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      10-29-2010, 10:14 AM   #1
cavasoti
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Question Visa?!!

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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      10-29-2010, 10:23 AM   #2
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Quote:
Originally Posted by cavasoti View Post
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.
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
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Last edited by e46e92love; 10-29-2010 at 10:29 AM.
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      10-29-2010, 10:29 AM   #3
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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.

Cheers,
e46e92
I understand. but Why I was never asked about that before on other 3 cars I financed? Should I try a shorted term lease?
Thanks for the input
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      10-29-2010, 02:14 PM   #4
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have someone else sign the lease for you. don't do a short term lease. those are the absolute worst deals.
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      10-29-2010, 04:31 PM   #5
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I understand. but Why I was never asked about that before on other 3 cars I financed? Should I try a shorted term lease?
Thanks for the input
Because unfortunately, most dealers, their CA's and even their finance guys only know the basics and anything outside that they have no clue about many times. You are not the typical buyer, perhaps something they themselves have not run into, and thus didn't know the issues surrounding your Visa status.

Two year lease would be a bit expensive, but it seems you have the bug to own one of these cars.....another option (not necessarily one you want) would be to buy one used, so the price is lower, so you can afford to pay it off in less time then 5 years so you can get approved for the loan.

Cheers,
e46e92
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      10-29-2010, 08:50 PM   #6
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Thanks for the input guys, but asking for someone else sign the lease is kinda crazy. I wouldnt sign anyones $74K leasing, so I wont expect anyone to sign mine. Dont you think?
Does the lease only goes through BMW bank? I could try with another bank if there is an option for that...
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      11-01-2010, 08:16 AM   #7
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I have a 5 year VISA so they do offer them to Aliens. On another note. I have financed 3 BMW's in the USA. 2 through BMW Financial and one was B.O.A. through the dealer. I have been in the USA since 2005 and have purchased 10 cars in 5 years (9 were financed through the dealers) and have never been asked my VISA status. As long as you have proof of income, a SSN and decent credit you shouldnt need anything else. Biggest problem we foreigners have is showing credit history. So if they look at your history and it only shows the past couple of years thats a risk to them. As an example, my first car loan in the US was a Cadillac through GMAC. I bought an XLR approx $70k. I had to put 55% down and my APR was 12%, crazy but I had no choice at this time. Now 5 years on my two most recent purchases was my M3 where i got the 1.9%, and 0% on my 2011 Escalade. Its frustrating at first.
Go to your own bank and have them finance the car for you. Negative is you wont get BMW (or any other Manufacturers) low rates, only bank rate.

My advise is try a different dealer..

Last edited by A1 RDL; 11-01-2010 at 08:22 AM.
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      11-01-2010, 11:13 AM   #8
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Quote:
Originally Posted by A1 RDL View Post
I have a 5 year VISA so they do offer them to Aliens. On another note. I have financed 3 BMW's in the USA. 2 through BMW Financial and one was B.O.A. through the dealer. I have been in the USA since 2005 and have purchased 10 cars in 5 years (9 were financed through the dealers) and have never been asked my VISA status. As long as you have proof of income, a SSN and decent credit you shouldnt need anything else. Biggest problem we foreigners have is showing credit history. So if they look at your history and it only shows the past couple of years thats a risk to them. As an example, my first car loan in the US was a Cadillac through GMAC. I bought an XLR approx $70k. I had to put 55% down and my APR was 12%, crazy but I had no choice at this time. Now 5 years on my two most recent purchases was my M3 where i got the 1.9%, and 0% on my 2011 Escalade. Its frustrating at first.
Go to your own bank and have them finance the car for you. Negative is you wont get BMW (or any other Manufacturers) low rates, only bank rate.

My advise is try a different dealer..
Thanks man!
My Visa was good for 4 years and will expire in 2, I will try to get it renewed next year through my job and see if it helps. They never asked me for my Visa on the past 3 cars I financed, and I never had to put that much down and always had good rates. ive been in the states since 2004 and my credit is ok..
this is the second dealer I go to, and the bank says the same thing. this time though, they didnt even asked for proof of income, just a visa that is valid for the term of the loan, or us passport/residency/green card.
I am getting pissed off about this whole situation, so I might just forget about it, and try again next year if I renew my visa.. I will check on the bank, problem is that a regular finance on a 74k car will go over $1200/month..
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      11-01-2010, 11:59 AM   #9
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just got a call from the dealer and they are trying to work something out with the bank.. i emailed my visa to him and he said he is making progress and he will have an answer by tomorrow. hopefully a positive one!
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      11-01-2010, 02:22 PM   #10
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If you purchased your car a few years ago before everything went to shit, it was much easier to finance a vehicle. Don't take it personal, it's just the way banks are doing things not your finance guy.
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