@Anonymous wrote:ChuckG, what is the current status on this? Did they get the car financed or did you have to return the car? If they did get the car financed, how long did it take and what is the interest rate? I am in the same boat as you are...except the car is still at the dealership. We wanted to make sure we got financed first before we drove it off...
I went back and added an additional down payment. They kept the rate and the rest of the contract the same so my lease payments ended up being lower.
Starting Score: 556
The timeline went like this:
Saturday June 21, Negotiated with the dealership for about 3 hours on the price of the car, reached a price and then the finance manager spent about an hour collecting information regarding my credit reports and made a decision that I was A-OK and drove away with the car.
Wednesday June 25, Salesman called me to say that the financing wasn't approved, he asked if I could get a co-signer, when I told him no, he asked for some additional paperwork proving income and some other things.
Friday June 27, In the morning. Salesman called back to say that they had the deal done if I could put an additional $4k down. I said I could put an additional $2k down, he said he'd call back.
Friday June 27, Afternoon. Salesman called back and said we had a deal, I told him I would be in the next day with the additional check.
Saturday June 28, Afternoon. Arrived, went to the finance office, deal was ready and waiting I just had to check a few things, make sure nothing had changed, sign a few places and hand over the new check. My salesman had my car washed and filled with gas while I was doing this and also hooked me up with a hat, t-shirt, and tube of touch-up paint that I had requested.
Thursday July 3, BMW Finance information arrived in the mail, received a phone call from customer satisfaction to do a survey. I gave them all 5s except for with regards to the financing where I gave them a 4. I was glad the deal was done but it would have been nice to not have to go through all that.
Btw, the reason that they said they couldn't finance me initially was not that I had low scores or too many baddies, but rather that this car was more than double the price of my previous auto loan history and they felt I didn't have enough high auto loans in my history. Fact is, my credit has been crappy for the last few years so although my income has increased greatly, I have been paying cash for cars. Now that things are getting pretty I decided to take a chance at getting a car I would really REALLY love.
Alls well that ends well, I'm happy now.
Saturday June 21, Negotiated with the dealership for about 3 hours on the price of the car, reached a price and then the finance manager spent about an hour collecting information regarding my credit reports and made a decision that I was A-OK and drove away with the car.
Wednesday June 25, Salesman called me to say that the financing wasn't approved, he asked if I could get a co-signer, when I told him no, he asked for some additional paperwork proving income and some other things.
Friday June 27, In the morning. Salesman called back to say that they had the deal done if I could put an additional $4k down. I said I could put an additional $2k down, he said he'd call back.
Friday June 27, Afternoon. Salesman called back and said we had a deal, I told him I would be in the next day with the additional check.
Saturday June 28, Afternoon. Arrived, went to the finance office, deal was ready and waiting I just had to check a few things, make sure nothing had changed, sign a few places and hand over the new check. My salesman had my car washed and filled with gas while I was doing this and also hooked me up with a hat, t-shirt, and tube of touch-up paint that I had requested.
Thursday July 3, BMW Finance information arrived in the mail, received a phone call from customer satisfaction to do a survey. I gave them all 5s except for with regards to the financing where I gave them a 4. I was glad the deal was done but it would have been nice to not have to go through all that.
Btw, the reason that they said they couldn't finance me initially was not that I had low scores or too many baddies, but rather that this car was more than double the price of my previous auto loan history and they felt I didn't have enough high auto loans in my history. Fact is, my credit has been crappy for the last few years so although my income has increased greatly, I have been paying cash for cars. Now that things are getting pretty I decided to take a chance at getting a car I would really REALLY love.
Alls well that ends well, I'm happy now.
My advice:
Be flexible but study your contract but make sure they aren't sticking you for a higher rate or longer term with more payments.
Good luck!
Be flexible but study your contract but make sure they aren't sticking you for a higher rate or longer term with more payments.
Good luck!