Is DTI My Problem?

[Anonymous]

@Harvey26  That's a good question but the first CU didn't mention a limit and neither did DCU (I've seen DCU approves up to $100k). My last auto loan (the one I mentioned in my last post for the $65k car) is not still on my file, I haven't had that car since July 2020.

[Harvey26]

@Anonymous  I would try a dealer but you may run into the same problem and you may not recieve favorable terms for a finance. You may want to lease and if you plan on keeping them you could do a buyout later down the line

[Anonymous]

OP, think about what you are asking.  You are asking for an auto loan thats just about 70% of your gross income.  Not to mention, you already have a DTI of thirty something percent.  This is finance 101.  There is no way you are going to get that loan.  You will need a sizable dp.  I would guess like $20k to offset their numbers in your favor.  But this would be a silly deal for any CU to do based on your income.  Not that its bad, but you are asking for a car loan for 70% of your income.

[Anonymous]

Appreciate the response but I wouldn't say I'm asking for a loan that equates to 70% of my income each year. I requested $94k over 72 months so really I asked for a loan that equates to ~9% of my gross income per year. 

[Anonymous]

As you have already been shown, thats not how the banks are looking at it...

[Anonymous]

Sure, that's fair. As an update I was approved by BMWFS for an X5MC lease (MSRP ~$120k). Not sure if this speaks to how hard to is to lease v finance when one has a large amount of student loans or BMWFS's leniency. 

[Anonymous]

Glad to see you got bought, was going to recommend the dealer route as well. Most CU are more risk adverse than dealer sources.