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So my FICO is 615, my credit cards are maxed, I have a discharged bk from 2009 and I applied for a loan with BMW Financial...I got approved for a 3.9 apr for 60 months on a 29k loan
I previously had a lease with BMW in 2004 that i paid on time and just finished paying a lease off with Toyota Financial on time, too.
I am now worried they will take the car back or jack up the rate
I just don't know how I humanly qualified for a rate this low
Any thoughts?
@Andy77 wrote:
So my FICO is 615, my credit cards are maxed, I have a discharged bk from 2009 and I applied for a loan with BMW Financial...I got approved for a 3.9 apr for 60 months on a 29k loan
I previously had a lease with BMW in 2004 that i paid on time and just finished paying a lease off with Toyota Financial on time, too.
I am now worried they will take the car back or jack up the rate
I just don't know how I humanly qualified for a rate this low
Any thoughts?
Sounds like the proper rate for your situation. Did you put anything down or trade anything in?
Applied, approved, signed?
If so, how could they take your car back?
If the loan is not funded by the bank they have the right to take the vehicle back.
I think BMW Financial uses Chase Bank
Anyway I just think credit scoring makes NO LOGICAL SENSE AND HERE IS WHY...
Back in 2006 I got a 35k loan on a Mercedes and had no lates or BK's on my credit report. My interest ratre was 8.5
Fast forward 6 yrs and now I have a BK and maxed out cards and I get a 3.9 APR
Makes no sense
No I had paid a 3 yr lease with BMW between 2003-2006 on time
Part of me thnks that a dealership can really do what ever they want at the end of the day...give you a high APR or low, as they did me...I think I got such a low one becaues this is my second car with BMW
BUT...that makes no "credit" logical sense that I would get a lower rate with a BK vs without
@Andy77 wrote:
No I had paid a 3 yr lease with BMW between 2003-2006 on time
Part of me thnks that a dealership can really do what ever they want at the end of the day...give you a high APR or low, as they did me...I think I got such a low one becaues this is my second car with BMW
BUT...that makes no "credit" logical sense that I would get a lower rate with a BK vs without
The difference is that you have proven yourself to pay off your car loans. Your score will be higher after AutoEnhanced which helps A LOT, and you are funding from the same company that you have previously used. Overall be thankful you got the rate you did, I'm a little surprised as a 615 usually floats in the double digit rates.
And one more note it isnt just about your scores, look at the interest rates offered at these different time periods. 03-06 is post Internet bubble and had moderately high interest rates. Rates are being held at all time lows right now by the Federal Reserve in order to push consumer lending. Its a great time to buy, and horrible time to save
@ImprovingYouth wrote:
@Andy77 wrote:
No I had paid a 3 yr lease with BMW between 2003-2006 on time
Part of me thnks that a dealership can really do what ever they want at the end of the day...give you a high APR or low, as they did me...I think I got such a low one becaues this is my second car with BMW
BUT...that makes no "credit" logical sense that I would get a lower rate with a BK vs without
The difference is that you have proven yourself to pay off your car loans. Your score will be higher after AutoEnhanced which helps A LOT, and you are funding from the same company that you have previously used. Overall be thankful you got the rate you did, I'm a little surprised as a 615 usually floats in the double digit rates.
That depends if the 615 is his FICO or AUTO ENCHANCED FICO .... the AUTO could very well be off the charts compared to his standard.