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Can I Get Approved for CPO?

Schwartzinator
Frequent Contributor

Re: Can I Get Approved for CPO?

I was in a similar position. First time car buyer, auto scores in the 740 range but I put down 8k. I was approved for an 18k loan at 3.49% for 60mos on a 2015 CPO 3 series.

I’d be surprised if you weren’t approved.

Message 11 of 17
Snakechild
New Visitor

Re: Can I Get Approved for CPO?

oh wow! Nice to know someone else was in the same boat as me. I would love that rate!

Next Thursday I’ll be checking out some dealers. Hoping to find something decent! There’s a few dealers around Orange County and LA that I see some 328’s I like with some decent packages too.
Message 12 of 17
Schwartzinator
Frequent Contributor

Re: Can I Get Approved for CPO?

I probably shopped around the same dealers you’re looking at. I ended up picking out my car at Irvine BMW. They had a great selection and a competitive price.

While I have some gripes with their sales department being proactive and responsive, my service advisor Jenevive is fantastic. 10/10 would recommend her.

Message 13 of 17
Snakechild
New Visitor

Re: Can I Get Approved for CPO?

Haha that’s so rad. Irvine BMW is one of the ones I’m going to next week. Been speaking to someone named Jason. He seems cool. But we’ll see in person.

I will definitely look for Jenevive though if she is still around ! Thank you for the recommendation.
Message 14 of 17
ridgebackpilot
Established Contributor

Re: Can I Get Approved for CPO?

You're doing everything right: The most important thing is to do your homework (e.g., checking market value via Edmunds and Cargurus). Then wait for a promotional interest rate from BMW Finance.

 

With your scores, you should qualify for Tier 1 financing. CapOne and other lenders won't be able to compete with a promotional APR from BMW Finance. I'd suggest waiting until the end of the month when they're likely to be more willing to negotiate and give you a really good rate.

 

The best rate, of course, is 0% APR, which auto manufacturers usually reserve for their new cars. But I got 1.9% APR for 48 months from MBFS at the end of last year, and that was for a CPO vehicle. So find out what BMW has in the pipeline (your dealer probably will tell you) and wait for it!

 

Good luck and keep us posted.

Message 15 of 17
Snakechild
New Visitor

Re: Can I Get Approved for CPO?

Thank you for all of your help guys!

So today I got approved for one. And ended up purchasing it.

I only gave 2k down. and traded in my car. It was worth like 1k...

Got 3.99% at 60 months. 2016 bmw 328i with a bunch of packages. 41k miles. I’m so stoked. So much better than my 17 year old Infiniti hahaha.
Message 16 of 17
jim44
Established Contributor

Re: Can I Get Approved for CPO?


@Snakechild wrote:
Thank you for all of your help guys!

So today I got approved for one. And ended up purchasing it.

I only gave 2k down. and traded in my car. It was worth like 1k...

Got 3.99% at 60 months. 2016 bmw 328i with a bunch of packages. 41k miles. I’m so stoked. So much better than my 17 year old Infiniti hahaha.

Congrats!  You've got a 4yr 50k mile basic warranty.  Be sure to take advantage especially when it's getting close to the warranty expiring.  Take your BMW in to the dealer,  have them do a once over......check everything.  Enjoy!!! 

Message 17 of 17
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