BMW Approval

[schjones1978]

Quick Question!!

How long does it take for a BMW loan to be funded? Would they let you drive off the lot if they hadn't gotten an approval? You know, like 'spot' you the car? I "bought" a 5 series yesterday, but I'm worried I might have to bring it back. Any thoughts on the matter would be helpful. Thanks!

Details:

Dealer pulled all three files after telling me they would only pull EX.

BMW only pulled EX.

Atlanta, GA

EQ:615

TU:665 - Not sure about the Auto Score

EX:676- Auto Score 692 

2015 528i

Owner's Choice 4%

4500-DP

Payment under $500

[Anonymous]

I think you have solid financing.  BMW dealerships don't play some of the finance games that others do, if they have you qualified through BMW financial and you signed and drove away you are good. 

[Anonymous]

Also please take the time to post your qualification details in the Auto Loan Approvals thread above, it is a great place for folks to learn about what terms they can expect.

[guydiver]

If they let you drive it off, then chances are it's a done deal.  I have seen occasions where the deal didn't go through because the dealer really stretched the limits and the lender wouldn't sign off on it.  Worst thing that could happen is you have to take it back and you're in the clear.  These things usually happen rather quickly though, although some dealers will shotgun your app to every possible lender to get you approved.  They call a week later and want more $$ down etc., or jack up the interest rate.  You should still have the option to walk if the original terms are altered. What did they tell you when they sent you off with the car? 

[Anonymous]

Also if they quoted you x interest at x months and with x down and don't have some specific language on pending financing they have to do the deal as agreed.  Normally you wont have an issue with a captive finance arm.  On the first car I ever bought the dealer tried to tell me a week after I signed I needed to put more down to secure the financing so I said no problem when and where do I drop the car off, suddenly they no longer needed the down payment money.

[schjones1978]

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@Anonymous wrote:

Also please take the time to post your qualification details in the Auto Loan Approvals thread above, it is a great place for folks to learn about what terms they can expect.

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I'm still fairly new to the site. Is there a link you can provide, so I'm know where to put or a you saying add it to my post? Edit: Found it.

[schjones1978]

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@guydiver wrote:

If they let you drive it off, then chances are it's a done deal.  I have seen occasions where the deal didn't go through because the dealer really stretched the limits and the lender wouldn't sign off on it.  Worst thing that could happen is you have to take it back and you're in the clear.  These things usually happen rather quickly though, although some dealers will shotgun your app to every possible lender to get you approved.  They call a week later and want more $$ down etc., or jack up the interest rate.  You should still have the option to walk if the original terms are altered. What did they tell you when they sent you off with the car? 

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They didn't say much of anything. The only reason I got to thinking that I could possibly have to return it is, during the signing of the paper work, one document said something along the lines if they are unable to get financing then they have a right to ask me to retun the vehicle. I don't recall ever signing such a document. So, I started ruminating over it. I just assumed with a car like a BMW that would make sure it would be approved before having me off the lot. I even went back for some reassurance. Me: "You think I'll be okay." 

Sales Manager: "Yeah. Did he(Finance Manager) say something?"

Me: "No."

Sales Manager: *waves hand* "Oh, well then you are good."

[CreditCuriosity]

Ya you are good to go IMO as dealers such as BMW/Mercedes/Lexus or whatever are not going to let a high dollar car drive off the lot without them being pretty sure they can make it happen one way or another with the given terms you agreed..  Dealers have alot of power to press BMW finance in this case for favors as well if they do alot of volume through them etc.  You should be very good to go and  as others stated if for whatever reason they change the terms (doubtful) you just return it and enjoy your free rental for however many days

[guydiver]

OP was approved and has posted under the Auto Approvals thread.