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New Car... Should I Wait?

The last post in this topic was posted 1246 days ago. 

 

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Your sales guy isn't an underwriter, he's a sales guy. If your FICO will realistically increase in an amount that could place you in a better range, wait. The same deals will be available in a couple weeks.

 

Have you looked at a new car with European delivery? :D

agreed. He's full of it. Yeah I heard European delivery is cool and you get to ride on the speedway and all. Not doing it this time around.

European delivery cars don't come out of North American dealer allocations, so sometimes you can get smoking deals since it's like a "free" car to the dealer. You basically get a free trip to Germany on the discount. And of course that trip to Germany can be used to meet CC min spend and other things.

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BMW captive lending on a CPO with FICO over 580 will get you 5.9% with 20% down payment. Apply at the dealership. If you have better credit (over 620) you'll get an even lower rate but I can confirm that in the past 3 months this is their standard for their own financing.

 

They typically pull EX but if you want to have them pull a different report, ask and they will. They do the pulls in-house and won't shop the loan around if their captive lender will finance you. And they will as long as your DTI isn't crazy.

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BMW captive lending on a CPO with FICO over 580 will get you 5.9% with 20% down payment. Apply at the dealership. If you have better credit (over 620) you'll get an even lower rate but I can confirm that in the past 3 months this is their standard for their own financing.

 

They typically pull EX but if you want to have them pull a different report, ask and they will. They do the pulls in-house and won't shop the loan around if their captive lender will finance you. And they will as long as your DTI isn't crazy.

well I'm 697 TU. So if I can ask BMW to only run TU that would be good. I already know that MB financial will only run TU for purposes of a lease.

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Come prepared -- have your actual FICO score page loaded up on your phone when you talk to the finance manager and have him pull that one. It will make a big difference. I went with an old employee of mine to BMW a few months ago and his scores were rough (570EX, 590TU but 630EQ) and he showed the finance manager his scores and the manager just pulled EQ and got him approved to do a CPO card ($32,000) for around 5-6% for 60 months with a 10% down payment.

 

BMW wants to move CPO cars, and finance managers are the prybar to do it. Just be open and honest with him and get it done. With your score, you may not even need a big down payment. I was surprised when the guy I helped only had to put $3500 down and snagged a decent interest rate for really poor scores.

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Come prepared -- have your actual FICO score page loaded up on your phone when you talk to the finance manager and have him pull that one. It will make a big difference. I went with an old employee of mine to BMW a few months ago and his scores were rough (570EX, 590TU but 630EQ) and he showed the finance manager his scores and the manager just pulled EQ and got him approved to do a CPO card ($32,000) for around 5-6% for 60 months with a 10% down payment.

 

BMW wants to move CPO cars, and finance managers are the prybar to do it. Just be open and honest with him and get it done. With your score, you may not even need a big down payment. I was surprised when the guy I helped only had to put $3500 down and snagged a decent interest rate for really poor scores.

This is very helpful. I thought I would have to wait for EQ and EX to update before approaching BMW. Based on your post I can approach BMW and have them run TU. I have a myFICO membership so I can show the Finance manager the current scores in the app.

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When your credit file(s) is pulled, the dealership will provide you with a credit score disclosure notice. To be honest we don't need to see what you bring. I'm used to people bringing their own, from their own sources, or from the dealer 2 doors down that they just left. All of those are worthless to a finance manager from a realistic standpoint.

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When your credit file(s) is pulled, the dealership will provide you with a credit score disclosure notice. To be honest we don't need to see what you bring. I'm used to people bringing their own, from their own sources, or from the dealer 2 doors down that they just left. All of those are worthless to a finance manager from a realistic standpoint.

But you agree that I can specifically ask BMW and Mercedes to only pull TU? Edited by peytontaylor

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You can ask the Finance Manager whom BMW or MB normally pulls, and they should reliably know. But BMW and MB are indirect lenders, so they will have default bureaus based on zip codes, and that's whom they normally pull. I don't know if it is TU or not myself, that is their default bureau. A good finance mgr can usually get an override for another bureau if it would make a difference in an approval.

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Overnight went up to 697 TU from 673 as a result of disputing the balances on accounts I paid off in full.

Since no one said anything about this, let me say this.. disputing an active account is not a good idea. Several cases were reported were CRA deleted those accounts.

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Overnight went up to 697 TU from 673 as a result of disputing the balances on accounts I paid off in full.

Since no one said anything about this, let me say this.. disputing an active account is not a good idea. Several cases were reported were CRA deleted those accounts.

 

 

Yeah I'm surprised so many people still do this. The other hard rule is never dispute hard inquiries on accounts you don't want to disappear forever. Never dispute hard inquiries that were done on your request, either, or that fraud alert may stick around for a long time.

 

Disputing balances doesn't even make any sense since they get updated properly on the time frame that the vendor decides to update.

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Overnight went up to 697 TU from 673 as a result of disputing the balances on accounts I paid off in full.

Since no one said anything about this, let me say this.. disputing an active account is not a good idea. Several cases were reported were CRA deleted those accounts.

Yeah I'm surprised so many people still do this. The other hard rule is never dispute hard inquiries on accounts you don't want to disappear forever. Never dispute hard inquiries that were done on your request, either, or that fraud alert may stick around for a long time.

 

Disputing balances doesn't even make any sense since they get updated properly on the time frame that the vendor decides to update.

I understand that balances get updated regularly. I'm anxious to get a car this weekend so I disputed so the balances would reflect paid in full. It seems to have worked for TU and I'll submit loan app with 697 instead of 673 instead of waiting till June 13 for the updated reporting. Valid point that disputing active account can get it deleted especially TU since they seem to delete the easiest. Luckily it worked out for me. I'm in an expensive rental car that I need to dump asap. Edited by peytontaylor

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I went with an old employee of mine to BMW a few months ago and his scores were rough (570EX, 590TU but 630EQ) and he showed the finance manager his scores and the manager just pulled EQ and got him approved to do a CPO card ($32,000) for around 5-6% for 60 months with a 10% down payment.

.

Nice of you to help your friend make a $hit financial decision. 6% on 60 months with 10% down? That's a garbage loan right there.

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I went with an old employee of mine to BMW a few months ago and his scores were rough (570EX, 590TU but 630EQ) and he showed the finance manager his scores and the manager just pulled EQ and got him approved to do a CPO card ($32,000) for around 5-6% for 60 months with a 10% down payment.

.

Nice of you to help your friend make a $hit financial decision. 6% on 60 months with 10% down? That's a garbage loan right there.
What should I be gunning for with my scores? 0 down and 4%? I'm either leasing a c43 amg or buying a 2014 BMW 535d. Edited by peytontaylor

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On my way to BMW dealership. I was trying to use the advice here that stated that I can have experienced Finance manager only run TU. I told them that over the phone and they are insisting they have to run all 3 and will take highest. Any suggestions?

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Usually an finance mgr will not talk to you until you have come to some kind of agreement to finalize your transaction. Then they take over.

 

Sent from my SM-N910V using Tapatalk

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Nice of you to help your friend make a $hit financial decision. 6% on 60 months with 10% down? That's a garbage loan right there.

Oh please. Big tough talk from Konrad2012 how freaking surprising.

 

I would personally never finance a depreciating asset, ever. If a guy needs a car and asks for my help, I'll help. He walked out with what I figure to be a great deal for his situation when other lenders we're talking 14-21% interest.

 

For him, he's paying for his sins of the past but at least he has a 6/100 warranty on a very low mileage locally owned car. 5% is better than 21%.

 

Talk tough, big guy. We know what that means.

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Usually an finance mgr will not talk to you until you have come to some kind of agreement to finalize your transaction. Then they take over.

 

Sent from my SM-N910V using Tapatalk

ok here now. Let me see the car and get the conversation started with the sales guy.

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Best of luck!

 

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Thanks. So they had to run all 3 bureaus at BMW. Anyway, they said auto enchanced Fico came back at 640 Experian and TU 682. They know my EX will increase to close to TU after update. I fell short of their tier 1 which qualifies for 1.9% apr special for cpo cars but they said I'm approved for all CPO cars at max 4.9% and once we get a deal on paper they can ask the bank to bump me down to 1.9-3.9%. Anything I should be doing or asking? Thx for all the help from everyone here. Edited by peytontaylor

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Looks like you did ok so far. I think if you wait over 30 days they will repull. Or at least after you days your files update they will repull at least one to go for the score bump.

 

 

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Looks like you did ok so far. I think if you wait over 30 days they will repull. Or at least after you days your files update they will repull at least one to go for the score bump.

 

 

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hes quoting me payments at 2.9% right now. If they can get me 2.9% should I by today? Even when my scores update in 30 days I won't be in the 720 or 725 range that is probably needed for 1.9%.

 

Also he said I should go with 72 month term even tho it will bump me from 2.9 to 3.9 because of the Lower payment and I can always pay more per month if I want.

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