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Bmw Fs

Discussion in 'Credit Talk' started by delgato, Jul 15, 2004.

  1. Jul 15, 2004 #1
    delgato

    delgato Well-Known Member

    I am going to attempt to finance a BMW 325i tomorrow through BMW FS. The loan will be somewhere around 30k.

    My credit situation is as follows:
    TU: 708 (fico)
    EXP: 682 (fico)
    EQUI: 753 (fico)

    Never had an auto loan before. Looking to put either $3k or $4k down. Monthly income is $5250.

    Despite my respectible scores, I have an OC charge off in the amt of $1800 that is pushing 5 years old. I wonder sometimes why my scores are as high as they are. My credit since then has been perfect.

    What are my chances with BMW FS? IF BMW FS fails, what are my chances with the dealer finding something for me in his/her computer system?
     
  3. Jul 15, 2004 #2
    Shanyl

    Shanyl Well-Known Member

    Don't have an answer for you, try google with FICO to finance BMW and see what you get. If you look at the top of the discussion page, you can go to "what cra do they pull" (on top of forum) and you'll see that BMW Financial has been reported to pull EXP and TU (with more exp than TU)

    Have fun tomorrow.
     
  4. Jul 16, 2004 #3
    Hedwig

    Hedwig Well-Known Member

    I never had any experience with BMW, but most of the car finance companies will shop you around. My experience has been that it's not necessarily the best rate.

    If you belong to a credit union, talk to them first. See if they'll give you a loan, and get the terms. Then you go to the dealer armed with that. They give you a better deal or you finance with the CU.
     
  5. Jul 16, 2004 #4
    kiloecho

    kiloecho Member

    I financed three BMW's through BMW FS and my scores were not quite as high as yours. They look at income and scores. You should be fine and you will love the 3 series it is great fun to drive!
     
  6. Jul 16, 2004 #5
    sam

    sam Well-Known Member

    you will always get a better price with autofinders from the cu. i think a 330ci new with all options but nav was 587 w/tax for a 39 lease/12k year.


    if you can afford to maintain the car after the warranty, then you are a rich man.

    service I and service II are $NO JOKE$ the E46.
     
  7. Jul 17, 2004 #6
    delgato

    delgato Well-Known Member

    For the record I was approved through BMW FS at 2.9%. I put 3k down but I could have put 0 if I wanted. The credit app sailed through in 5 minutes without the dealer saying a word! I do know BMW FS's best rate right now is 1.9%. I am not sure if the dealer tacked on another 1% and pocketed it or 2.9% is where I fell in their rating system
     

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