[Miata]

Originally Posted by Panscan340

Think dealer is gonna see a kid with a couple bucks in his pocket and bad credit , figure out how to extract as much money as possible

And that’s their job and their target. My target is to buy a G8x and not go bankrupt while doing it. What the guy above you said is what I will do. Regardless I’m buying a G8x, whether used or not.

Thanks!!

[Miata]

Originally Posted by Panscan340

The point is your approval odds are extremely correlated with the ability to afford the car. Saying you are likely to not be approved means convincingly that you cannot afford the car and BMWFS views you as a credit risk.

Just missed this, and you know what, that’s a fair point. I know personally with the money I have in my savings and my job I can more than pay for a M3/4 lease and insurance for the term of the lease (36 months). I know that. But the bank might not.

To add a point to what you say though, I personally have met a LOT of 18-21 year old kids from NYC with 680-740 FICOs who have M leases with basically minimum wage jobs.

If BMWFS is approving those deals without co-signers or $15K down then I’m sure I would be just okay. I missed 1 month of credit card payments in 4 years, never bankrupted, never had a repo, never had anything otherwise negative.

[Panscan340]

Then mom and dad are co-signing. No they are not getting approved for new M cars on minimum wage jobs by themselves.

[Miata]

Originally Posted by Panscan340

Then mom and dad are co-signing. No they are not getting approved for new M cars on minimum wage jobs by themselves.

They wouldn’t tell, so I wouldn’t know.

[IDBGOD]

Have you contacted a dealership and gotten a credit application yet? Most can even be done online.

BMW FS will say yes or no, or counter with high terms. No point in discussing anything further until you do this.

And no, to the above about 18-21 year olds in new M leases (almost 100k cars) on minimum wage. Did not happen or they are lying/misleading you to believe otherwise. 100% had a co-signer (aka mom/dad). It doesn’t matter if they are above 740 FICO’s, they have limited income and car credit/history.

The bank does not approve an almost $100k car as a first car purchase to a kid with minimal income. BMW FS is not stupid.

[Miata]

Originally Posted by IDBGOD

Have you contacted a dealership and gotten a credit application yet? Most can even be done online.

BMW FS will say yes or no, or counter with high terms. No point in discussing anything further until you do this.

And no, to the above about 18-21 year olds in new M leases (almost 100k cars) on minimum wage. Did not happen or they are lying/misleading you to believe otherwise. 100% had a co-singer (aka mom/dad).

The bank does not approve an almost $100k car as a first car purchase to a kid with minimal income. BMW FS is not stupid.

Going in next week. And yeah that’s a possibility.

Thanks

[IDBGOD]

Best of luck! Best case you get the car you want.

Worst case, you get a reality check and have to settle your expectations on something less to build car credit.

[Miata]

Originally Posted by IDBGOD

Best of luck! Best case you get the car you want.

Worst case, you get a reality check and have to settle your expectations on something less to build car credit.

Very true, used G80 or F80 isn’t something to be upset at either!

Thanks!!

[TacoProfit]

If you want to put 15-18k down just go CPO for sure.

[Miata]

Originally Posted by TacoProfit

If you want to put 15-18k down just go CPO for sure.

I’m okay with putting even more down, max like 25k. But like others said if lease doesn’t protect it then it’s not a smart choice.

[TacoProfit]

Originally Posted by Miata

I’m okay with putting even more down, max like 25k. But like others said if lease doesn’t protect it then it’s not a smart choice.

Not sure what interest rates look like right now for banks/credit union/BMW etc but theres alot of nice lease cars coming up where you might be able to get something really nice CPO. I probably dont have the best advice though Im that idiot who just pays for the entire car up front. Im eating depreciation lol

[Miata]

Originally Posted by TacoProfit

Not sure what interest rates look like right now for banks/credit union/BMW etc but theres alot of nice lease cars coming up where you might be able to get something really nice CPO. I probably dont have the best advice though Im that idiot who just pays for the entire car up front. Im eating depreciation lol

They’re high, even for tier 1 credit rates aren’t as nice as they use to be 2-3 years ago. Lucky me lol. That being said you bring a good point. I’d ideally want an xdrive car so i’m willing to go CPO.

And I could do the same but truthfully wiping out a large chunk of my savings at a young age isn’t smart. If i’m going to get this car it’s gonna be with lease/finance just to give me some peace of mind in case i need/want to use my money for something else

[TacoProfit]

Originally Posted by Miata

They’re high, even for tier 1 credit rates aren’t as nice as they use to be 2-3 years ago. Lucky me lol. That being said you bring a good point. I’d ideally want an xdrive car so i’m willing to go CPO.

And I could do the same but truthfully wiping out a large chunk of my savings at a young age isn’t smart. If i’m going to get this car it’s gonna be with lease/finance just to give me some peace of mind in case i need/want to use my money for something else

Id rather have the car now in my 20-30s than 50+. It comes at a cost but based off your decision making process and my own I would say we think it's worth the trade off.

[Miata]

Originally Posted by TacoProfit

Id rather have the car now in my 20-30s than 50+. It comes at a cost but based off your decision making process and my own I would say we think it's worth the trade off.

Same lol

I have a high risk high reward job and tomorrow isn’t guaranteed. Not gonna restrict myself too much hoping for tomorrow. Granted I also won’t risk my financial stability over a car.

A happy medium is what I seek!!

[IDBGOD]

I wouldn’t really even worry about if it’s a CPO. A lot of dealerships won’t even CPO an M car because the costs to do so. If they do, they will certainly pass along that CPO cost to you in the sale price.

At best CPO, extends 1 extra year. Really not a big deal as these cars are pretty bulletproof. Just make sure basic services and the break in service was done. Clean carfax, etc.

A CPO car really isn’t any better of a car than a non CPO, the extra year warranty benefit aside. All cars go through dealership inspections, tires have to pass basic safety, etc

[robopp]

Originally Posted by Miata

Same lol

I have a high risk high reward job and tomorrow isn’t guaranteed. Not gonna restrict myself too much hoping for tomorrow. Granted I also won’t risk my financial stability over a car.

A happy medium is what I seek!!

High risk, high reward job? You’ll never get approved unless you put down 50% plus and even then probably not.

Also, what’s your insistence with leasing?

[Miata]

Originally Posted by robopp

High risk, high reward job? You’ll never get approved unless you put down 50% plus and even then probably not.

Also, what’s your insistence with leasing?

Yes. Statistically speaking it’s top 4 most dangerous jobs in the country lol, pays well though.

I don’t plan on keeping the car forever and leasing has seemed the best.

Also that’s absurd lol. Not even people with repos or sub 600 scores are putting down 50% on anything. My friend works at Mercedes and most people are 5-10% down, with subprime customers having to put down sometimes 20/25/30% down.

[Panscan340]

Originally Posted by Miata

Yes. Statistically speaking it’s top 4 most dangerous jobs in the country lol, pays well though.

I don’t plan on keeping the car forever and leasing has seemed the best.

Also that’s absurd lol. Not even people with repos or sub 600 scores are putting down 50% on anything. My friend works at Mercedes and most people are 5-10% down, with subprime customers having to put down sometimes 20/25/30% down.

What do you mean leasing has seemed the best? Leasing an M car in 2025 is pretty dumb, they are inevitably going to depreciate far less than the residual. You can still sell the car in 2-3 years if you wish. Compare the price to 3 year old m3 with 20-30k miles to what the residual value on the lease is.

Another example of how it seems like you haven’t really thought this out or investigated the best way to go.

[godunovs65]

Originally Posted by Panscan340

What do you mean leasing has seemed the best? Leasing an M car in 2025 is pretty dumb, they are inevitably going to depreciate far less than the residual. You can still sell the car in 2-3 years if you wish. Compare the price to 3 year old m3 with 20-30k miles to what the residual value on the lease is.

Another example of how it seems like you haven’t really thought this out or investigated the best way to go.

A man wants an M3. By all means, let him have it. It has to be a new M3 with lower payments. Hence - lease.
Actually, there was a guy here whose business is an Instagram and YouTube influencer. He has a registered business doing just that, influencing. He leases his BMW's and he doesn't spare expense, all options, full carbon, CCB. And it's all a business write-off. If your channel is successful, you'll be collecting hefty sums. OP, have you thought about it?

[capo180]

Originally Posted by godunovs65

A man wants an M3. By all means, let him have it. It has to be a new M3 with lower payments. Hence - lease.
Actually, there was a guy here whose business is an Instagram and YouTube influencer. He has a registered business doing just that, influencing. He leases his BMW's and he doesn't spare expense, all options, full carbon, CCB. And it's all a business write-off. If your channel is successful, you'll be collecting hefty sums. OP, have you thought about it?

My nephews career goal is becoming a professional YouTuber. I think he has an M3 in the future as well….

[godunovs65]

Originally Posted by capo180

My nephews career goal is becoming a professional YouTuber. I think he has an M3 in the future as well….

It's a great goal. Do less, get paid more. Have fun doing it. What can be better.

[capo180]

Originally Posted by godunovs65

It's a great goal. Do less, get paid more. Have fun doing it. What can be better.

Meme coin investing and options trading are decent options as well!