@Anonymouswrote:Down payment is 2800, the loan amount is 14k. Annual income 72k (and have been in my job for nearly 5 years).
I am surprised and disappointed they denied me for this--I have had my Penfed account since May of 2017, and my credit card with them is in good standing, too.... no missed payments, low util, etc. Seems like others have been approved with less history.
With 20% down and a decent income such as yours, I am very surprised as well. Have you tried Cap1 or does the place you want to buy the car from offer financing with local banks? I'm pretty sure Cap1 or Ally will finance you.
Hmmm tier 2 for a score of 711 is a bit off for BMW Finance. Their tier 2 usually starts at 685 I believe.. 711 should be tier 1 ...especially with 20% down?? 6.3% APR usually averages out for tier 3 and 4 loans.
@Anonymouswrote:
Pulled my credit at the dealership, came back as 711 score which put me in tier 2. Approved at 6.3% APR from BMW Bank of North America. I honestly dont even know how competitive this is but I need the car now so i’m taking it.
Would have liked to use Penfed based on their excellent customer service but I guess I can always refinance later if i get a better rate...
That makes sense..yeah the 680 would mostly be based on your EX Auto Fico 8. BMW usually pulls Experian but sometimes pull all three bereaus and picks the highest score. Seems like that can be regional so not sure how it would be in HI. As well, the dealer does mark up the interest rate to add in some profit on the back end of the loan for additional profit.
@Anonymouswrote:
Hello Everyone!
Does anyone any experience with loan or lease approvals through Mini/BMW. I was hoping to lease a Mini Cooper, however I don’t know if they are bankruptcy friendly. Thank you all in advance!
I don't have any experience with BMW/Mini Finance post BK so I'm not sure...how recent was your BK? I am sure they will want some type of auto reestablishment post BK before letting you in. A good solid year of post BK auto history should do it for a Mini. Overall, BMW Finance is pretty lenient.
My bankruptcy was discharged last year in August. I currently have a lease through VW Credit that I did reaffirm and have never been late on. I did include another vehicle in bankruptcy. I have started rebuilding and am doing well so far. My scores are in the mid 600’s. My lease with VW is up in November, so I’ll be post back for over a year by then. 