[John 070]

Originally Posted by dimabimmer

OP
^^^

**** Once the score is up a little, errors are cleaned up, start talking to Capital One Bank about auto finance... maybe there is a stripped CPO M3 V8 for you out there by then?

That and those types of cos. advertise low rates based on excellent credit. When that is not the case, the rates go up, and up. Also, my dealership told me they charge an additional fee/deposit if using an internet loan co. (I have no idea why but they beat them by 0.9% anyway). my .02....

Truth be told the dealership wants to sell cars, they do not want to not sell a car to a willing buyer. But as we learned, demand is the willingness and ability to pay. The latter is missing in the OP's case.

[ranger2/75]

Will do! Thanks for all the positive advice will get back to all to tell you the final verdict!

[dimabimmer]

Originally Posted by doggiedog

Sorry to hear about that. I know how you must feel.

My ex wife bounced a $200 check from our joint checking account (which was closed with the divorce) and it popped up on my credit report. It knocked my score down from 800 to 660 and even after paying it off, the @ssholes at Bank of America still would not remove it from my credit record. Fortunately, my BMW dealership worked with me and got me the 0.9% financing rate that I agreed to since I pre-ordered the car and had to wait for it. I almost didn't get my car either all because of my evil ex-wife not because I was living above my means.

Bank of America... oh don't get me started with that! It is one of the worst banks out there right now... they got bailed out by us, but they should ve gone belly up, and let other bank take the market. Bank of America is a bandit, robbing their own customers... just unbelievable what they do and get away with it... stay away from Bank of America.

[es1]

Such a sad story. Got chills ! I heard the similar story from some of the refugees in Sudan death camps . You know the place where 1-2 million people live under tents without basic sanitary conditions.

But forget that let's get back to your story. So sad, I hope you will learn to live with that terrible burden of yours.

[ellipsis212]

Originally Posted by bavarian19

So get a car you can afford.

Word. No guarantees to the BMW keys. I couldn't get credit on that F430 that I was pining after either.

[samchoi604]

The salesman at the dealer is probably more sad than you because he couldn't make a profit off you. I don't know why you're losing sleep over this.

[335i_LeMans_pkgmax]

Originally Posted by DBerg

I'd have dad co-sign... As long as you're sure you can pay, why is there stress?

+1

seems like u can afford the payments so just have dad co-sign.. i had my dad co-sign so i can pay 1/4th insurance cost

[leocdmg]

Well kudos for another vet going after his dream!!! I did the same thing when I returned from Iraq. I bought a g35 the day I got back ( i was young and stupid big mistake, but i digress) Like I heard someone say here. Why not try to find a CPO or another used one. There are some great deals if you do your HW. I got my 07 e90 6MT for only 23,000. only 40K miles still under warranty. Just my two cents.
Watever you do good luck!!!

[LuisBoston]

Originally Posted by Top_Gear_Fan

I wish you the very best of luck, everyone should have the opportunity to drive a BMW. And may the "big bosses" have mercy on your soul.

"everyone should have the opportunity to drive a BMW"

And that's why our economy took the hit it did. Lame to say it. Maybe a used BMW...but not a new one.

[LuisBoston]

Originally Posted by ranger2/75

Dude who is talking about a mortgage! Anyone in their right mind would not pick a car over your house or apartment for that matter. If it doesn't happen now then it will be at a later time no big deal...

Yeah, because houses were such sound investments in 2006-7. When I was looking for housing in 06 the rental/real estate office was pushing into buying. I'm glad I didn't listen to them!

[lambtron]

Originally Posted by DBerg

I'd have dad co-sign... As long as you're sure you can pay, why is there stress?

+1. He'd only be the lender's guarantee that they will still get money if you default.


This economy is really effing up credit; In two weeks my score dropped 40 points out of nowhere, and I have never missed a payment on anything, I have 0 credit card debt, and in fact, the only debt I do have is my car loan, which I pay on time every month.

[dmz]

Wow! This is devastating new! How can anyone live without a brand new BMW! The nerve of those guys at BMW denying you of that right! We need to start another goverment subsidy program to give everyone the opportunity to have a BMW on their driveway!

[BK]

This is fun, but it's off topic, so I'm moving it to the OT forum. Please take it easy on the OP and each other. This is the kind of thread that sometimes blows up.

OP - thank you for your service in Iraq. With regard to your question, I fall on the side of those saying you might want to re-prioritize. Where do you want to be in a few years? If your credit score is too low to qualify for financing, to me that's a sign that leasing a new BMW might not be the best plan right now. There have to be other better options. We all love these cars, but it shouldn't be at the expense of too much personal hardship.

[Zephyr15]

So now offering sound financial advice is the equivalent of "hating"? We all love our bimmers, but to that notion. Regardless, thank you for your service.

[Goody4]

Are there more details coming? Where's the devastating news?

[BigDog]

don't think there's any hate... just that you don't like what you're being told...


for what its worth, all the advice of getting a car within your means (even if its a short term lease) is probably a better decision... if your financial situation is as sound as you say it is... then you'll be even better once you come off your short term lease

[BayMoWe335]

You can't afford it. Suck it up.

[SPACEMANRICK]

Originally Posted by es1

Such a sad story. Got chills ! I heard the similar story from some of the refugees in Sudan death camps . You know the place where 1-2 million people live under tents without basic sanitary conditions.

But forget that let's get back to your story. So sad, I hope you will learn to live with that terrible burden of yours.

[Comet]

Originally Posted by JulieDriving

That's very helpful advice for the OP.

Yeah, every additional credit application dminishes your credit score - don't apply anymore unless you have to.

why is it that when u check your credit score it goes down? I never understood that... sorry for the off topic

to OP
I say figure out what's wrong with your credit report.
if there is nothing that you can do about it, try going for a BMW that fits more your budget maybe?
compromise a little
I wanted a 997 Turbo but ended up with a 335, u know? :P

Instead of a 2010 335 with M Package and all the bells and whistles
go for last years 335 with the necessities that they might not have sold yet or a BMW certified used 335...

[Zephyr15]

Originally Posted by Comet

why is it that when u check your credit score it goes down?

That is a myth. The credit agencies will happily take your money and let you check your score every day and the score will not go down because of it.

[dr.jay]

I still dont get the "devistating" part of it. You cant get the car you want, how the fuck is that devistating??? I can see if a doctor told you that you have cancer, that is devistating. You dont have credit good enough to get the car you want, so get something else and stop being dramatic.

[Hawkeye]

Originally Posted by evilpixel

I feel your pain. I have been laid off since December. I am able to make my payments but they are close to being late. BMW called me yesterday to find out why I am almost 30 days late. I told them and they offered me a two month deferment. So my next car payment will be April 20. It really takes a load off my back for now. I'm also lucky when I bought my car. A month after I bought it my mortgage went up and I have been trying to get a loan mod. Every month I don't pay it gets reported. So now my credit is crap but glad I got my car before and with a 3.9% APR for 60 months. I wish you the best in finding a job and you will get your BMW sooner then you think.

How the hell do you not know when your mortgage payments are going to change?!? That is basic knowledge for anyone! Being 30 days late on a payment... hell being 1 day late you need to sell something and live within your means.

To the OP and all "haters" (lol, I say live within your means as well. Although I don't always follow my own advise). Credit score is not directly correllated with how much you can afford. There could be one or two things like missed payemts (cause of bad memory let's say) that would make you not qualify but you may still have the means to pay for it.

I say, as long as you aren't going to be an asshat like all the people who bought houses they could not afford in the past 10 years pretty much creating this depression, then go for it.

Nothing wrong with having your dad cosign if you make your payments. It would be a good way to raise your credit score quicker that is for sure.