@micvite wrote:I have 2 auto loans coming up in both my and my wife's name, one is 160k from bmwfs that is already approved (just waiting on car to arrive to finalize everything so not sure if they will pull credit again) and the other is hopefully a tesla for 90k. I have a fairly thin file of auto loans (3 loans with 30k each) and my wife has none and a very thin file over all (2 cc and a store card on her own and AU on all my cards)
I want to get the venture x before the SUB goes away and was wondering if this will have a significant impact on my ability to get these loans (car loans are more important right now).
Oldest acc is 7y2m
AAOA is 3y4m
newest acc is amex plat in nov 2021
UTIl is 1% overall, 40k limit total
2 personal loans from synchrony for motorcycles each with like 5k left on them
no mortgage or other car loans
3 student loans (2 federal) totaling like 7k
ex is 11 inq, tu is 17, eq is 11 and i have a bunch more falling off in the next few months.
scores are aroung 750 each beareau, and household income is around 500k (400 being my own)
1 30 day late from jan 2018
what are your thoughts? I know technically before any big purchases (house) you're not supposed to mess with your credit profile, and these cars are more or less the value of a house here so...
If the new account and/or additional inquiry drops your score you may tier lower on the auto approval. With you being around 750 that may be a concern if the tier break for them is 740. BMW shouldn't have to pull you again as long as the car shows up within 30 days of the approval.
Typically not unless it's extreme or you're a borderline borrower. They may be longer. Some banks are longer than 30 days that is the standard though. Just make sure you do everything in your power to sign up before that time period elapses so they don't have to run you again.
Elite/Super Elite both qualify for the same rate with no MF adder with BMWFS. 700+ will get you the best advertised rate with them.
@micvite wrote:@SouthernCredit wrote:Elite/Super Elite both qualify for the same rate with no MF adder with BMWFS. 700+ will get you the best advertised rate with them.They wanted 740 or 760 I forget which one for the lowest rate, so 700 is considered like great credit and 740 or 760 gets the lowest rate... like lowest was 0.9 I qualified for 1.9 with a 733 when they pulled me the first time
You need to shop around, then. I'm on my 8th BMW and I've never paid more than the lowest advertised rate with 700+ (used to be 680+) and I've bought several with scores in elite range. The dealer may be marking up your rate. You can qualify directly with BMWFS online; the dealer SHOULD honor your online qualification, but some dealers have been known to try to mark up that rate when they "attach a car" to your prequal. If they try to do this, go somewhere else.