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Valued Member
Posts: 35
Registered: ‎08-11-2014

Re: BMW lease chances! help!


Justagirl73 wrote:

What nightmares??? 😳

I just ordered mine this past weekend. Your scaring me lol! 


oh no no awesome congratulations!!!!! lol what did you get?? and in nightmares I just mean people will say they order their car and then come the day that they go to pick the car up bmw finaces will pull back on the approval, and leave with no vehicle. ive read that MULTIPLE times, Im really not sure though, If the paperwork is done as a purchase the day the car is ordered then Im not sure how they can retract the lease or financing for the vehicle....its all pretty sketchy to me but ive read of that happening several diffrent times all on different threads. and knowing me, that will be the last straw lol I will be in the dealership like a complete psycho if that happened... I read of one guy ordering his, trading his car in and having to rent a car until his car got delievered, he said they called him and let him know it was available , he goes to pick it up and they tell him the bmw wont approve the loan anymore and he had to leave carless...thats pretty much a nightmare 

Established Contributor
Posts: 1,029
Registered: ‎07-13-2016
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Re: BMW lease chances! help!

That is a nightmare!!!! I've already been approved thru bmwfs. Guess I will mentally have a plan b lol. 

I got a 328d. 

I like diesels and manuals. I had to give the manual up but I got a diesel. 

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Valued Member
Posts: 35
Registered: ‎08-11-2014
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Re: BMW lease chances! help!


Justagirl73 wrote:

That is a nightmare!!!! I've already been approved thru bmwfs. Guess I will mentally have a plan b lol. 

I got a 328d. 

I like diesels and manuals. I had to give the manual up but I got a diesel. 


have you done any paperwork?? and haha really?? I never really understood diesel option lol

Established Member
Posts: 35
Registered: ‎09-23-2016
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Re: BMW lease chances! help!

[ Edited ]

You are preapproved through BMW FS when you order a car but they hold you liable for any changes that can occur between the day you order the car and once you receive the car 90 days later. I have too heard stories where people would order a car and something goes wrong with their credit and BMW finance changes their approval status. If you maintain your credit as how it was when you first ordered the car then you should be fine. The good thing is that once the car arrives, BMW finance will compare the rates from the day you ordered the car to the rates that are current when the car arrives and give you the lowest out of the two. 

 

Ordering a 4 series GC will come out of the Dingolfing, Germany plant so that will be about a 70-90 day wait. Depending if you are on the east coast or west coast. East coast gets cars a few weeks earlier than the west coast. 

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Established Contributor
Posts: 1,029
Registered: ‎07-13-2016
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Re: BMW lease chances! help!

Well as of now, I came in at tier one. 

 

I dont foresee anything changing on my credit but I'm not going to allow them to hp me again. My approval is good until 12-31. Guess we will see how it goes. 

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Valued Member
Posts: 35
Registered: ‎08-11-2014
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Re: BMW lease chances! help!


nykos5000 wrote:

You are preapproved through BMW FS when you order a car but they hold you liable for any changes that can occur between the day you order the car and once you receive the car 90 days later. I have too heard stories where people would order a car and something goes wrong with their credit and BMW finance changes their approval status. If you maintain your credit as how it was when you first ordered the car then you should be fine. The good thing is that once the car arrives, BMW finance will compare the rates from the day you ordered the car to the rates that are current when the car arrives and give you the lowest out of the two. 

 

Ordering a 4 series GC will come out of the Dingolfing, Germany plant so that will be about a 70-90 day wait. Depending if you are on the east coast or west coast. East coast gets cars a few weeks earlier than the west coast. 


this is great!! I didnt know that either! I asked the dealer today and he told me just about the same thing, we were a little off on the payments he wrote up for an x4, and a 3 series GT, and the 4 series GC but He priced me out with 1500$ down. told me there was some wiggle room with my trade and with the price of the vehicles including if I order one!! so this is a good start, also told me he could possibly lock me in on the price for my trade as long as I get the deal done before the end of the year! 

Valued Member
Posts: 39
Registered: ‎09-07-2015
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Re: BMW lease chances! help!


aa18leo wrote:

hey @Doberninja thanks for your response! Very good to know!! Now with your information given, when you say their top tier is 675 XPN, would that mean thats the lowest they will accept or 675 & up qualifies for the best interest rates offered? and also being that youve purchased from bmw can you be kind enough to tell me more about how your situation going into the purchase was? maybe your current scores at the time, the vehicle you purchased, amount of money down (if any at all)  and what your negative equity was on the vehicle you were trading? also I know the payments will be jacked unfortunately lol Ive come to terms with it....3 years of painful payments to put me on a better track finacially with vehicle purchases for the rest of my life is a bullet im willing to take. life lessons lol. also from your experience and knowledge, what kind of down payment do you think I can get away with  given my situation, I dont want to have to put down thousands and thousands of dollars being that it STILL is a lease!


Sorry for delay!! I just noticed you asked me specific questions!  My Auto Acore 8 (which they use) was 665 so I paid 1% more than the best rate.  I put $0 down and financed $5k in neg equity.  I was really concerned about them shopping the deal around so I asked them to only submit to BMW Fin directly and they did.  Honestly, if you could put the neg equity on a 0% apr card or do balance transfer its probably worth it.  That way you can have the lower payment and pay off the neg equity separately and just be left with lower payment.

Valued Member
Posts: 35
Registered: ‎08-11-2014
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Re: BMW lease chances! help!


Doberninja wrote:

Sorry for delay!! I just noticed you asked me specific questions!  My Auto Acore 8 (which they use) was 665 so I paid 1% more than the best rate.  I put $0 down and financed $5k in neg equity.  I was really concerned about them shopping the deal around so I asked them to only submit to BMW Fin directly and they did.  Honestly, if you could put the neg equity on a 0% apr card or do balance transfer its probably worth it.  That way you can have the lower payment and pay off the neg equity separately and just be left with lower payment.


oh wow! this is pretty smart I shall say, Never thought of this! now may I how you financed the 5k? did you go through a bank, credit union what? was this a personal loan? also exactly when did you do it?  being that you say financed, i assume a credit check was involved and being that you took out a small loan (obviously this didnt effect your purchase, but how was that process?? lol I need details because this may be the route to go!


Valued Member
Posts: 39
Registered: ‎09-07-2015
0

Re: BMW lease chances! help!

Just did balance transfer on credit card.
Valued Member
Posts: 35
Registered: ‎08-11-2014
0

Re: BMW lease chances! help!


Doberninja wrote:
Just did balance transfer on credit card.

is this a card you already owned? or a new card?

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