Signed Deal with no DP & 0.9% interest on Friday, Pickup Yesterday and Wanted 4k DP

Rex32 · 10-15-2013, 08:19 AM

Hey Guys,

So I signed all the paperwork and agreed to all the terms of the loan, trade in, purchase price, etc from my 2011 CPO 335i xdrive. They still needed a part before the car could leave the dealer so they setup pickup for Monday Morning. On Monday morning at 9:04 I get a phone call from the dealer that BMW Financial now wants a 4k downpayment...

WTF

I had already signed all the paperwork indicating the monthly payments, filled and submitted the credit application, and they came back with the deal of $0 DP, 0,9%, pick up on Monday.

I'm really pissed right now, I feel like this is some bait and switch crap. Has these happened to anyone else? I just moved and have a lot of expenses right now and this deal was going to be helpful as it would get rid of my gas hog truck and be no downpayment.

Beyond pissed, any ideas?

Thx,

Rex

yarviinn · 10-15-2013, 10:05 AM

Read carefully before you sign.

ashmostro · 10-15-2013, 10:25 AM

"On approved credit"

The deal you get in the dealership is usually a preapproval, not fully underwritten. This can happen after the underwriter fully reviews the deal and your credit.

jafza412 · 10-15-2013, 12:01 PM

Quote:

Originally Posted by ashmostro

"On approved credit"

The deal you get in the dealership is usually a preapproval, not fully underwritten. This can happen after the underwriter fully reviews the deal and your credit.

Quote:

Originally Posted by Rex32

I had already signed all the paperwork indicating the monthly payments, filled and submitted the credit application, and they came back with the deal of $0 DP, 0,9%, pick up on Monday.

Seems like OP had already submitted the credit app and the return on that I believe is just a few minutes. If he signed all the paperwork on the terms it seems a little fishy.

OP, would you have had to sign anything on pickup Monday? Or just take keys and go? I could see if there was still paperwork lingering there could be a possibility of this, but it seems very strange that after everything is settled and signed, that something could change.

ashmostro · 10-15-2013, 12:02 PM

This does happen.

Rex32 · 10-15-2013, 12:13 PM

I still had more paperwork to fill out.

I checked my credit report and there were two checks done that day. One through what I assume is the dealers internal system and then another one later in the day down by BMW Financial. My guess is that the first one was fine, but the BMW one was a tad stricter.

I got them down to $2000, upped my trade value by $500. Still not happy. Today I got them down to $1000 and saw the spot on BMWUSA about $750 off if you graduated college in the last 12 months, which I had done. So they are waiting on approval for that, which my unofficial transcript wasn't sufficient so I had to dig up my diploma and send over a picture of it. All in all a huge hassle but got it down to $250 pending the approval of this college crap.

Will let you all know how it turns out.

Rex

ashmostro · 10-15-2013, 01:00 PM

Good luck Rex

khaye1 · 10-24-2013, 03:49 PM

download the ultimate drive app and you'll get a $350 credit...I'm not sure if they're still running it but I got it when I bought mine.

Look into CCA membership, you get $500 back from CCA after the purchase but I'm not sure what the stipulations are...ie if you have to be a member for a certain amount of time

Rex32 · 10-25-2013, 08:34 PM

khaye1 thanks for the CCA idea, filling out the application stuff now!

Rex32 · 10-25-2013, 08:35 PM

Although it looks like it is only $250 since its CPO and not an M model but hey better than nothing!

Crisp · 11-26-2013, 11:39 AM

Quote:

Originally Posted by Rex32

I still had more paperwork to fill out.

I checked my credit report and there were two checks done that day. One through what I assume is the dealers internal system and then another one later in the day down by BMW Financial. My guess is that the first one was fine, but the BMW one was a tad stricter.

I got them down to $2000, upped my trade value by $500. Still not happy. Today I got them down to $1000 and saw the spot on BMWUSA about $750 off if you graduated college in the last 12 months, which I had done. So they are waiting on approval for that, which my unofficial transcript wasn't sufficient so I had to dig up my diploma and send over a picture of it. All in all a huge hassle but got it down to $250 pending the approval of this college crap.

Will let you all know how it turns out.

Rex

You're negotiating over $250?!

I love it! (not being sarcastic either)
I simply love it because of the principle behind the whole deal if all that you have said is true (bait and switch). Sounds like you've beaten them to death to get them down to $250 and they spent decent amount of time on this. I'd say "$0 down as originally agreed or I'm willing to walk away over $250... you're the one that spent the time/money on this deal, it didn't cost me anything so I'm willing to take my business and shop your numbers somewhere else."

s!ke · 02-27-2014, 12:31 AM

Quote:

Originally Posted by ashmostro

"On approved credit"

The deal you get in the dealership is usually a preapproval, not fully underwritten. This can happen after the underwriter fully reviews the deal and your credit.

X2

PTinVT · 02-27-2014, 08:41 AM

With a 335, it's "DP" at purchase or "DP" fixing it out of warranty... take your pick

benzo23 · 02-27-2014, 03:42 PM

Honestly id tell them to stick it that you found another car at another dealer and to have a nice day. They'll come running after you.

XM_Rocks · 02-28-2014, 09:04 AM

0.9% isn't all that great to sweat.

I just got 1.45% for 60 mos on my 07 335i non-CPO.

Just call a few local CU's and see if they can get around 1.3% - 2% w/ $0 down.

Then tell the dealer to take a hike.

Quote:

Originally Posted by benzo23

Honestly id tell them to stick it that you found another car at another dealer and to have a nice day. They'll come running after you.

Normally a dealer monkeys with rate... not down payment.

Down payment isnt anything they can make money on... plus it reduces there amount financed with the bank.

I am guessing what the dealer said was true.

I always have an approval in my back pocket from my CU when walking into any car dealer.

10-15-2013, 08:19 AM	#1
Rex32 Private 20 Rep 74 Posts Drives: 2011 335i x-drive Join Date: Jun 2009 Location: MN iTrader: (0)	Signed Deal with no DP & 0.9% interest on Friday, Pickup Yesterday and Wanted 4k DP Hey Guys, So I signed all the paperwork and agreed to all the terms of the loan, trade in, purchase price, etc from my 2011 CPO 335i xdrive. They still needed a part before the car could leave the dealer so they setup pickup for Monday Morning. On Monday morning at 9:04 I get a phone call from the dealer that BMW Financial now wants a 4k downpayment... WTF I had already signed all the paperwork indicating the monthly payments, filled and submitted the credit application, and they came back with the deal of $0 DP, 0,9%, pick up on Monday. I'm really pissed right now, I feel like this is some bait and switch crap. Has these happened to anyone else? I just moved and have a lot of expenses right now and this deal was going to be helpful as it would get rid of my gas hog truck and be no downpayment. Beyond pissed, any ideas? Thx, Rex
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10-15-2013, 10:05 AM	#2
yarviinn Captain 21 Rep 687 Posts Drives: E9TT3 Join Date: Aug 2012 Location: NorCal iTrader: (1)	Read carefully before you sign.
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10-15-2013, 10:25 AM	#3
ashmostro Brigadier General 1254 Rep 4,088 Posts Drives: 2020 M4cs \| 2022 M550i Join Date: Jan 2013 Location: Falls Church, VA iTrader: (27)	"On approved credit" The deal you get in the dealership is usually a preapproval, not fully underwritten. This can happen after the underwriter fully reviews the deal and your credit.
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10-15-2013, 12:02 PM	#5
ashmostro Brigadier General 1254 Rep 4,088 Posts Drives: 2020 M4cs \| 2022 M550i Join Date: Jan 2013 Location: Falls Church, VA iTrader: (27)	This does happen.
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10-15-2013, 12:13 PM	#6
Rex32 Private 20 Rep 74 Posts Drives: 2011 335i x-drive Join Date: Jun 2009 Location: MN iTrader: (0)	I still had more paperwork to fill out. I checked my credit report and there were two checks done that day. One through what I assume is the dealers internal system and then another one later in the day down by BMW Financial. My guess is that the first one was fine, but the BMW one was a tad stricter. I got them down to $2000, upped my trade value by $500. Still not happy. Today I got them down to $1000 and saw the spot on BMWUSA about $750 off if you graduated college in the last 12 months, which I had done. So they are waiting on approval for that, which my unofficial transcript wasn't sufficient so I had to dig up my diploma and send over a picture of it. All in all a huge hassle but got it down to $250 pending the approval of this college crap. Will let you all know how it turns out. Rex
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10-15-2013, 01:00 PM	#7
ashmostro Brigadier General 1254 Rep 4,088 Posts Drives: 2020 M4cs \| 2022 M550i Join Date: Jan 2013 Location: Falls Church, VA iTrader: (27)	Good luck Rex
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10-24-2013, 03:49 PM	#8
khaye1 Colonel 145 Rep 2,809 Posts Drives: 18 AW F80 Join Date: Feb 2009 Location: San Diego iTrader: (8)	download the ultimate drive app and you'll get a $350 credit...I'm not sure if they're still running it but I got it when I bought mine. Look into CCA membership, you get $500 back from CCA after the purchase but I'm not sure what the stipulations are...ie if you have to be a member for a certain amount of time __________________
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10-25-2013, 08:34 PM	#9
Rex32 Private 20 Rep 74 Posts Drives: 2011 335i x-drive Join Date: Jun 2009 Location: MN iTrader: (0)	khaye1 thanks for the CCA idea, filling out the application stuff now!
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10-25-2013, 08:35 PM	#10
Rex32 Private 20 Rep 74 Posts Drives: 2011 335i x-drive Join Date: Jun 2009 Location: MN iTrader: (0)	Although it looks like it is only $250 since its CPO and not an M model but hey better than nothing!
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02-27-2014, 08:41 AM	#13
PTinVT armchair enthusiast 221 Rep 1,019 Posts Drives: 18 340xi, 02 325Cic, 93 850Ci Join Date: Feb 2009 Location: Burlington, VT iTrader: (3)	With a 335, it's "DP" at purchase or "DP" fixing it out of warranty... take your pick __________________ '18 340i xDrive EB/Dakota, 6-speed manual, M-sport '02 325Cic vert AW/Montana leather, 5-speed manual, premium/removable hardtop '93 850Ci Oxford Green/Parchment, auto '71 Buick Riviera, 455 V8 land yacht
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02-27-2014, 03:42 PM	#14
benzo23 Colonel 74 Rep 2,848 Posts Drives: 14 F30 AW MSport Join Date: Apr 2010 Location: FL iTrader: (1)	Honestly id tell them to stick it that you found another car at another dealer and to have a nice day. They'll come running after you.
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