01-11-2013 04:56 PM
Newbie here....been reading, very imformative stuff.
Quick question. After researching for a while I was pretty sure that BMW Financial (online) would pull my Equifax report as I live in Miami. My EQ (non auto enhanced) Fico is sitting at 713. My auto enhanced score is probabbly higher as I have several "never late, Paid in full auto loans over the last 11 years. I decided to apply today so I could line up an approval before going to the dealership. I got a "declined" response from BMW about a 1/2 hour after applying. Turns out they pulled my Experian report which is over a hundred points less than my EQ.
My question is, are my hopes of leasing through BMW financial services over or can I still go to the dealer and say "hey I was denied by BMW Financial as they pulled ExperianI which is my worst, can I resubmit using Equifax?" Is that possible or am I doomed by that Experian pull? Wouldn't BMW see my first denial and kick me to the curb?
01-12-2013 09:14 AM
if you have no baddie. or clean CA. i guess you have to go to dealer.
i was approved at BMW delaer 8.4 with EQ 620+ , TU 650+ Ex 610+. with 2 CO and 2 medical CA
Thanks Trish.....I know I would have been approved if BMW had pulled Equifax but they threw me a curve ball and pulled Experian. So does anyone know know if I go to the dealer can they submit my Equifax credit report to BMW Financial Services for approval or because BMW FS already has my social and EX report in their system would that now red flag the Equifax report and would be an automatic denial? Thanks
01-12-2013 09:35 AM
01-13-2013 09:24 AM
01-13-2013 03:55 PM
I would go to the dealer. Going to the dealer is the same as calling for a reconsideration on a credit card that was instantly denied by the computer. After lease approval through Acura, the dealer revealed to me that Acura is one of the hardest luxury dealerships to get approval through behind Jaguar but he said BMW Financial will approve almost anyone so I think the computer tripped you and if you go up to the dealer, they will call and discuss your file with a rep over the phone and you will probably get approved. Human interaction is always better than computer interaction. You could also just call a finance rep at the dealer and work it all over the phone. I worked my Acura lease approval over the phone and once approved, the dealership came to my house and picked me up in a courtesy vehicle since my car broke down and had to be towed early that day. Good Luck!
Thanks MovingForward_2012 I am going to stop by the dealer to see what options are still on the table and will post my findings. Thanks for your help.
01-16-2013 01:05 PM
I applied for a BMW car loan and the guy told me as long as I pay off all my C/O accounts and or collections they would have an easy chance of approving me. I had a Credit score of about 530 he told me 600+ with no outstanding debts owed ( c/o or opencollections) he said would give you good apr. I paid off my collections and C/O and went to a honda dealer instead with a credit score of 540 and I got approved for a brand new 2012 civic SI with all the goodies and an apr of 4.9%. make sure you have a low uti. youll have no problem my next car after I pay this one off next year will be a BMW. Happy car buying took me a good month to decide what i want and for what i want to pay. Other dealers tried to tell me 17% is the lowest they can go but dont believe their BS. they can go lower. trust me i walked a couple times then got many many phone calls a day later.
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