[zx10guy]

Originally Posted by Mardio

I would think most people would already know their credit score before making such a huge purchase. Even if they didn't the dealership would have to show you your score so I'm not sure how they could "claim" you have bad credit.

And another thing, I thought for all applications for credit/loans a letter would have to be furnished to you stating you were denied and the reason. Then verbiage about how to go about getting your credit score/credit history.

[RM7]

Originally Posted by xtianrecords

Hey guys 2 weeks ago I bought a 428i xdrive gran coupe. I get a call the loan wasn't approved and that they want me to come back and sign with a different bank. Normally this is a scam to get you to sign a higher interest rate but these guys aren't too shady its a well rep used dealer and the finance manager told me all the numbers will stay the same just going to use a bank instead of a credit union.

My options are to use my own financing or actually turn the car in and get something else. Since I got it I already ordered new intercooler, jb tune, and charge pipe all on its way here in shipping status!!!. There was an Audi s3 that I had my eyes set up but it was 8k more than the bmw and I'm only 26 and I decided it would make more sense to go with the less expensive and tune it up a bit.

What should I do guys? Stay with the 4 series, mod it up a little and be happy? Or go for the s3 and stretch the budget but have the car u really want? I say I won't tune it but how can u not go APR stage 2 lol. Anyway all advice appreciated. Thanks

Definitely should mod 428 x-drive suspension before engine IMO.

[Run Silent]

Originally Posted by BigHunk

It's a common tactics at dealership financing,they claim your credit is bad to scare you,so when they hit you with high interest rate, at the end you're happy your financing is even approved.

This isn't really true. Nearly every state in the country had a usury law stating that the dealer can't pull more than a two point swing between buy and sell rates.

[RM7]

Do what I did, come in pre-approved through something like USAA or similar. The dealer will bend over backwards to try and get you approved with the lending institutions and banks they have agreements with. I would never go to a dealer without this and just "hope" that things are going to turn out correctly.

[xtianrecords]

turned the car in. going to look for a 335. i think the 4 series is great but the gran coupe is just a bit too "adult" for me right now. the 335i is a perfect mid twenties car i think ?
the dealer kept 500 bucks of my down payment for restocking fee.

expensive lesson learned. dont buy cars on saturdays.

[kivyee]

Originally Posted by xtianrecords

turned the car in. going to look for a 335. i think the 4 series is great but the gran coupe is just a bit too "adult" for me right now. the 335i is a perfect mid twenties car i think ?
the dealer kept 500 bucks of my down payment for restocking fee.

expensive lesson learned. dont buy cars on saturdays.

Is that in the agreement? I think you can argue for the return of the funds if its not specifically stated in the contract. I still cant get over the fact that they give you the car before financing is approved...

[xtianrecords]

Originally Posted by kivyee

Is that in the agreement? I think you can argue for the return of the funds if its not specifically stated in the contract. I still cant get over the fact that they give you the car before financing is approved...

yeah i basically got floated the car for 2 weeks. i tried to tell him he cant charge me restocking fee if its not in the contract and he threatened to not give me any of my deposit back. didint want to deal with a lawyer or anything so i just took my deposit - $500. i hate north jersey so bad lol. ALL dealerships in the metro area are like this too

[MJBO]

Originally Posted by kivyee

I still cant get over the fact that they give you the car before financing is approved...

Even more so since it sounds like he’s an international student without a current visa.

[10"]

Buy yourself a Civic. Buy something you can afford. Loans don't just get rejected randomly it must mean your financials don't make any sense.

[neliconcept]

Originally Posted by xtianrecords

yeah i basically got floated the car for 2 weeks. i tried to tell him he cant charge me restocking fee if its not in the contract and he threatened to not give me any of my deposit back. didint want to deal with a lawyer or anything so i just took my deposit - $500. i hate north jersey so bad lol. ALL dealerships in the metro area are like this too

BMW of Ramsey or Park Ave?

I worked at a Nissan dealer in Bloomfield and honestly, they are all shady as all get out.

[Questofthetune]

Originally Posted by 10"

Buy yourself a Civic. Buy something you can afford. Loans don't just get rejected randomly it must mean your financials don't make any sense.

He said earlier it’s his citizenship status / visa. He said he had the cash to buy out right.

[Never_Enough]

If the #s are the same what is the problem? It's just with another lender then so who cares? Sign it & be done...