BMW Financial Services HELP!!!

[ucfknight]

Hey everybody I pretty much got a 1m allocation recently everything is perfect except for getting approved for the financing. I cant believe I have been looking for months on end only to run into a brick wall at the end. My credit score is 707 and I have never been late on a payment for anything. My problem is income, (BMW FS said not enough income for amount of car, will consider lesser car) I was under the false assumption that BMW FS would accept my other source of income which would have pushed my gross income well over the msrp of the 1M but they did not. My job is working as an auto mechanic at my dads auto repair shop. I get paid about 2550 per month as an independent contractor, so according to BMW my income is about 30,600 not 55,000. If I had known BMW would not have accepted my other source of income I would have listed my income as like 4800 per month. (I really have no problem making the monthly payment but I currently dont meet BMW's requirement.) I really dont have a cosigner (and I wouldnt want to use one anyway) and I cant put a lot down so the only thing I can think to do is to say my monthly income from work is higher then I wrote on the application. I am trying to do BMW select and I submitted the credit app at my dealer which is a pretty big dealer. So what

Im wondering is if I can just resubmit a credit app and list a work income of about 4800 per month. My dad who is the president and owner of the auto business I work at could write a letter on company letter-head stating I earn about 4800 per month but that is really the only income verification I would be able to supply. So do any of you guys know if BMW would accept this or is just going to raise alarm bells (and make BMW look further into me and request income verification which they normally dont request from what I understand.) and prevent me from even getting financing for a 135 (my back up plan) Also if BMW did request income verification would the letter on company letterhead stating my income be acceptable and finally since I filed the 1st application at my bmw dealer wouldif I were to resubmit the credit app on bmw online with the new income level would that be more likely to get approved instead or resubmittting at the dealer?

One more quick thing I listed myself as self employed would it have been better if I said I wasnt and if I can resubmit should I change it to not self employed.

[Dee Pee]

Try a local credit union. The rates are betteer than BMWFS. I was offered 3.99 by them, 5.12 by my own bank in which I hold enough cash to buy the thing outright, and 2.49 by a local credit union. I also derive my income by employment and self-employment and I declared both of these facts. I have a score of 800+ and I have no idea of the logic behind how these things are financed. Comparison shopping should get what you a betteer deal. Even I had to do it. Keep trying. The car is worth it. Good luck.

[James T. Kirk]

Most people inflate their income on auto loan apps. You can first try to resubmit with a higher income number. The worst that happens is that you're declined again.

A credit union would be your next best source, though they may scrutinize your financials more closely. Last resort is to get your father to co-sign. If you're as trustworthy as you say with payments, your dad shouldn't mind.

[rogbmw]

I second looking into a credit union. Usually their rates are better, and they probably have a local branch.

[v1k0d3n]

credit union.

[NihonX]

I just barely make over $55,000 a year as a student and army veteran.
When I was doing the finance portion for my 1M, I almost didn't get it because my credit union said I didn't meet their income requirement. I am not sure how BMW handles their applications. I tried two credit unions and a bank and all denied my request or gave me counter offers.
My last resort was doing BMW Select and which my dealer said I didn't qualify but did for traditional BMW FS..

My credit score is roughly around 730 with no missed payments and only five years of credit history.

Hopefully it works out for you.

[nachob]

Originally Posted by v1k0d3n

credit union.

Credit Union!

[robertm]

Tell them your monthly income is 5100. If they question that tell them you put down your 2 week income instead of monthly income (2550 x 2= 5100). Worst that happens is the still deny you. If your pops will back it up then no worries.

[Sy546]

Go to your credit union. No point in going thru BMWFS unless your doing ED.

Also never say your self employeed, they hate that. If you just put employed and put your position, company name, and income they never question it. It's not like the ask for W2s.

[Dyaus]

I agree, a credit union may be your best bet.

Another option to consider is your BMW dealer may also be able to finance you through one of the banks they work with. A lot of times they can get better rates than you otherwise would if you were to go into the bank on your own. The rate is also negotiable which I don't think a lot of people realize, so you might be able to haggle the rate down a bit. Worth a shot if the credit union doesn't pan out.

[mPlasticDesign]

Not to sound like a buzzkill, but I never would have gotten to where I am today if the cost of my cars equaled my annual salary! Even half my annual salary, for that matter. Just saying.

[ucfknight]

Hey guys thanks for the advice I really do want to try to stick with BMW fs because of ED and select. And so do you think I can just resubmit a credit app with monthly instead of bi weekly and that a company letter would be enough to verify that income.

[v1k0d3n]

Originally Posted by ///Metak

Not to sound like a buzzkill, but I never would have gotten to where I am today if the cost of my cars equaled my annual salary! Even half my annual salary, for that matter. Just saying.

that's a really good way to put it Metak. i thought the same thing when i read the OP.

to the OP; i got flamed by a few of members on this forum because i wanted to do an 84 month lease, and my income is over triple what you mentioned with a beacon of 775 (i just wanted a longer term for my own personal reasons). i know we're probably not going to convince you otherwise, and it's not really our business, but you should really think about it. we're in a down economy, and times are tough; it's only going to get worse too. would hate to see a member turned upside down and no car is worth that.

[Daniel135i]

gotta pay to play.... some more than others, Just how bad u want it is the key. I would eat rice and beans for the foreseeable future and live out of a tent if I had to to get the car I always wanted (havent figured out which one it is yet). But thats just me, I like my toys, and the things that make me happy. I do what I have to do, and what I CAN to get what I want.

[chmura]

I agree go to your credit union. I just got a loan through schools first credit union for 2.74% for 60 months. No hassle.

[Sy546]

Originally Posted by ///Metak

Not to sound like a buzzkill, but I never would have gotten to where I am today if the cost of my cars equaled my annual salary! Even half my annual salary, for that matter. Just saying.

Agreed. OP sounds young (nothing wrong with that) but don't extend your self for a car. It's just a car.

[ORIGIN M.]

Credit Union's are the way I buy my BMW's.

[de85275]

See if dad can loan you, say $10k for a down payment to BMWFS and see if that works for them.

Although your dad should be telling you you're too young/poor to be buying such a car. Nothing wrong with a young person driving a used car.

[sergeremi]

Originally Posted by Daniel135i

gotta pay to play.... some more than others, Just how bad u want it is the key. I would eat rice and beans for the foreseeable future and live out of a tent if I had to to get the car I always wanted (havent figured out which one it is yet). But thats just me, I like my toys, and the things that make me happy. I do what I have to do, and what I CAN to get what I want.

I'm sorry. But this is horrible advice for purchasing "toys". You buy toys when you can afford them, not to sacrifice for them. You sacrafice for things that earn you the ability to buy toys.

Sad fact to the OP, you really can't "afford" this car and probably should put off the purchase till you can.

[Sy546]

Originally Posted by sergeremi

I'm sorry. But this is horrible advice for purchasing "toys". You buy toys when you can afford them, not to sacrifice for them. You sacrafice for things that earn you the ability to buy toys.

Sad fact to the OP, you really can't "afford" this car and probably should put off the purchase till you can.

exactly. well said.

if i had wasted all my money on cars b4 i wouldn't in the position to buy toys now. Now after i buy the 1M i have the joy of looking for another toy (exige s or Atom).

Just save and be financially responsible now. it will be worth it later

[M3 Adjuster]

I love the assumptions people make when threads like this are made.
The OP could be working for Dad, with addl income, living with Dad, getting free room and board from Dad, and have pretty much 55K a year in disposable income less taxes.

if he gets in over his head and sells the car a year from now, he'll have had the pleasure of owning a 1M, and won't lose his arse selling it either..n It's not like the 1M is a Pontiac G8 that will be worth nothing in five years... heck.. he could maybe make money in the next 6 months to a year.

I agree with Daniel... nothing wrong with sacrificing for your toy (s).. if they are the most important thing to you! It's paying a lot for toys... and also wanting tons of OTHER things as well... that can get one in over one's head.

[FCTrs4]

is having your dad cosign on the car totally out of the question?? they'd probably approve you if you have a cosigner.

also, are you dealing with fields or a different dealer??