Bmw financial loan app results

[Anonymous]

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@micvite wrote:

Finally pulled the trigger on a 22 m5c, about 160k all in being financed, instant denial based off of a TU pull (my lowest score) awaiting POI and also no other comparable trade lines in the past. (30k max balance on auto loans before)

Just submitted my POI, waiting to see if they counter and ask for more money down (only put 5k down)

Can I ask them to pull EX, would it make any difference? Has anyone encountered a similar situation with bmw and what was the result? I'll update tomorrow with some concrete DP for all that are interested.

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$160K for a BMW? I almost choked on my coffee. I am sure its a nice car but dont you think you could buy something for $50K and be happy with that? With depreciation and all I cant see spending that much for a car. I just bought a 2022 BMW X2 for $47K, I am sure it is nothing comapred to what you are buying but its still just a car. If you put that money into real estate instead it may grow instead of immediate depreciation. I could afford a car of $500K but would I ever do that? NEVER. I hope you decide on something more practical.

Thanks

Mark

[micvite]

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@Anonymous wrote:

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@micvite wrote:

Finally pulled the trigger on a 22 m5c, about 160k all in being financed, instant denial based off of a TU pull (my lowest score) awaiting POI and also no other comparable trade lines in the past. (30k max balance on auto loans before)

Just submitted my POI, waiting to see if they counter and ask for more money down (only put 5k down)

Can I ask them to pull EX, would it make any difference? Has anyone encountered a similar situation with bmw and what was the result? I'll update tomorrow with some concrete DP for all that are interested.

---

$160K for a BMW? I almost choked on my coffee. I am sure its a nice car but dont you think you could buy something for $50K and be happy with that? With depreciation and all I cant see spending that much for a car. I just bought a 2022 BMW X2 for $47K, I am sure it is nothing comapred to what you are buying but its still just a car. If you put that money into real estate instead it may grow instead of immediate depreciation. I could afford a car of $500K but would I ever do that? NEVER. I hope you decide on something more practical.

Thanks

Mark

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Lol sorry for almost giving you a heart attack, but yeah I'm getting an m5, I enjoy my performance and this is my literal dream car (well the previous generation was but the transmission left a lot to be desired when pushing the power). This is something I plan to keep basically forever so I'm just looking at it as willful spending haha...

I do appreciate the great advice, and I am aware about real estate investments it's just I don't currently qualify for a mortgage, I only started making a ton of money this year (compared to 35k precious years), and before you say anything it is stable income. So bmw was able to approve me on bank statements alone which any mortgage broker I've talked to has told me I'd need at least 1 years tax return if not two. So house is next year or the following as well as some investment properties to either flip or rent out (assuming this stupid memorandum runs out)

[micvite]

And to finish off the thread, I've been approved for 132k from bmw financial, down-payment of 28k with warranty assuming no rebates or incentives from bmw (I have a 1k off voucher I can use to mitigate the dp q bit more). Msrp is 146k (missing 2 options they couldn't add right now which will bring msrp to 152k) warranty is 4k for 125k miles. 

My scores are available on previous pages, my wife's are around 750-760 fico 8 on all 3, they pulled only TU (btw first dealer that literally just did 1 inquiry, didn't even do one for themselves just sent it to bmw after I told them what my scores were)

I was approved for 90% msrp with me and my wife on there, or 80% with just myself. DW also isn't a permanent resident yet (work in progress) and that was a fairly major factor for them apparently. 

Edit: 3.9% for 72 total finance charge 16k

2.9% for 60 total finance charge 10k

Rates are not out for 2022 yet so these are tentative based on 2021 MY according to finance manager. She said she is going to try to push for 72 @2.9 once the rates come out.

[Anonymous]

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@Anonymous wrote:

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@micvite wrote:

Finally pulled the trigger on a 22 m5c, about 160k all in being financed, instant denial based off of a TU pull (my lowest score) awaiting POI and also no other comparable trade lines in the past. (30k max balance on auto loans before)

Just submitted my POI, waiting to see if they counter and ask for more money down (only put 5k down)

Can I ask them to pull EX, would it make any difference? Has anyone encountered a similar situation with bmw and what was the result? I'll update tomorrow with some concrete DP for all that are interested.

---

$160K for a BMW? I almost choked on my coffee. I am sure its a nice car but dont you think you could buy something for $50K and be happy with that? With depreciation and all I cant see spending that much for a car. I just bought a 2022 BMW X2 for $47K, I am sure it is nothing comapred to what you are buying but its still just a car. If you put that money into real estate instead it may grow instead of immediate depreciation. I could afford a car of $500K but would I ever do that? NEVER. I hope you decide on something more practical.

Thanks

Mark

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Our position here shouldn't be to attack the personal decisions of members or to offer unsolicited financial advice. OP was providing data points on their experience with BMW financial. Any feedback posted should be in regards to how OP could get a better approval or offer alternative financing options that may help OP achieve their goals. Just because something doesn't make sense to you doesn't mean it isn't a good decision.

[Anonymous]

@micvite Congrats on the approval! And thanks for all of the helpful data points.

Enjoy that sweet new ride!!!

[micvite]

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@Anonymous wrote:

@micvite Congrats on the approval! And thanks for all of the helpful data points.

Enjoy that sweet new ride!!!

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When it gets here in like 5 months I will🤣🤣🤣.

And to your previous post please give me all the unsolicited financial advice, it helps me learn and I can always choose and pick. Like if I didn't know this was a bad idea and made an informed decision to make a bad decision it would have been a great time to stop and think like hey.... maybe I shouldn't waste money lol. 

[Anonymous]

I think we all can providing financial "advice" as long as we do it respectfully. We are here to learn from each other. 

@micvite you need to post a picture of that sweet ride as soon as you get it!

[micvite]

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@Anonymous wrote:

I think we all can providing financial "advice" as long as we do it respectfully. We are here to learn from each other. 

@micvite you need to post a picture of that sweet ride as soon as you get it!

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If the thread stays open long enough (4-5 months) I will absolutely haha. 

[Loquat]

Congrats on getting it all worked out. I’m sure 5 months will seem long but it’ll be right in time for Christmas so what a way to kick off the holiday season.

And yes, please be sure to post pictures if you’d like. If for some reason the thread gets closed please send me a PM and I will be sure to unlock it so that you can post an update.

[Anonymous]

PenFed's maximum car loan is $100,000. I just found that out the hard way.