topic late pymt to bmw 2002 want a new one in Auto Loans

late pymt to bmw 2002 want a new one

Anonymous — Sun, 28 Dec 2008 23:30:52 GMT

I made a late payment to bmw financing (bmw of north america, i think) in July and Aug of 2002. I am waiting until September at least to buy another one as this will be 7 years and the late payments will drop off my credit report and increase my fico socre. Will bmw know about the late payments if i go through them again? How bad will it be if bmw is aware of the late payments? I paid the car off in early 2003.

I have belonged to a credit union since 1989 and had $14-15 in the account since that time. I also have a credit card with them which will be down to a $0 balance in know time. I plan to have a minimum of $12,000 when i walk through the door to buy the next car. I am planning on buying a certified preowned again and finance approximately $25,000. My ficos scores are currently 663,675 and 698. I am self employed and make between $70,000 and $80,000. I have a lot of student loan debt and late payments on student loans from March 2003 which i can do nothing about apparently but wait for them to drop off in 2010. I don't want to buy a new car but I put a lot of miles on for work. I also write them off for taxes. The car i have now will probably only make it another 6-18 months. Any info. or advice would be greatly appreciated.

Re: late pymt to bmw 2002 want a new one

Anonymous — Mon, 29 Dec 2008 00:33:11 GMT

The stuff from 2003 and before will have only a very small impact on your score at this point. What is your utilization on credit as this probably has alot more of an impact. A month or two before buying a car, get the CC's paid down to under 9% utilization and that will give you a great looking credit profile.

As far as BMW knowing about the lates, who knows if they will. Some companies only pull the credit file while others search back through their own records as well if you had an account with them prior. Either way it should not be a big deal.

Also, consider the CU for a car loan as alot of time they have great rates and then you can have any rebates applied to the car, not the financing.

Re: late pymt to bmw 2002 want a new one

Anonymous — Mon, 29 Dec 2008 02:37:34 GMT

thanks for the info!

Re: late pymt to bmw 2002 want a new one

Anonymous — Mon, 29 Dec 2008 02:50:32 GMT

Since you have financed through them, I am sure they will. I am almost 100% positive that they keep data on their clients. If it was financed outside the dealership then no they wouldnt know but since it was through them who knows how long they store information. Call and ask. In any event I highly doubt that you would be penalized with unfavorable terms. I wouldnt worry about it.