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Old 03-27-2010, 11:35 AM
zox zox started this thread
 
344 posts, read 359,118 times
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I'm a little concerned. I bought a certified used BMW from a dealership yesterday. I applied for financing through the dealership last night. The status didn't come back. My dealer said he would contact me this morning. I had not heard from him so I called him on his cell and he sent me to voice mail. I also emailed him. This same guy was lightening quick about being responsive yesterday yet now I can't get ahold of him. There are all types of auto scams. I'm wondering is there some type of loan scam or something I should be aware of. I was a little suspicious because when applying for the loan, he asked that I give him all this information over the phone rather than applying for it online myself. My gut just says something is off. Or is it the fact that it's Saturday and realistically my loan can't get approved until Monday?
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Old 03-27-2010, 06:50 PM
 
Location: Columbia, California
6,662 posts, read 25,329,136 times
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Quote:
Originally Posted by zox View Post
,,,My gut just says something is off. Or is it the fact that it's Saturday and realistically my loan can't get approved until Monday?
Loans get approved at all hours, maybe he just does not want the sale.
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Old 03-27-2010, 09:26 PM
 
10,868 posts, read 41,128,193 times
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Be especially cautious at this point if you have the car in your possession and are putting miles on it.

This is the "trap" that a lot of less than forthright dealers will use to lock you into a finance deal on much worse terms than you thought you were getting when you "signed" the deal.

You may find that you cannot refuse the "new" finance deal they can get for you because of the charges that the dealer will have against the car you're driving if you try to unwind the deal.

This is why I caution folk to never leave the lot with a car until the deal is the final deal with all the details approved, worked out, and signed off by top management of the dealership. Far better to have your own financing worked out and a payoff check from your lender direct to the dealer; that way, you're in control of both transactions, the lender to you and the dealer to you.
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Old 03-28-2010, 12:39 AM
 
Location: Woodland Park, CO
3,133 posts, read 9,101,058 times
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Should never start negotiating for a car without having your financing all setup.

Go with a Credit Union. I bought a used 2007 vehicle several months ago and got a 4.74%/60 loan. The dealer of course tried to get me to use their financing but couldn't get me anything close. I saw on their "Daily Rates" board that the average was around 5.5-6%.
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Old 03-28-2010, 09:05 AM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 12,808,501 times
Reputation: 2414
Quote:
Originally Posted by zox View Post
I'm a little concerned. I bought a certified used BMW from a dealership yesterday. I applied for financing through the dealership last night. The status didn't come back. My dealer said he would contact me this morning. I had not heard from him so I called him on his cell and he sent me to voice mail. I also emailed him. This same guy was lightening quick about being responsive yesterday yet now I can't get ahold of him. There are all types of auto scams. I'm wondering is there some type of loan scam or something I should be aware of. I was a little suspicious because when applying for the loan, he asked that I give him all this information over the phone rather than applying for it online myself. My gut just says something is off. Or is it the fact that it's Saturday and realistically my loan can't get approved until Monday?



1) Weekends make it tougher if you have a spotty credit history. The supervisor he needs to speak with may not be in until Monday. Typically, the real decision-makers are out on the weekends, so only clear-cut approvals go right through. The ones entry-level people aren't afraid to approve.

If he doesn't have a decision in-hand, he probably doesn't want to talk to you so he doesn't have to deal with questions.

2) Having to give it over the phone is weird. Most guys prefer it online because then they can shoot it directly to the bank.


Have you signed loan paperwork yet? If you have, they have to abide by the terms of that contract. If you are just driving around in the car on a borrowed-vehicle agreement, then it's tougher.

My advice? If you're uncomfortable, take the car back and tell them thanks but no thanks.
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Old 03-28-2010, 12:51 PM
zox zox started this thread
 
344 posts, read 359,118 times
Reputation: 175
Hey everyone Thanks for all of the responses. It turns out I was making a big deal out of nothing. As soon as I posted this, I got a call from their financial center. They asked me some questions to verify my identity "What are the two middle numbers in your social" "What bank is your home loan under" After answering those questions, the credit for my loan was approved. The salesman that followed up with a call saying my loan and the terms I wanted were approved. I have great credit BTW. I was faxed a buyer's agreement to which I signed and returned. They will then mail me formal papers to sign. The car is being shipped to me. I'm buying the car out of state from an authorized BMW dealership.
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Old 03-30-2010, 10:54 PM
 
206 posts, read 414,533 times
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I've leased to own a X3 myself and now am trying to understand the best option for buying the vehicle outright. BMW is offering rates at .99% for 2 years, 2.9% for 4, 3.9% for 5 and a warranty to 100K miles if I certify the vehicle with them for $3K. The $3K seems steep when I can get fairly good rates from many credit unions in the area. The warranty will be good for approx 3 more years. How do you determine how much you are paying for the rate vs the warranty? Ultimately, I know what they are offering - I know what credit unions are offering, but I'm gonna have to do some homework to figure out wat a BMW warranty is worth vs getting some external coverage. Any thoughts?
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Old 03-31-2010, 07:05 AM
 
Location: Purgatory (A.K.A. Dallas, Texas)
5,010 posts, read 12,808,501 times
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BMW's are expensive to maintain.

Their warranty covers maintenance.
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Old 04-02-2010, 02:28 AM
 
Location: Dallas, TX
4,464 posts, read 9,630,498 times
Reputation: 2819
The BMW coverage includes maintenance, most owners end up spending much less than they would on the services during the same time.
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