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Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007
0

BMW Dealer Financing

Does anyone know what score they like to see as a minimum to purchasing or leasing.

Also, can people who financed with them tell me what your scores were upon approval and amount financed.

I just got a brand new job and want to purchase a new car with them. I have a lease that I intend to keep, however, it is a low mileage lease and I am driving alot.

Any help would be greatly appreciated.

Also, please tell me if you applied online or at the dealership and if it was immediate or took a few hours.

Thanks ever so much.
Established Member
markinnyc
Posts: 22
Registered: ‎06-22-2007
0

Re: BMW Dealer Financing

I just went through buying a new car. Got a Range Rover in NY. The financing that was the most attractive was the offer of a lease with almost NOTHING down from BMW (aka Land Rover) Capital. They approved the lease - no BS - in about 1 day. My scores at the time were in the high six hundreds at the time (695 / 687 / 679) and it was not a problem. I have a BK as of 01/05 and no dings since then The remaining credit is perfect. Paid as agreed, etc. Oh, and there is one tax lien that is now over six years old. So that's what I went though and it seems like the high six hundeds is good enough to get a lease. The finance offers were not as attractive because of their interest rates. Not outrageous, but 'market' rates vs the super discounted rates that were offered at the time. While I could get a deal on the lease money, the finance of the purchase was at about 7 percent. At the time there were offers of 2.02 percent for 48 months, and similar deals at the time. I was NOT offered those. Maybe because of the model I chose, maybe because of my credit. Don't know the real reason. BTW: set these guys up on automatic payment. They'll report God Himself late if it's only one day! You can call and snivel and get the first one reversed if it's a day or two. The second time round it's not so easily changed or erased. Just fyi...
Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007
0

Re: BMW Dealer Financing

Bump
Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007
0

Re: BMW Dealer Financing

Thanks for the info. I am planning on buying in Jan 08/Feb 08. I am glad to hear that. I love the auto pay option. That is what I use now. No stamps, no delays. I always pay early. I learned my lesson after I had purchased a 2000 Nissan Altima new with 10 miles. I paid on time and often earlier for 3 years and then ran into some difficulty. But, I finally was able to get that TL deleted and Jeep gave me a chance. My score is improving and I will believe I will be in the mid-upper 600s by Dec. 07. I test drove the car today and it was fabulous.






markinnyc wrote:
I just went through buying a new car. Got a Range Rover in NY. The financing that was the most attractive was the offer of a lease with almost NOTHING down from BMW (aka Land Rover) Capital. They approved the lease - no BS - in about 1 day. My scores at the time were in the high six hundreds at the time (695 / 687 / 679) and it was not a problem. I have a BK as of 01/05 and no dings since then The remaining credit is perfect. Paid as agreed, etc. Oh, and there is one tax lien that is now over six years old. So that's what I went though and it seems like the high six hundeds is good enough to get a lease. The finance offers were not as attractive because of their interest rates. Not outrageous, but 'market' rates vs the super discounted rates that were offered at the time. While I could get a deal on the lease money, the finance of the purchase was at about 7 percent. At the time there were offers of 2.02 percent for 48 months, and similar deals at the time. I was NOT offered those. Maybe because of the model I chose, maybe because of my credit. Don't know the real reason. BTW: set these guys up on automatic payment. They'll report God Himself late if it's only one day! You can call and snivel and get the first one reversed if it's a day or two. The second time round it's not so easily changed or erased. Just fyi...



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