09-28-2023, 04:27 PM | #1 |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
Moving to Europe - Continue Financing HELP
So, I am taking a new job working for the US Dept of Defense and will be relocating to Germany! Super excited about that and to be in BMW land!
However, a major hiccup is my current car loan which is through BMW Financial NA. I called them a month or so ago and the agent told me they do not allow customers to export vehicles with existing loans... and I sort of knew that because I signed something that said I wouldn't lol. Anyway, I found another bank, Navy Federal (which has slightly better interest rates btw!), opened an account and submitted a refinance app and was declined. I called and was told the reasoning is income to requested loan ratio. The thing is - it's based on my current income and I *have* a loan with BMW with the same income... Does anyone have any experience with this? Exporting a car with an active loan? I've also reached out to a BMW dealership in Germany that deals with military/DoD employees specifically to see if they can help, but no word back yet. I really want to keep this car - it's my dream car! And, I've only had it for going on 4 months. but, A. I don't want to refinance and pay out the wazoo in interest, and B. I don't want this to become a major headache as I'm packing up the rest of my entire life. And no, sadly I don't have the cash to pay it off! |
09-28-2023, 04:30 PM | #2 |
Major
1578
Rep 1,440
Posts |
I don't know how to answer your question, but I know the solution to your problem. Sell it and buy a G81 in Germany.
...or at least, that's what I would do. |
Appreciate
7
|
09-28-2023, 04:35 PM | #3 |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
Trust me - I've thought about it!! It just sucks - I don't want to lose money on this car and I feel like even if I break even...it sucks.
|
Appreciate
0
|
09-28-2023, 05:10 PM | #4 | |
Major General
6939
Rep 6,834
Posts |
Quote:
|
|
Appreciate
0
|
09-28-2023, 05:30 PM | #5 |
Major
2092
Rep 1,334
Posts
Drives: 2024 BMW M4 Base
Join Date: Jul 2021
Location: 29651
|
You must be in the military or have an immediate family member who served and has a USAA account. If you can get in I’m fairly confident they can assist.
|
Appreciate
0
|
09-28-2023, 05:32 PM | #6 |
Captain
936
Rep 792
Posts |
Ya, not sure what’s the question. Either you qualify for the terms of the loan (e.g. debt ratio, location of vehicle, etc.) or you don’t. Keep looking until you qualify.
|
Appreciate
0
|
09-28-2023, 09:17 PM | #8 |
Captain
936
Rep 792
Posts |
|
09-28-2023, 11:00 PM | #10 |
Colonel
2661
Rep 2,043
Posts |
The issue is when BMWFS approve him, his monthly payments didnt include a loan payment on a 100K car. When he tried to refinance with Navy Credit union, they seem to think he has a loan payment on a 100K car AND requesting another car loan for 100K. Something doesnt add up. OP, u might have to escalate it to the underwriter to clariify that u r refinancing that loan and not taking out a new loan on a different car. Either ways, i think it might be easier and better if u r able to sell this car with minimal loss and get a new on in Germany. Atleast the wait times wint be this bad and u could get a G81 if u like that
|
Appreciate
4
|
09-29-2023, 05:48 AM | #11 | |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
Quote:
At the end of the day, it's just a car and they are replaceable, it just sucks because I've only had it for 4 months and it is my dream car. That said, I can probably go over there, order the exact spec, and get a better deal through a dealership over there who offers 10% off MSRP to military/DoD employees! TBH, might be the better way to go in the long run. Appreciate the responses everyone! |
|
Appreciate
2
Aalfred2661.00 biggripper728.00 |
09-29-2023, 01:38 PM | #12 |
Major General
8719
Rep 5,450
Posts
Drives: 2022 Aventurin/SS G82 xDrive
Join Date: Feb 2007
Location: South Florida
|
How much is it going to cost to ship the car to EU ($2k-4k?)? Even if you take a small loss to sell or trade the car, it has to be close to even when considering the shipping costs, no?
|
Appreciate
0
|
09-29-2023, 03:38 PM | #13 |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
|
Appreciate
0
|
09-29-2023, 03:39 PM | #14 | |
Captain
936
Rep 792
Posts |
Quote:
OP - Refi with a slightly higher rate and keep your “dream car”. Not ideal but if a slightly higher rate is material to your finances, then you probably should not have bought it in the first place. |
|
Appreciate
1
SaxyBMW883.50 |
09-29-2023, 03:56 PM | #15 | |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
Quote:
I either suck it up and potentially lose thousands here and then have to buy ANOTHER car once I am settled there, or refinance and pay a little more over time. I may also just do the refinance so I can get the car there, and then pay a bit more each money so I'm not paying higher interest over time. There are options... |
|
Appreciate
0
|
09-29-2023, 04:47 PM | #17 |
Private
119
Rep 75
Posts |
Just sell the car and take advantage of BMW military sales where you get a sizeable discount on the purchase.
Also on the used side, there should be some great deals on cars in the base, especially with everyone frequently pcsing. |
09-29-2023, 04:53 PM | #18 |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
Re: selling the car before I go - what are thoughts on best way to sell? Dealer seems easiest but potentially low offer. Maybe going to the dealer I bought from and explaining?
Carvana doesn't even show a quote because it's so new, lol. Afraid to try selling privately even though KBB actually shows really good value that way. |
Appreciate
0
|
09-29-2023, 08:29 PM | #19 | |
Captain
936
Rep 792
Posts |
Quote:
But no harm in getting a couple of dealer offers. Just be prepared for a bit of a shock. |
|
Appreciate
1
SaxyBMW883.50 |
09-30-2023, 02:15 AM | #20 |
Captain
728
Rep 649
Posts |
Kinda surprised BMW financial shut you down. I brought my F80 over two years ago and it was financed through them. It was a little bit of a process. Maybe it’s because I’m acitve duty on orders though?
Good luck hope it all works out. If you love your car now you’ll love it even more in Germany. Wish I was stationed there rather than the UK.
__________________
CURRENT///G80 M3CX | Isle Of Man Green | Kyalami Orange | Bi-Color 826M Wheels
FORMER ///F80 M3 ZCP | Yas Marina Blue | Black | DCT | Black 666M Wheels FORMER ///F87 M2C | Alpine White/Orange | DCT | Black 788M Wheels FORMER ///F87 M2C | Sunset Orange/Orange | 6MT | Black 788M Wheels FORMER ///F82 M4 | SSII | Full SO | 6MT | Black 437M Wheels |
Appreciate
1
SaxyBMW883.50 |
09-30-2023, 04:48 AM | #21 | |
Private First Class
884
Rep 165
Posts
Drives: 2024 BMW M3 Comp xDrive
Join Date: Jan 2023
Location: Germany
|
Quote:
Thanks - I am really looking forward to getting over there and no matter what the car outcome is, I know I'll have an awesome experience driving in Germany! |
|
Appreciate
1
biggripper728.00 |
09-30-2023, 09:05 AM | #22 | |
New Member
77
Rep 20
Posts
Drives: BMW M3
Join Date: Jun 2022
Location: Virginia
|
Quote:
I’d also just buy new, that’s what I did while stationed there. Took a month after placing my order to receive my car with a huge discount. |
|
Appreciate
1
SaxyBMW883.50 |
Post Reply |
Bookmarks |
|
|