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      02-25-2013, 02:53 PM   #1
Prissy
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First time BMW buyer~ Help~

Hi, I'll be visiting BMW this weekend for a CPO 3 series. It'll be the first time I am financing a car under my own name. I also paid for my previous 3 series myself but that was under my mothers name as she was the co-signer. There are a few questions that I would like you guys to help me answer.

What will make me eligible for BMW financing? As well as the 0.9% APR special? I believe my credit may be 690, maybe above 700 by now, because no late payments or debt for many many years.

Do they check how much money I have in my bank(s)? If yes, how much should I have in the bank to be eligible for the financing and the 0.9% Special?

Thanks!
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      02-25-2013, 03:35 PM   #2
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if the last lease was under your name and your mom was JUST the cosigner you should have a good chance, how many lines of credit do you have and for how long each? they take that into consideration, your credit score could be a bit higher though, 700 is "good" for average america but hoenstly it's just average, and how old are you? how long was your other car financed for?
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      02-25-2013, 03:58 PM   #3
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Quote:
Originally Posted by KwlAznKid View Post
if the last lease was under your name and your mom was JUST the cosigner you should have a good chance, how many lines of credit do you have and for how long each? they take that into consideration, your credit score could be a bit higher though, 700 is "good" for average america but hoenstly it's just average, and how old are you? how long was your other car financed for?
I have about 2-3 credit cards. Leased a bmw (mom as co-signer) under my name for 3 years. One mortgage under my name. They are all in good standing. I am 32

I am more concerned about how much $ I'll need to have in my bank IF that matters.

Thanks.
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      02-25-2013, 04:29 PM   #4
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Honestly, no one can tell you for sure what you need. Everyone is different and they need to run your credit. The #1 thing is you need to have a good credit score, especially for the 0.9% APR special, probably 720+. But you need to go to a BMW dealer and have them run your credit and they'll tell you.
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      02-25-2013, 04:40 PM   #5
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Quote:
Originally Posted by Prissy View Post
I have about 2-3 credit cards. Leased a bmw (mom as co-signer) under my name for 3 years. One mortgage under my name. They are all in good standing. I am 32

I am more concerned about how much $ I'll need to have in my bank IF that matters.

Thanks.

it shouldn't matter, i only say this based on experience with myself and friends, you sound like you're in pretty good standing though it's nice to have maybe 1 or 2 lines of credit though even if you don't use them (i hear 5 is the new 3), but honestly based on what you're saying i think you should be fine, it's good that you've had at least one car loan under your name, that's the first step to getting a good rate
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      02-25-2013, 04:41 PM   #6
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Quote:
Originally Posted by alex2364 View Post
Honestly, no one can tell you for sure what you need. Everyone is different and they need to run your credit. The #1 thing is you need to have a good credit score, especially for the 0.9% APR special, probably 720+. But you need to go to a BMW dealer and have them run your credit and they'll tell you.
But do I need to have enough money in the bank? Do they check that?
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      02-25-2013, 04:42 PM   #7
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Quote:
Originally Posted by KwlAznKid View Post
it shouldn't matter, i only say this based on experience with myself and friends, you sound like you're in pretty good standing though it's nice to have maybe 1 or 2 lines of credit though even if you don't use them (i hear 5 is the new 3), but honestly based on what you're saying i think you should be fine, it's good that you've had at least one car loan under your name, that's the first step to getting a good rate
Thanks!!
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      02-25-2013, 05:39 PM   #8
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Quote:
Originally Posted by Prissy View Post
I have about 2-3 credit cards. Leased a bmw (mom as co-signer) under my name for 3 years. One mortgage under my name. They are all in good standing. I am 32

I am more concerned about how much $ I'll need to have in my bank IF that matters.

Thanks.
Quote:
Originally Posted by Prissy View Post
But do I need to have enough money in the bank? Do they check that?
I did NOT finance my car when purchasing last month, but I did get my credit checked. There was a space on the form for me to write down my bank balances, which I did write down. However, they can't check the balance(s) because the accounts don't belong to them and that information is NOT on a credit report.

So to put it very simply, you will know if they want to see your balances because they will ask you for proof of funds (similar to a home loan). They will either ask you to bring in copies of recent bank statements, or the only other thing I could think of is if they called your bank with you there to verify the balance.

Otherwise, they may have you put the information down, but won't take the time to verify it.
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      02-25-2013, 05:42 PM   #9
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Quote:
Originally Posted by bplewis24 View Post
I did NOT finance my car when purchasing last month, but I did get my credit checked. There was a space on the form for me to write down my bank balances, which I did write down. However, they can't check the balance(s) because the accounts don't belong to them and that information is NOT on a credit report.

So to put it very simply, you will know if they want to see your balances because they will ask you for proof of funds (similar to a home loan). They will either ask you to bring in copies of recent bank statements, or the only other thing I could think of is if they called your bank with you there to verify the balance.

Otherwise, they may have you put the information down, but won't take the time to verify it.
Got it! thanks! I've also confirmed this with 2 of my friends that sells cars and they said No, they won't check.
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