[2019x5User]

Hi,
The story is like this :
1. signed paper and picked up the car. Loan amount = $10K
2. Next day, Got email from dealer ask for proof of income including 3 months' bank statement and pay stub.
3. One week later, got email from same guy again and ask me to sign doc again because my signature not available in BMW system due to "mechanical issue".

Question:
Did anyone experience the same?


It's really kind of suspicious request to me : thoughts?


Thanks

[MystroX5]

Not normal unless your credit rating has issues. It’s all about your credit rating.

[2019x5User]

Originally Posted by MystroX5

Not normal unless your credit rating has issues. It's all about your credit rating.

My credit score is above 850

[r33_RGSport]

Make sure that you are not signing off his mortgage paperwork.

[2019x5User]

Originally Posted by r33_RGSport

Make sure that you are not signing off his mortgage paperwork.

Exactly

[MystroX5]

Originally Posted by 2019x5User

My credit score is above 850

Certainly not normal then.

[magna6882]

seems odd. i put 100k down and financed 20 something for the 2k credit. the form i filled out was bmw and it was done online. I had a page from the online form i needed to sign and that was it. All the paperwork i signed was from bmw. Perhaps your dealer is using a different money source.

[2019x5User]

Originally Posted by magna6882

seems odd. i put 100k down and financed 20 something for the 2k credit. the form i filled out was bmw and it was done online. I had a page from the online form i needed to sign and that was it. All the paperwork i signed was from bmw. Perhaps your dealer is using a different money source.

Good to know, thanks

[misterburns]

Phishing

[MystroX5]

Originally Posted by magna6882

seems odd. i put 100k down and financed 20 something for the 2k credit. the form i filled out was bmw and it was done online. I had a page from the online form i needed to sign and that was it. All the paperwork i signed was from bmw. Perhaps your dealer is using a different money source.

This is the typical requirement for BMW finance. It’s one page, a credit check and done.

[avengerboater]

I never even printed anything out. After getting approved online from BMWFS, they sent an email to my CA and he confirmed receipt of it.

I showed up on the day of delivery, signed papers, and done.

[2019x5User]

Just realized I cannot LINK ACCOUNT TO BMW FS :

Wt* is going on, need to call BMW FS to find out

[magna6882]

On my account at my bmw i have the cars on left side and financial services on the right. Click on that and you should see your account and payment dates ect.

[Michael.b95]

I bought a BMW w/a credit score under 500, without any trouble.

[Aimster82]

I think I got 830-850 credit score, the dealership does a 900 score rating or something. Anyways I always put 0 down and walk away no problem.

[Rfsbranch]

Not at all the norm, they must have seen something derogatory when they ran your credit.

[TXSchnee]

Unless you are self employed, this seems rather odd, especially for the small size of the loan.

[Frenetic]

The original post was from January 2019. Someone searched, found and resurrected this thread for some strange reason...

[wifesbimmer]

That is very odd. I am self employed and just purchased a M50i with $3000 down with absolutely no issues of having to prove my income. Such a process might be necessary for a mortgage, but not for a vehicle especially for 10K. Perhaps, the finance guy screwed up something on your paper and the lender is asking for more paperwork?????

[Finito84]

It seems like the finance guy misplaced the document or something like that!

In August and September, there were really short staffed at the dealership. They did not have assistants, some sales and maintenance people, so maybe the finance guy did something wrong.

Easy to re do it and do not think to much about it. The loan amount is relatively small so not sure what the issues are (also credit seems pretty good).

[QF8]

10K loan are you serious.

[codex57]

Originally Posted by QF8

10K loan are you serious.

I took a small loan on my X3 in order to qualify for the financing incentive. Paid it off in a few months when it seemed safe.

As for asking for proof of income, it could be ok. However, I've got red flags popping up like crazy. I volunteered at community centers and stuff before and that sounds an awful lot like a standard scam dealers pull to try and get you to sign a new deal that's much worse. They especially like to do it if you've got a trade (which is long gone).