BMW financial?

[awp317]

       So whats the scoop with them lately? Just applied yesterday with an out of state dealer (that I have purchased from before). What score are they going to use? they pulled all three. My TU is by far my strongest since it has the least inquries. All 750s, But highest auto enhanced score by over 30 points according to the MYFICO site is my TU 8 auto. Dealer called me today said he needed to call in and work with them on an approval so I guess I wasn't approved at first. I have had two previous leases through them never late all fully satisfied. Have almost 10 years of car loan history, however longest car loan or lease is about 19 months since I trade vehicles often.  No baddies other than an 18 month old 30 day late on a card, which frustrates me to no end, a card with 78 bucks on it did that much damage, but living with it. Hasn't come up on any car I have bought in the last year, hopefully not an issue today. Im at about 30-32% DTI including house, new car, other cars and reporting CC's, just varies depending on what the CCs report that month. 

  Biggest hold up I'm sure is It will be my highest payment on a car by far however so I'm sure that going to take some convincing. Told him I could put more down or pay off another car loan and he said DTI wasn't an issue. Quoted payment is 2280 a month for 48 months. 65k down. 25,668 negative equity, 13k sales tax, First months payment, 995 fee and the rest down on the new lease as a capitalized cost reduction. Highest car payment prior to was/is 1574 a month (trade in) So Who knows. I really want the car but there are worse things than getting denied for a luxury car when people are trying to get a car loan for basic transportation. But just curious if theres any scuttle butt on them. I know my stock projection looks fantastic right now as does my company future profits in this new economy. So hopefully BMWFS is also having positive outlooks is a bit more relaxed and lets me splurge a little. Any speculation is appreciated. 

[DeeBee78]

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@awp317 wrote:

       So whats the scoop with them lately? Just applied yesterday with an out of state dealer (that I have purchased from before). What score are they going to use? they pulled all three. My TU is by far my strongest since it has the least inquries. All 750s, But highest auto enhanced score by over 30 points according to the MYFICO site is my TU 8 auto. Dealer called me today said he needed to call in and work with them on an approval so I guess I wasn't approved at first. I have had two previous leases through them never late all fully satisfied. Have almost 10 years of car loan history, however longest car loan or lease is about 19 months since I trade vehicles often.  No baddies other than an 18 month old 30 day late on a card, which frustrates me to no end, a card with 78 bucks on it did that much damage, but living with it. Hasn't come up on any car I have bought in the last year, hopefully not an issue today. Im at about 30-32% DTI including house, new car, other cars and reporting CC's, just varies depending on what the CCs report that month. 

  Biggest hold up I'm sure is It will be my highest payment on a car by far however so I'm sure that going to take some convincing. Told him I could put more down or pay off another car loan and he said DTI wasn't an issue. Quoted payment is 2280 a month for 48 months. 65k down. 25,668 negative equity, 13k sales tax, First months payment, 995 fee and the rest down on the new lease as a capitalized cost reduction. Highest car payment prior to was/is 1574 a month (trade in) So Who knows. I really want the car but there are worse things than getting denied for a luxury car when people are trying to get a car loan for basic transportation. But just curious if theres any scuttle butt on them. I know my stock projection looks fantastic right now as does my company future profits in this new economy. So hopefully BMWFS is also having positive outlooks is a bit more relaxed and lets me splurge a little. Any speculation is appreciated. 

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All that negative equity from trading in vehicles is catching up with you. Why not take that down payment and pay off your current vehicle, which according to you is less than two years old? 

And this is only a lease? You're crazy if you're putting that much down on a leased vehicle. 

[awp317]

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@DeeBee78 wrote:

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@awp317 wrote:

       So whats the scoop with them lately? Just applied yesterday with an out of state dealer (that I have purchased from before). What score are they going to use? they pulled all three. My TU is by far my strongest since it has the least inquries. All 750s, But highest auto enhanced score by over 30 points according to the MYFICO site is my TU 8 auto. Dealer called me today said he needed to call in and work with them on an approval so I guess I wasn't approved at first. I have had two previous leases through them never late all fully satisfied. Have almost 10 years of car loan history, however longest car loan or lease is about 19 months since I trade vehicles often.  No baddies other than an 18 month old 30 day late on a card, which frustrates me to no end, a card with 78 bucks on it did that much damage, but living with it. Hasn't come up on any car I have bought in the last year, hopefully not an issue today. Im at about 30-32% DTI including house, new car, other cars and reporting CC's, just varies depending on what the CCs report that month. 

  Biggest hold up I'm sure is It will be my highest payment on a car by far however so I'm sure that going to take some convincing. Told him I could put more down or pay off another car loan and he said DTI wasn't an issue. Quoted payment is 2280 a month for 48 months. 65k down. 25,668 negative equity, 13k sales tax, First months payment, 995 fee and the rest down on the new lease as a capitalized cost reduction. Highest car payment prior to was/is 1574 a month (trade in) So Who knows. I really want the car but there are worse things than getting denied for a luxury car when people are trying to get a car loan for basic transportation. But just curious if theres any scuttle butt on them. I know my stock projection looks fantastic right now as does my company future profits in this new economy. So hopefully BMWFS is also having positive outlooks is a bit more relaxed and lets me splurge a little. Any speculation is appreciated. 

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All that negative equity from trading in vehicles is catching up with you. Why not take that down payment and pay off your current vehicle, which according to you is less than two years old? 

And this is only a lease? You're crazy if you're putting that much down on a leased vehicle. 

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Dont know how it could be catching up with me, I always paid off negitive equitty in the deal before moving to the new one, like stated above. But yes its a lease, vehicle being traded is a lease as well, far better for me tax wise to lease than buy. Down payment is all but required, Its the minimum I can put down to get the specail. They are asking for 25k down not including TTL which comes out to about 38k total down before gettting to negittive equity so around 60k is whats needed to be put down to make the deal work, But where I am with the bank currently it sounds like I might not be ready for a vehicle of this caliber yet. Which im content with. Thanks! 

[awp317]

Update after income and asset varifiaction,  approved tier 1 "super elite" , 40k down vs 60k after getting a little more for my trade and another 10k discounted off the new car. Dont even feel like its real yet, partly because vehicle wont be delivered for a couple weeks, and partly becuase I cant believe the deal worked. 

[Anonymous]

Congrats, I just got my M2 after a year of waiting so I know that weird anxiety that comes with waiting for the car to arrive and complete the deal.  

[Anonymous]

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@awp317 wrote:

Update after income and asset varifiaction,  approved tier 1 "super elite" , 40k down vs 60k after getting a little more for my trade and another 10k discounted off the new car. Dont even feel like its real yet, partly because vehicle wont be delivered for a couple weeks, and partly becuase I cant believe the deal worked. 

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Congrats!! Enjoy it.

[MauiMan85297]

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@awp317 wrote:

Update after income and asset varifiaction,  approved tier 1 "super elite" , 40k down vs 60k after getting a little more for my trade and another 10k discounted off the new car. Dont even feel like its real yet, partly because vehicle wont be delivered for a couple weeks, and partly becuase I cant believe the deal worked. 

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You must be well over you alotted miles to be 25k in the hole and 40k down on a lease you never see back and you're being taxed on your cap reduction.  Enjoy your .....

I'm guessing with a 2200 payment a 760, X6 or M3

[awp317]

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@gsully00 wrote:

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@awp317 wrote:

Update after income and asset verification,  approved tier 1 "super elite" , 40k down vs 60k after getting a little more for my trade and another 10k discounted off the new car. Don't even feel like its real yet, partly because vehicle wont be delivered for a couple weeks, and partly because I cant believe the deal worked. 

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You must be well over you alotted miles to be 25k in the hole and 40k down on a lease you never see back and you're being taxed on your cap reduction.  Enjoy your .....

I'm guessing with a 2200 payment a 760, X6 or M3

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Was at 4400 miles of my allotted 20k, Traded my Bentley continental GT that I bought new last April for a brand new Rolls Royce Wraith. No reason other than I like trading a lot, thankfully im in a position to do that. Payment went from 1574 a month on the GT to 2688 a month for the Wraith, as I ended up going for a higher spec Wraith, my 40k down payment covered negitive equitty (was given 140k for my car, buy out was 163k) 13,500 in taxes, first months payment, and 3000 refundable securitty deposit and various small fees from the dealer, not much really down on the new car which im ok with, got 40k off the rolls from the dealer and a 20k credit from BMW financial for using them which they applied to the capilized cost reduction. My loan documents say RR financial, but its technically underwritten by BMW financial since BMW owns Rolls Royce. Same thing with my BCGT loan, documents said Bentley financial but I wrote the payments to Porsche Leasing Ltd. For comparision I had a bmw 760LI lease that was 1049 a month back in 2013. Just the curse of being a car guy. Everybody has their priorites, I would much rather spend money on cars than travel. But someone else may just see a car as an appliance, and thats fine. Different strokes for different folks. 

[MauiMan85297]

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@awp317 wrote:

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@gsully00 wrote:

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@awp317 wrote:

Update after income and asset verification,  approved tier 1 "super elite" , 40k down vs 60k after getting a little more for my trade and another 10k discounted off the new car. Don't even feel like its real yet, partly because vehicle wont be delivered for a couple weeks, and partly because I cant believe the deal worked. 

---

You must be well over you alotted miles to be 25k in the hole and 40k down on a lease you never see back and you're being taxed on your cap reduction.  Enjoy your .....

I'm guessing with a 2200 payment a 760, X6 or M3

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Was at 4400 miles of my allotted 20k, Traded my Bentley continental GT that I bought new last April for a brand new Rolls Royce Wraith. No reason other than I like trading a lot, thankfully im in a position to do that. Payment went from 1574 a month on the GT to 2688 a month for the Wraith, as I ended up going for a higher spec Wraith, my 40k down payment covered negitive equitty (was given 140k for my car, buy out was 163k) 13,500 in taxes, first months payment, and 3000 refundable securitty deposit and various small fees from the dealer, not much really down on the new car which im ok with, got 40k off the rolls from the dealer and a 20k credit from BMW financial for using them which they applied to the capilized cost reduction. My loan documents say RR financial, but its technically underwritten by BMW financial since BMW owns Rolls Royce. Same thing with my BCGT loan, documents said Bentley financial but I wrote the payments to Porsche Leasing Ltd. For comparision I had a bmw 760LI lease that was 1049 a month back in 2013. Just the curse of being a car guy. Everybody has their priorites, I would much rather spend money on cars than travel. But someone else may just see a car as an appliance, and thats fine. Different strokes for different folks. 

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I used to work for BMW many years ago and would always lease different cars 2 years at a time.  I get what you say about loving cars as I get bored with a car afer a year or so, so it's a great idea to do 2 year leases but when you have to put huge money down on a lease you want to stay in it a bit longer so you're not coming up with money sooner.  The 760 is a nice ride but with the M pkg because without it it's a bit slow for the weight it has to pull.

[iced]

My last BMWFS pull was against all 3 CUs.

My rule of thumb with cars is if you can't pay cash for the amount you're going to finance, you shouldn't finance it. Luxury or not, every mile you put on any car will eat away at its equity, as you well know already. I don't imagine they'll have a problem financing it - all they care about is if your DTI/income can handle the monthly payment (which I'm a little surprised at BMWFS on this as you have a pretty high DTI already) and that you're willing to sign a contract to pay them that much for a car.

I don't envy that curse one bit.