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      05-02-2021, 12:48 PM   #23
dds007
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Are you young? First job?

That was the case when I was trying to buy a cayenne out of school.
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      05-02-2021, 12:54 PM   #24
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Quote:
Originally Posted by bayarea328xit View Post
Do you have a letter from BMWFS that clearly states this requirement? Never heard of this.

It sounds like something a dealer would tell you to do if they were trying to arrange the lease through a bank - not BMWFS.
No letter or anything. My broker just called me and said BMWFS wants 27k down and my 3 months pay stubs. He said I got approve for 70-75% of MSRP.
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      05-02-2021, 12:55 PM   #25
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Originally Posted by dds007 View Post
Are you young? First job?

That was the case when I was trying to buy a cayenne out of school.
Not young nor first job. I make ok money being electrical engineer and restaurant owner.
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      05-02-2021, 12:57 PM   #26
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Quote:
Originally Posted by zztops View Post
Calling BMWFS wouldn't be a waste in my opinion. You can see what you qualify for right here online:

https://creditapp.bmwusa.com/(S(yktc3ufrc1bkqqi3pya0itcl))/

If what the dealership is telling you and what you see by doing your app directly with BMWFS doesn't line up, then you know where the problem is.
Does this mean they will pull another hard credit on me?
BMW Fin Svc showed they pulled my credit on 4/26/21
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      05-02-2021, 10:02 PM   #27
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Obviously & definitely shop this out with another authorized dealer (AD).

Your two outcomes are either they'll LOL at your first engagement & offer you down-to-earth next steps or they'll confirm that you originally received is accurate.

Heck we have GOLFFR quote you. He seems to sell a good number of new cars on this forum, as a salesman from an AD in CA.
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      05-03-2021, 05:01 AM   #28
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Quote:
Originally Posted by AMGM View Post
Quote:
Originally Posted by zztops View Post
Calling BMWFS wouldn't be a waste in my opinion. You can see what you qualify for right here online:

https://creditapp.bmwusa.com/(S(yktc3ufrc1bkqqi3pya0itcl))/

If what the dealership is telling you and what you see by doing your app directly with BMWFS doesn't line up, then you know where the problem is.
Does this mean they will pull another hard credit on me?
BMW Fin Svc showed they pulled my credit on 4/26/21
I heard yes , every time you go to a different dealer , a hard pull will occur . Sucks I know!!
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      05-03-2021, 05:44 AM   #29
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Quote:
Originally Posted by hdahman View Post
Quote:
Originally Posted by AMGM View Post
Quote:
Originally Posted by zztops View Post
Calling BMWFS wouldn't be a waste in my opinion. You can see what you qualify for right here online:

https://creditapp.bmwusa.com/(S(yktc3ufrc1bkqqi3pya0itcl))/

If what the dealership is telling you and what you see by doing your app directly with BMWFS doesn't line up, then you know where the problem is.
Does this mean they will pull another hard credit on me?
BMW Fin Svc showed they pulled my credit on 4/26/21
I heard yes , every time you go to a different dealer , a hard pull will occur . Sucks I know!!
Here's some good news on that bit... "If you're shopping for a new auto or mortgage loan or a new utility provider, the multiple inquiries are generally counted as one inquiry for a given period of time. The period of time may vary depending on the credit scoring model used, but it's typically from 14 to 45 days. This allows you to check different lenders and find out the best loan terms for you."

https://bit.ly/3nIBd42
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      05-03-2021, 03:25 PM   #30
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Quote:
Originally Posted by phillydilles View Post
Here's some good news on that bit... "If you're shopping for a new auto or mortgage loan or a new utility provider, the multiple inquiries are generally counted as one inquiry for a given period of time. The period of time may vary depending on the credit scoring model used, but it's typically from 14 to 45 days. This allows you to check different lenders and find out the best loan terms for you."

https://bit.ly/3nIBd42
I just submit application online. Let see what they'll say.
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      05-03-2021, 03:49 PM   #31
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BMWFS asking for a down payment is totally a thing

It could be a number of reasons, but I've seen it occur before for short credit history, too much auto exposure, DTI, etc.

You can apply for credit through BMWFS at multiple dealers and as long as it's within 30-60 days I think, it does not show as another hard hit to your credit.

BUT, if you are already approved with stipulations, nothing will change because it goes by the original approval.
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      05-14-2021, 02:55 PM   #32
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Quote:
Originally Posted by Next Level Auto Brokers View Post
BMWFS asking for a down payment is totally a thing

It could be a number of reasons, but I've seen it occur before for short credit history, too much auto exposure, DTI, etc.

You can apply for credit through BMWFS at multiple dealers and as long as it's within 30-60 days I think, it does not show as another hard hit to your credit.

BUT, if you are already approved with stipulations, nothing will change because it goes by the original approval.
Are you sure BMWFS would ask for a 27k down payment for a lease? Doesn't make sense to me and I've been a BMWFS customer since 2008 with no breaks in there.
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      05-15-2021, 10:41 AM   #33
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Quote:
Originally Posted by Next Level Auto Brokers View Post
BMWFS asking for a down payment is totally a thing

It could be a number of reasons, but I've seen it occur before for short credit history, too much auto exposure, DTI, etc.

You can apply for credit through BMWFS at multiple dealers and as long as it's within 30-60 days I think, it does not show as another hard hit to your credit.

BUT, if you are already approved with stipulations, nothing will change because it goes by the original approval.
+1 to Dan at NLAB. It won't be a hard pull for a given time period. I was told this (and the length of the approval) varies by coast (east coast is 60 days and west coast is 90 days). Not sure if that's for the approval AND the length of time that one pull counts or just the approval. I waited a few months and they financed what I wanted once my prior lease ended. I'll sell you mine lol.
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      05-26-2021, 12:31 PM   #34
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something here is missing..
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      05-26-2021, 08:43 PM   #35
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Forget the BMW and get a Porsche.
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      06-02-2021, 10:30 AM   #36
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Quote:
Originally Posted by AMGM View Post
Not young nor first job. I make ok money being electrical engineer and restaurant owner.
Then what is the problem? Seems like something is missing.
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