Please help me guys.

[Rohardi]

OP, I think you should delay the purchase/lease for lets say a month and take a step back, clear your head, don't jump in to this based on impulse and the fact that you are dying to get the car. Play the devil's advocate and look at the negatives of the deal. I know in the US negative items on your credit report come off of your credit report in 7 years. How long does it take for negative items to come off your credit report in Canada? If it's the same 7 years, I would say suck it up and wait till the negative items have fallen off your credit report as you said your credit issues were 6 years ago. I'm sure you will end up with a nice new M5, Just want to see you do it and get a fair deal doing it!

[Greer]

To John the OP:

You are entering into this deal wanting the car too much, walk away and get a better deal. How are you going to enjoy this M5 when you open the door every day knowing you were taken advantage of?

[krown]

If you are ordering the car from a dealer, you'll never get a better deal than if you were to buy one of the lot. Did you try seeing if any dealers around you have inventory? Also, you should look at CPOd or demos as they tend to give better deals on those, and you are essentially financing the car rather than leasing, you should get a better rate.

[johnsama86]

Just spoke to my dealer and showed third party's lease quote
sure he is surprised as well and talking with his financial manager who is friend of this 3rd party lessor

[bobblehead]

^ I am sure Autohaus will say they are friends/buddies/relatives/distant cousins, etc with others.

As far as your concern, you should only do it if it makes financial sense. As everyone here already told you many times over.

GL.

[johnsama86]

collected my deposit from Autohaus
I went to BMW Maranello today
Citrin black, night vision, executive, piano black @ 114900 (got 2600 off from msrp)

[neurom]

This is like watching a train wreck, with all said by OP, clearly a terrible financial decision to buy an M5 considering financial situation/credit. With all due respect, what I see is that as you said, you ruined your credit when you were "younger", but it does not seem you learned the lesson from it. In the US a default in your credit will disappear after 7 yrs, not sure how it is in Canada.

[bobblehead]

^ In Canada, it is 6 years (for the 1st timer). 14 years (for 2nd timer).

[Danmar]

First of all, you should not be paying MSRP. I got about 6% off and I ordered my car (not ED either). Secondly, for a luxury, performance car like an M5 my opinion is you shouldn't buy it unless you can afford it. Part of affording it is having good enough credit that you don't get hosed. $53k can get you a very nice new or slightly used BMW. Don't make the same type of mistake you made when young. EDIT. Missed last couple of posts. OP doesn't seem to have learned his lesson. These M5 are expensive to buy and run. You need to be pretty well established to even consider it, in my opinion.

[Danmar]

Originally Posted by neurom

This is like watching a train wreck, with all said by OP, clearly a terrible financial decision to buy an M5 considering financial situation/credit. With all due respect, what I see is that as you said, you ruined your credit when you were "younger", but it does not seem you learned the lesson from it. In the US a default in your credit will disappear after 7 yrs, not sure how it is in Canada.

+1 Big mistake.

[johnsama86]

Originally Posted by Danmar

+1 Big mistake.

hope you read all the posts, I said I'm comfortable with 60k downpayment and 1500 monthly payments.(tax included) I'm not digging M5 not considering my current and future financial situation. Told you I made a mistake and I wouldn't do the same again.

The initial question in the post was if this deal was too much or not, considering my bad credit - obviously higher interest.

Considering the loaner taking the risk based on my credit report, I myself thought the deal could be reasonable.

Before I sign the deal, I came here to listen members' thoughts as well, I listened and went for an extra search knowing that there could be a better deal with such lump sum downpayment.

I switched 3rd party loaner through my connection. Their maximum financial charge or service charge whatever they call it will be less than $10k and it is guaranteed approval just waiting for the final quote.

got off $2600 from its MSRP.

If I was unable to make those payments and going for that deal or even wanting an M5, yeah sure I am an idiot, but i think you are getting the whole picture in a little different way.

at my current financial situation, I'm very comfortable with up to $2k monthly payment, I just don't wanna pay too much of an extra to 3rd party.

seriously am I still being an idiot here?

[johnsama86]

Originally Posted by Danmar

First of all, you should not be paying MSRP. I got about 6% off and I ordered my car (not ED either). Secondly, for a luxury, performance car like an M5 my opinion is you shouldn't buy it unless you can afford it. Part of affording it is having good enough credit that you don't get hosed. $53k can get you a very nice new or slightly used BMW. Don't make the same type of mistake you made when young. EDIT. Missed last couple of posts. OP doesn't seem to have learned his lesson. These M5 are expensive to buy and run. You need to be pretty well established to even consider it, in my opinion.

so you ordered the new vehicle and got 6k off?
where the dealership? and who is your dealer?

[bobblehead]

^ probably repeat customers of the same dealership. Probably bought/leased many vehicles in the past or the dealer has a few in-stock M5 sitting around. As you know, M5 may not move often in the winter months and perhaps Danmar took advantage of that situation, being in the right place & the right time.

Lastly, most bloggers here simply want to make sure you've thought it over before making your purchase. Including shopping around and alternative high performance cars to lessen the blow on your financial situation.

Anyway, I am happy to see you got your car. Happy motoring and perhaps, I may see you around in the North York, Vaughan, Woodbridge, Richmond Hill, etc.

[Danmar]

Originally Posted by johnsama86

so you ordered the new vehicle and got 6k off?
where the dealership? and who is your dealer?

i am a very good customer at a very large dealership. Currently own 6 BMW's most of which were purchased off the same guy. I don't intend to screw up any future deals by divulging any more. I paid cash for all of them.

[bobblehead]

^ I can pretty guess it's BMW Toronto or Parkview.

[johnsama86]

Originally Posted by bobblehead

^ I can pretty guess it's BMW Toronto or Parkview.

+1

[johnsama86]

Originally Posted by bobblehead

^ probably repeat customers of the same dealership. Probably bought/leased many vehicles in the past or the dealer has a few in-stock M5 sitting around. As you know, M5 may not move often in the winter months and perhaps Danmar took advantage of that situation, being in the right place & the right time.

Lastly, most bloggers here simply want to make sure you've thought it over before making your purchase. Including shopping around and alternative high performance cars to lessen the blow on your financial situation.

Anyway, I am happy to see you got your car. Happy motoring and perhaps, I may see you around in the North York, Vaughan, Woodbridge, Richmond Hill, etc.

Thank you, definately, you will see me around my plate will be "MFBTY"

[Danmar]

Originally Posted by bobblehead

^ probably repeat customers of the same dealership. Probably bought/leased many vehicles in the past or the dealer has a few in-stock M5 sitting around. As you know, M5 may not move often in the winter months and perhaps Danmar took advantage of that situation, being in the right place & the right time.

Lastly, most bloggers here simply want to make sure you've thought it over before making your purchase. Including shopping around and alternative high performance cars to lessen the blow on your financial situation.

Anyway, I am happy to see you got your car. Happy motoring and perhaps, I may see you around in the North York, Vaughan, Woodbridge, Richmond Hill, etc.

I ordered the M5 in Sept for delivery next week. Getting a little excited. Discount was $7295 on MSRP of $116,500 or 6.3% Sounds pretty good based on this site.

[bobblehead]

I agree. It's certainly the highest % off I have seen among GTA.

When the M5 first came out exactly 1 year ago, most, if not all GTA dealers are not giving any discount at all due to the hype and all. Since then, there are some M5 sitting on dealers' lot and waiting to be bought/leased, therefore, what you got is really a good deal as the dealer still make around 3% or $3500 on margin.

Originally Posted by Danmar

I ordered the M5 in Sept for delivery next week. Getting a little excited. Discount was $7295 on MSRP of $116,500 or 6.3% Sounds pretty good based on this site.

[johnsama86]

Originally Posted by stealth.pilot

I have to say this is a ridiculous offer.

If what you say is correct then the 3rd party lease amounts to a 30,000 finance charge on a 58,000 loan over 4 years.

That's daylight robbery.

You'd be better off buying the car cash. BTW nobody pays MSRP any more. If its 111k, then you should get it for less than 105k. So if you pony up an extra 52k, you save 30k over 4 years. It's a no brainer.

If you can't afford to buy this car with cash outright, then I think you should fold and do something more conservative like a 335i. I bought my car cash, and only drove used 3 series until I could buy nicer cars with cash without even thinking twice. That to me is the criteria under which I buy a car - it's not something where the funding is something I should have to think about. So be careful, it sounds like you did a great job getting back on your feet and you don't want to jeopardize that.

Also your credit shouldn't still be bad if these events are 6 years old. You should do the following:
1) if you have any unpaid liabilities, negotiate to pay them off with full interest in exchange for the negative items being removed from your credit history
2) for debts you have already paid off but which have negative history, dispute the history with the credit bureaus.

Thanks

[positiveions]

Buy the car, and then leave about 7k to finance. That way you can rebuild your credit.

[avlnch]

You basically have two options.
1: Buy outright with cash.
2: Lease in 1-2 years when your credit improves.

Any other decision and you should be honest with yourself.. know that you will not be getting a good deal any which way you try to look at it.

You mentioned that when you asked for a discount your dealer immediately responded with "no can't do that".

Understand that his question was literally nothing more than a test to determine if you are an emotionally involved buyer or if you are a buyer willing to walk away.

The best advise I can give you is this. Always be willing to walk away. The moment you are not willing to walk is the moment you will get taken advantage of.