[Panscan340]

Originally Posted by rustinpeter

Hey everyone,

My M3 is now on its way to the dealership, but my credit application wasn’t approved due to limited credit history. I have a 785 credit score with only two years of credit experience, and a credit card limit of $7,000.

I’ve told the dealership from day one that I planned to pay cash for the car, as I know financing might not work for me right now. However, they kept pushing me toward financing (probably because it benefits them financially). Now, the dealership seems slow to respond to my emails, and it takes them a long time to get back to me. They even asked if I’d consider a co-signer, to which I replied that I would be paying cash.

I’m starting to feel like they might try to block the purchase if I insist on paying cash. Their responses are delayed, and they’re not picking up my calls. Do you think they could actually refuse the sale over this?

How do you have 2 years of credit history and a 7k credit limit but 100k cash? Possible if recently moved to country but no idea how this would otherwise be possible

[Vmaxx]

Originally Posted by Panscan340

How do you have 2 years of credit history and a 7k credit limit but 100k cash? Possible if recently moved to country but no idea how this would otherwise be possible

Why not? If he pays cash for purchases and doesn’t use credit much, that would be why.

[Panscan340]

Originally Posted by Vmaxx

Why not? If he pays cash for purchases and doesn’t use credit much, that would be why.

Sure if you want to make life harder for yourself. Having a credit history helps with a ton of stuff namely getting a mortgage, cost of your auto insurance and obviously a car loan.

Obviously it’s dumb to rack up credit card debt but it’s also pretty suboptimal to have no credit history as an adult.

[rustinpeter]

Originally Posted by Vmaxx

Why not? If he pays cash for purchases and doesn’t use credit much, that would be why.

That's right. I was paying cash for everything. I got a fortune recently and want to buy this car paying cash only.

[rustinpeter]

Originally Posted by Panscan340

Sure if you want to make life harder for yourself. Having a credit history helps with a ton of stuff namely getting a mortgage, cost of your auto insurance and obviously a car loan.

Obviously it’s dumb to rack up credit card debt but it’s also pretty suboptimal to have no credit history as an adult.

How much credit limit and how many years of credit history i should need?

secondly, can they deny me from buying the car now ?

[rustinpeter]

Originally Posted by Panscan340

How do you have 2 years of credit history and a 7k credit limit but 100k cash? Possible if recently moved to country but no idea how this would otherwise be possible

For the past year, I’ve been making over $20,000 a month. I got my first credit card right after college but didn’t think too much about it. With two years of credit history and a score of 785, I figured I’d be in a solid position to apply for an auto loan.

However, I’m finding that dealers seem hesitant about me paying for the car in full with cash. Despite my intentions, they ran credit checks with three banks.

Now, do i get the car if i pay full cash?

['Cane]

Originally Posted by rustinpeter

Now, do i get the car if i pay full cash?

Dealers are in the business of making money. They’ll make more if you finance it, but they’ll still profit if you pay cash. That said, I can’t speak for you dealer, and they should be the ones you’re asking, not us.

[Vmaxx]

Originally Posted by Panscan340

Sure if you want to make life harder for yourself. Having a credit history helps with a ton of stuff namely getting a mortgage, cost of your auto insurance and obviously a car loan.

Obviously it’s dumb to rack up credit card debt but it’s also pretty suboptimal to have no credit history as an adult.

Right, I think most of us know that here, but I was responding to your comment mentioning you didn’t see how that was possible. I didn’t say it was ideal or recommended, but it’s certainly possible.

[Vmaxx]

Originally Posted by rustinpeter

How much credit limit and how many years of credit history i should need?

secondly, can they deny me from buying the car now ?

The more years the better, but 2 solid years minimum. The dealer has the right not to sell you the car. If there is something in writing you can use that against them, but it’s ultimately still up to them, and realistically most people are not going to take them to court when you can simply go elsewhere and purchase another car. I don’t think it’ll get to that, they’ll sell you the car, they just wish you would finance.

If push comes to shove, just tell them you’ll finance if they can get you approved and then you can turnaround and pay off the car on your first statement.

[MovingChicane]

Was offered 6.29% for 60 month purchase earlier this week from SoCal dealer. Said PenFed is advertising 5.39% and I hadn't even called my own banks yet. They went 5.29%.

[macdaddy_o]

I always tell the dealer I will finance through them, negotiate the price, get it in writing... Then when the car arrives and I show up to the sales manger, say I've changed my mind and will pay cash. They have to redo the paper work and get pissed, but have never ever rejected it.

No one wants to lose a sale at the last minute.

[elitex]

Looking to possibly place an order for an M3 here soon. What are you guys seeing discounts wise? I am thinking San Marino Blue individual order and fairly loaded with CCB's.

[BMWDavid]

Originally Posted by elitex

Looking to possibly place an order for an M3 here soon. What are you guys seeing discounts wise? I am thinking San Marino Blue individual order and fairly loaded with CCB's.

Discounts are available. PM please.

[elitex]

Originally Posted by BMWDavid

Discounts are available. PM please.

PM sent

[pdxgardener]

If it seems like a trust issue (doubtful), use a cashier’s check from a major bank. They’re likely just pushing for that 1% finance markup profit. I’d agree to the purchase price in writing, telling them you are looking for a co-signer or a long-lost rich, old relative or whatever, then show up with a cashier’s check on delivery day. They won’t refuse a cashier’s check. Plus they won’t get very far with aggressive upsells because you have a capped budget.

[geekflyer]

do G80 orders qualify for a BMW loyalty incentive (when financing or leasing through BMW FS) by chance?

[Vmaxx]

Originally Posted by geekflyer

do G80 orders qualify for a BMW loyalty incentive (when financing or leasing through BMW FS) by chance?

No, unfortunately no loyalty offers on G8X vehicles.

[autobahnsoul]

Originally Posted by macdaddy_o

I always tell the dealer I will finance through them, negotiate the price, get it in writing... Then when the car arrives and I show up to the sales manger, say I've changed my mind and will pay cash. They have to redo the paper work and get pissed, but have never ever rejected it.

No one wants to lose a sale at the last minute.

Yeah, great tactic. Works with other final intentions, too. Agree to a number then switch around the deal to your preferred method of financing after the salesman has invested time…at that point they are invested psychologically so there is a natural reluctance to let the sale go. One does need to be patient, however, since it all takes time. You also need to have accurate data and have worked out all your calculations in advance since it’s harder at the dealership while under pressure.

[iSpY]

Originally Posted by geekflyer

do G80 orders qualify for a BMW loyalty incentive (when financing or leasing through BMW FS) by chance?

I saw incentives were mentioned by some brokers on leasehackr. May be one of the insiders/sponsors here can confirm?

[BMWDavid]

Originally Posted by iSpY

I saw incentives were mentioned by some brokers on leasehacker. May be one of the insiders/sponsors here can confirm?

There's military & college grad, but no lease or loyalty for the G80

[S_M]

I just bought a G82 last week and got $1000 loyalty...

[BMWDavid]

Originally Posted by S_M

I just bought a G82 last week and got $1000 loyalty...

Congrats!

$1k loyalty available for lease or retail purchase. G82 and G83