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      03-21-2016, 11:51 AM   #23
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The first quote is disgustingly high. Definitely shop around
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      03-21-2016, 03:09 PM   #24
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i love the fact that BMWFS denied my app. And whats more amusing is, i know someone who cannot show any verifiable income in the US. but was just able to finance a new x3.

i fucking love this country.
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      03-21-2016, 04:38 PM   #25
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Quote:
Originally Posted by TrevorM3
i love the fact that BMWFS denied my app. And whats more amusing is, i know someone who cannot show any verifiable income in the US. but was just able to finance a new x3.

i fucking love this country.
I've heard of BMWFS doing this to other members recently.
Approval is FICO and income based so as long as you meet the requirements should be a slam dunk!
I would contact Greg and see what he can get done for you.
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      03-21-2016, 05:24 PM   #26
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Quote:
Originally Posted by momos750 View Post
I've heard of BMWFS doing this to other members recently.
Approval is FICO and income based so as long as you meet the requirements should be a slam dunk!
I would contact Greg and see what he can get done for you.



my fico is over 720, they said "you need to make more than the car is worth" not sure how accurate this is.. if anyone can confirm this would be great. i'am highly pissed off right now. i'am in contact with greg to see if he can better assist.

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      03-21-2016, 08:22 PM   #27
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Originally Posted by TrevorM3 View Post
my fico is over 720, but i do not make six figures. they said "you need to make more than the car is worth" not sure how accurate this is.. if anyone can confirm this would be great. i'am highly pissed off right now. i'am in contact with greg to see if he can better assist.
What a load of crap (whoever told you that), correlation is not causation here (Credit and Income). Exclusive of your credit file, income is a going to be an issue based on payment to income, debt to income, and your debt ratios. Where credit counts is whether you have comprehensive credit to the amount requested- FICO is one bit of the equation and allows for tiering but one still needs to have a credit file substantial enough for a 110k net cap car. There are many applicants with limited credit (less than 10k highs) that have high FICO scores but do not qualify for this much car.

I have no doubt there are many applicants who make less than the value of the car who have obtained leases. I would advise the dealer to be wary of fair and responsible lending since they are not the bank and can not act like they are. (unless BMW said this in which you will get an adverse action letter if the application was submitted).
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      03-21-2016, 09:03 PM   #28
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Originally Posted by Vic55 View Post
What a load of crap (whoever told you that), correlation is not causation here (Credit and Income). Exclusive of your credit file, income is a going to be an issue based on payment to income, debt to income, and your debt ratios. Where credit counts is whether you have comprehensive credit to the amount requested- FICO is one bit of the equation and allows for tiering but one still needs to have a credit file substantial enough for a 110k net cap car. There are many applicants with limited credit (less than 10k highs) that have high FICO scores but do not qualify for this much car.

I have no doubt there are many applicants who make less than the value of the car who have obtained leases. I would advise the dealer to be wary of fair and responsible lending since they are not the bank and can not act like they are. (unless BMW said this in which you will get an adverse action letter if the application was submitted).


I called BMWFS, and they referred me back to the dealer Finance department. I called the manager there twice, left vm's, and no call back. Spoke to another finance person there, and she said "i dont make enough" and i don't have a lengthy credit history. I can certainly understand the latter, but it's still infuriating to me that there are a ton of monkeys driving around in these cars who have no business being in them.


So i have excellent credit, 0 loans, 0 mortgage, and 0 opening balances on credit cards. The only negative is my length of credit history. Iam (25) So i'm not understanding why they will not allow this loan to take place. I have 0 expenses. Makes perfect sense.

And the real kicker is, they capped my MSRP at 45k. That is a fucking insult to me. And yes, i make more than 45k a year.

As i said, i'm not sure whose decision it really is to say yes or no, (as i said before BMWFS referred me back to the dealer) but i'm sure they should go back to school. I don't think they've ever heard of debt-income ratio.
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      03-22-2016, 12:28 AM   #29
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Can you do a single-pay lease (pay the entire lease payment up front)? If so, two things could happen: your MF will drop significantly, and BMWFS won't be too concerned about whether or not you can continue making your payments on a monthly basis...the whole thing will be paid upfront.

It's not always the best idea depending on how the lease is structured, but I've done single-pay leases that, in the end, wound up considerably cheaper than either straight lease or finance. There's risk in putting everything up front, but that can be mitigated.
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      03-22-2016, 05:36 AM   #30
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Tell me more please,^ what would be best way to structure paying everything up front? How can the risk be lowered? I think over the course of two years the car would only cost like 27k or something. I could do it, but what happens in a total loss?
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      03-22-2016, 10:30 AM   #31
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Quote:
Originally Posted by TrevorM3 View Post
I can certainly understand the latter, but it's still infuriating to me that there are a ton of monkeys driving around in these cars who have no business being in them.
That's called a good finance team at the dealership... they have the ability to sway the bank. Often its due to dealer support and the relationship they have with the captive finance arm along with their sales totals.
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      03-22-2016, 03:52 PM   #32
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Quote:
Originally Posted by TrevorM3 View Post
I called BMWFS, and they referred me back to the dealer Finance department. I called the manager there twice, left vm's, and no call back. Spoke to another finance person there, and she said "i dont make enough" and i don't have a lengthy credit history. I can certainly understand the latter, but it's still infuriating to me that there are a ton of monkeys driving around in these cars who have no business being in them.


So i have excellent credit, 0 loans, 0 mortgage, and 0 opening balances on credit cards. The only negative is my length of credit history. Iam (25) So i'm not understanding why they will not allow this loan to take place. I have 0 expenses. Makes perfect sense.

And the real kicker is, they capped my MSRP at 45k. That is a fucking insult to me. And yes, i make more than 45k a year.

As i said, i'm not sure whose decision it really is to say yes or no, (as i said before BMWFS referred me back to the dealer) but i'm sure they should go back to school. I don't think they've ever heard of debt-income ratio.

They may do it with a large cap reduction
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      03-23-2016, 11:46 PM   #33
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You people who think FICO is everything are living 10 years ago. They handed me a $60k loan 10 years ago (when I was 23) with pretty much no credit history (literally had store credit cards) and no income verification (and this was a Bentley dealer). The loan got paid off because I made the money but I can see how they probably got burned a lot. It was still something I did while young and stupid. A 550 FICO means nothing if you have 2 mil in the bank and make $750k/year. Likewise, your 760 means nothing on a $120k car if you make $60k year and live with your parents. They want income verification most times (at least the smart ones do). Also, they want to know specifics. They will take an applicant with a 720 who has paid off several $100k car loans any day over the guy with a 750 who got that paying off his Express and Banana Republic cards.

Do the multiple MF's...get the interest down if you have the money lying around. The return is good versus investing that right now anyways. I threw them $10k for my MF's.....had I invested that, I'd probably have lost $2k-4k of that already based on how the market has been in the last year or 18 months.

Those rates suck even if you make $5mil per year, IMHO. $1600 for a car that is going to be an old model in less than 12 mos? No. I'm paying $1,350 for my M6 and that was a 24 month lease with 0 down (and December 2014 so the model was still pretty new as opposed to one they will be giving away in a year). Yes, the new M5 won't be out for 2 years....but it's still going to be an old model in a year. Wouldn't be paying more than $1k for this car per month at this point....especially when others have gotten similar pricing over the last few years on M5's.

Also, some dealers won't do one pay leases because they want the interest money....I offered to do that on my CLS a few years ago just to save on the interest and MBFS wouldn't do it unless it was a normal month to month lease.

Not trying to be a dick.....but if you don't make 6 figures you don't have any business driving a $120k car. You will thank yourself you didn't do it in 5 years. Get a $50-60k car and call it a day.....at your age no one is going to know the difference....you'll have a new 535i and still be way ahead of 99% at your age (and be saving $700/month).
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Last edited by mjr24; 03-24-2016 at 12:03 AM..
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      03-24-2016, 11:52 AM   #34
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Quote:
Originally Posted by mjr24 View Post
You people who think FICO is everything are living 10 years ago. They handed me a $60k loan 10 years ago (when I was 23) with pretty much no credit history (literally had store credit cards) and no income verification (and this was a Bentley dealer). The loan got paid off because I made the money but I can see how they probably got burned a lot. It was still something I did while young and stupid. A 550 FICO means nothing if you have 2 mil in the bank and make $750k/year. Likewise, your 760 means nothing on a $120k car if you make $60k year and live with your parents. They want income verification most times (at least the smart ones do). Also, they want to know specifics. They will take an applicant with a 720 who has paid off several $100k car loans any day over the guy with a 750 who got that paying off his Express and Banana Republic cards.

Do the multiple MF's...get the interest down if you have the money lying around. The return is good versus investing that right now anyways. I threw them $10k for my MF's.....had I invested that, I'd probably have lost $2k-4k of that already based on how the market has been in the last year or 18 months.

Those rates suck even if you make $5mil per year, IMHO. $1600 for a car that is going to be an old model in less than 12 mos? No. I'm paying $1,350 for my M6 and that was a 24 month lease with 0 down (and December 2014 so the model was still pretty new as opposed to one they will be giving away in a year). Yes, the new M5 won't be out for 2 years....but it's still going to be an old model in a year. Wouldn't be paying more than $1k for this car per month at this point....especially when others have gotten similar pricing over the last few years on M5's.

Also, some dealers won't do one pay leases because they want the interest money....I offered to do that on my CLS a few years ago just to save on the interest and MBFS wouldn't do it unless it was a normal month to month lease.

Not trying to be a dick.....but if you don't make 6 figures you don't have any business driving a $120k car. You will thank yourself you didn't do it in 5 years. Get a $50-60k car and call it a day.....at your age no one is going to know the difference....you'll have a new 535i and still be way ahead of 99% at your age (and be saving $700/month).

of course it does. I have 0 expenses. Don't turn this into a lecture. The principle matter here is they won't approve for any logical reason.
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      03-24-2016, 04:10 PM   #35
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Quote:
Originally Posted by TrevorM3 View Post
Tell me more please,^ what would be best way to structure paying everything up front? How can the risk be lowered? I think over the course of two years the car would only cost like 27k or something. I could do it, but what happens in a total loss?
IIRC, in the event of a total loss, you get a prorated portion of the lease payment back. Check with Greg on this. Hopefully, Greg's finance department can get this done for you even if BMWFS requires some stipulations.
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      03-25-2016, 08:39 PM   #36
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Didn't mean to lecture, you. I should have kept it short.....you don't make enough and your credit score thus means jack, end of story.
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      03-26-2016, 08:37 AM   #37
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Def not the best call to lease an M5 in this scenario
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      03-26-2016, 05:29 PM   #38
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Def not the best call to lease an M5 in this scenario
Yes all lectures aside - without showing income in the 6 figures you're going to have a real tough time getting approved by BMWFS these days.
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      03-26-2016, 07:10 PM   #39
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You should've just write down over 100k salary on your application, they do not ask for your pay-stubs or letter from your employer.
Just simple logic?.

PS: maybe he has cash income and can afford m5 so you never know guys.
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      03-26-2016, 08:07 PM   #40
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i got approved. ironing out pricing now.

but thank you to the one idiot who derailed the thread.
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      03-26-2016, 08:56 PM   #41
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Quote:
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i got approved. ironing out pricing now.

but thank you to the one idiot who derailed the thread.
Congrats on the approval! Original dealer, Greg at Pacific or elsewhere?
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      03-28-2016, 12:02 PM   #42
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Quote:
Originally Posted by TrevorM3
i got approved. ironing out pricing now.

but thank you to the one idiot who derailed the thread.
Glad to see you got it worked out. Traditional lease or did you decide to go the one pay route?
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      03-29-2016, 05:23 AM   #43
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i got approved. ironing out pricing now.

but thank you to the one idiot who derailed the thread.
Congrats man and good luck glad it worked out for you. When you get the beast show those pics
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      04-03-2016, 07:18 AM   #44
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Those are horrible numbers
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