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      07-16-2010, 05:46 PM   #1
trendy26
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BMW Finance wants 10% down, and will not budge. Is this normal?

Ok, so have everything ready to go on my order, and now BMW puts another halt in the process. They want 10% down on a 60 month Select Loan. Now of course, I have covered all of the basics:

760 credit score across all three bureaus
low debt to income ratio
6 figure income

What gives? It's not an issue, as the 10% equates to only $6,500 down, but still. I really only wanted to do $3K down due to my own personal preference of not wanting to put down a good amount on a car, due to the chance of it being gone, in the case that something happens.

Is this pretty standard of BMW Finance to request the 10% as the minimum down?

Any insight will be greatly appreciated.

Thanks
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      07-16-2010, 06:07 PM   #2
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You're putting less than 10% down on a loan? I would think you would want to put much more than 10% down on a loan. Otherwise aren't you going to be way upside down on the vehicle? I think whoever advised a low downpayment on a loan is mistaken. A lease is another story, but we're talking loan right?
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      07-16-2010, 06:27 PM   #3
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dude whats the biggie its 3500 more....

just do it
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      07-16-2010, 08:37 PM   #4
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If it's your first luxury vehicle purchase/lease..yeah....I think it's quite normal....

It won't happen again once you establish a good relationship with BMWFS
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      07-16-2010, 09:11 PM   #5
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For a loan, should put as much down as you can.

For a lease, you're right, the more you put down, the more you'll lose if the car gets totaled early on. (However, you can still put down and save some money by putting down the maximum amount of security deposits. You'd get that money back if the car was totaled.)
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      07-16-2010, 09:16 PM   #6
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Not sure of your financial situation; however, if you qualify for the 0.9%/24 months, might as well just finance the whole car and use the extra cash to yield a better return. This is assuming you have the cash to pay for the car outright.

$3,500 isn't too much more
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      07-16-2010, 09:19 PM   #7
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Damn, Thats all you guys are putting down?!(Im not judging) For some reason I thought people would put more down on an M3.
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      07-16-2010, 09:57 PM   #8
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you shouldn't have to put anything down, especially at 0.9% financing, it doesn't make sense to put a dime down, they should be able to roll everything into the payment
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      07-16-2010, 10:50 PM   #9
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Quote:
Originally Posted by mrkbbd View Post
at 0.9% financing, it doesn't make sense to put a dime down,
But if you have no history with BMWFS they may want something. BMWFS is more selective now than ever before. Put as little as possible down but don't let this stop you.
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      07-17-2010, 09:52 AM   #10
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You guys bring up valid point with it not being that much down, but with the interest rate being sooo damn low, the payment is right where I want to be with very little down... Understandable though with me not having a history with BMWFS. May have to just bite the bullet on this one... (Although it's not too big of a bullet!) lol
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      07-17-2010, 09:56 AM   #11
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You're doing a select loan with 10% down? Your payments will be LOW

MD doesn't offer select but I could have used it in VA. With the current interest rates I would have probably have done it.
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      07-17-2010, 11:07 AM   #12
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I put zero down on the 0.9% and had no previous dealings with BMW Financial.

Seems odd they want 10% down with your credit score/income...
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      07-17-2010, 01:56 PM   #13
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Just remember that cars are the worst investment on the planet. Keep you money earning.
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      07-17-2010, 03:10 PM   #14
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is that BMW finance or the finance person at the dealer telling you this? BMW finance can't dictate how much down. WHen people put high downpayment, stealer can make money. It is called "cash on the table".
Best advice, choose another stealer. maybe that will give them a wake up call.
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      07-17-2010, 04:24 PM   #15
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This thread is all about having no previous history with BMW FS.

If you did, this thread wouldn't exist.

They don't know who you are and as good as your credentials might be, to them you're still a first time customer with some risk.
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      07-17-2010, 04:24 PM   #16
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Yeah, I mean I don't really get it. The dealer told me that BMW wants 10% due to me not buying a car of this price in the past. My current car: '08 Infiniti G37S has the SAME exact payment that the M3 will be. Obviously proved I can handle the payment with ease.... Just prefer to not tie up cash in a car. I offered 5% down, and they're still giving me a hard time....
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      07-17-2010, 04:25 PM   #17
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Quote:
Originally Posted by kaykay View Post
This thread is all about having no previous history with BMW FS.

If you did, this thread wouldn't exist.

They don't know who you are and as good as your credentials might be, to them you're still a first time customer with some risk.
Very well put!
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      07-17-2010, 09:38 PM   #18
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Quote:
Originally Posted by trendy26 View Post
Yeah, I mean I don't really get it. The dealer told me that BMW wants 10% due to me not buying a car of this price in the past. My current car: '08 Infiniti G37S has the SAME exact payment that the M3 will be. Obviously proved I can handle the payment with ease.... Just prefer to not tie up cash in a car. I offered 5% down, and they're still giving me a hard time....
Time to switch dealers, there are so many in FLA anyways...and specifically tell them why
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      07-17-2010, 10:15 PM   #19
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Damn 3G down? I put 50% down lol
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      07-18-2010, 03:33 AM   #20
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Damn 3G down? I put 50% down lol
LOL.... Goin to Vegas a couple times this year. As you can imagine, need to conserve as much cash as I can.... No telling how much is gonna be blown out there!

On a more serious note, just prefer to borrow more $$$$ at 1.9%, cuz I could earn more than that by investing my money.... At the end of the day, just confused as to why BMW is so strict, and if this was a norm for them to ask....
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      07-18-2010, 09:58 PM   #21
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The last 2 vehicles I bought I put Zero down..Why tie up money in a depreciating commodity?? Your payments are higher but you still have the cash in the bank!!
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      07-18-2010, 11:35 PM   #22
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Quote:
Originally Posted by kaykay View Post
This thread is all about having no previous history with BMW FS.

If you did, this thread wouldn't exist.

They don't know who you are and as good as your credentials might be, to them you're still a first time customer with some risk.
Well, his credit dictates who he is. Everyone is a risk. Today you are on top of the world, the next thing you are struggling.
When I used to sell cars, i've had a client with good FICO scores but couldn't get a loan because they owed a lot. THen again, I've had a client who had 495 FICO, got him financed at 5.9%. It is the history of car loans and how well that person handled it.
IMO OP, you ought to try a different dealer. LIke I always say, if it doesn't feel good, then walk away. Listen to your gut feeling.
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