[natahoa]

I picked up my car June 7. I had my loan approved before I ordered -kind of a long story, but it was a done deal. I have a 5-year loan.

TWICE this week I have received letters from BMW with their apologies for NOT being able to finance me. Just got the second one today, dated June 10.

My plan is to do nothing. First payment is due in mid July. At some point I was able to somehow get my credit card set up as the payment method, but since that time I have not been able to log into BMW financial due to “system problems.”

Someone on this forum told me it takes about two weeks for them to set up the online account, so I’m not worried.

Worse comes to worse I have a brand-new car and no loan. Good luck finding me. I have lots of places I could hide that car.

[rmorin1249]

I didn't think they would accept a credit card payment.

[gpitts]

Originally Posted by rmorin1249

I didn't think they would accept a credit card payment.

Now this is getting interesting...

[TurtleBoy]

Don't ignore those letters, make sure everything went through and is approved. Technically your dealer can't approve financing as the final decision rests with BMW Finance.

BMW Finance does not accept credit card payments so not sure what was set up but it wasn't for the loan payments with them.

Let us know how it turns out.

[Tenac]

I'd like to hear the long story about the loan. Typically that is the easiest part of buying

[natahoa]

Originally Posted by Tenac

I'd like to hear the long story about the loan. Typically that is the easiest part of buying

I went on the web site to apply for a loan. I really don’t have any income, and haven’t had any debt for many years. But I have a stellar credit rating so I wasn’t anticipating a problem.

They declined me within minutes. So I changed the application and submitted it again, with another immediate decline. They wanted me to put down $38k. Ya, right.

So the sales manager talked to BMW finance. He said I should’ve been approved based on my credit score alone, but they declined me so fast it was obvious they never even checked it.

The sales manager asked me for a screen shot of my IRA accounts, and with that they approved me. For any loan or lease I wanted.

When I bought the car, I signed all the papers and have the receipts and finance contract I signed.

So, I don’t think it’s a problem. I have the signed finance contracts. It is just WIERD that they are sending letter after letter that I was declined. I think it an automated response, however tardy, to my original credit apps.

[Tenac]

Yeah that sounds like the letters are from the original no's. It did take a few weeks for my account to show up on BMW page.

[natahoa]

Originally Posted by rmorin1249

I didn't think they would accept a credit card payment.

I didn’t realize that. I think it was one fine day when my connected drive app was working, it let me click through to the finance. It asked for a method of payment and let me use my credit card.

Who knows. My payment isn’t due for a month. I will call them at some point I guess.

[The Libertine]

Originally Posted by TurtleBoy

Don't ignore those letters, make sure everything went through and is approved. Technically your dealer can't approve financing as the final decision rests with BMW Finance.

BMW Finance does not accept credit card payments so not sure what was set up but it wasn't for the loan payments with them.

Let us know how it turns out.

Definitely agree. Follow-up with BMW to make sure everything is in order.

[rmorin1249]

The Finance person who "helped" you needs to apologize for the less than stellar service provided to you during your purchase. Also, BMWFS is not known to be consistently customer friendly. At least this has been my experience over the years buying and purchasing 13 BMWs. I think you are fine and have an approved loan but I'm pretty sure you will need to pay by check or bank draft.

[natahoa]

Originally Posted by rmorin1249

The Finance person who "helped" you needs to apologize for the less than stellar service provided to you during your purchase. Also, BMWFS is not known to be consistently customer friendly. At least this has been my experience over the years buying and purchasing 13 BMWs. I think you are fine and have an approved loan but I'm pretty sure you will need to pay by check or bank draft.

When I find out I’ll post it here, but that could be a few weeks.

Happy Father’S Day to all!

[Pictor]

I suspect there is lots more to this story.

[TurtleBoy]

Originally Posted by rmorin1249

I think you are fine and have an approved loan but I'm pretty sure you will need to pay by check or bank draft.

They also accept Debit cards although for recurring payments I think it needs to be an ACH withdrawal from a savings/checking account.

[natahoa]

Originally Posted by Pictor

I suspect there is lots more to this story.

Not really. Other than wanting a huge down payment, they also wanted my husband to co-sign.

Originally I said my “income” was 30k. Yes, stupid I know. Because I had to put something and that is about what I withdraw from savings each year. Just being honest, which unfortunately can be stupid.

We live on savings and have no income. Eventually we will have SS and my husband gets a pension (and I will get one when I turn 65). The back story is that my husband had an executive job with John Deere in Iowa. Deere sold the business unit and he was let go. That was in 2011, and we weren’t old enough to get SS or pensions yet.

In addition to the money I pull out of my IRA, we have a joint savings account used to pay bills. So, my “income” is just to pay my credit card bills, spoil my kids, and goodies such as the super-expensive granite I put in my kitchen a few years ago.

However, it is all taxable so I wanted a loan instead of buying the car outright. Right now we are earning 11-15% on our savings and IRAs. So it is stupid to pull money out if we don’t need to.

So, that is the back story. I was able to get a bank loan for the car at 3.49%, but I wanted the BMW loan at 2.99% and the $2000 incentive.

[natahoa]

Originally Posted by TurtleBoy

They also accept Debit cards although for recurring payments I think it needs to be an ACH withdrawal from a savings/checking account.

Argh. I was so hoping to get the cash back every month on my credit card.

Oh well ... I’ll be sure to update this post when I get a payment method set up. Just in case they DO take CC payments. I’m sure lots of people would go that route if they could!

[amphiprion]

It would be on the dealer if they let your drive off without having the financing sorted out. Time to Amazon prime that car cover you were thinking about.

[natahoa]

Originally Posted by amphiprion

It would be on the dealer if they let your drive off without having the financing sorted out. Time to Amazon prime that car cover you were thinking about.

I decided the car cover will probably scratch the car. And that PPF was just too expensive. I actually bought a magnetic windshield cover that I can set up to cover the hood. But the car being plastic, the magnets are kinda useless.

My solution: I bought a hose so I can set up to quickie car wash all the bugs and bird guano off. I think I also ordered some microfiber towels.

[TurtleBoy]

Originally Posted by amphiprion

It would be on the dealer if they let your drive off without having the financing sorted out.

That may depend on the state and how the financing contract is worded. If it is done correctly, from a dealer's perspective, the verbiage would in essence say everything is dependent upon obtaining financing and not that the dealer is providing financing. That is probably the main reason why people are asked to come back and sign a new contract days after having the car, the dealer was not able to place the loan. I would doubt that BMW dealers do that though. Same with leases, you can sign all of the paperwork but they aren't effective until BMW Finance, or whatever manufacture, approves it.

[natahoa]

Originally Posted by TurtleBoy

That may depend on the state and how the financing contract is worded. If it is done correctly, from a dealer's perspective, the verbiage would in essence say everything is dependent upon obtaining financing and not that the dealer is providing financing. That is probably the main reason why people are asked to come back and sign a new contract days after having the car, the dealer was not able to place the loan. I would doubt that BMW dealers do that though. Same with leases, you can sign all of the paperwork but they aren't effective until BMW Finance, or whatever manufacture, approves it.

You are a true oracle of information, and I appreciate it!

I had no idea they could decline financing AFTER you sign the contract. I would THINK the dealer would be the first to know and would contact me. I’ll ask them to check into it this week.

[amphiprion]

Originally Posted by TurtleBoy

That may depend on the state and how the financing contract is worded. If it is done correctly, from a dealer's perspective, the verbiage would in essence say everything is dependent upon obtaining financing and not that the dealer is providing financing. That is probably the main reason why people are asked to come back and sign a new contract days after having the car, the dealer was not able to place the loan. I would doubt that BMW dealers do that though. Same with leases, you can sign all of the paperwork but they aren't effective until BMW Finance, or whatever manufacture, approves it.

True, that is my understanding as well, but assuming the buyer was forthcoming about their ability to finance the car, the final approval is a formality because the finance office at the dealer did its job and ran credit and did some basic math.

[TurtleBoy]

Originally Posted by natahoa

You are a true oracle of information, and I appreciate it!

I had no idea they could decline financing AFTER you sign the contract. I would THINK the dealer would be the first to know and would contact me. I’ll ask them to check into it this week.

In your case those two letters are probably from your first attempts at getting financing. If you were declined your dealer would be notified. You are more than likely fine but things do sometimes fall through the cracks so safer to verify rather than assume.

[natahoa]

Originally Posted by amphiprion

True, that is my understanding as well, but assuming the buyer was forthcoming about their ability to finance the car, the final approval is a formality because the finance office at the dealer did its job and ran credit and did some basic math.

I had to send them a screen shot of my assets. I don’t think they will rescind the loan. But I will definitely check on it!

Come to think of it, when I was approved with the help of the sales manager, I never got anything in writing stating that. If their system still shows me declined, it could be a problem, but I think it is fixable.