someone who has credit. Had a similar issue. Also, you need to deal with insurance considerations.

With that said, if you're making your own money at 16 and are successful enough to afford an M3 I would expect you to know how to finance something. Lastly, I don't think an M3 is too much car for a responsible 16 year old...but consider where you go from there after the M3....sometimes its more rewarding to wait for the car you want even if you can afford it. Good luck, and if you end up getting the car, be safe.
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      01-14-2013, 03:53 PM   #15
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Anybody know how PenFed is with getting approved? I know that each bank have their own criteria in approving or rejecting an applicant but if PenFed is more lienant, coupled with the ridiculousy low finance rates they offer, he might want to look in to them...
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      01-14-2013, 08:05 PM   #16
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Thanks guys for the suggestions, it's appreciated.
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      01-15-2013, 10:54 AM   #17
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Unlike others here, I would recommend against a 16 year old m3 purchase.

How long could you possibly have been driving at this point? 1.5 years MAX?? Are you going DCT or manual?

I've been driving stick since I was 17, now I'm 27. Started with a GTI to an STI, to the M3. And even now it took me the better part of a day to get used to rear wheel drive with this 6mt.

If you do get it be CAREFUL, and for god's sake, dont showboat/brag to all your friends about your sick nasty driving skills with traction control off and end up wrapping your m3 and face around a tree, or another car.

In terms of the finance question, its pretty straight forward like the other guys said.
Also remember, just because you buy the car doesnt mean your done paying for things on it. Chips, dents, scratches (lets face it, your 16, most teens have an accident at some point, just hopefully not major), insurance,

GAS

and detailing/mods.
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      01-15-2013, 12:51 PM   #18
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Quote:
Originally Posted by heartcolorgrey View Post
Unlike others here, I would recommend against a 16 year old m3 purchase.

How long could you possibly have been driving at this point? 1.5 years MAX?? Are you going DCT or manual?

I've been driving stick since I was 17, now I'm 27. Started with a GTI to an STI, to the M3. And even now it took me the better part of a day to get used to rear wheel drive with this 6mt.

If you do get it be CAREFUL, and for god's sake, dont showboat/brag to all your friends about your sick nasty driving skills with traction control off and end up wrapping your m3 and face around a tree, or another car.

In terms of the finance question, its pretty straight forward like the other guys said.
Also remember, just because you buy the car doesnt mean your done paying for things on it. Chips, dents, scratches (lets face it, your 16, most teens have an accident at some point, just hopefully not major), insurance,

GAS

and detailing/mods.
Hey man, thanks for your kind words and suggestions, it's appreciated. I will remember all you said!
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      01-15-2013, 01:45 PM   #19
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You'll shoot your eye out kid!
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      01-15-2013, 02:38 PM   #20
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Taking the high road... Make sure you consider all the costs beyond just making the payment. Sales tax, excise tax, dealer fees etc...

Also, realize that insurance for a 16 year old driving an M3 will be very expensive. Add that to your monthly payments. You should be able to get a quote and estimate those costs ahead of time.

Drive safe...
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      01-15-2013, 02:47 PM   #21
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Quote:
Originally Posted by FrankThomas View Post
You'll shoot your eye out kid!
We'll see about that.

Quote:
Originally Posted by Savage_M3 View Post
Taking the high road... Make sure you consider all the costs beyond just making the payment. Sales tax, excise tax, dealer fees etc...

Also, realize that insurance for a 16 year old driving an M3 will be very expensive. Add that to your monthly payments. You should be able to get a quote and estimate those costs ahead of time.

Drive safe...
Thanks a lot mate, greatly appreciated.
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      01-18-2013, 02:13 AM   #22
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Eddy,

Have you thought about the budget owing this car? First off they won't sell you the car since you are a minor second insurance on the M3 would kills your monthly spending.
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