Credit check when paying cash?

Draper · 10-14-2022, 07:33 PM

Quote:

Originally Posted by jimbethesda

7-10 days for a wire to clear??

They said it goes to their corporate office where it's mixed in with other funds and it would take them time to sort through. Maybe true maybe not, but I couldn't really fight them on that front.

jimbethesda · 10-14-2022, 07:35 PM

Quote:

Originally Posted by Draper

Quote:

Originally Posted by jimbethesda

7-10 days for a wire to clear??

They said it goes to their corporate office where it's mixed in with other funds and it would take them time to sort through. Maybe true maybe not, but I couldn't really fight them on that front.

I would have caved too, but this is total BS. Reason #1,567 I hate the independent dealer model of buying cars.

At the end of the day, the hit to your credit will be negligible and short lived.

Enjoy your car!

dct203 · 10-14-2022, 07:35 PM

Quote:

Originally Posted by Aalfred

I had to do it just to reserve my I4 even though they said that the car wont be delivered for 9-12 months. They said "it is to protect us and make sure you can afford the car". I didnt agree and wanted to speak with the manager and he said its the "company policy". I didnt want to fight anymore and give them the impression that I had bad credit even though I pulled up my phone and showed them y 840 credit score, they wouldnt budge. So I guess it all depends on the dealership

This makes 0 sense I see people with 850 scores on 30k a year income lol

Draper · 10-14-2022, 07:36 PM

Quote:

Originally Posted by DocWeatherington

Congrats...they doing any kick backs for financing with bmw

Could get the credit then pay the car off two weeks later. Not sure if there are any clauses but yeah the hit is minor in the grand scheme they fall off and bmw tends to only hit Experian anyway with pulls.

I still paid cash and didn't finance. My M4 is coming in a few weeks so I don't plan on keeping this long.

I overhead another sales guy quoting 6% numbers to people. 🤮

DocWeatherington · 10-14-2022, 07:39 PM

Quote:

Originally Posted by Draper

I still paid cash and didn't finance. My M4 is coming in a few weeks so I don't plan on keeping this long.

I overhead another sales guy quoting 6% numbers to people. 🤮

Yeah it's a crazy time...but was thinking if they are giving any cash back via bmw FS.

Nice stopgap... I just sold my M5 and rocking a rental car $1200 a month unlimited miles with taxes for a 4runner... Figured it was the best option to be able to walk away in 3 months

Draper · 10-14-2022, 07:41 PM

Quote:

Originally Posted by DocWeatherington

Yeah it's a crazy time...but was thinking if they are giving any cash back via bmw FS.

I casually asked about that awhile back, and they pretty much just pointed at their 20+ person waitlist. lol

I might get loyalty now on the M4 though, which is something.

DocWeatherington · 10-14-2022, 07:42 PM

Quote:

Originally Posted by jimbethesda

7-10 days for a wire to clear??

Believe it or not a wire can be pulled back or fraudulent...just need to know how to do it.

Aalfred · 10-14-2022, 07:48 PM

Quote:

Originally Posted by dct203

This makes 0 sense I see people with 850 scores on 30k a year income lol

The best part is, they would be running my credit again in 6 months or later when the car arrives even though I told them ill be paying cash and why in the world would I get two credit checks. They budged on the recheck as Im paying cash but still wanted to run the first credit. I would have just walked away but liked my CA and didnt want to ruin his commission.

DocWeatherington · 10-14-2022, 08:36 PM

Quote:

Originally Posted by Aalfred

The best part is, they would be running my credit again in 6 months or later when the car arrives even though I told them ill be paying cash and why in the world would I get two credit checks. They budged on the recheck as Im paying cash but still wanted to run the first credit. I would have just walked away but liked my CA and didnt want to ruin his commission.

Cash is king and people will bend policy

apexes · 10-14-2022, 08:54 PM

Quote:

Originally Posted by Draper

I still paid cash and didn't finance. My M4 is coming in a few weeks so I don't plan on keeping this long.

I overhead another sales guy quoting 6% numbers to people. 🤮

Looks awesome Draper!

Was your intention to get the M3 as a stop gap and then flip once the M4 came in?

Draper · 10-14-2022, 09:01 PM

Quote:

Originally Posted by apexes

Looks awesome Draper!

Was your intention to get the M3 as a stop gap and then flip once the M4 came in?

I wanted the M3 from the start, but it took nearly a year to get an allocation and they canceled the FDG color I really wanted.

I got on a list for an M4 in June and the allocation came through in July. Then 2 weeks later the M3 allocation came through.

I figured I wouldn't have any trouble selling the M3 so I just kept both orders to see what showed up first.

apexes · 10-14-2022, 09:05 PM

Quote:

Originally Posted by Draper

I wanted the M3 from the start, but it took nearly a year to get an allocation and they canceled the FDG color I really wanted.

I got on a list for an M4 in June and the allocation came through in July. Then 2 weeks later the M3 allocation came through.

I figured I wouldn't have any trouble selling the M3 so I just kept both orders to see what showed up first.

I don't blame you, definitely a bummer on the FDG!

Draper · 10-14-2022, 09:10 PM

Quote:

Originally Posted by apexes

I don't blame you, definitely a bummer on the FDG!

I've come to really prefer the look of the M4 though, and IMHO Frozen DEEP Grey (which is slightly darker) is actually a better color.

Though seeing this M3 in Brooklyn Grey unveiled today gave me some second thoughts. If I had ordered it with buckets and CCBs I may have had a real a dilemma on my hands. Lol

Limegrntaln · 10-14-2022, 09:36 PM

This is my opinion, and throw in $6 and it may even get your a coffee at Starbucks, but when I worked at a dealer, we had scabs come in, all the time, gold chains, balenciaga shoes, and flat bill hat, sideways, coming in to pay $90,000 cash, for a loaded Tahoe.

We pulled credit for similar reasons, on cash transactions, some may not agree, because cash, is cash, but I will tell you, that every one of these guys that came in to buy, in cash like this, owed $100k in back child support, or more.

Nobody's business, but his, but we didn't sell cars, even cash, to people like that. And he had trouble going to anyone else in the automall, because the GM made some phone calls.

MunkyTool · 10-14-2022, 09:43 PM

I've had this happen to me at Lexus. Financed via private bank and they refused to sell the car without running credit to confirm my identity. I assumed they wanted to try and beat my bank's rate but nope. As soon as the credit went through we finished the paperwork and got the car.

rak299 · 10-14-2022, 10:15 PM

I have excellent credit, always pay cash and never trade in. When they ask me for a credit check I always fill out the form. I tell them I might finance and I might trade in. You can negotiate a better deal if they think they might make more on the deal. My last 6 cars have always been custom orders, so I say I'll decide later.

robopp · 10-14-2022, 10:29 PM

Quote:

Originally Posted by Draper

Update.

I pushed back hard on this, and the only thing they were willing to do to avoid a credit check was to wait 7-10 days for funds to fully clear.

"Company policy, fraud, identity theft, blah blah blah." 🙄

Like my long-con plan was to wait on their list for a year (with my stolen name, obviously) before ultimately paying them with actual money for a car. 😂

I gave in and just let them run credit, and I now own an M3.

A wire doesn't clear. It hits immediately.

gohawks23 · 10-14-2022, 10:40 PM

I paid cash (personal check) for a $150K C2S and they ran credit on me for policy, fraud, identity theft, etc. reasons...didn't think to offer up a wire...it's been over 1.5 years and still shows up on some of my free credit check services...probably lowers my credit score which is 800 area anyway but I don't care as I really don't seek out loans anymore.

GaoKS · 10-14-2022, 11:35 PM

This is dealer garbage. I've paid for a handful of cars in cash that were this price range and every time I've given a cashiers check. Finance team calls the bank to verify funds occasionally but that's it. As others have mentioned, wires hit immediately as well.

Sorry to hear OP.

DocWeatherington · 10-15-2022, 04:28 AM

Quote:

Originally Posted by Draper

I've come to really prefer the look of the M4 though, and IMHO Frozen DEEP Grey (which is slightly darker) is actually a better color.

Though seeing this M3 in Brooklyn Grey unveiled today gave me some second thoughts. If I had ordered it with buckets and CCBs I may have had a real a dilemma on my hands. Lol

Could always get the ccb kit after market for 10k then flip the the irons online for a few grand.

The ccb idk lol

DocWeatherington · 10-15-2022, 04:30 AM

Quote:

Originally Posted by gohawks23

I paid cash (personal check) for a $150K C2S and they ran credit on me for policy, fraud, identity theft, etc. reasons...didn't think to offer up a wire...it's been over 1.5 years and still shows up on some of my free credit check services...probably lowers my credit score which is 800 area anyway but I don't care as I really don't seek out loans anymore.

Hard inquires drop after 24 months...it lowers your score by a few points but rumors are after a year it has no effect.

Draper · 10-15-2022, 10:45 AM

Quote:

Originally Posted by DocWeatherington

Could always get the ccb kit after market for 10k then flip the the irons online for a few grand.

The ccb idk lol

I'm pretty sure CCBs are more like $20K, plus install of course. A little less sexy at that price point.

10-14-2022, 09:36 PM	#36
Limegrntaln Major General 13478 Rep 6,962 Posts Drives: 2022 DG/BLk xDrive M4C Wk 34 Join Date: Mar 2008 Location: Sacramento Area iTrader: (3) Garage List 2022 G82 M4 Competi ... [9.23]	This is my opinion, and throw in $6 and it may even get your a coffee at Starbucks, but when I worked at a dealer, we had scabs come in, all the time, gold chains, balenciaga shoes, and flat bill hat, sideways, coming in to pay $90,000 cash, for a loaded Tahoe. We pulled credit for similar reasons, on cash transactions, some may not agree, because cash, is cash, but I will tell you, that every one of these guys that came in to buy, in cash like this, owed $100k in back child support, or more. Nobody's business, but his, but we didn't sell cars, even cash, to people like that. And he had trouble going to anyone else in the automall, because the GM made some phone calls. __________________ 2022 DravitGrau /Black Full Merino M4 Competition M xDrive / Production Week 34/ Delivered 10/19/21/ IG: dravit_m4_comp YT: G Dubyou
	Appreciate 2 Draper3460.50 DocWeatherington2938.50 Quote

10-14-2022, 09:43 PM	#37
MunkyTool First Lieutenant 548 Rep 365 Posts Drives: 2023 G80 Comp X-Drive Join Date: Nov 2011 Location: Los Angeles, CA iTrader: (0) Garage List 2023 M3 Competition ... [0.00]	I've had this happen to me at Lexus. Financed via private bank and they refused to sell the car without running credit to confirm my identity. I assumed they wanted to try and beat my bank's rate but nope. As soon as the credit went through we finished the paperwork and got the car.
	Appreciate 2 Draper3460.50 Limegrntaln13477.50 Quote

10-14-2022, 10:15 PM	#38
rak299 Major 601 Rep 1,048 Posts Drives: 2021 M3 6MT Join Date: Sep 2016 Location: san francisco iTrader: (0)	I have excellent credit, always pay cash and never trade in. When they ask me for a credit check I always fill out the form. I tell them I might finance and I might trade in. You can negotiate a better deal if they think they might make more on the deal. My last 6 cars have always been custom orders, so I say I'll decide later.
	Appreciate 2 Draper3460.50 Limegrntaln13477.50 Quote

10-14-2022, 10:40 PM	#40
gohawks23 Major 426 Rep 1,457 Posts Drives: Bauer S29s Join Date: Feb 2006 Location: Ice iTrader: (0)	I paid cash (personal check) for a $150K C2S and they ran credit on me for policy, fraud, identity theft, etc. reasons...didn't think to offer up a wire...it's been over 1.5 years and still shows up on some of my free credit check services...probably lowers my credit score which is 800 area anyway but I don't care as I really don't seek out loans anymore.
	Appreciate 0 Quote

10-14-2022, 11:35 PM	#41
GaoKS Lieutenant 508 Rep 454 Posts Drives: '23 Raptor Join Date: Feb 2017 Location: Colorado iTrader: (0)	This is dealer garbage. I've paid for a handful of cars in cash that were this price range and every time I've given a cashiers check. Finance team calls the bank to verify funds occasionally but that's it. As others have mentioned, wires hit immediately as well. Sorry to hear OP. __________________ Current: '23 Ford Raptor Incoming: '24 G87 M2 - BG/6spd BMW Past Rides: 2023 G80 Comp, 2023 G80 xDrive, 2021 M3 Comp, 2020 M340i, 2019 540i, 2016 M4, 2016 535i, 2008 545i
	Appreciate 0 Quote