[Farrwash]

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.

[modat]

Originally Posted by Farrwash

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.

Just go get a loan somewhere else. Plenty of banks that can approve you in an hour

[yami sukehiro]

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.

[merlin3008]

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?

[Farrwash]

Originally Posted by modat

Just go get a loan somewhere else. Plenty of banks that can approve you in an hour

I was doing BMW select financing (with the bubble payment) to keep the payment low, I also had a trade-in that would make things more difficult if I was to go somewhere else.

[Farrwash]

Originally Posted by merlin3008

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?

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.

[vj123]

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.

[merlin3008]

Originally Posted by Farrwash

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.

Well if you have emails to prove it, you have them. If I were you, I would simply confirm what he is saying by calling BMW Financial Services directly. They will be able to tell you the real story pretty quickly.

[Farrwash]

Originally Posted by yami sukehiro

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.

I put 7k down, using BMW select with bubble payment at the end of the term.

[Brpnw17]

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.

[Farrwash]

Originally Posted by Brpnw17

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.

I'm in South Florida, Checked on the rate at the beginning of the month and he said I was good until the 28th. Unfortunately, I also don't have 25k just sitting in my account right now haha.

[merlin3008]

Originally Posted by Brpnw17

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.

This is correct. But regardless, the OP should call BMWFS himself to find out exactly what he was or was not approved for. The dealership is going to do what they can to get the loan structure that gives them to most commission. Go around them.

[Farrwash]

Originally Posted by merlin3008

This is correct. But regardless, the OP should call BMWFS himself to find out exactly what he was or was not approved for. The dealership is going to do what they can to get the loan structure that gives them to most commission. Go around them.

Called they said it's nothing they can do, it's all done at the dealer level.

[merlin3008]

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.

[Farrwash]

Asked for all of the reference numbers for all of the applications/calls and they can't supply them to me.

[Farrwash]

Originally Posted by merlin3008

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.

That's the thing I have paperwork saying I was approved by BMW finical. It doesn't say the amount, but that my application was approved. When I called they said I have to work with the dealer it was a very odd conversation. Said they only work when it becomes an actual deal. Any guidance would help

[modat]

Originally Posted by Farrwash

That's the thing I have paperwork saying I was approved by BMW finical. It doesn't say the amount, but that my application was approved. When I called they said I have to work with the dealer it was a very odd conversation. Said they only work when it becomes an actual deal. Any guidance would help

You should probably start by asking the dealership why you need to put down an extra 25K.

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?

[merlin3008]

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.

['Cane]

Did you get an email from BMW FS after you applied? If so, it'll say this:

This Credit Approval is for the following applicant(s) only, and is based on the terms (down payment amount, trade in amount, length of contract, and vehicle options) you provided in the online credit application. These financing terms must be confirmed by BMW of Catonsville as being accurate prior to a final sales transaction.

If you have that, unless something changed in your credit history, something is amiss.

[JerseyG80]

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

[canigetaxm]

what dealership is saying this

[Farrwash]

Originally Posted by modat

You should probably start by asking the dealership why you need to put down an extra 25K.

Whats your credit?
You said you don't 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?

748 credit score 130k Salary Married
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.