topic Re: APPROVED FOR MY DREAM CAR BMW 745LI in Auto Loans

APPROVED FOR MY DREAM CAR BMW 745LI

terrymurph — Tue, 07 Dec 2010 06:39:05 GMT

Well after being denied by several of the larger banks out there i finally took the advice of some older wiser men that i work with and applied with a smaller local bank. Before i went into the bank to apply I managed to convince myself that this would also be a huge miss. I thought that I would never get approved for the car i want.. Well i went into the bank and asked for the man i was referred to, he invited me into his office where i spent less than 5 min before i got approved for the amount i needed 21,000 he pulled my TransUnion fico score which was 710 INSTANT APPROVAL YAYYYY with no income verification....he informed me that when i find the vehicle i want just let him know he will run a NADA. on it...Well when i found the Alpine White 2004 745LI i wanted with all the options including heated and air conditioned luxury seating with sports package i was told i was getting it for wholesale the cars NADA came back at 28,999. I drove 5 hours and picked it up from a private seller and have been washing her every since...THANK YOU SOME MUCH FICO FORUMS I COULDN'T HAVE DONE IT WITHOUT YOU...FIRST AUTO LOAN EVER 6.5% AND NO COSIGNER...Oh did i mention im also self employed...Yes ppl it can be done!

Re: APPROVED FOR MY DREAM CAR BMW 745LI

Anonymous — Tue, 07 Dec 2010 07:11:13 GMT

Congrats enjoy your new toy.

Re: APPROVED FOR MY DREAM CAR BMW 745LI

Anonymous — Tue, 07 Dec 2010 16:12:53 GMT

Congrats!

Re: APPROVED FOR MY DREAM CAR BMW 745LI

KIPPIE12 — Wed, 08 Dec 2010 00:39:37 GMT

Congrats on your new purchase!! Feels good when our dreams become reality. I used to have a BMW 328i, and traded it in for the Mercedesc230 sport, which i currently drive. But, to be honest, i miss my beamer, and am looking to trade this one back in for another one. Don't get me wrong, i love this car, but the BMW just suited me better, and plus, i miss those heated seats too!!

Enjoy your new car, and reaching your milestone!

Re: APPROVED FOR MY DREAM CAR BMW 745LI

terrymurph — Thu, 09 Dec 2010 04:58:32 GMT

Thanks to all I love this car and will treat it like one of my children...lol

Re: APPROVED FOR MY DREAM CAR BMW 745LI

Anonymous — Mon, 25 Feb 2013 02:21:20 GMT

I would be hesitant to buy a luxury car, even if I could afford the monthly payment, if I had a high debt to income ratio.

A lot of people, including myself, never factor in insurance into the equation.

My wife is currently driving a Lexus RX350. We were in the market for a luxury SUV. I grouped the Lexus RX350, the BMW X3, and the Mercedes GLK in the same class based on size. I thought the main differentiating factor was their price point and their performance.

I did not factor the cost to insure each vehicle at all.

My wife was upgrading from a Toyota Camry. So big difference there. So our insurance company told me that our rate would definitely go up noticeably if we purchased a new luxury vehicle. I told them the three vehicles my wife and I were looking at.

I can't remember the exact figures, but the Lexus RX50 only raised my insurance by $50/month, the Mercedes GLK would have raised it nearly $200/month. The BMW was somewhere in between.

I would seriously consider adding cost to insure a vehicle into my calculations when shopping for a new vehicle.

Re: APPROVED FOR MY DREAM CAR BMW 745LI

Anonymous — Tue, 26 Feb 2013 07:31:21 GMT

@Anonymous wrote:
I would be hesitant to buy a luxury car, even if I could afford the monthly payment, if I had a high debt to income ratio.

A lot of people, including myself, never factor in insurance into the equation.

My wife is currently driving a Lexus RX350. We were in the market for a luxury SUV. I grouped the Lexus RX350, the BMW X3, and the Mercedes GLK in the same class based on size. I thought the main differentiating factor was their price point and their performance.

I did not factor the cost to insure each vehicle at all.

My wife was upgrading from a Toyota Camry. So big difference there. So our insurance company told me that our rate would definitely go up noticeably if we purchased a new luxury vehicle. I told them the three vehicles my wife and I were looking at.

I can't remember the exact figures, but the Lexus RX50 only raised my insurance by $50/month, the Mercedes GLK would have raised it nearly $200/month. The BMW was somewhere in between.

I would seriously consider adding cost to insure a vehicle into my calculations when shopping for a new vehicle.

You dug up an old thread, but good point. I factored that into my new car purchase. I found a new car that I could insure for the same price as my old car. My 2013 Legacy is the same cost to insure as the 2009 impreza I traded in. Doesn't make much sense. The legacy has more power, weighs more, is worth more, and has all the same safety features. Whatever, I won't complain...lol