BMW Financial Services HELP!!!

[ucfknight]

Hey guys it's not fields and another question I have is what is the dealer view on getting someone approved. Like BMW fs is obviously cautious because if they approve someone they shouldn't they might not receive their payments. But Are there any negative side effects for the dealer if the person they sell a car too becomes unable to make the payments. So basically can I be totally honest with my sales guy and simply ask him if there is a way I can "massage" my income numbers for BMW fs to approve me or would that make my chances even worse. Are sales guys just trying to sell are or is it partly their responsibility to make sure the car only goes to those that strictly meet BMW fs criteria?

[Ender_]

Wow, don't buy a car that's the same as your yearly income. Keep a car at or well below half your yearly income. Maybe this is why half the USA is bankrupt!

[analogue]

Um, so you are asking if the dealer can knowingly falsify your credit application to get financing? That would be called fraud.

Looks like you either need to pay more cash up front or get a co-signer if you are committed to buying the car.

[NihonX]

You can always sell it and make profit with this car if nothing else.

[de85275]

Originally Posted by NihonX

You can always sell it and make profit with this car if nothing else.

Isn't that what all the house flippers were saying a couple years ago? Now look at the mess we are all in.

[JasonCSU]

Originally Posted by Ender_

Wow, don't buy a car that's the same as your yearly income. Keep a car at or well below half your yearly income. Maybe this is why half the USA is bankrupt!

I've often heard two supposedly general rules when buying a car. One being that the total cost of the car should never exceed half of your annual salary. The second being your monthly payment should not exceed 20% of your monthly income.

That first 'rule' may make sense if you are financing the entire purchase price of the car. If you are putting on a large down payment, it becomes a moot point. The second 'rule' makes far more sense to me because it means you probably won't be overextending yourself. I think many people have been approved for loans that they shouldn't have qualified for causing a good portion of our financial issues. What surprises me is that many people can't seem to determine what they can afford when comparing their expenses to their income.

Originally Posted by analogue

Um, so you are asking if the dealer can knowingly falsify your credit application to get financing? That would be called fraud.

Looks like you either need to pay more cash up front or get a co-signer if you are committed to buying the car.

Agreed. OP, don't falsify anything because you may end up in deep trouble if caught later. Usually, credit applications ask for your monthly income and expenses, so I'm surprised they asked for the biweekly instead. That could be where some of the confusion is. Like said above, if your monthly income vs. expenses shows you can't afford the loan, then your only options are a larger down payment or a cosigner. Good luck with it.

[josephvman]

If the OP's income is borderline, even if he gets a loan approved (through BMW or anyon else) it will likely be stipulated with proof of income, meaning a couple of years of tax returns to prove his income.

"Massaging the application" isn't a good idea. If you can't prove the income, don't put it on the app. You won't get approved, and the turn-down will reflect the fact that it's unverified income, and no lender is going to touch you at that point.

A co-signer is a possibility, but the OP's best bet is to buy a car he can afford, because he can't afford this one.