Should I Apply Now for BMW or Risk Waiting?

[LallaBabba]

So I ordered a car that was set to arrive at the very end of October. Its ahead of schedule and may arrive this week! I am still waiting for some updates to my credit report before I apply but things are taking sooooo long. I finally submitted disputes but this was on October 10th so might not get an update anytime soon. Based on the info below, should I just try applying or wait and risk the dealer selling my car? I'm thinking I could apply now and if no luck try again after other things drop since the inquiries will count as 1. Any banks that only or primarly use exp fico 8?

Vehicle Info

YMM: 2023 BMW X7

Cost (including tax): $97,500

Credit Profile

• Transunion Fico Auto Score 8: 675
  • Transunion Fico 8: 674
  • Transunion Auto Fico 9: 669
• Experian Fico Auto Score 8: 707
  • Experian Fico 8: 701
  • Experian Auto Fico 9: 638
• Equifax Fico Auto Score 8: 688
  • Equifax Fico 8: 671
  • Equifax Auto Fico 9: 700

Finances

Income: $408,000 

DTI: 3%

Notes: 

Transunion still has 3 chargeoffs that have yet to update in which I paid in full (2 of these updated and were deleted from my exp report weeks ago)

Experian has 1 chargeoff that has yet to update in which I paid in full

Equifax has 1 chargeoff that has yet to update in which I paid in full

[dunn2500]

rates will probably continue to climb, CU usually give 30-90 day to use the loan check

nice car, my neighbor has a 2021 model

not sure about experian banks but shouldnt be too hard to find tht info out

[Creditplz]

Ummmm what previous auto loans do you have, that are paid satisfactory?. BMW won't care about the income without any comparable installment payments!

I have a 760I in transit right now!!! New body style with the TV in the back, going to get DW or one of my workers to drive me around 🤣 

[cashorcharge]

While those scores and charge offs concern me....I would think that the dealer took a deposit from you...so technically, they would be prepared to get your financing lined up once the vehicle arrives so if you need a bit of time for things to clear, you may in fact have it.  If you didn't give them a deposit and they just ordered it based on goodwill, your time window may be less but they should give you a heads up that the car arrived and expecting you to come in and get it done?  Were you planning on leasing or buying?

From experience, I can tell you Affinity FCU will use EX AUTO FICO8 for their approval but you'l need to line up membership and their auto-loan approval process takes about a week...however, they won't do a lease...only a purchase.

Good Luck

[LallaBabba]

No previous auto loan I always pay in cash...bad decision credit wise now that I look back at it. I got preapproved from Cap1 for only 60k which conerns me. Carvana I'm preapproved for upto 2k payments but have to put down 15-20%.

[LallaBabba]

@cashorcharge I did put down a deposit! I'm planning on buying. I'm about to open an Affinity account and apply right now lol car is arriving on Thursday.

[Creditplz]

Ouch... unfortunately without any auto history I can very much see this being declined without a big downpayment $20-30k+... unless you have some mortgage history?. Comparable monthly installment payments??

report back what happens! Call your dealer and apply from now, their approvals are good with BMWFS for like 90 days I usually get approved when the cars in transit to the boat, you can see where your cars at via the BMW app, just ask BMW Genius for the location or what boat it's on, you need rhe VIN and order # from the dealer! 

[LallaBabba]

@Creditplz yeah honestly I'm ok with 15-20k but 30k+ is pushing it. I might as well keep my car and just buy a 2018 Hellcat in cash at that point lol. I have some installments but they've been paid off and paid off very quickly so not really comparable. No mortgage history either. I dont really have any big debt in recent history.

I have been tracking it thourgh MyGarage. Its coming from SC. Should be here on Thursday the current status is "DISPATCHED FROM FACTORY"

[ridgebackpilot]

Don't forget to get a quote from BMW Financial Services, BMW's captive lender. Sometimes they have promotions, rebates, and subsidized interest rates that undercut any other lender.

For example, my son's Ford Edge is currently financed with Zero (0)% interest for 60 months (and a $3,000 rebate) thanks to special financing incentives from Ford Motor Credit. It pays to check out the captive lenders!