BMW FS Thin file advice

[Anonymous]

Long story short my file was/is thin because I basically haven't used credit for years after college. Finally, I decided to start re-building

my credit about 6 months ago and have a total of 3 open accounts. However, my oldest ever account shows as being decades old when looking at my file through experian.

Scores were all in the 650s/660s range and I was denied for not having an auto loan previously. Also income is above 140k annually. Should I try other dealerships? The car I was wanting to lease was a new X5 50i.

[Anonymous]

Update. It looks like they are still pulling additional credit bureau reports under slightly different business names. My guess is that they really want to make a deal and are trying different avenues. However, is this legal at this point after verbally telling me over the phone that I was denied?

At the very least I figured I'd get some kind of written notification or email but I don't think they can inform me that I was denied and then continue to work an angle. Thoughts?

[Creditplz]

I bought one about a year ago, just one word of advice....

save your money. Although mine is a X5 35i.. AND 

BMW FS does not like thin files, Hell they denied me cause a few years back my file looked “completely different” according to the Analyst UW I spoke to over the phone in the Finance managers office..

[Anonymous]

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@Creditplz wrote:

I bought one about a year ago, just one word of advice....

save your money. Although mine is a X5 35i.. AND 

BMW FS does not like thin files, Hell they denied me cause a few years back my file looked “completely different” according to the Analyst UW I spoke to over the phone in the Finance managers office..

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If you don't mind me asking, did you end up paying cash or just get some other 3rd party financing?

[Creditplz]

I went to the local CU that offered me a 1.99% rate for 48 months. I paid the note for 6 months then paid off the loan, got the title 2-3 weeks after that.


(Altura CU) was the Credit Union, they pull EX Fico8 for Auto and will reuse the same pull for 30 days on cards, personal loans, etc.

BUT I will say BMW FS doesn’t like thin files... and they didn’t like my file... due to it being “completely different” 3 years back or so..

[sccredit]

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@Creditplz wrote:
I went to the local CU that offered me a 1.99% rate for 48 months. I paid the note for 6 months then paid off the loan, got the title 2-3 weeks after that.


(Altura CU) was the Credit Union, they pull EX Fico8 for Auto and will reuse the same pull for 30 days on cards, personal loans, etc.

BUT I will say BMW FS doesn’t like thin files... and they didn’t like my file... due to it being “completely different” 3 years back or so..

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Altura was great and rates were great when we refi'd DWs car about 5 years ago.  When we were buying a new one and trading hers in they were a pain in the backside to deal with.  

[Creditplz]

My only complaint is, they’re very conservative... MBFS and Chase auto very easily pop out $100k approvals, (not that I wanted more but they stuck my loan maximum at $86,000).

[Anonymous]

did you finally get approval from BMW financial?

[Anonymous]

Sorry for the late reply, but no I did not. I went with my credit union instead.