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      04-25-2009, 06:45 PM   #1
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3pnt4maro's Avatar

Drives: 2006 BMW 330I
Join Date: Aug 2008
Location: LaGrange, Georgia

iTrader: (0)

679/month for 72 months on 16% interest!!!!

Ok so heres my situation. I had perfect credit until a nasty four wheeler wreck and I went bankrupt cause I could not work and pay my bills..I ended up having 2 surgeries to put my shoulder back together so it was a bad time....lost the last car I had which was a 2000 convertible camaro, which was modified heavily (sold it) and downgraded to something more economical that is paid for now. (The camaro in my signature, which is my toy and I have the title to). But Needless to say the bankruptcy destroyed my credit.

I realized that after the bankruptcy I had to get my credit started back on a good path so I applied for a small credit card, got approved, and steadily paid on it for about a year to get a history back going. I know how to manage credit wisely and have done. Well fast forward to April 2008, I decided to buy another car to boost the credit and I wanted a BMW but figured I would never get approved...However I was approved for a less expensive 4runner for 20k and payments in the 400 range, but I knew I would not be satisfied without a BMW, as my friend had one and thats the car I wanted. Well a local Toyota dealer had the car I have now for sale and it turned out to be a 330i. I went and looked at it and figured there was no way I could get it on my credit, although payments werent a problem at all, just my credit. After talking to the salesman who I attended highschool with, he decided to run my credit to see what we would be looking at and long story short he got me approved for the BMW at a 16% interest rate through Capital One and its locked in. I know its alot and Im getting raped with no lubricant, but I needed something to get my credit back on a good track....Payments are currently 679 a month for 72 months, so yes I know its a killing, but I needed to boost my credit back up, which it did, and money wasnt the factor, I can pay for it.

I now have another premium credit card through capital one and a furniture credit account that reports to the bureaus, so my credit is steadily improving. In the last 12 months I have made my 12 payments on time and always paid some extra on it. I also have not been a day late on any of the credit card bills, or my furniture payments. One card is paid about half off and the other is fully paid off, the furniture is about half paid off.

My initial plan was to keep the car for a year to boost my credit and then trade it in or sell it....But I love the car so much. I went to a local BMW dealership to have the car serviced and got to talking about the 135i with a salesman about four months ago and told him the story and he said he could get me approved for the 135 and I eventually test drove it and they ran my credit and actually approved me for 0.9 interest on the car, but after its price plus the negative equity in my car, it totaled 53k, which was a lil more than I wanted to spend and I was only willing to put 4k down and they wanted 6k (basically to cover the negative equity in my car). Payments would have stille been in the 600 range.

I want a 2007 335i for the turbos and sport package but am still just as happy and fine in a 2006 330i...I love mine to death, but mine doesnt have the sport package, only premium and would I be smart to trade the car in on another 2006 330i with the sport package and premium that I want, and just purchase a CPO car? I have found several for around 26-27k CPO'd , and with my negative equity now, I should be around the 30-32k mark, which is where I wanna be.

Do you think this is feasible or am I wasting my time and should just try and refinance the current one I have and keep it. Its not CPO'd but i do have a 72k warranty through a 3rd party company. Like I said the payments of 679 havent been a problem and I can continue to pay them but I would rather be in the sub 500 mark. Any suggestions?

Seems like when any dealer hears the bankruptcy part they are scared to wanna deal, not realizing good things happen to bad people. I had perfect 700-750 credit before the accident and simply couldnt help it...any suggestions would be greatly appreciated.
2006 BMW 330i-E90-14.4@96mph-Daily Driver
BSM, Premium Package, Logic 7, BMS Powerbox, 19 VMR Wheels Staggered (19x9 and 19x10), 20%Tint, LED Lights, 2 Rockford Fosgate Punch P2 10's with amp in a custom setup.