I just got approved for a BMW!

[Comet21]

I bought a BMW in December and I only had my Equifax score pulled. I was at 725 and received 2.9% and the made my first 2 payments. It was only for PreOwned though. I was also offered the card and accepted. Why not they have already pulled your credit.

[Comet21]

I retract my statement, after looking at my CR, I see that the dealership also pulled my TU but not my EX.

[Anonymous]

The new M3 is very sweet ride. I also like the new Skyline from Nissian that is coming to America.

[Anonymous]

man I have been JONESING for a beamer for the last 3 months but can't get my scores past a paltry 600.........

COngrats!

A friend of mine got one last year with a 680 score..........3.9% and they made his first two payments..........

[Anonymous]

First of all thanks a lot for your support. Second of all, I want to congratulate recent BMW or other vehicle owners.

They had a limited selection at my dealer, I wanted black on black 335i, only one they had was over $50,000. That was out of my price range. So I opted for a 328i sedan. Fully loaded, black on black and looks and drives very nice.

I would love to get me an M3 later, that is one awesome car. M3 owners; you guys are cool..

Basically, this is what I did;

On Friday night, after work, I went to the dealer and asked to talk to the finance manager, they said no at first, but I told them a salesman cannot help me with my questions, so eventually they caved in and let me talk to him.

I showed him my Fico scores from march, and he looked at a chart in his folder and told me, they take the highest score of the 3 and go with that. Based on my highest score that day EQ 690, he told me I would get 7.64% - 8.64% interest rate, but without me submitting an application, he would not be able to give me an exact number. He showed me the charts, computer program and we played around with some numbers for the best possible rate and payment options. I was there about an hour or so, and he was very friendly and gave me so much information than I think he shouldn't have.

One tip; if there is a repo or an auto loan charge off on your credit, BMW will either ask you at least $5000 down payment with very high interest rate or they will not approve you at all. BMW Visa will not approve you at all. I know, because I tried and that is what happened to me, so I waited and took care of all my baddies before applying for another loan with BMW.

In Texas, they pull EQ, I don't know about other states. The thing that makes me happy the most that not only I was able to get 3.9% financing, but it cost me nothing to buy the car. No down payment or any other fees or payment etc. My first payment is in 1 month. Well, I hope everything works out fine after this point.

Good luck to those seeking a loan for a car and please let me know if I can answer any of your questions.

Thanks

[Anonymous]

thank you for taking the time to detail the process, it is very heplful for those of us still going through this..........btw, what city in Texas are you in?

Also, can you tell us what your scores where when you were initially declined?

I don't have any repos or auto charge offs but I have a few small baddies that I've been trying hard to remove (a few have been paid but not updated)

Thanks again and congrats

[Anonymous]

No problem, anything I can help is a pleasure. When I found out about this forum, I got a lot help by reading and asking questions. I guess, it's my turn to help.

I live in Dallas. I first applied last July. If I am not mistaken, my scores were

EX 615 EQ 630 TU 683

I had a auto loan charge off on all 3 CRAs, a few collections and 1 credit card. So I PFD my collections, today only one left on EX and TU. My scores went up and I was able to get more credit cards and eventually my charge offs dropped and my scores went up.

Basically, you need to look at what you have and where you are standing, then make a game plan and follow it. For instance, in 2006 just for fun, I went to Carmax and applied for a loan, and they gave me $20,000 loan with 9.64% interest rate even though I had collections etc. on my credit at that time. They pulled EX by the way. However, what I found out was that if your baddies are over 2 years old you will probably get a loan but interest rate is going to be over 9%.

Bottom line, all banks and finance institutions will work with you on a car loan as long as you don't have a repo or auto related charge off. You will most likely get the loan but with a very high interest rate. Otherwise they will deny you and there will be hard inquiries on your credit, which will hurt you for a year.

Good luck on your quest and I hope you become another fellow BMW owner.

[Anonymous]

WTG!

Surely you will join the http://www.bmwcca.org/!!

[Traveltosurvive]

That is really great. If I can ever get above 500 I will be happy, I have been paying on a car loan since 09/06 that started at $20K and I am down to $10K, my credit is still at 500. I am so very frustrated at this point.

[Anonymous]

As soon as I receive my new BMW Visa, I will be joining bmwcca, that card will be used for car related expenses only. I hope they can let me pay the loan with that, that way I can earn some serious points. I would like to take advantage of all BMW related forums and clubs. Thanks for the website by the way, I was searching for that address.

Traveltosurvive, I want to say just hanging in there. I remember when I was exactly in your situation years ago, but, trust me patience pays. One of the best things about having a car loan on your credit is it helps to your credit mix and lenders see that you have been approved for a large amount and paid it off without any problem, then, you will get good offers and your credit score will go up.

My advice to you would be be patient, try to get a few major credit cards (even 1 will work just fine, I used to have Orchard MC with $300 starter limit that single handedly increased my scores) and one store card. Pay everything on time,, and if you have any baddies try to get them removed. Most suggested way is to send a debt validation letter, then PFD letters. Sometimes goodwill letters work, too. If you have short credit history only time can help you with that.

Bottomline is that patience and planning are the key to have a good credit score. It is true if your score is over 720 you have a lot more leverage.

Good luck to you. Again, I really appreciate everybody's positive comments. Community makes individuals stronger (maybe other way around?)

Let me know if I can answer anything.