Bmw Denied My Application - Page 2

Leozap · 07-20-2010, 09:20 PM

I am sure you will get approved if you have $20K+ down since you and your aunt never had any history with BMWFS or any high car loans. My credit score was 720 and I was on the same situation but I put a lot down so they approved me without any cosigner.

Dice13 · 07-20-2010, 09:26 PM

I am approved read above. Just not at MF I was looking for and cap cost down. If you been reading I had a 135 i for the last 2 years sir,lol.

That Nice Guy Beck! · 07-20-2010, 10:40 PM

they let me lease a 335 and a new m3 but said no to the bmw s1000rr superbike, lol, so i paid cash for it

SlamMan · 07-21-2010, 01:22 AM

Quote:

Originally Posted by Dice13

BTW if I am overreaching I guess I could just not go on 1 of my 3, 7 to 10 k gambling vacations

Thanks for any input friend.

Over the life of the lease, what's the difference in cost between the deal you want and the deal BMW is offering? It can't be anywhere near the 30K a year your blowing on vacations so what's the big deal?

enigma01 · 07-21-2010, 03:54 AM

Quote:

Originally Posted by Dice13

I bet If I went for a coupe it be alot cheaper but there is nothing like a drop top.

BTW anyone wanna become partners on a new BMW M 3 all you need to do is co sign

Not true. The convertible has a much higher residual than the coupe, which in some cases, more than makes up for the higher cap cost.

On the subject of co-signing, my friends and family know I love'em to death, but I'll never co-sign for their loans. I'd rather just give them the cash they need as a gift. Why? (1) I want to make sure they aren't getting anything they can't afford, and (2) should bankruptcy become an option for them, I want them to do so without a series of chain reactions.

Prowess Symphony · 07-21-2010, 06:29 AM

I got financed with good credit, no job info and a few k down on my 335. The only thing I had on my credit were a few past cars that I paid off. I assume that was good enough for bmw.

Im going to attempt to do the same thing tomorrow on a leased m3. Good credit, no proof of income, and a 2 1/2 year history with bmw on my 335.

335rocket · 07-21-2010, 01:14 PM

this doesnt make sense? Why would they ask for a co signer coming from a previous BMW?!?

ChrisK · 07-21-2010, 01:21 PM

I finished my financing last night with BMWFS, it took 10 minutes. They didn't require a penny down.

...of course I also have a LONG history with BMWFS.

Dice13 · 07-21-2010, 02:13 PM

Quote:

Originally Posted by 335rocket

this doesnt make sense? Why would they ask for a co signer coming from a previous BMW?!?

Yes I came from a BMW,my dealer told me to get one with a good credit score to get the best rate. So that's what I did but it did not work out. They will give me the car under my name as long as I put Cap cost of $1200,plus as the dealer said they want max MSD.they want to five me a. 00245 rate, compared to.00180.

Dice13 · 07-21-2010, 02:18 PM

Quote:

Originally Posted by ChrisK

I finished my financing last night with BMWFS, it took 10 minutes. They didn't require a penny down.

...of course I also have a LONG history with BMWFS.

Is it so that the dealer must apply for the loan from BMW,Or can you do it yourself though BMWFS.

FStop7 · 07-21-2010, 03:01 PM

Quote:

Originally Posted by Dice13

I am so fing pissed and needed to vent. I knew I was gonna need a Co signer, so I ask my aunt that's been at same job for twenty years. She has 740 score or so and makes over 80 plus k a year. I was told something like she has not had high credit or high auto loans WTF. IF SHE makes 80 k and no outstanding debt what gives. The last BMW I GOT I put in under my company and listed me and had a Co signer . If she was responsible by Co signing wtf is vthe deal. I was putting MSD 7. THEY WANT to give it to me under my name now with no Co signer, but at .00245 with msd. Now that messed me all up. The wanted pay stub that she worked for my company which . If I put it under my name and not company should aunt be any problem weather she had car loans or not or if she never had 50 K LOANS out. I appreciate any help on getting me into my dream car at a fairer price and better rate. Sry for my rambling but was sooooo close dealer was given deposit as this was a go knowing I was not changing my mind, Thanks Vic

There is a lot more to getting approved than score and income. If this is a substantially higher priced car than either of you have previously leased or financed then that's a red flag. Right now lenders are being extremely conservative with consumer financing, leases, etc.

outie · 07-21-2010, 04:55 PM

If they required you to put down 7 MSDs to get 0.00245, it means they are actually charging you 0.00294 before the MSDs, which translates to 7% interest rate.

The 0.00180 rate one could get is before MSDs, and after 7 MSDs it is possible to go down to 0.00131.

Now back to your aunt situation. It is what it is. They have looked at her credit and said she does not qualify. They are required to disclose your aunt's credit score if they ran her credit, so check it out. It is probably not as high as you think it is, and her lack of credit history does not make things better. This is America, having no debt and no credit history does not make you a potential good borrower, unfortunately.

sourcerbmw · 07-21-2010, 04:57 PM

Quote:

Originally Posted by Dice13

Well that explains it well.,thanks. I was under the impression I would get approved with no problem with a co signer with a 700 credit score as the salesperson told me. I was not told all that high credit needed and revolving credit.

Any way I paid on time over 2 years on my 135 i which was high, I got it the 1st year it came out. Well BMW will give me my M3 as long as I put max MSDs down at a MF of .00245.I really wanted the .00180 and lower with MSDs and thought thats what the co signer was for good credit and good rate. .00180 IS a big difference from .00245

Well here's my deal

OLD deal M3, Vert, DCT, TECH, PREMIUM PKG, 19 inch wheels. .00180

$864 NO Tire pkg - $898 with tire pkg -

With Max MSDs $797 no tire pkg - $831 with tire pkg

New Deal -Cap Cost $1,200 (thrilled)

.00245
Max MSDs is a must

to do deal
$843 no tire pkg- $878 with tire pkg The way to look at it is they are giving me a 80 k car on my own and I belive its costing me $46 bucks more. I am not happy about the $1200 cap cost, bringing it to $79 bucks more a month if spread over 3 years . I just hate Cap Cost. I just figured I give you guys that are always there to help,lend a hand or offer you great oppinions a heads up. I am glad to be here and Thanks fellas. Sry for any snippyness I hate when things don't go smooth. I bet If I went for a coupe it be alot cheaper but there is nothing like a drop top.

BTW anyone wanna become partners on a new BMW M 3 all you need to do is co sign

Hey Dice, is 843 with taxes rolled in how much are you paying up front?

Dice13 · 07-21-2010, 05:10 PM

Quote:

Originally Posted by outie

If they required you to put down 7 MSDs to get 0.00245, it means they are actually charging you 0.00294 before the MSDs, which translates to 7% interest rate.

The 0.00180 rate one could get is before MSDs, and after 7 MSDs it is possible to go down to 0.00131.

Now back to your aunt situation. It is what it is. They have looked at her credit and said she does not qualify. They are required to disclose your aunt's credit score if they ran her credit, so check it out. It is probably not as high as you think it is, and her lack of credit history does not make things better. This is America, having no debt and no credit history does not make you a potential good borrower, unfortunately.

No sir I wanted the .00180 but thats not gonna happen ,cause I was gonna put down MSDs anyway to go down too .00131.That would have been a score but oh well

.

They gave me .00245 and it goes down to as the dealer said hope he is being truthful and not marking up MF .00191 a little higher then the .00180 without MSDs. This is the deal I am gonna take I belive, I was approved under just my name. It will build me up for everything including BMW and future car loans.

Dice13 · 07-21-2010, 05:14 PM

Quote:

Originally Posted by sourcerbmw

Hey Dice, is 843 with taxes rolled in how much are you paying up front?

$843 NO TIRE PKG- $878 WITH TIRE PKG

CAP Cost (not happy) $1,200 but it is what it is. AND MSD are a must, at 00245 it would be not even worth it for a M3. So much for my .00131 if I wanted to put MSDs 6k.

Is it so only dealer can put in for the BMW credit.

Dice13 · 07-21-2010, 07:08 PM

Quote:

Originally Posted by stingray23

whats the tire pkge again? and how much?

The tire pkg is insurance on rims and tires. If you hit a pothole or damage rims or tire in any way you are covered. If I remember right glass is covered also.The claims are unlimited. The dealers if I am right use different insurance companys,but will range between $1000 to 1200.

Dice13 · 07-22-2010, 08:39 AM

Quote:

Originally Posted by stingray23

oh yeah! my brother and cousin have had this on their previous and current BMW's. Its VERY useful. They both went through a lot of tires and no expense. i will definitely be getting the tire pkge.

I am glad I put that in your mind. I went through 5 RFTs on my 135i vert at $500 a tire the 1st 2 cost me ,then I found them a little cheaper. I know I never went through 5 tires in 2 years before, that sure hurt. But it won't happen again.

ChrisK · 07-22-2010, 09:02 AM

Quote:

Originally Posted by Dice13

Is it so that the dealer must apply for the loan from BMW,Or can you do it yourself though BMWFS.

I always fill the form out at the dealer. They must submit it to BMWFS.

ChrisK · 07-22-2010, 09:04 AM

Quote:

Originally Posted by Dice13

The tire pkg is insurance on rims and tires. If you hit a pothole or damage rims or tire in any way you are covered. If I remember right glass is covered also.The claims are unlimited. The dealers if I am right use different insurance companys,but will range between $1000 to 1200.

(Tires/Wheels/Dings/Dent/Glass Chips) package at my dealership was $250/year

It's a steal!

Dice13 · 07-22-2010, 09:53 AM

Quote:

Originally Posted by ChrisK

(Tires/Wheels/Dings/Dent/Glass Chips) package at my dealership was $250/year

It's a steal!

$250 a year, wow. Mine wants almost $1200 for 3years.I wonder if you can get a package without the dealer. U am nit sure how you got it for $250 a year.

Dice13 · 07-22-2010, 09:56 AM

C

Quote:

Originally Posted by ChrisK

I always fill the form out at the dealer. They must submit it to BMWFS.

I thought the dealer had to do it.

Dice13 · 07-22-2010, 09:59 AM

Quote:

Originally Posted by stingray23

oh yeah! my brother and cousin have had this on their previous and current BMW's. Its VERY useful. They both went through a lot of tires and no expense. i will definitely be getting the tire pkge.

Let us know how much dealer wants to charge you for 3 years. Also see if glass is included.

07-20-2010, 09:20 PM	#23
Leozap Captain Drives: AW E90 M3 Join Date: Oct 2009 Location: NY Posts: 938 iTrader: (5)	I am sure you will get approved if you have $20K+ down since you and your aunt never had any history with BMWFS or any high car loans. My credit score was 720 and I was on the same situation but I put a lot down so they approved me without any cosigner. __________________ 08 M3 Sedan 6mt, loaded Old: 04 M3 SMG

07-21-2010, 06:29 AM	#28
Prowess Symphony Major General Drives: None Join Date: Nov 2008 Location: WV Posts: 5,215 iTrader: (10) Garage List 2011 BMW e93 M3 -sold [0.00] 2009 BMW 335 -sold [0.00] 2013 BMW e92 M3 [0.00]	I got financed with good credit, no job info and a few k down on my 335. The only thing I had on my credit were a few past cars that I paid off. I assume that was good enough for bmw. Im going to attempt to do the same thing tomorrow on a leased m3. Good credit, no proof of income, and a 2 1/2 year history with bmw on my 335. __________________ 2013 e92 M3 ordered. Euro pick up on June 15th. B ///M W ---> Click For xi/xDrive Suspension Compatibility List <---

07-21-2010, 01:14 PM	#29
335rocket Captain Drives: 2013 F30 328i sport Join Date: Sep 2007 Location: Westchester, NY Posts: 860 iTrader: (0)	this doesnt make sense? Why would they ask for a co signer coming from a previous BMW?!? __________________ 2013 F30 328i Mineral Grey/Everest Grey leather/sport line/6 MT/premium package/lighting package/navi/heated seats

07-21-2010, 01:21 PM	#30
ChrisK Brigadier General Drives: 2011 E92 M3 Join Date: Jun 2007 Location: IL Posts: 4,679 iTrader: (4)	I finished my financing last night with BMWFS, it took 10 minutes. They didn't require a penny down. ...of course I also have a LONG history with BMWFS. __________________ 2011 E92 M3: AW/BLK • DCT Europäische Lieferung am 6. August 2010

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07-20-2010, 09:26 PM	#24
Dice13 Lieutenant Drives: 2011.5 AW E93 M3 Join Date: Jul 2010 Location: New Jersey Posts: 524 iTrader: (0)	I am approved read above. Just not at MF I was looking for and cap cost down. If you been reading I had a 135 i for the last 2 years sir,lol.

07-20-2010, 10:40 PM	#25
That Nice Guy Beck! Captain Drives: 2011 alpine white m3 vert Join Date: May 2010 Location: NYC/CHICAGO Posts: 914 iTrader: (0)	they let me lease a 335 and a new m3 but said no to the bmw s1000rr superbike, lol, so i paid cash for it

07-21-2010, 04:55 PM	#34
outie Lieutenant Drives: 2011 M3 ZCP Join Date: Feb 2009 Location: CA Posts: 487 iTrader: (0)	If they required you to put down 7 MSDs to get 0.00245, it means they are actually charging you 0.00294 before the MSDs, which translates to 7% interest rate. The 0.00180 rate one could get is before MSDs, and after 7 MSDs it is possible to go down to 0.00131. Now back to your aunt situation. It is what it is. They have looked at her credit and said she does not qualify. They are required to disclose your aunt's credit score if they ran her credit, so check it out. It is probably not as high as you think it is, and her lack of credit history does not make things better. This is America, having no debt and no credit history does not make you a potential good borrower, unfortunately.