cancel
Showing results for 
Search instead for 
Did you mean: 

Requirements for a LARGE auto loan?

tag
GuyInFlorida
Valued Member

Re: Requirements for a LARGE auto loan?

One more thing— if memory serves, BMW Financial was using some variant of traditional Fico Score, not an Auto Enhanced.

Anything over a 640 is pretty much automatically approved.
Message 11 of 16
Anonymous
Not applicable

Re: Requirements for a LARGE auto loan?

Thank you so much GuyInFlorida. I am not too unfamilliar with the service costs. My 1979 Silver Wraith II has given my wallet a nice beating over the years. 

 

Fortunately the 2010-2011 Ghosts I am looking at are Provenance models, meaning they are CPO (just don't ever use the term CPO when you are shopping, or they will politely but firmly ask you to leave, haha). The warranty is top notch and even comes with ding/dent/scratch/rim/windshield insurance as well. I believe that is folded into the finance agreement. Smart move to protect the bank's investment. It also doesn't hurt that my best friend/only dad I know owns a mechanic shop, so warranties are typically useless to me. 

 

I have always wanted one of these cars, and fortunately when I am done playing with it in 6 years when the loan is gone... I will have a nice chunk of change to sell for a downpayment on a house. 

 

You guys have really opened my eyes in a positive way. I can't wait to get into the big-boy world of fincnaing and credit now that my identity theft has been mitigated (see my post regarding an FCRA lawsuit). 

Message 12 of 16
GuyInFlorida
Valued Member

Re: Requirements for a LARGE auto loan?

I totally get that you’ve always wanted a Rolls. I’m just saying... Just sit in an 8 year old ghost and then go sit in a brand new 7 series. The early Ghost feels like something from the Stone Age in comparison.

Take a new M550xi or 750i our for a spin. Or
Even an X5 M. You’ll leave with a BMW, not a Rolls.
Message 13 of 16
Anonymous
Not applicable

Re: Requirements for a LARGE auto loan?

I almost pulled the trigger on a 2017 740Xi, but I am one more for old-man land yachts because I am obsessed with quiet and smooth suspension. My 2005 E320 comes pretty close because when I was 18 I tore it apart and added close to 200 pounds of sound proofing to every square inch of metal. Couple that with the air suspension and slightly larger tires, its a dream... but like you said before about the ghost... the E class is aging hard. 

 

Fortunately Rolls Royce Orange County piggybacks off Irvine BMW so I will be able to compare the Ghost to the new M760i or Alpina B7. 

Message 14 of 16
Anonymous
Not applicable

Re: Requirements for a LARGE auto loan?

UPDATE: 

Thank you all who replied and talked me through this daunting process! Now that I am in, I shouldn't have any issues doing it again in the future!! 

 

APPROVING BANK: Rolls Royce FInancial Services (same as BMWFS) 
BUREAU PULLED: All 3. Trans Union (used), Experian (blocked), Equifax (blocked) 
CREDIT SCORE: 736 Real FICO 8 (not Auto Fico) 
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: CPO Used
YEAR OF VEHICLE: 2011
MAKE: Rolls Royce
MODEL: Ghost
MILEAGE: 27,600
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $148,000 (traded in '13 740LXi $14,000 upside down & rolled it over)
TERM CONTRACTED: 72 MO
APR/LEASE RATE: 2.9% Platinum Elite Tier
MONTHLY PAYMENT: $2,300
ANNUAL INCOME: $187K + $11K + $9K
DEBT TO INCOME RATIO: Very Low, Now 28% including 4k rent
MISCELLANEOUS COMMENTARY: 24 years old, put $20,000 cash down (courtesy of BMW USA for a recall gone wrong in my 5 series). Experian and Equifax were blocked for fraud and a pending FCRA lawsuit. The finance director for the dealer said "I am tired of dealing with kids and computers" and called the CEO of BMW Financial to get an approval on my loan. Apparently that's not uncommon for Rolls Royce deals. The blocks were preventing me from getting approved automatically because their computers want to compare all 3 reports and pick the highest score. Will be picking up next week, very happy! 

Message 15 of 16
Anonymous
Not applicable

Re: Requirements for a LARGE auto loan?

I purchased a $100k luxury SUV six months out of a Chapter 13 discharge.  I didn't own a home at the time , if that matters although my yearly income before taxs was $135k.  Having gone through my employer CU for financing, I arrived at the dealership on a Friday.  The finance officer told me that my CU would never give me that amount of a loan due to the chapter 13 and recent discharge.   Since the CU was closed by the time we made the deal, they wouldn't release the SUV without the check from the CU in hand, due to my recent chapter 13.  On Wednesday, I made the 4 hr drive back to the dealership after squaring away all the finance details with my CU and the dealership.  That same finance officer who said it wouldnt happen, handed me the keys to my 2016 Crystal White, Premium AWD Cadillac Escalade.  I drove off like a Boss as I waived good bye to him!  So yes it can happen.  GL!

 

EDIT: FWIW, I used CK to gauge my score.  IIRC my CU told me to use CK Equifax to check my score before purchase. CK Equifax score was 710 and there score was 705.  

Message 16 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.