[psperos]

Originally Posted by valeram

If it was a loss last fiscal year then the bank will think that it is also a loosing investment. Just like you, when you invest in some stocks. High risk high gain...

Exaclty , i do way more risky things than stocks too.

Knowing this, I moved enough cash for the total 3 year lease into a money market account. They can't really take my word for it though.

[darkcloud]

Originally Posted by psperos

That to me sounds like the right thing to do. I think i wil let it go. If the dealer tells me im all set, then i'll go finalize the deal. if they say i need to go through hoops with security deposits to get it then ill just tell them to cancel it.

the M3 is a car i would not mind paying cash for, or putting down 30-40%, but not the 335.

OR do what I did. I really wanted a BMW but in no way wanted to pay for a loaded 330i at the time. I really wanted a BMW so I decided to get a low end 325i. I have no packages but I've made the best of it. Look into a 328i instead of getting a loaded 335i. Or get a stripped 335?

[Chesmu]

Originally Posted by darkcloud

That's the shitty part about the FICO scoring system. When you purchase something like a car or house by them checking out your credit it in turn lowers your credit for really no good reason.

It's not "no reason" per se. Credit inquiries are evidence tha you are seeking more credit, ie seeking to go into debt. This is the way the system logs that. The crime is that the three companies can have VERY diff't scores based on info tha they are not obligated to check and keep current.

I have to agree with Bav19. I know it makes me sound old, but maybe you should stick with the Jetta and save up the "good money" you're making in investments.

[urnuts]

You can buy my 2006 330i with 3200 miles for a WHOLE LOT less!
I'm about 50 minutes North of Boston- let me know if you have any interest.
Yes I know, a shameless plug!

[Chesmu]

Originally Posted by psperos

Exaclty , i do way more risky things than stocks too.

you should get that picture of Gordon Gecko for your avatar...

[psperos]

Originally Posted by Chesmu

you should get that picture of Gordon Gecko for your avatar...

haha good idea. I just changed it to a pic of him... not sure how long it takes to update

[bavarian19]

Originally Posted by Chesmu

I have to agree with Bav19. I know it makes me sound old, but maybe you should stick with the Jetta and save up the "good money" you're making in investments.

Glad to see Im not the only one with that stance...

Nothing wrong with saving up a few bucks. There are more important things to buy like a house that you really should start to save up a few dollars for. Living with a 'rented' car and only having a few extra dollars each month leaves you pretty much empty handed at the end of your lease. You dont have anything of value to show for your payments, and you certainly have not saved up much money...

By the way... The only reason why I am able to afford a BMW is because I bought a house, and I have roomates that pay my mortgage. I have a decent paying job, so I have the opportunity to do well for myself.

Set yourself up for financial success. Dont live paycheck to paycheck just to drive a BMW...

[CnoteMD]

I agree with many others that you should consider holding off on the car purchase (lease) at this time. More importantly, you should really check out your credit reports and look into the real reason for your credit score. A score in the low 600's will result in you being approved at high interest rates, or declined (as you have already noticed).

Even with a short history, you should have a much higher score. Scores in the low 600's usually equate to late payments or collection accounts. Keep in mind, reports often have inaccuracies. But you will never know until you find out for yourself. Once your report is cleaned up, when you are in a better financial situation, you will have a better chance of being approved at desirable rates.

[aspiring335]

Originally Posted by psperos

Exaclty , i do way more risky things than stocks too.

Knowing this, I moved enough cash for the total 3 year lease into a money market account. They can't really take my word for it though.

They don't have to take your word for it. Why can't you just give them statements showing the value of the money market account?

Not doubting your story, but something is definitely up with your credit score. As CnoteMD suggested above, it's likely with a score that low that there is collections activity on your report. My mortgage broker told me a story about someone who couldn't get approved because of late payment charges from Rogers Video (Canadian video rental outfit) that were sent to collections. Get a copy of your credit report and find out what's going on.

[psperos]

Originally Posted by bavarian19

Glad to see Im not the only one with that stance...

Nothing wrong with saving up a few bucks. There are more important things to buy like a house that you really should start to save up a few dollars for. Living with a 'rented' car and only having a few extra dollars each month leaves you pretty much empty handed at the end of your lease. You dont have anything of value to show for your payments, and you certainly have not saved up much money...

By the way... The only reason why I am able to afford a BMW is because I bought a house, and I have roomates that pay my mortgage. I have a decent paying job, so I have the opportunity to do well for myself.

Set yourself up for financial success. Dont live paycheck to paycheck just to drive a BMW...

I agree with everything you are saying. Its is excellent advice, cheers on your part with setting yourself up for success like that!

Cars, weather you have the money or not, are a waste of money: own or lease.

I looked at all my options and concluded i wanted to waste this money over the next 3 years because mainly in terms of buying a home i need a few more years of ladder climbing at work for it to make sense for me from a steady cash flow perspective. Otherwise i would need to try and buy a house with mostly cash. Doing that is is NOT fun in the boston area. the realestate market where i live is risky right now and to do it safe, the barrior to entry is HIGH. If you have 150k cash to put down on a home worth owning in boston, the monthly payments are still higher than average people making under or 50k/ year can afford. This is after you add insurance, energy and taxes which are all rising and will continue to with inflation. Even if i bought a multi unit in boston with over 20% down, i would still be paying out of pocket every month if i had it fully rented out and kept living at home. Something further outside the city is cheaper, but also subject to higher price fluctation sould the supply/demand market rattle, or something go wrong in our bond markets that would impact rates.

To me this does not make financial sense. So it's down to me moving up in my job and continue doing what i do on the side for other income until i can set myself up better. While i do this, with the caculations and planning i have done for the next few years out, the money for a BMW every month would not set my back it actually increases my utility.

however..... money spent is always money spent.

[psperos]

thanks CnoteMD and aspiring335, im going to check out my report and see whats wrong. there must be something out there.

The dealer told me he did now want to say i had the cash because he wants to avoid them asking for a security deposit... i have no idea how the hell they think they can pull this off.

If they ask me for a security deposit, i will actually be happy because i then can tell the dealer i want more for my trade in so that it covers the deposit, otherwise just cancel it.

They low balled me on my jetta anyway.....

[joebaggg]

Originally Posted by psperos

no wife. I still live at home. i'm a cash monkey this is one of the reasons why my fico score is low... my credit is 603, mainly because i have never had mortgage and have only owned one car in my life ( financed jetta, trading it in, got it through a cosign )

I don't want to buy the car , i would rather lease it pay it slowly and beat the hell out of it for a few years and see what happens. Maybe buy it out half way down the road if its in good shape. If i buy it, or even finance half the cost and somehting hapens to the car, i'll devalue my cash too fast... basically i don't want my cash in the car. My income will cover the lease, i would rather risk wasting that.

joebaggg, 2 months? dont know if i can handle that!

yea 2 months... think its cuz i was 22. my fico is 680 though... i plan on moving up the rankings to the 7 series haha. i love them i borrowed one for a month from a friend. 5 series is next...

[Duquesne]

Originally Posted by John 070

Why do it for a rental of a 335?

because it is... the One Car

[Revlis]

There's really no way around it. Crappy credit is natures way of telling you to drive a Toyota Corolla for a couple of years. Folks that have lots of cash do not worry about bad credit cause they pay cash, or get a loan from their own banks...

I've yet to run into any one that actually had a decent net worth that also had crappy credit. At least not without a divorce in the mix.

[psperos]

guys, they accepted it I sent them some statemts with my assets including enough cash for the lease in a money market. The only requirement they are making me is signing up for automatic payments. .

Picking up tonight

[Chesmu]

CONGRATS!

[psperos]

my GOD this car is AMAZING!!!> hopefully i can get some pics up this weekend!!>

[joebaggg]

enjoy

[E86M]

Im glad its work out for you....congrats man

[dmboone25]

Originally Posted by valeram

Just buy it and put at least 20% down.

I don't think he wants to buy--but it seems like leasing is not looking good for him....:mad:

[Jay-O-PA]

Congrats on the new ride....:rocks: