[Bimmer6]

Originally Posted by Chipped B6

7 years of easy-going, no problem experiences buying BMW's then...

I'll make this quick here aka. semi-long tldr; It's a somewhat complicating situation, so please bear with me and provide advice for what to tell them come Monday! :beer::beer:
I just sold my E92 M3 and wanted to pick up an F10 M5.

Then comes October, 2013. I notice F10 M5 lease rates were actually somewhat decent. I get APPROVED (cash or no cash, you need to get approved to buy it).

December gets even better with a 59% residual(+1%) same .00125 money factor.

Due to new rates, you have to RESUBMIT your BMW financial app to get approved for the purchase in December. So on the 28th of December I submit a new BMW financial app and wait to get approved again.


*I will be using fake numbers to determine our income.*

This is the second time I go fill one out, except my wife isn't here this time around, so I put a total of $50,000 under just MY name because that is the household total income.
They ask for an income statement for 2012 on the 30th of December, I provide it and they fax it to BMW NA.
DECLINED.

According to BMW, I lied on my credit app. I was making significantly less in October 2013 when I got approved with 3 cars in my garage. Then in December, with one less loan, with more money, I get DECLINED?

-How could this be? Turns out when I filled our the application in Oct. 2013, I put in my wives and mine income in twice, so $50,000 each. Our sales guy, noticing it, splits it $25,000 each because both of our names are on it yet SAME company (self employed). APPROVED for October.
-December, 2013. I turn in the app again, with no wife there, I put $50,000 down on the app just for me AND provided a 2012 income tax statement in 2013. How could they NOT realize that it's still the same company and that I just put my wife in the deal because THEY told us it would be easier to get approved with two people splitting the income. I think they approved me on the basis that I only make $25,000 so when I filled out a new one by myself, the $50,000 was me lying on a credit application. Doesn't this lower my credit as well?!

Oh I forgot the kicker! They said my 2012 tax income statement is OUT OF DATE because now it's 2014.

No one even has their 2013 taxes done yet!

Where am I now? Possibly getting screwed on behalf of their negligence. The January rates, lose a $1000 loyalty, MF spikes, residuals go down 1% and I lose the holiday cash of $1500.

Now, it's not a terrible situation. I'm SO frustrated going to the dealership like 4 times already in 3 days to provide paperwork and still end up getting screwed over. This is a vacation and a couple of thousand dollars at play here.


Any help would be appreciated. Hope it's understandable to read!

Hard to figure out your situation, but based on what I read you were asked to verify income with taxes? Cash purchase there is no approval needed, nor income did it in 2012 not a problem. Looks like your credit score has raised some questions, and needing two incomes to make the purchase happen. Good luck, but don't over extend yourself on a car as this could be a sign to back away financially. Remember a car is a depreciating asset, and can drain finances if you allow it.