Anish

Got approved yesterday, on these terms, they asked for a co-signer first, I offered to pay this down payment and it was approved. Thanks a lot marv for all your help PPROVING BANK - BMW FS BUREAU PULLED - All 3 CREDIT SCORE - Ex 730, Eq 706, Tu 715 CUSTOMER STATE OF RESIDENCE - CO NEW/USED - New YEAR OF VEHICLE - 2011 MILEAGE - 11 RETAIL/LEASE - Retail AMOUNT OF LOAN - 52K (on 10k down) ADVANCE PERCENTAGE - 100% Financing TERM CONTRACTED - 60 APR/LEASE RATE - 0.9% MONTHLY PAYMENT - $461 MISCELLANEOUS COMMENTARY:this monthly payment is after $10k down and with a $14K balloon payment due as the 61st payment. Was not getting approved with no down, agreed only with 10k down, first installment loan of any kind. Gonna pick up on Saturday.

PPROVING BANK - BMW FS BUREAU PULLED - All 3 CREDIT SCORE - Ex 730, Eq 706, Tu 715 CUSTOMER STATE OF RESIDENCE - CO NEW/USED - New YEAR OF VEHICLE - 2011 MILEAGE - 11 RETAIL/LEASE - Retail AMOUNT OF LOAN - 52K (on 10k down) ADVANCE PERCENTAGE - 100% Financing TERM CONTRACTED - 60 APR/LEASE RATE - 0.9% MONTHLY PAYMENT - $461 MISCELLANEOUS COMMENTARY:this monthly payment is after $10k down and with a $14K balloon payment due as the 61st payment. Was not getting approved with no down, agreed only with 10k down, first installment loan of any kind. Gonna pick up on Saturday.

Ooki, so I believe loan for any amount could be a problem, even if I go down to say $25k. And Marv this is really helpful, since I'll ask then not to put in like 10 hits from different places.

I'm sorry dint know, I don't have any. 4 Credit cards is all that I have.

I haven't had a credit line increase in my credit cards for a while, and my highest line of credit is not much, $1300. I have a masters degree but I graduated in May 2009.

Even in the auto enhanced scoring models, there are several different kinds. I personally currently on Experian V2, when V3 has been available for a number of years. So I dont think BMW FS would have been trying to pull shenaginans. I'm sure they wanted to sell a vehicle to you. I won't be putting $8k down for this, not more than $2.5k, Marv do you think with my app, this $32k loan is possible? Thanks.

Hi, Posting again, but I found a car that should fit my credit profile, 2008 335xi, 40k miles, 32k, could this be approved with <5% apr anywhere?

Pretty much my last question before I go in, What could be the max amount I could get financed for? Thanks again for all your help.

Nope this would be my first loan app. So I guess giving it a try with higher down is as much as I can do. Thanks.

So I believe chances of my approval are slim based on the information that I originally posted for the app?

That is a good point, however I was planning to make higher payments towards the principal, so I'd have quite less to deal with in the end. But if I go for, say a 3yr lease, is that easier to get than getting financing? Balloon loans dont work that way. Be careful. Ooh you mean I cannot make pre payments towards the balloon before the term of the loan, ookie. Btw as I was asking before could I get approved for this loan without a Co-Applicant? I could pay upto $8k down, would that help? Thanks again.

That is a good point, however I was planning to make higher payments towards the principal, so I'd have quite less to deal with in the end. But if I go for, say a 3yr lease, is that easier to get than getting financing?

So with my credit history I would need a co-applicant to get approval? Also if I did put about $8000 down could that help in approval? Thanks again.

Please explain. Don't understand. I'm sorry that is confusing, what I meant is if I go through the BMW's select financing, they would defer a balloon payment, that I'd have to pay off after my last monthly installment. That sum would be between 37%-39% of the car's cost, so the dealer told me that if I go through this, BMW would process my application for 61%-63% of the car's cost, i.e. they would check my credit worthiness considering I'm financing say $30k for a $50k car, that's what I figured from his conversation. I hope you understand what I'm trying to say, and if you could tell me anything about this, I'd really appreciate, and at this point I could get 1.99% Apr for 60 months, if I get approved, so looks like a decent deal to me. Any input would be helpful. Thanks again.

Credit Application: Your Age? 26 Your Equifax Credit Score? 692 Your Experian Credit Score? 742 Your TransUnion Credit Score? 721 How many years have you been on file with Equifax? 3yrs 2months How many years have you been on file with Experian? 3yrs 2months How many years have you been on file with TransUnion? 3yrs 2months YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? No Will this open auto loan be a trade-in? How many late pays within the last 12 months on the currently open loan? How many late pays within the last 13-24 months on the currently open loan? Your current open auto loan is financed with? Your current open auto loan payment is? Estimated amount you may be upside down in this vehicle? Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) N/A YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 4 Total percentage utilized overall? 33% How many of your revolving accounts are store cards? 1 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 3 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 3 Months Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent Your Monthly Rent or Mortgage payment? $250 How long have you held your current job? 3 Months Your total provable monthly gross income is? $5825 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) Paystubs Is there additional monthly income? What amount monthly? No Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $2000 more if required Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? No If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 7 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 7 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7 New or Used vehicle you are considering: Please very briefly describe. New Car loan through BMW FS - "select" loan, which what the dealer tells me will check my credit worthiness for 62% of cars price, the Car I'm looking for is a new 328xi for $43k with taxes. I'm not very sure on how this works though. I could increase the down payment if it would be hard for me to get this approved. Also to what amount I could get approved for? Thanks a lot.