02-23-2022, 11:18 AM | #1 |
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What should I do?
I got a call today, saying that I need to put down an extra 25k to pick up The M4 Comp that I ordered back in Nov. Today he called and said that my financing was never fully approved even though he said it was back in NOV. I called them out on it and they said since I didn't sign any paperwork then it's nothing they can do.
Kinda odd that I get the call the day before the car is delivered. |
02-23-2022, 11:20 AM | #2 | |
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astroricardo885.00 |
02-23-2022, 11:23 AM | #3 |
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That's pretty ridiculous. What is your OTD price and how much down did you plan to put originally? For me I was planning to put a very large down payment so it would be a deal breaker for me, but you may be in a much different situation especially since this is right before delivery of your vehicle.
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02-23-2022, 11:28 AM | #4 |
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This doesn't seem to make any sense. Are you saying that they are increasing the price of the car by $25,000? Or are they saying that to get financed, you would need to put down $25,000 more as a down payment?
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02-23-2022, 11:28 AM | #5 |
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02-23-2022, 11:30 AM | #6 |
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I was approved at 0.9 in Nov, for the full amount ( I have texts and paperwork saying I was approved fully). Today they called and said I approved but with a stipulation... and that stipulation is 25k down.
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02-23-2022, 11:33 AM | #7 |
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If I were you, I would take a loan from my local credit union and not deal with their financing. Looks like your dealer or CA dont keep up their word.
Are you getting the vehicle for MSRP. |
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02-23-2022, 11:33 AM | #8 | |
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02-23-2022, 11:34 AM | #9 | |
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02-23-2022, 11:45 AM | #10 |
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When in November? If you are on the East coast, it is pretty well known that once you run a credit check, it only is good for 90 days. if its past that time you will have to re-run the check and be re-approved at the current rates. If he is saying you need a 25k down payment to get 0.9%, i would do it since you cannot find that rate anywhere else right now.
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02-23-2022, 11:48 AM | #11 | |
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02-23-2022, 11:49 AM | #12 | |
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02-23-2022, 12:03 PM | #13 |
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Called they said it's nothing they can do, it's all done at the dealer level.
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02-23-2022, 12:07 PM | #14 |
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That is untrue. The financing is through BMW Finance, not the dealer. The dealers does not control terms and approvals. Not sure who you talked to, but you should absolutely be able to learn what you were approved for. If I were you, I would do one of two things. 1) Apply for financing on the terms you want from BMWFS yourself right on their website. You could very easily call the dealers bluff if you are approved. You will not get .9% though. 2) Just apply for financing through your own bank or credit union so the dealer earns nothing on the loan at all. That may change their tune.
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02-23-2022, 12:16 PM | #16 | |
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02-23-2022, 12:28 PM | #17 | |
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Whats your credit? You said you dont have 25K cash. What other assets do you have? How old are you? Do you own a house? Late on any payments? How much CC debt do you have? Any changes to your financial status since your original credit pull? |
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02-23-2022, 12:29 PM | #18 |
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Just curious, do you have any sort of credit reporting or monitoring? I'd be curious to see if there was a hit on your credit when they processed your application. I don't really know what "not fully approved" means.
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02-23-2022, 12:38 PM | #19 | |
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Did you get an email from BMW FS after you applied? If so, it'll say this:
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02-23-2022, 12:40 PM | #20 |
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25k down is a huge down for a depreciating asset. Did anything negative hit your credit lately? Missed payments? Whats the msrp? They want more then 20% of the cars value up front? lol
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02-23-2022, 12:41 PM | #21 |
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what dealership is saying this
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02-23-2022, 12:43 PM | #22 | |
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30 years old Don't own home, 0 late payments. I have about 2k CC Debit 45k limits. I have student loan debt but not more than the average person. |
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