BMW Select Financing

[southbeach]

I just found this forum today and it looks like there is a TON of info here! Question for those who have recently purchased a new BMW on the Select Financing program: Were you required to show proof of income? I have great credit, but due to business expansion my tax returns for 2010 are not impressive - lots of expenses! Just wondering what the recent experiences have been. A couple people I know did not get asked for any income proof...but just curious as to how others have faired recently. Thanks!!

[Manny G.]

I just found this forum today and it looks like there is a TON of info here! Question for those who have recently purchased a new BMW on the Select Financing program: Were you required to show proof of income? I have great credit, but due to business expansion my tax returns for 2010 are not impressive - lots of expenses! Just wondering what the recent experiences have been. A couple people I know did not get asked for any income proof...but just curious as to how others have faired recently. Thanks!!

I dont think BMW Select Finance is based on your income, it works something more like this example:

Common Information
Total Price 62,925.00
Total Fees 611.00
Total Taxes 4,444.58
Amount Financed 67,980.58
0 Down, 0 Trade
60 Months @ 3.9%

Finance
Finance Charge 7,075.22
Total of Payments 75,055.80
Payment 1,250.93

BMW Select
Finance Charge 9,191.67
Total of Payments 77,172.25
Payment 905.75
Final Payment 23,733.00

To sum it up, it basically gives you FINANCING of the car, with LEASE payments amounts, and a BALLOON payment at the end, option to pay in full or re-finance. Hope this helps... anyone with better details please correct me if I'm wrong

[SilverBeam]

I've had to show pay stubs for every car I've every purchased.

[Manny G.]

I've had to show pay stubs for every car I've every purchased.

I didn't,.. not for M3 when I leased, and not for my 540 when I financed. Maybe its a per-state law to provide proof of income?

[SeanSerino]

I've had to show pay stubs for every car I've every purchased.

Really? That's weird. I've never once had to do that.

[SilverBeam]

Yep every time, even when I already had an auto loan with the bank and they pre-approved me for 10K more than I was asking to borrow. With what has happened over the past three years, they should ask for proof of income, way too many people lied about what they made to buy things they couldn't afford. Not saying that is what you are doing OP.

[Philz BMW]

I've had to show pay stubs for every car I've every purchased.

I never have had to. For cars or motorcycles. The only time was for the home loan.

[Philz BMW]

Yep every time, even when I already had an auto loan with the bank and they pre-approved me for 10K more than I was asking to borrow. With what has happened over the past three years, they should ask for proof of income, way too many people lied about what they made to buy things they couldn't afford. Not saying that is what you are doing OP.

If someone is going to lie about their income, and they want a loan bad enough, they could certainly lie/fake a pay stub. A simple word document converted to PDF...done.

The lender could call the employer to verify, in which case the employer would most likely refuse to give up that info based on privacy rights.

The dealer gets credit for the loan/sale, and probably doesn't take a hit if the loan defaults, so they probably are cool to just take your word for it with regards to income. Obviously they pull your credit, and if your DTI is good based on the income you provided and your score meets the required standard....they are good with it. If the loan defaults, well that's BMW financial's problem I'm assuming.

[bghere]

pretty much a credit app, a score check and voila'. If your over 700 at least you should get a car and a decent rate.

[bghere]

Yep every time, even when I already had an auto loan with the bank and they pre-approved me for 10K more than I was asking to borrow. With what has happened over the past three years, they should ask for proof of income, way too many people lied about what they made to buy things they couldn't afford. Not saying that is what you are doing OP.

What he said