[SaxyBMW]

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!

[geko29]

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.

[SaxyBMW]

Originally Posted by geko29

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.

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.

[Needsdecaf]

Originally Posted by SaxyBMW

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!

If you are going to be working for the DOD, does that qualify you to become a USAA member? if so, I bet they would be able to qualify you.

[Mike02z]

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.

[BryanCO]

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.

[Needsdecaf]

Originally Posted by BryanCO

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.

The question is, it's somewhat surprising that BMWFS qualified him but NFCU won't at the same income.

[BryanCO]

Originally Posted by Needsdecaf

The question is, it's somewhat surprising that BMWFS qualified him but NFCU won't at the same income.

BMWFS willing to take more risk to help sell their car. :

[MJBO]

Originally Posted by BryanCO

BMWFS willing to take more risk to help sell their car. :

Yeah that’s what I would think too. Different finance institutions have all sorts of different factors that they consider.

[Aalfred]

Originally Posted by Needsdecaf

The question is, it's somewhat surprising that BMWFS qualified him but NFCU won't at the same income.

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

[SaxyBMW]

Originally Posted by Aalfred

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

I was able to get approved by a couple other credit unions, but the interest rates are worse than I have now - and potentially worse than Navy Federal too. I am going to try an appeal with NF before pursuing the last resort option - selling my car here.

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!

['Cane]

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?

[SaxyBMW]

Originally Posted by 'Cane

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?

They are paying to ship one car to Europe - so not worried about the cost.

[BryanCO]

Originally Posted by 'Cane

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?

But this sounds like a purchase so also going to have the sunk costs of tax and registration. Here in CO, that would be $8-10k.

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.

[SaxyBMW]

Originally Posted by BryanCO

But this sounds like a purchase so also going to have the sunk costs of tax and registration. Here in CO, that would be $8-10k.

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.

Sort of where I'm at with it - I don't think I can break even with selling it here. No, the slightly higher interest rate won't kill me, it's just the principal of it! lol

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...

['Cane]

Originally Posted by SaxyBMW

They are paying to ship one car to Europe - so not worried about the cost.

Great, more wasteful government spending.


Kidding. Good luck over there. But I’d say, sell it and buy a new one and pick up at the Welt.

[m3wannab]

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.

[SaxyBMW]

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.

[BryanCO]

Originally Posted by SaxyBMW

Sort of where I'm at with it - I don't think I can break even with selling it here. No, the slightly higher interest rate won't kill me, it's just the principal of it! lol

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...

Ya, sure seems as though you would come out net ahead (maybe quiet a bit ahead) by keeping the car.

But no harm in getting a couple of dealer offers. Just be prepared for a bit of a shock.

[biggripper]

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.

[SaxyBMW]

Originally Posted by biggripper

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.

Yes, I believe they have different options for active duty military. Still, you would think they would want to continue making money off me - they obviously make money either way, but they could keep taking the interest! lol

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!

[M3PB_Mike05]

Originally Posted by SaxyBMW

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!

Get in touch with service credit union, they service a ton of military overseas and can surely help you out quickly.

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.