Need advice on credit app. BMW FS did not approve?

dimabimmer · 10-18-2009, 07:59 PM

How is it possible, BMWFS did not approve another lease because I ve been late 3 or 4 times on payments first year on 36 month lease, but never late for the next 2 years. I think BMWFS rep (some very cranky woman) was seriously pissed at my BMW sales rep that I know was rude to her. It's rediculous, but my application for another lease was denied. And denied it was with a BANG! The Cranky BMWFS rep was furious, went on and on to my sales rep on phone that I will never be able to lease from them again and stuff like that. I know I was a good customer, besides being late few times long time ago, I never ever been late again, even purchased 20k extra miles and in total paid $30k in 36 months for 2007 335i...lease! So, is it possible application was denied because BMWFS rep was in bad mood and I was punished for whatever disagreement she had with my sales rep? When we submit credit app, they supposed to run our credit? I know she never did that. She was saying what credit score I had, but the number was completely wrong and credit inquiry never showed on my report. So, she never checked, just denied the credit app. I know I can appeal the application with management, and probably will get approved then. I was just wondering, did anyone else had such an unfortunate experience with BMWFS? Any advice, if any of you a banking guru? Thanks a lot for input!

M3NNIS · 10-18-2009, 08:13 PM

I think your dealer has great influence of your approval. If they don't get along, could be why. I was once denied at one dealer and approved at another, both bmw both bmwfs. go figure.

vinnycg · 10-18-2009, 08:26 PM

^^Wow thats really weird..

-Vin

dimabimmer · 10-18-2009, 10:32 PM

Thanks a lot for input! Now it makes sense...denied at one dealer, approved at another...I thought it was strange to be denied like that, especialy that I was approved at another BMW dealer with same BMWFS, 4 months ago! Soon I'll be driving my new M3! I drove one at M-drive event here in NY, and my 335i seems a bit "soft" after driving M3... 335i just isn't as much fun anymore...gotta have the M now!

SpencerM3 · 10-18-2009, 11:56 PM

Interesting.

All banks are cracking down SO much more these days. When I got my Range Rover Sport last year, Land Rover put me through the ringer. I have an 805 FICO score and short of saying my annual income, it was/is substantially higher than the price of the car.

///M PWR 00 · 10-23-2009, 04:12 PM

BMW in on some serious crack as of lately. I have been a loyal BMW customer since 2001. I financed and leased through BMWFS on 4 different cars and never had a problem. This year I was turned down for financing, however they offered me the car as a lease, but wanted way more money down. One week later, I got approved for a brand new porsche truck (now my brothers) with the same sticker price as an M3. Four months later, Porsche also approved me on a brand new 911 C4S lease.

ideliver · 10-24-2009, 10:09 AM

Credit is nuts right now...

I have only student loans, M5 and QX56 (total $1800) and mortgage ($1200)....and mid six figures income...NEVER a missed payment on anything ever for 20 yrs....and got turned down for a $4000 loan by Yamaha to buy my kids some dirtbikes for christmas...they had a 6 months SAC...so i put on my amex instead...

This was my first credit denial ever....and they guy that owns the Yamaha store is a new friend as I coach his kids...

dimabimmer · 10-24-2009, 10:17 AM

Wow...this is very interesting ... I have noticed, lately, BMWFS not approving their customer finance, even though those customers have good credit standing. Instead, BMWFS approving those customers to lease with a lot of money down,- $10k...or even $20k on a lease! I think they are just pushing to raise quick cash...This is not the end of the world... There are other financing institutions that will finance these M3 V8's! Not sure if I'm into Porsche lately. I am totaly sold on a GT Porsche, but can't afford that much of a car. What else $70k will buy me at a Porsche?

Cabinetman · 10-24-2009, 06:49 PM

Quote:

Originally Posted by dimabimmer

Wow...this is very interesting ... I have noticed, lately, BMWFS not approving their customer finance, even though those customers have good credit standing. Instead, BMWFS approving those customers to lease with a lot of money down,- $10k...or even $20k on a lease! I think they are just pushing to raise quick cash...This is not the end of the world... There are other financing institutions that will finance these M3 V8's! Not sure if I'm into Porsche lately. I am totaly sold on a GT Porsche, but can't afford that much of a car. What else $70k will buy me at a Porsche?

$70k will get you a Cayman S or possibly a stripped Carrera if you can find one.

Georgeair · 10-24-2009, 09:08 PM

Quote:

Originally Posted by ideliver

....and mid six figures income...and got turned down for a $4000 loan by Yamaha

Making around $500K, I must admit I'm surprised you'd get turned down, but even more surprised you applied to begin with!

achenator · 10-24-2009, 10:24 PM

Quote:

Originally Posted by Georgeair

Making around $500K, I must admit I'm surprised you'd get turned down, but even more surprised you applied to begin with!

Sometimes you'd rather use someone else's money. I got turned down when buying a Rolex for my wife with 12mos SAC. My income to debt including my mortgage is less than 10% of my gross. The finance company was American General (AIG) . This was going down while the shit was hitting the fan with AIG. First they turned me down then they asked for income verification. I told them FU, I wasn't giving verification except for a mortgage. I put it on my AMEX so I could at least get the points, but it was embarassing. The jeweler changed finance companies shortly after that.

Don't even get me started on CC companies cancelling my cards for non-use.

dimabimmer · 10-24-2009, 11:01 PM

$70k for Porsche Cayman S, that is built in Finland? It's a fact,- Porsche has had Caymans built in Finland! ...nope! I wouldn't even get Finish Vodka let alone a car. I would much rather drink Russian Stolichnaya Vodka with Black Gold from Russia- Caviar and own an M3 V8. Not sure about rear passenger comfort in Cayman, but I doubt there is any leg room in back for lovely guests. In my 335i coupe (which is same roomy interior as M3), I had two long legged fashion models in back seats and they looked very comfortable, with lots of extra leg room. I think this is a very important option to consider when getting a car. My friend, riding with me and models in my 335i said,- "This car likes models". Why? I asked him... He replied,"Because they are light". I thought it was funny, but it's true.

consolidated · 10-25-2009, 06:16 PM

Quote:

Originally Posted by dimabimmer

$70k for Porsche Cayman S, that is built in Finland? It's a fact,- Porsche has had Caymans built in Finland! ...nope! I wouldn't even get Finish Vodka let alone a car. I would much rather drink Russian Stolichnaya Vodka with Black Gold from Russia- Caviar and own an M3 V8. Not sure about rear passenger comfort in Cayman, but I doubt there is any leg room in back for lovely guests. In my 335i coupe (which is same roomy interior as M3), I had two long legged fashion models in back seats and they looked very comfortable, with lots of extra leg room. I think this is a very important option to consider when getting a car. My friend, riding with me and models in my 335i said,- "This car likes models". Why? I asked him... He replied,"Because they are light". I thought it was funny, but it's true.

your awesome.

FStop7 · 10-26-2009, 02:05 AM

Quote:

Originally Posted by Georgeair

Making around $500K, I must admit I'm surprised you'd get turned down, but even more surprised you applied to begin with!

If it's 0% financing it's free money, so you may as well. Plus it always helps to have good tradelines on your credit report. Income has no bearing on your score, so making good use of your credit is important if you want it to be looking good when you go for a big purchase.

oh and right now consumer credit is d-e-a-d. It may be years until it really comes back and even then it's not going to be anything like what it was a couple of years ago.

Remember a couple of years ago when every other TV ad was for AmEx, Capital One, Chase, etc? All of those ads are -gone-. Those huge marketing budgets are gone.

SECRET M · 10-26-2009, 02:48 AM

not sure about how some say you'll get denied at one dealer and approved at another. a few other factors affect you:

1. you recently applied for a lease 4 months ago which means your credit was recently checked.
2. you missed a few payments on a major loan within the last 5 years, which is considered recent.
3. you're applying again...

first thing i do before i go to another dealer would be to check my credit. my payments to BMWFS have been immaculate since i got my first M3 in 2005. my 2008 application to BMWFS was a breeze. took less than a few minutes for the approval to show up. no calls necessary.

kevinD · 10-26-2009, 09:45 AM

Quote:

Originally Posted by FStop7

If it's 0% financing it's free money, so you may as well. Plus it always helps to have good tradelines on your credit report. Income has no bearing on your score, so making good use of your credit is important if you want it to be looking good when you go for a big purchase.

oh and right now consumer credit is d-e-a-d. It may be years until it really comes back and even then it's not going to be anything like what it was a couple of years ago.

Remember a couple of years ago when every other TV ad was for AmEx, Capital One, Chase, etc? All of those ads are -gone-. Those huge marketing budgets are gone.

but for someone making ~500k a year (and over 20 years), he doesn't need a credit score. he should have cash for everything. he shouldn't have a mortgage, car payment or any credit card payments. unless of course he is lying about his income, or is absolutely horrible with money. i an see putting it on the amex to get points and paying the balance at the end of the month.

and taking on a loan for 4k because it is 0% is silly. how much interest are you going to make on 4k if you sock it away over the course of the (2yr maybe?) loan? maybe 200 dollars? if your making 500k, thats 250 dollars an hour at 40 hrs a week. if your making that kind of cash, it isn't worth your time to fill out the loan paperwork for 200 dollars on something your going to have to send monthly checks in for.

and to the OP: you were late on car payments less then 3 years ago. to me thats pretty recent (it takes longer for speeding tickets to go away), and with tight credit i can see why you got denyed. think about it, if you can't make payments on time, why would they want to loan you another car if there is a risk of you not paying on time? or if you fall further into the hole, missing payments or stopping all together? i'm not saying its going to get that far (and most likely your late payments were just silly mistakes, like not having stamps for the envolope or forgetting to put it in the mail). but with the amount of people coming up short, they are thinking you don't have the money and had to really stretch to get the payment in even late. thats to much risk to take and most definately the reason you got denied.

E394KEN · 10-26-2009, 10:55 AM

I can tell you from experience that the dealership and its relationship with BMWFS has pull. If your an iffy loan the right person can ok it. I've been there done that. Credit was atrocious but still got approved. Sooo it CAN BE DONE.

SpencerM3 · 10-26-2009, 11:49 AM

Quote:

Originally Posted by ideliver

mortgage ($1200)

WHERE THE HELL DO YOU LIVE?!?!??!

I think the avg RENT in L.A. is higher than that

ersin · 10-26-2009, 08:45 PM

Quote:

Originally Posted by kevinD

...

and to the OP: you were late on car payments less then 3 years ago. to me thats pretty recent

Everything within 3 years is definitely recent. Secret M even said 5 years.

Quote:

Originally Posted by kevinD

(it takes longer for speeding tickets to go away)

Really? How long does it take? I thought your driving record only hung around for two years or something like that.

kevinD · 10-27-2009, 11:58 AM

tickets take 3 years, accidents 5. so i guess its about the same

10-18-2009, 07:59 PM	#1
dimabimmer Lieutenant Colonel Drives: '11 E92 M3 ZCP 6MT Join Date: Apr 2009 Location: Brooklyn to SoHo NYC Posts: 1,617 iTrader: (0)	Need advice on credit app. BMW FS did not approve? How is it possible, BMWFS did not approve another lease because I ve been late 3 or 4 times on payments first year on 36 month lease, but never late for the next 2 years. I think BMWFS rep (some very cranky woman) was seriously pissed at my BMW sales rep that I know was rude to her. It's rediculous, but my application for another lease was denied. And denied it was with a BANG! The Cranky BMWFS rep was furious, went on and on to my sales rep on phone that I will never be able to lease from them again and stuff like that. I know I was a good customer, besides being late few times long time ago, I never ever been late again, even purchased 20k extra miles and in total paid $30k in 36 months for 2007 335i...lease! So, is it possible application was denied because BMWFS rep was in bad mood and I was punished for whatever disagreement she had with my sales rep? When we submit credit app, they supposed to run our credit? I know she never did that. She was saying what credit score I had, but the number was completely wrong and credit inquiry never showed on my report. So, she never checked, just denied the credit app. I know I can appeal the application with management, and probably will get approved then. I was just wondering, did anyone else had such an unfortunate experience with BMWFS? Any advice, if any of you a banking guru? Thanks a lot for input!
	Tweet

10-18-2009, 08:13 PM	#2
M3NNIS Colonel Drives: a truck for now Join Date: Jul 2006 Location: DFW Posts: 2,122 iTrader: (6)	I think your dealer has great influence of your approval. If they don't get along, could be why. I was once denied at one dealer and approved at another, both bmw both bmwfs. go figure. __________________

10-18-2009, 10:32 PM	#4
dimabimmer Lieutenant Colonel Drives: '11 E92 M3 ZCP 6MT Join Date: Apr 2009 Location: Brooklyn to SoHo NYC Posts: 1,617 iTrader: (0)	Thanks a lot for input! Now it makes sense...denied at one dealer, approved at another...I thought it was strange to be denied like that, especialy that I was approved at another BMW dealer with same BMWFS, 4 months ago! Soon I'll be driving my new M3! I drove one at M-drive event here in NY, and my 335i seems a bit "soft" after driving M3... 335i just isn't as much fun anymore...gotta have the M now! Last edited by dimabimmer; 10-19-2009 at 06:51 AM.

10-18-2009, 11:56 PM	#5
SpencerM3 Sauce Drives: 2009 SSII E90 M3 Join Date: Jun 2006 Location: Los Angeles Posts: 2,028 iTrader: (1)	Interesting. All banks are cracking down SO much more these days. When I got my Range Rover Sport last year, Land Rover put me through the ringer. I have an 805 FICO score and short of saying my annual income, it was/is substantially higher than the price of the car. __________________ 2009 E90 M3 \| Silverstone II \| Black Novillo \| HRE P40's \| Akrapovic Exhaust \| Eibach Pro Kit \| Jet Black Kidney Grilles \| SSII Side Reflectors \| SSII Side Gills \| LUX H8 Angel Eyes \| Macht Schnell Filter \| Tecnocraft Envy Charge Pipe "M3 drivers have no friends." - Jeremy Clarkson

10-23-2009, 04:12 PM	#6
///M PWR 00 Captain Drives: Porsche Join Date: Mar 2008 Location: Yonkers, NY Posts: 938 iTrader: (0)	BMW in on some serious crack as of lately. I have been a loyal BMW customer since 2001. I financed and leased through BMWFS on 4 different cars and never had a problem. This year I was turned down for financing, however they offered me the car as a lease, but wanted way more money down. One week later, I got approved for a brand new porsche truck (now my brothers) with the same sticker price as an M3. Four months later, Porsche also approved me on a brand new 911 C4S lease. __________________

10-18-2009, 08:26 PM	#3
vinnycg Captain Drives: 2005 Infiniti G35 Coupe Join Date: Dec 2007 Location: New York Posts: 704 iTrader: (1)	^^Wow thats really weird.. -Vin

10-24-2009, 10:09 AM	#7
ideliver Major Drives: 08 E60 M5 & 08 Infiniti QX56 Join Date: Feb 2008 Location: At the gas station Posts: 1,232 iTrader: (0) Garage List 2006 MB S430 SOLD [0.00] 2003 E46 M3 [0.00]	Credit is nuts right now... I have only student loans, M5 and QX56 (total $1800) and mortgage ($1200)....and mid six figures income...NEVER a missed payment on anything ever for 20 yrs....and got turned down for a $4000 loan by Yamaha to buy my kids some dirtbikes for christmas...they had a 6 months SAC...so i put on my amex instead... This was my first credit denial ever....and they guy that owns the Yamaha store is a new friend as I coach his kids... __________________ Cars I've owned '76 Chevelle 350 RIP '82 Monte Carlo 350 RIP '82 Mustang 302 RIP '88 Honda CRX RIP '88 Olds Toronado sold '94 Toyota Tercel sold '99 Acura TL sold 2002 Porsche 911 sold 2003 E46 M3 Blk/gr 2006 MB S430 sold Current: 2008 Infiniti QX56 & 2008 E60 M5

10-24-2009, 10:17 AM	#8
dimabimmer Lieutenant Colonel Drives: '11 E92 M3 ZCP 6MT Join Date: Apr 2009 Location: Brooklyn to SoHo NYC Posts: 1,617 iTrader: (0)	Wow...this is very interesting ... I have noticed, lately, BMWFS not approving their customer finance, even though those customers have good credit standing. Instead, BMWFS approving those customers to lease with a lot of money down,- $10k...or even $20k on a lease! I think they are just pushing to raise quick cash...This is not the end of the world... There are other financing institutions that will finance these M3 V8's! Not sure if I'm into Porsche lately. I am totaly sold on a GT Porsche, but can't afford that much of a car. What else $70k will buy me at a Porsche?

10-24-2009, 11:01 PM	#12
dimabimmer Lieutenant Colonel Drives: '11 E92 M3 ZCP 6MT Join Date: Apr 2009 Location: Brooklyn to SoHo NYC Posts: 1,617 iTrader: (0)	$70k for Porsche Cayman S, that is built in Finland? It's a fact,- Porsche has had Caymans built in Finland! ...nope! I wouldn't even get Finish Vodka let alone a car. I would much rather drink Russian Stolichnaya Vodka with Black Gold from Russia- Caviar and own an M3 V8. Not sure about rear passenger comfort in Cayman, but I doubt there is any leg room in back for lovely guests. In my 335i coupe (which is same roomy interior as M3), I had two long legged fashion models in back seats and they looked very comfortable, with lots of extra leg room. I think this is a very important option to consider when getting a car. My friend, riding with me and models in my 335i said,- "This car likes models". Why? I asked him... He replied,"Because they are light". I thought it was funny, but it's true.

10-26-2009, 02:48 AM	#15
SECRET M Engineer Drives: 2008 E92 M3 Join Date: Nov 2005 Location: Northern California Posts: 274 iTrader: (1)	not sure about how some say you'll get denied at one dealer and approved at another. a few other factors affect you: 1. you recently applied for a lease 4 months ago which means your credit was recently checked. 2. you missed a few payments on a major loan within the last 5 years, which is considered recent. 3. you're applying again... first thing i do before i go to another dealer would be to check my credit. my payments to BMWFS have been immaculate since i got my first M3 in 2005. my 2008 application to BMWFS was a breeze. took less than a few minutes for the approval to show up. no calls necessary. __________________ 2012 Range Rover Sport Autobiography :: Sumatra Black\|Tan.Ebony 2008 BMW ///M3 :: Space Gray\|Black

10-26-2009, 10:55 AM	#17
E394KEN M3//4KEN Drives: E46 M3 & E90 335i (Woosh!) Join Date: Jun 2005 Location: Ventura, CA Posts: 410 iTrader: (0)	I can tell you from experience that the dealership and its relationship with BMWFS has pull. If your an iffy loan the right person can ok it. I've been there done that. Credit was atrocious but still got approved. Sooo it CAN BE DONE.

10-27-2009, 11:58 AM	#20
kevinD Private Drives: 04 evo 8 Join Date: Jun 2008 Location: irving, TX Posts: 93 iTrader: (0)	tickets take 3 years, accidents 5. so i guess its about the same __________________ '07 335xi '10 tundra crewmax tow vehicle '03 evo 8 unlimited time attack car, 600whp, 2600lbs '08 evo X parts car (future time attack car)

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