Looking to buy a used car with no POI

[916networktech]

Team, I’m looking to buy a car with no POI, what are my odds, looking at a 2015 BMW i3 about 18k with 10k down, also not looking to shotgun my score, I make about 88k a year but I want my employer off my credit report. I am a private person

what are my chances?  

TU 680 Experian 688

[Medic981]

What is the loan value on 2015 BMW i3? If they are asking $18K and you have $10K to put down, I think you have a good chance of getting a loan for $8K. Most major lenders want POI but I am sure you will find a subprime lender that will loan the money. I don't know what kind of interest rate you will be paying, but I think your chances are positive. 

[pamon]

With scores posted most lenders would want POI. Might want to find a buy here pay here place that carries their own paper or either bargain down the dealer on price and pay cash. Subprime will want POI and peime may or may not but on used BMW's lenders would want to see income on sub 700 scores.

[Anonymous]

I will have to disagree with the reply's above, most captive lender's will not stip for POI with scores like that, given you have comparable credit. In addition, with 10k down and a low LTV most captive lender's will probably auto-approve your deal without stipulation's. The problem I see, is when you are being submitted to lender's the credit application will have to list a current employer/job time/ phone number/address, I don't see how you will get around that.

[bigpoppa09]

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@Anonymous wrote:

I will have to disagree with the reply's above, most captive lender's will not stip for POI with scores like that, given you have comparable credit. In addition, with 10k down and a low LTV most captive lender's will probably auto-approve your deal without stipulation's. The problem I see, is when you are being submitted to lender's the credit application will have to list a current employer/job time/ phone number/address, I don't see how you will get around that.

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I agree also u have to put where u work on a credit app like SEMO said most captives will not ask for POI.

[Creditplz]

I have to say I HEAVILY doubt a lender will ask for POI considering that you’re putting $10k on a 18k car (55%). If you’re score is above 675 I’m sure they’ll auto approve and you will walk out with the car.


As stated above you will need to write you job location, years working, references, etc..

[Schwartzinator]

Ha. I asked this exact same question a couple months ago. I ended up getting approved for a 2015 328i with 8k down on a total loan of 26k through BMFS, but they absolutely asked for POI. Required me to email paystubs and bank records to the lending team. Luckily I had only lost my job less than a week prior.

[SoundoftheSuburbs]

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@Schwartzinator wrote:
Ha. I asked this exact same question a couple months ago. I ended up getting approved for a 2015 328i with 8k down on a total loan of 26k through BMFS, but they absolutely asked for POI. Required me to email paystubs and bank records to the lending team. Luckily I had only lost my job less than a week prior.

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Emailing your "bank records"? Seriously!?!?! BMW Financial Services asked for paystubs and bank records?

I think POI is overstated. I think most car buyers stop in a dealership and walk out with a car. If buyers had to leave to get their documents, there would be a massive amount of lost sales.