@4sallypat wrote:
@Anonymous wrote:@4sallypatthank you for the insight. I definitely think the dealer can push me through to tier 1. Right now I would probably qualify at tier 2 but I'm trying to get the 1.9% financing deal on the x4. I've never owned a BMW before so this would be the beginning of my relationship with them...fingers crossed.
Yes, the dealer has the ability to bump you up tiers if they want to.
You may need to shop around for a dealer willing to help.
Remember, when you find the dealer that treats you well, you should remain loyal to them.
That's how I have been able to get the best rates thru BMWFS.
1.9% is a very good rate on a new X4.
Best of luck to you!
Agreed. That's how I get the best interest rates from dealers. Most auto manufacturers value relationships and returning customers, and are willing to reward you with tier bumps and lower rates.
If one of your scores is lower than the others, you can always lock that report. That forces the dealers to use your other scores, which are higher. That's what I did this week when car shopping at Ford and Toyota dealers. I kept my EQ report locked (for some reason, it's about 20 points lower than the others) but temporarily unlocked the other reports. That forced the finance companies to use my TU and EX scores, which they were happy to do. Neither of them asked me to unlock my EQ score, probably because they don't typically pull EQ here anyway.
Good luck with the BMW. BMW Financial Services has been decent to me in the past. But I've stopped buying BMWs due to their universally poor reliability. I ended up paying as much each month in service charges on used BMWs as I would have paid to buy a new one!
In 2010 I had a ~690 FICO and was able to get their 1.9% advertised financing on a Mini.
I'm looking to purchase a BMW, which they done a factory order for me around July, so my car should be here either this month or next month. So I can share my experience. I allowed the dealership to go through my scores just to see where I'm at. T.hey do check all of your scores if one isn't high enough. I forgot the one they check for first. They usually use the highest score and go with that.
When they checked my credit report, this is what they had in July:
665 EQ FACTA BEACON 09 - AUTO
675 Ex FICO AUTO 8
692 TU FICO AUTO 8
My salesman told me that they would go with TU, since that's the highest out of all my scores. I've been told I would be in a Tier 3 and I can potentially reach to a Tier 2 if I get more points in a few months. But he doubt that I would ever get to Tier 1 in a short amount of time.
Around last week, my santander auto loan, which I had 3 late payments and a repo (that happened 4 years ago) just got removed. So my points jumped a whopping 65+ points with FICO scores! I just checked my Experian Auto 8 score and it's around a 743. So it's really good timing! Hopefully the BMWFS can get me to the super elite level, especially if I'm looking to put nearly 50% down for the car.
I hope this help others who's looking to finance with BMW.
@Anonymous wrote:Crazy because my santander loan that was repoed almost 3-4 years ago just got erased. They went through some lawsuit so they were forced to fix everything for all the predatory loans they gave out. Pretty awesome my credit score jumped alot too! But back to the topic at hand. I was approved for a 2022 M3 Competition with a 677 score for their Standard Tier. Im now at a 702 experian auto so i should be able to get elite since i havent take. Delivery of the car yet. Waiting on an allocation.
That's good news! I didn't know that they went through some kind of lawsuit. But that's good that it happened. I was wondering why Santander late payments fell off from my credit in the span of 4 years, rather than 7 years. The interest on those kind of loans they gave were ridiculous. And I was a first time car buyer at the time that had about 24% of interest. I'm sure dealerships like BMW will not list Santander for loan approvals. And congrats on the approval on your car! They should give you a much better interest, given your boosted credit score.