$#@%!~ BMW financing!

[joeking1978]

Well... so it may look as if my attempt to get a BMW will fall short.... and for complete bullshit!


I own 3 rental properties. One of them has been struggling because I have deadbeat tennants who never pay rent. So I am evicting them and selling the home. Unfortunately, due to the market- the value of the home is less then what is owed (when I even thought I bought it for a good deal 2 yrs ago). Well, the bank approved a short sale and it is hopefully going to close in 2 weeks. However- I need a new car by Friday. I start with a new company on Monday and loss my company car with the last one (plus I already turned in my Audi S4).

Well- for some reason- the damn short sale has already shown up on my credit and it dropped my score from a 690 to a 600. It also shows up as a delinquent payment for some reason? Because of this- BMW won't approve me for financing. I can show my last years W2's which shows a HEALTHY income... and even the Offer letter from my new company where my base salary alone is even healthier. My Debt to income is solid- I could probably easily afford twice the payment without changing a thing in my daily life. Yet- because of a BAD MARKET- where I can't sell a home for appropriate value- they won't give me a car. This isn't an indication of not being able to make payments- its an indication of a bad investment that won't sell!

When I tried to use just my wife's name- because she is in medical school- they said as a "student" she doesn't make enough. :rolleyes

So now, I have to use my retired father to co-sign and even with his 700 scores- they said it might be a problem because he is retired. WTF!

FK BMW financing! If they don't want to sell a car- then F them... I will go with infiniti where they are not giving me ANY probelms.
:mad

sorry about the long bit$h session... but I Was really looking forward to this car. :(

[Charlie]

Most of the big financing arms such as BMWFN & GMAC won't touch below a 720 these days anyway. Selling to people with questionable credit histories & income levels is what got most of these places into this mess in the first place.

-Charlie

[joeking1978]

Most of the big financing arms such as BMWFN & GMAC won't touch below a 720 these days anyway.

-Charlie

my wife just leased a new GMAC product without a problem and her score was 670 at the time. She's never been late on a single payment- but while she's been in school- she just has been running high balances on her cards and making minimums to save a little monthly cash.

I'm actually paying off 3 of her cards today (about 19k) just to get her credit up so we don't have to worry about this in the future.

I haven't been late on anything either... but at the end of 2002- I had a BK discharged (due a "hostile takeover" of my company at the time and it left me jobless for about 4 months). This falls off my credit in about 8 months.

[Takashi]

It's not your fault that the world economy is going down hill. It's also not BMW Finance's fault if they won't let you sign out a loan. With the economy now-a-days you might run into similar problems with other dealerships.

If you want to go with an Infinity we have no issues with it. We do have an issue with how you put the blame onto other people and not able to think of the cause of the situation.

Enough said. Blame yourself and your bad luck for everything is all you can do. If you don't want to do business with BMW Finance then take your business somewhere else. We won't stop you nor care about it since we have our own problems to deal with.

[trig]

Why do you not go to a Credit Union where you can still easily get a loan. You have a 600 score, it's not like BMW is gonna give you 1.9%, 2.9%, or the 3.9% financing anyways. Why do you need financing from them?

[joeking1978]

Why do you not go to a Credit Union where you can still easily get a loan. You have a 600 score, it's not like BMW is gonna give you 1.9%, 2.9%, or the 3.9% financing anyways. Why do you need financing from them?

The biggest reason is because even with 3.9% on 45k... I'll be looking at about $830 a month. With BMW's select financing and .9%... I was looking $450 for a 135 or $500 for a 355i.

Its not that I can not afford the $830... it is that I still have the option of going with Infiniti's program of leasing the G37 (a 44k car) for $439 a month with 0 down. Why pay more if I don't have too.

I LOVE both the 335 and WANT to do biz with BMW financial... but I can't love a car enough to justify paying another $300 a month if I don't HAVE too...

[Charlie]

Egh, BMW "select", you wanted to essentially take out an ARM on a car loan? With a 600 score, you wouldn't be getting the .9%, they're looking for mid-upper 700's with that.

-Charlie

[joeking1978]

It's not your fault that the world economy is going down hill. It's also not BMW Finance's fault if they won't let you sign out a loan. With the economy now-a-days you might run into similar problems with other dealerships.

If you want to go with an Infinity we have no issues with it. We do have an issue with how you put the blame onto other people and not able to think of the cause of the situation.

Enough said. Blame yourself and your bad luck for everything is all you can do. If you don't want to do business with BMW Finance then take your business somewhere else. We won't stop you nor care about it since we have our own problems to deal with.

see my last post. I know its not their fault. ...but after working with the dealer for the past month to figure out exactly what I want... it is a HUGE letdown and disappointment that it all came to this. I understand that they are particular... but to say my wife- with good credit doesn't make enough!? Or to say- where I make plenty- that my house has to close before they can lend to me? That's ridiculous.

[joeking1978]

Egh, BMW "select", you wanted to essentially take out an ARM on a car loan? With a 600 score, you wouldn't be getting the .9%, they're looking for mid-upper 700's with that.

-Charlie


The only reason- is because when my wife is done with med school in 2 yrs- our income with double. So at that point- I'll either pay it off- or I'll trade it in for what I really want. I'm just trying to be "frugal" right now to avoid her taking any more student loans then necessary.


(plus when I started the process- my score was a 690. I had no clue my bank was going to report the short sale status before the house even closed).

[Charlie]

Or to say- where I make plenty- that my house has to close before they can lend to me? That's ridiculous.

Why? Dude, no offense, but you've got 3 mortgages, a short sale, a 600 credit score and a BK on your record. Just glancing at that on paper, especially in the current climate, not too many financial institutions are going to want to talk to you about a 45k depreciating asset.

-Charlie

[zaxjax]

Credit union FTMFW!

[joeking1978]

Why? Dude, no offense, but you've got 3 mortgages, a short sale, a 600 credit score and a BK on your record. Just glancing at that on paper, especially in the current climate, not too many financial institutions are going to want to talk to you about a 45k depreciating asset.

-Charlie

yeah, but without getting into too many particulars. I have about 40k in savings, plus a healthy IRA. I'm clearing about 3k a month after bills. I was able to qualify for the short sale because the bank did not require me to report rental income. The odd thing- is I've still been making payments- so I'm not sure why it reported this way on my credit.

Even still. If they have a concern... why not have me show proof of income, proof of assets... or even require me to make a higher downpayment? I was going to put $5 down.. but what if I put $10? Why close the door all together?

[Charlie]

I'm just trying to be "frugal" right now to avoid her taking any more student loans then necessary.




Really?

"Frugal" and "I want a 45k brand new car"? Man, I gotta get in on that.

-Charlie

[joeking1978]

Really?

"Frugal" and "I want a 45k brand new car"? Man, I gotta get in on that.

-Charlie

"frugal" with my monthly payments. I'd say trying to get a $450 monthly payment vs. a $850 is being frugal if I can afford the latter.

Its all "relative" IMO

[Charlie]

Even still. If they have a concern... why not have me show proof of income, proof of assets... or even require me to make a higher downpayment? I was going to put $5 down.. but what if I put $10? Why close the door all together?

You might have heard about this little "credit crisis" thing that's been going on the past few weeks. Every now and then they run a story about it in between Brittany updates and expose's on Joe the plumber's latest bowel movements. Banks aren't real anxious to lend money out right now.

-Charlie

[joeking1978]

You might have heard about this little "credit crisis" thing that's been going on the past few weeks. Every now and then they run a story about it in between Brittany updates and expose's on Joe the plumber's latest bowel movements. Banks aren't real anxious to lend money out right now.

-Charlie

I know I know... its just ironic. Car companies are doing more "incentive" programs then ever to sell cars since due to current economic standards... they are not selling as many. That being said- they are trying to bring more buyers in... but are making it harder for them to qualify at the same time. :shifty

[Cyrix2k]

Well... so it may look as if my attempt to get a BMW will fall short.... and for complete bullshit!


I own 3 rental properties. One of them has been struggling because I have deadbeat tennants who never pay rent. So I am evicting them and selling the home. Unfortunately, due to the market- the value of the home is less then what is owed (when I even thought I bought it for a good deal 2 yrs ago). Well, the bank approved a short sale and it is hopefully going to close in 2 weeks. However- I need a new car by Friday. I start with a new company on Monday and loss my company car with the last one (plus I already turned in my Audi S4).

Well- for some reason- the damn short sale has already shown up on my credit and it dropped my score from a 690 to a 600. It also shows up as a delinquent payment for some reason? Because of this- BMW won't approve me for financing. I can show my last years W2's which shows a HEALTHY income... and even the Offer letter from my new company where my base salary alone is even healthier. My Debt to income is solid- I could probably easily afford twice the payment without changing a thing in my daily life. Yet- because of a BAD MARKET- where I can't sell a home for appropriate value- they won't give me a car. This isn't an indication of not being able to make payments- its an indication of a bad investment that won't sell!

When I tried to use just my wife's name- because she is in medical school- they said as a "student" she doesn't make enough. :rolleyes

So now, I have to use my retired father to co-sign and even with his 700 scores- they said it might be a problem because he is retired. WTF!

FK BMW financing! If they don't want to sell a car- then F them... I will go with infiniti where they are not giving me ANY probelms.
:mad

sorry about the long bit session... but I Was really looking forward to this car. :(
Woah there! "Appropriate value" is market value, sorry. You *should* sell it for market value and eat the loss. A short sale is more good will than anything, especially in your case. Housing is NOT guaranteed to go up or even remain constant in value.

[dwvcfii]

Well... so it may look as if my attempt to get a BMW will fall short.... and for complete bullshit!

//rant

I seldom respond to off-topic posts like this, but the current economic climate -- which is a direct result of people knowingly taking on more debt than they could handle -- as well as the will of the current administration to rob from me to bail out debtors of all sorts has me irked.

With all due respect to the OP, credit scores exist for a reason, and generally speaking they are an accurate representation of your worthiness as a borrower. If I'm going to loan you money, I care what you make, but I also want to see that you have a demonstrated ability to pay your debts. Frankly, the short sale (in which you stiffed the bank) and your job change are both HUGE red flags in your credit history and represent a significant change in your credit worthiness. BMW is fully justified in denying you access to credit under the circumstances, IMHO. That doesn't make you a bad person -- it just makes you a bad debtor.

Of course, as the other posters have suggested, BMW Financial isn't the only game in town. If BMW won't loan you money, try another bank. If no one will loan you the money for a BMW, buy a Civic. Compensating and don't want a Civic? Buy what you want with cash. No cash because you didn't live within your means and save for bad times like the rest of us? Walk. But spare us the whining, please.

And for the record, what is being sold to Americans by the current administration as a "credit crisis" is nothing of the sort. What we are seeing is simply the return of rational lending standards based on the time-honored analysis of a borrower's debt-to-income ratio (solvency), probability of continued employment (potential for insolvency), and credit history (integrity). The era of easy credit is OVER. Get used to it.

//rant off

-Doug

[MSex]

Buy used. Pay the sh!t-ass interest rates offered by the dealer for 6-12 months, then re-finance. It's the best you will do with your scores and credit history with any reputable lender.

Before you balk- it's what I am doing. I paid the crap interest rates for 6 months and re-financed to shave off 7 percentage points.

[joeking1978]

//rant

I seldom respond to off-topic posts like this, but the current economic climate -- which is a direct result of people knowingly taking on more debt than they could handle -- as well as the will of the current administration to rob from me to bail out debtors of all sorts has me irked.

With all due respect to the OP, credit scores exist for a reason, and generally speaking they are an accurate representation of your worthiness as a borrower. If I'm going to loan you money, I care what you make, but I also want to see that you have a demonstrated ability to pay your debts. Frankly, the short sale (in which you stiffed the bank) and your job change are both HUGE red flags in your credit history and represent a significant change in your credit worthiness. BMW is fully justified in denying you access to credit under the circumstances, IMHO. That doesn't make you a bad person -- it just makes you a bad debtor.

Of course, as the other posters have suggested, BMW Financial isn't the only game in town. If BMW won't loan you money, try another bank. If no one will loan you the money for a BMW, buy a Civic. Compensating and don't want a Civic? Buy what you want with cash. No cash because you didn't live within your means and save for bad times like the rest of us? Walk. But spare us the whining, please.

And for the record, what is being sold to Americans by the current administration as a "credit crisis" is nothing of the sort. What we are seeing is simply the return of rational lending standards based on the time-honored analysis of a borrower's debt-to-income ratio (solvency), probability of continued employment (potential for insolvency), and credit history (integrity). The era of easy credit is OVER. Get used to it.

//rant off

-Doug
are you more bashing Americans and their foolish borrowing/lending habits or just me for trying to take advantage of a bad market... instead of allowing myself to be screwed by the previously inflated market?

I understand that its not right that I am to sell this house at a short sale and expect sympathy. However, It also wasn't right for me to take out $20k in an equity loan for this house 3 years ago (when the value was super inflated) to LANDSCAPE THE YARD AND UPDATE THE KITCHEN... only to lose almost 100k in value in the next 2+ years. I bought the house for 170k as an investment property. It apprasied 2 yrs later at 270k so I decided to take out 20k to PUT BACK INTO THE HOME. You'd expect the home to AT LEAST be worth a little more then what I paid based off this fact. However, it is not. It is now appraising at 165k. As much as I'd love to give back the bank 20k for work that was done to the house that THEY own... aka-double dip... I'm not in the market to do that... Even if they were to take the house back deed in lieu... they will eventually get that money back because it was money invested into bettering THIS property. This is all I'm walking away from.

Plus- because the house was bought with a 5yr ARM at the time... when the rate comes through in a couple months... then the house payment will go from about 1700 to about 2800 a month. Should I eat that based on morals and ethics? yeah right.

Again... if you read the rest- this isn't about me being able to afford it. In this market- I'd just rather not eat up ALL of my savings (40k) on a "Depreciating asset" (as Charlie reminded me) and Id' rather not have a higher payment because I don't want to use more student loans then necessary for my wife's med school.

[joeking1978]

Buy used. Pay the sh!t-ass interest rates offered by the dealer for 6-12 months, then re-finance. It's the best you will do with your scores and credit history with any reputable lender.

Before you balk- it's what I am doing. I paid the crap interest rates for 6 months and re-financed to shave off 7 percentage points.

BMW called today and said they are taking it to the Regional Finance manager to try and get an exception since I show good assets and positive income. We'll see what happens at this point.

If they still can't... then I'll end up going with the infiniti lease. I would have rather bought a car then lease...

[dwvcfii]

are you more bashing Americans and their foolish borrowing/lending habits or just me for trying to take advantage of a bad market... instead of allowing myself to be screwed by the previously inflated market?

Both, actually. I don't have anything against you, specifically...please try to understand that...but I view you as a symptom of a greater problem.


You'd expect the home to AT LEAST be worth a little more then what I paid based off this fact. However, it is not. It is now appraising at 165k.

No, actually, I'd expect the house to be worth 3X the median income for the area. The property is not worth what you or some corrupt appraiser think it's worth. It is worth what someone else is willing / able to pay for it, and the only reason prices went up beyond the historical norm of 3X median income is because of cheap and easy credit given out like free heroin with a needle exchange. Now that the credit spigot has been shut off, the house has returned to some approximation of its proper value. Had you not believed the hype and bought above 3X median income, it is unlikely we would be having this discussion.


Plus- because the house was bought with a 5yr ARM at the time... when the rate comes through in a couple months... then the house payment will go from about 1700 to about 2800 a month. Should I eat that based on morals and ethics? yeah right.

I'm not going to pull the morals and ethics card on you, but if this was about morals and ethics, yes -- you would pay what you owe and not expect others to pick up the pieces of the mess you created by buying in an irrational market...especially considering you're getting a new job that "pays more". If you were suddenly unemployed then I could understand the short sale...but you're not.

Make no mistake -- it was your choice to stiff the bank. Regardless of the circumstances, you failed to repay the loan you agreed to pay. That makes you a bad credit risk, hence my support for BMW's position.

I think I've dragged this thread off topic enough so I'll just finish up here by giving you some financial advice (which is, of course, worth what you've paid for it)...you need to think more about how to get out of debt...not how to get deeper into it. There are more rational choices in vehicles for people in your position than a brand new BMW (or Infiniti, or whatever). I think it is in your best interest to investigate them.

-Doug

[SilverBeam]

It's not BS it's the new conomy. Financers got burned and they don't want to get burned again.

[mryakan]

It's not BS it's the new conomy. Financers got burned and they don't want to get burned again.
Actually they burned themselves by playing with fire, but that is just semantics ;).

[SilverBeam]

lol I didn't specify who did the burning.

[MSex]

BMW called today and said they are taking it to the Regional Finance manager to try and get an exception since I show good assets and positive income. We'll see what happens at this point.

If they still can't... then I'll end up going with the infiniti lease. I would have rather bought a car then lease...


This was kind of unspoken, but... why not a used car? Used car dealers are even more desparate to get rid of inventory (and even more likely to look past your perceived flaws, bundle your loan with others, and make the deal) than new-car dealers.

[joeking1978]

I think I've dragged this thread off topic enough so I'll just finish up here by giving you some financial advice (which is, of course, worth what you've paid for it)...you need to think more about how to get out of debt...not how to get deeper into it. There are more rational choices in vehicles for people in your position than a brand new BMW (or Infiniti, or whatever). I think it is in your best interest to investigate them.

-Doug

I'm still not sure... out of everything that I have said... I know what makes you think I am in debt. 40k in savings? I don't have a credit card with more then $500 on it. (limits about 2k on each). my only "debt" is 3 rental properites. 2 are paying for themselves... one is not.

Regarding your 3x's the median income... the house WAS worth that when I bought it. I didn't buy it at a super inflated appraised value. Now it is worth that same amount again. The sad part... is the 20k I took out to make the home worth MORE was a wash... putting 20k worth of work into the home had NO impact on the value whatsoever. Frankly... I could probably have done nothing... and it'd still be worth the same thing right now.

So that is MY justification, be it wrong or not... the bank gave me 20 to make that home worth more... and its not. So since they own it- technically- they can try to recoup the expenses.

[joeking1978]

This was kind of unspoken, but... why not a used car? Used car dealers are even more desparate to get rid of inventory (and even more likely to look past your perceived flaws, bundle your loan with others, and make the deal) than new-car dealers.

nothing. Just if I get approved for the financing I want... it'll work out to be cheaper to go new.


They actually approved me. for the 335i I have to put 6k down. For the 135i I have to put 4k down.

looks like I may be getting this afterall.

[ohnoes]

nothing. Just if I get approved for the financing I want... it'll work out to be cheaper to go new.


They actually approved me. for the 335i I have to put 6k down. For the 135i I have to put 4k down.

looks like I may be getting this afterall.

Laff @ putting $4k/6k down on what's effectively a lease.

[mryakan]

Laff @ putting $4k/6k down on what's effectively a lease.
Not sure what you ar e laughing at, in a lease you pay a certain portion of the car's price, and anything you put down you save interest on, and you had to pay anyway. You can even lease a car and pay the entire lease portion upfront and save the lease financing fees.

[ohnoes]

Not sure what you ar e laughing at, in a lease you pay a certain portion of the car's price, and anything you put down you save interest on, and you had to pay anyway. You can even lease a car and pay the entire lease portion upfront and save the lease financing fees.

You won't get that down payment back if you total the car. Much better to put MSDs (multiple security deposits) down or put that $4k/6k into a savings account and make higher lease payments each month.

[mryakan]

You won't get that down payment back if you total the car. Much better to put MSDs (multiple security deposits) down or put that $4k/6k into a savings account and make higher lease payments each month.
Who plans on totaling their cars. I'd be more worried about time spent in the hospital in that case. I agree multiple MSDs may be better, but they are not offered to anyone I believe (i.e. dependent on credit rating). And how much do savings account pay these days? The market is doing well either, so saving financing charges is not a bad financial choice at the moment.

[dwvcfii]

I'm still not sure... out of everything that I have said... I know what makes you think I am in debt. 40k in savings? I don't have a credit card with more then $500 on it. (limits about 2k on each). my only "debt" is 3 rental properites. 2 are paying for themselves... one is not.

You put "debt" in quotes like there's some difference between the debt you have and that "other debt" that everyone else has. Debt is debt. No matter whether you're a company or an individual. That's all there is to it. If you have $40K in the bank and owe $400K or more to a couple banks you're technically insolvent. I don't care how "rich" you feel because you "own" the properties. You don't own jack. The bank does.

Let me put it another way. What happens if another tenant decides to bail on you and you can't find someone else to rent it for what you're paying on the note? Are you going to short that one too and stick it to the bank and indirectly we, the taxpayers, when you and thousands like you who refuse to take responsibility for your own actions collectively force the bank into receivership?

One last point...just because someone will loan you money does not mean you deserve the money or can afford to take on that debt. Think about that and then make your own decision.

-Doug

[TopasBlau46]

Actually they burned themselves by playing with fire, but that is just semantics ;).

Bush burned everyone, "free economy" FTMFL.

[joeking1978]

You put "debt" in quotes like there's some difference between the debt you have and that "other debt" that everyone else has. Debt is debt. No matter whether you're a company or an individual. That's all there is to it. If you have $40K in the bank and owe $400K or more to a couple banks you're technically insolvent. I don't care how "rich" you feel because you "own" the properties. You don't own jack. The bank does.

Let me put it another way. What happens if another tenant decides to bail on you and you can't find someone else to rent it for what you're paying on the note? Are you going to short that one too and stick it to the bank and indirectly we, the taxpayers, when you and thousands like you who refuse to take responsibility for your own actions collectively force the bank into receivership?

One last point...just because someone will loan you money does not mean you deserve the money or can afford to take on that debt. Think about that and then make your own decision.

-Doug

well... we'll have to agree to disagree. To answer your question though. Two of the homes are close to being paid off. It was only the latter that has been a burden *(and if you really want to know... it actually was my OWN house at one point... but after a difficult breakup with the ex... I was forced to sell it but couldn't and hence it became a rental home. My cute bachelor pad... became a financial curse. To add- My now wife (was just engaged before) and I live in Florida for work and her med school... I couldn't just "live" in it if I wanted.

Now that you know everything about me :rolleyes... let's put this disagreement behind us and be friends!!

...CAUSE I'M NOW THE OWNER OF A SEXY 135i!!

I will take pics tomorrow!

[joeking1978]

You won't get that down payment back if you total the car. Much better to put MSDs (multiple security deposits) down or put that $4k/6k into a savings account and make higher lease payments each month.

4/6k does make a difference. Frankly, I don't plan on owing a balloon in the end. My base salary is substantial. When I mentioned clearing 3k a month- it was just off this. However, I'm med device sales- and 50% of my income is commission. I don't plan on having any commission-free months anytime soon and will likely pay this off in chunks every month. My goal is to have it done in 3 years. I just don't want to be REQUIRED to pay more if I don't have too (in case for some reason I DON'T have a good month.)

[ZeitgeistCrew]

this "future" economy tells me that we need to be more conservative with our budgeting. IMO a 135i is pure luxury, i would be fine with recently used. never the less, congrats. now you need to update your profile.

[MrBlah]

With a 600 score, you wouldn't be getting the .9%, they're looking for mid-upper 700's with that.

-Charlie

no they are not, I got approved for one and my score is 640

[E39Chris525i]

no they are not, I got approved for one and my score is 640

Good to know. I'm almost in the 700's. Gonna save up for a 135i for next year. Sorry for the hijack OP. Have fun with the 135i. Color/options?

[joeking1978]

Good to know. I'm almost in the 700's. Gonna save up for a 135i for next year. Sorry for the hijack OP. Have fun with the 135i. Color/options?

I know it was likely just salesman talk... but it sounds like they may not have the .9 or the Select financing in the next couple months (one or the other).

Oh... and its red with a tope top and leather. It has the sports package, premium package, no navi, M wheels and M steering wheel.

[E39Chris525i]

and its red with a tope top and leather.

Vert or coupe? Sports package is a must. Does anyone know if the 135i with sports package comes with a oil cooler? I might lease off the bat then purchase it. $7K down should get me low payments :buttrock

[joeking1978]

Vert or coupe? Sports package is a must. Does anyone know if the 135i with sports package comes with a oil cooler? I might lease off the bat then purchase it. $7K down should get me low payments :buttrock

I'm telling you... the Select program works out like leasing, but gives you lower payments (bc it is amortized over 5 yrs instead of 3) with a comparable balloon at the end.

The only difference- is you HAVE to buy out the balloon (or trade in, refi, sell) at the end... where a lease- you can just turn in if you want.


and yes, it is a vert. They did have a REALLY sharp black one with the exact same packages (M wheels are a must) but in a coupe with tinted windows... pulled up as I was pulling off in mine. ...it kinda made me jealous! :shifty

[ohnoes]

4/6k does make a difference. Frankly, I don't plan on owing a balloon in the end. My base salary is substantial. When I mentioned clearing 3k a month- it was just off this. However, I'm med device sales- and 50% of my income is commission. I don't plan on having any commission-free months anytime soon and will likely pay this off in chunks every month. My goal is to have it done in 3 years. I just don't want to be REQUIRED to pay more if I don't have too (in case for some reason I DON'T have a good month.)

Of course $4/6k makes a difference. It's a cap cost reduction. That doesn't mean it's either ideal or smart.

Still, congrats on the new 135i and post pics ASAP!


Good to know. I'm almost in the 700's. Gonna save up for a 135i for next year. Sorry for the hijack OP. Have fun with the 135i. Color/options?

Good luck with that one. Financing, IMO, may only get harder and more expensive, not easier.

[dwvcfii]

Now that you know everything about me :rolleyes... let's put this disagreement behind us and be friends!!

...CAUSE I'M NOW THE OWNER OF A SEXY 135i!!

I will take pics tomorrow!

We were never enemies...just two people of differing opinions discussing our viewpoints. I'm glad to hear you have the other two properties paid off...perhaps you're not in as bad a shape as I assumed you were. Hope the rental property thing works out for you. People think that's the easy road to wealth but being a landlord is hard...and very risky...as I'm sure you know.

Congrats on the 135. I have to admit it's taking all my strength to avoid writing a check for one of those. :)

Safe driving,

-Doug

[joeking1978]

We were never enemies...just two people of differing opinions discussing our viewpoints. I'm glad to hear you have the other two properties paid off...perhaps you're not in as bad a shape as I assumed you were. Hope the rental property thing works out for you. People think that's the easy road to wealth but being a landlord is hard...and very risky...as I'm sure you know.
too bad most of us have to learn the hard way before the right way... :(


Congrats on the 135. I have to admit it's taking all my strength to avoid writing a check for one of those. :)

Safe driving,

-Doug

whatever you do... don't test drive one with a checkbook within 4 miles of you... I'd hate for you to find out the "hard way" :D

[joeking1978]

Of course $4/6k makes a difference. It's a cap cost reduction. That doesn't mean it's either ideal or smart.

Still, congrats on the new 135i and post pics ASAP!



Good luck with that one. Financing, IMO, may only get harder and more expensive, not easier.

why not? first though- I HAD to make the 4k down payment because due to the aforementioned reasons... the LTV had to be 95% on the car for BMW to approve the financing. 2nd- if my goal is to pay off the car sooner... why not finance less and thus pay less in finance charges. .9% of 42k is lower then .9% of 46k. (not much I know... it is only about 1300 in finance charges total at .9... but you get the pic).

[ohnoes]

why not? first though- I HAD to make the 4k down payment because due to the aforementioned reasons... the LTV had to be 95% on the car for BMW to approve the financing. 2nd- if my goal is to pay off the car sooner... why not finance less and thus pay less in finance charges. .9% of 42k is lower then .9% of 46k. (not much I know... it is only about 1300 in finance charges total at .9... but you get the pic).

You won't pay off the car sooner; the lease term is still the same. Your payments are just a tad lower. But I think we can both agree that the only reason you put that money down is because you had to. Otherwise, it's just fact that cap cost reductions on leases aren't a good idea. MSDs, OTOH, can be.

[joeking1978]

You won't pay off the car sooner; the lease term is still the same. Your payments are just a tad lower. But I think we can both agree that the only reason you put that money down is because you had to. Otherwise, it's just fact that cap cost reductions on leases aren't a good idea. MSDs, OTOH, can be.

its not a lease. its a purchase. (select yes... but still a purchase). Of course, I'd rather have not... but it only gets me to my goal faster- so I had no reservations with doing so...

[ohnoes]

its not a lease. its a purchase. (select yes... but still a purchase). Of course, I'd rather have not... but it only gets me to my goal faster- so I had no reservations with doing so...

It's not a purchase, it's non-traditional financing for people who can't afford to pay cash for a depreciating asset and who want low monthly payments--or for people with extremely unique financial situations (perhaps I'm going out on a limb here, but I'd say yours isn't one). Just like exploding ARMs for houses were a few years ago.

Nonetheless, you did what you "had" to do, and enjoy the car.

[joeking1978]

as promised

http://i57.photobucket.com/albums/g225/joeking1978/IMG_1005.jpg
http://i57.photobucket.com/albums/g225/joeking1978/IMG_1004.jpg

[kornkid8600]

So did you at least get a manual?

[joeking1978]

So did you at least get a manual?

:(

[2000M52]

WHAT!!!! You didn't get a manual????!?!?



:deadhorse:



Congrats anyways though! Beautiful Car!:buttrock

[joeking1978]

WHAT!!!! You didn't get a manual????!?!?



:deadhorse:



Congrats anyways though! Beautiful Car!:buttrock

I mentioned it a couple times in this thread... but neither BMW dealer within 30 miles of my place carried a single manual on the lot. Without ordering one- which always costs more because you are throwing your right to negotiate out the window... or driving across Alligator Alley to Miami to get one. I'm cursed by a bad demographic of geriatrics!! :mad

[redfoot]

You should have held the property or eaten the loss instead of going to short sale. It is seen as a small step above a foreclosure.
You just cursed yourself with a questionable credit report for the next 7 years of your life, minimum. This is just the first time you are going to have deal with this situation.
It really wasn't a smart move.