[bri1042]

Cosigner for purchasing an M car? Is this your first car? With a 750, unless your income doesn't qualify for the car, you shouldn't need a cosigner.

Unless the "750" is a zero-history score, which is often useless for a car purchase. Or anything but itty bitty credit cards or store cards, really...

[BzsBimmer]

Yeah someone must really love you if not the husband/wife to co-sign

Been there. Never again. Not even for my parents hahaha
What’s that saying about burn me once, shame on me?

[chaserdreams]

Thank you all for the replies, I really appreciate the help!

I didn't end up going through with anything because he wanted me to run a credit/loan application and upon approval to provide a $2500 deposit that is non-refundable once the car is in production. I was "first in-line" so the first allocation that came up for next month would be mine. I was also told to complete a credit app with my co-signer at home, but my rates would be locked in for 120 days and that I would only have 3 days to match rates with a Credit Union.

One thing i didn't like in particular was that the loan application was a general link to the specific BMWs site to apply for financing instead of an application that included my M4's build cost as amount being financed. He also said that once I apply on the site I wouldn't get any information on my end regarding approval or denial, that the info i submit would be forwarded to BMW financial for approval and that I would be contacted after the fact. For some odd reason, even though the application includes my down payment amount, he still wanted me to provide to that information to him.

I also mentioned the $5000 non-refundable deposit to start the build without a credit check multiple times but I was told that it wasn't an option.

Im going to start reaching out to every dealer in my area so that I could get one that only wants a refundable deposit to start the build.

[kgelfen360]

Yea just go else where. These guys don’t want you to buy from them. Who knows what the reason is.

[vetteflier]

Applying for either mortgages or car loans with multiple lenders only hits your credit once, if in a 30 day window. I just bought a Hyundai Tucson--which is fantastic! and applied for a car loan for the first time in 10 years. Reason: 0% financing for 36 months. As I get 4.21% on the money market account I would have used to pay cash, a no-brainer. You aren't getting that--and my FICO is well into the 800s, but if you look around, you can get a respectable APR. That would be the one I would apply for--at the correct time. Which is not 120 days out. What that dealer said is BS.

[kgelfen360]

Originally Posted by vetteflier

Applying for either mortgages or car loans with multiple lenders only hits your credit once, if in a 30 day window. I just bought a Hyundai Tucson—which is fantastic! and applied for a car loan for the first time in 10 years. Reason: 0% financing for 36 months. As I get 4.21% on the money market account I would have used to pay cash, a no-brainer. You aren't getting that—and my FICO is well into the 800s, but if you look around, you can get a respectable APR. That would be the one I would apply for—at the correct time. Which is not 120 days out. What that dealer said is BS.

But u got 0% from the dealer? That’s basically manufacturer giving you discount.

What’s good lender right now for “respectable APR”?It will be hard to get some bank or CU to give less then 4% APR for the exact reason you stated. Money markets are in 4s% now days.

[BryanCO]

Originally Posted by chaserdreams

Thank you all for the replies, I really appreciate the help!

I didn't end up going through with anything because he wanted me to run a credit/loan application and upon approval to provide a $2500 deposit that is non-refundable once the car is in production. I was "first in-line" so the first allocation that came up for next month would be mine. I was also told to complete a credit app with my co-signer at home, but my rates would be locked in for 120 days and that I would only have 3 days to match rates with a Credit Union.

One thing i didn't like in particular was that the loan application was a general link to the specific BMWs site to apply for financing instead of an application that included my M4's build cost as amount being financed. He also said that once I apply on the site I wouldn't get any information on my end regarding approval or denial, that the info i submit would be forwarded to BMW financial for approval and that I would be contacted after the fact. For some odd reason, even though the application includes my down payment amount, he still wanted me to provide to that information to him.

I also mentioned the $5000 non-refundable deposit to start the build without a credit check multiple times but I was told that it wasn't an option.

Im going to start reaching out to every dealer in my area so that I could get one that only wants a refundable deposit to start the build.

None of what the dealer is asking for/discussing with you is really out of the norm. Dealer practices vary a bit. You are new to this. And you want to use a co-signer. Many like to say that deposits are non refundable as they want to know that you are serious and are going to take the car when it arrives. But in most states, dealers cannot keep the deposit if you don’t end up buying the car.

[kgelfen360]

Originally Posted by BryanCO

None of what the dealer is asking for/discussing with you is really out of the norm. Dealer practices vary a bit. You are new to this. And you want to use a co-signer. Many like to say that deposits are non refundable as they want to know that you are serious and are going to take the car when it arrives. But in most states, dealers cannot keep the deposit if you don’t end up buying the car.

But it makes no sense for dealer to run his credit now and then again. That’s not good practice. They don’t have allocation. I don’t think this is normal. And dealer is not worried about selling an M3. It’s hard to find new one sitting on the lot.

[jmg]

Originally Posted by chaserdreams

Thank you all for the replies, I really appreciate the help!

I didn't end up going through with anything because he wanted me to run a credit/loan application and upon approval to provide a $2500 deposit that is non-refundable once the car is in production. I was "first in-line" so the first allocation that came up for next month would be mine. I was also told to complete a credit app with my co-signer at home, but my rates would be locked in for 120 days and that I would only have 3 days to match rates with a Credit Union.

One thing i didn't like in particular was that the loan application was a general link to the specific BMWs site to apply for financing instead of an application that included my M4's build cost as amount being financed. He also said that once I apply on the site I wouldn't get any information on my end regarding approval or denial, that the info i submit would be forwarded to BMW financial for approval and that I would be contacted after the fact. For some odd reason, even though the application includes my down payment amount, he still wanted me to provide to that information to him.

I also mentioned the $5000 non-refundable deposit to start the build without a credit check multiple times but I was told that it wasn't an option.

Im going to start reaching out to every dealer in my area so that I could get one that only wants a refundable deposit to start the build.

That sounds like a bunch of BS to me. When I ordered my M4 and got the allocation, I did not need a deposit nor a credit check.

FYI credit score for cars means little. It’s more about credit history. If you’ve had vehicle financing in the past that displays the ability to pay a high monthly payment, then you will get approved. They don’t even verify income.

[BryanCO]

Originally Posted by kgelfen360

But it makes no sense for dealer to run his credit now and then again. That’s not good practice. They don’t have allocation. I don’t think this is normal. And dealer is not worried about selling an M3. It’s hard to find new one sitting on the lot.

Dealer is not worried about selling the car is part of the reason to verify the buyers finances. Why screw around with a buyer that may have a higher risk of not qualifying, backing out, etc. We don’t have all of the details here….

As someone else said, the buyer should line up his financing before finding an allocation.

[kgelfen360]

Originally Posted by jmg

That sounds like a bunch of BS to me. When I ordered my M4 and got the allocation, I did not need a deposit nor a credit check.

FYI credit score for cars means little. It’s more about credit history. If you’ve had vehicle financing in the past that displays the ability to pay a high monthly payment, then you will get approved. They don’t even verify income.

Agreed. I did put $1000 deposit via credit card. No credit checks or questions how I am going to pay. They also do $1000 deposit for any order at the dealer (x5, i4 or whatver)

[kgelfen360]

Originally Posted by BryanCO

Dealer is not worried about selling the car is part of the reason to verify the buyers finances. Why screw around with a buyer that may have a higher risk of not qualifying, backing out, etc. We don’t have all of the details here….

As someone else said, the buyer should line up his financing before finding an allocation.

That’s your opinion. Mine is when the car arrives at the dealer and ready to be signed for then we can talk about paying for it. I would never do credit check 4-5 months out. That’s silly.

[vj123]

Originally Posted by BryanCO

Dealer is not worried about selling the car is part of the reason to verify the buyers finances. Why screw around with a buyer that may have a higher risk of not qualifying, backing out, etc. We don’t have all of the details.

Unless it's loaded with options or has a crazy build spec, dealer should be able to sell the vehicle without any issues if the buyer backs out.

My dealer didn't do any credit check or even ask for a deposit for my order and I didn't have any buying history with them.

[wavyyyy]

I had a credit check with my allocation and I thought that’s normal. Wouldn’t do a credit check before allocation.

[BryanCO]

Originally Posted by kgelfen360

That’s your opinion. Mine is when the car arrives at the dealer and ready to be signed for then we can talk about paying for it. I would never do credit check 4-5 months out. That’s silly.

Sure, then simply do business with another dealer.

Originally Posted by vj123

Unless it's loaded with options or has a crazy build spec, dealer should be able to sell the vehicle without any issues if the buyer backs out.

My dealer didn't do any credit check or even ask for a deposit for my order and I didn't have any buying history with them.

Agree but why take that risk in this market. And why not sell to someone on your list who wants to spec out their car.

Yep, and that’s certainly common.

Again, we are hearing one side of the deal and from a buyer who appears to be inexperienced and is having a co-signer on a 80-100k car….

[jmg]

Originally Posted by kgelfen360

Agreed. I did put $1000 deposit via credit card. No credit checks or questions how I am going to pay. They also do $1000 deposit for any order at the dealer (x5, i4 or whatver)

I had an odd experience. I got an alllocation and a production date with my name on it and they never asked for the deposit. I asked my CA a few weeks into my order and they said “sure you can make one” and that it was refundable and I could either get it back or put it into the car when it arrived. It was as if they really didn’t care. That gave me the impression that they didn’t require it for my M4 order. I gave them authorization to charge my card because, at the time it was hard to get a new car and I wanted to lock it in. However, they never charged my card!

[BzsBimmer]

^ similar. X5 50e on order. Asked for the refundable deposit ($1k) initially when doing the order and allocation but never charged my card. Said that these vehicles sell quickly so even if we didn’t want it, it’d sell, especially the color combo and options we selected.

Didn’t run our credit even though we filled out the sales form. First time we bought a new vehicle from this dealer and first time ever speaking with this client advisor.

[Rux]

Are any of the valid reasons for needing a co-signer for a 100k car applicable you? If so all you need to do is find a dealer and put down an on paper refundable deposit. No more than 5k. What the dealer wants changes depending on certain shit but 2500-5k is the norm. Now you wait until you get an allocation. Then you build out the spec you want and fill out the finance application with your valid reason for having a co-signer person.

If you don’t have a valid reason for a co-signer then please don’t finance a rapidly depreciating 100k asset with a co-signer. Lease it if you really have to have that M car virtual dick, or even better shop around for a better rate. With a 750 FICO you should not have an issue.

[vetteflier]

Originally Posted by kgelfen360

But u got 0% from the dealer? That’s basically manufacturer giving you discount.

What’s good lender right now for “respectable APR”?It will be hard to get some bank or CU to give less then 4% APR for the exact reason you stated. Money markets are in 4s% now days.

USAA is always competitive, if you're a member (Vet), Navy Federal is as well. Generally, Credit Unions will always have the best rate for members.

[G80_Tomo]

You don't have to use BMW finance. I used a credit union. You never lock in the rate until you receive the car. Rates were close to zero when I ordered my G80 Jan of 2022. By the time it came in September, rates were above 4%. Still lower than what BMW finance was offering.

[DrRay81]

i have a M3CS on order, i was also not asked or required to put a deposit down. Also zero mention of a credit check. I'm the one that hassled the GSM to let me put a deposit down and it was only 1K. i just felt better giving a deposit to secure the CS. I guess technically the dealer could sell it to the highest bidder but I've worked with this dealer in the past on my F10 M5 individual LSB which they had to DX from the west coast to the east coast and they were fantastic to work with. long and short of it is i have confidence in the dealer and they've given zero indication for me to think otherwise. find a dealer you feel good about and work with them

[BzsBimmer]

Originally Posted by vetteflier

USAA is always competitive, if you're a member (Vet), Navy Federal is as well. Generally, Credit Unions will always have the best rate for members.

USAA, Also if you’re a direct family member of a vet or active service member.