Speak to a credit/financial advisor, they’ll be able to look at your situation and credit report, suggest ways to improve it and advise what level of credit is realistic.
I should be fine. I’ve never missed any payments and my credit score is over 750 on all three reports. I’m really not going to worry about credit as my credit card limit altogether is over 80k and I pay them off every month. I’ve gotten approved on 100k loan through my bank for auto as well, so I’m not stressing it anymore.
So anyway I see a 2015 i8 here:
2015 BMW i8 Coupe AWD - $77,495 (Fair Deal)
Mileage: 15,002 Location: Atlanta, GA
I will get all the warranty information tomorrow and debate if I should purchase this.
If not then I’m going to have to wait and try to get an Ghibli deal.
To @Ursus, this is coming to end within the next 2 weeks. I need to be focused on better things then a car.
I really hope so. About your credit denial - it is not only about score and outstanding balance. It is also about your employment situation and stability to be able to pay $1.5k/mo. Your 6 figures today may not be there tomorrow in the eyes of the lenders, if you don’t hold high paying full time job for some years.
I’ve been self employed 5 years with income over 100k on tax returns since I’ve been 22. I don’t understand how that could be but I respect the decision. I have no choice but to.
But on to that purchase. What do you think of purchasing that one that’s already depreciated almost 50%? I kind of had my mind set on the i8 since putting that app in.
If your debt to income ratio is too high, you’ll get denied no matter how much you make. It happens a lot in the mortgage industry to people who have great credit and make good money.
Im debt free though. Credit cards are paid off, no loans at all, student loans paid off, car loan paid off. Also the person I rent my townhome from hasn’t even put the property I pay for to my credit lendors. That’s why I’m stumped.
The lack of home ownership probably has something to do with it. It’s viewed as a sign of stability when committing to that significant of a monthly vehicle payment.
Never thought about that. Thanks.
Lease a Ghibli, if you can afford it and can get approved. You should not buy a used exotic, IMO.
Even if it’s not a hacker deal, what is an extra $100/mo vs. $1k + payments on i8.
Hmm, imagine that?
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Wouldn’t mind an extra 100 a month but the lease offers I’ve gotten in Atlanta are 1000$+ a month. The quotes in Florida are more along the 890+ range if my memory serves me right.
I guess I’ll call tomorrow and see what the August numbers are. If they aren’t looking right I’ll just be tempted to get that i8. I honestly wouldn’t mind driving the i8 for 3-4 years. I just hope maintanence won’t be too expensive and that nothing breaks down on it for those years.
Maintenance will suck on the i8. Get a used Porsche 911 Turbo S instead.
You can get a great deal on the 996s these days
996 would be awesome for a secondary car. Wouldn’t be my cup of tea for DD. As far as Turbo S is concern it’s a beautiful car. But at 28 it’s not my style. Maybe when I’m older but I’m not looking to spend over 100k on a vehicle unless it was a used Ferrari, Aston, or something like that. Just my opinion as someone who is in their 20s.
Did you do an app at the dealer or through BMW directly? If you did it direct through BMW, you could’ve been auto declined for some reason that a good F+I guy MAY be able to push through.
When applying through BMWUSA you have to select a center, so he must contact the center he selected and talk to someone there.
Usually, if done too late at night (7:00PM EST) it goes to a computer and that’s where a lot of people get declined.
He will need a person at FS to review his report and possibly get it turned around.
BMWFS. It was late at night and did get auto declined as results came back within 20 minutes.
Talk to the F+I Dept of the dealership you are looking at the car with. They might be able to get it pushed through then. Emphasis on might. Have no idea why the computer flagged you, but having a human review may help your cause.
I saw a black i8 up here in Johns Creek the other day and I thought of this thread. I thought @PrettyBoyAJ finally got one! Good luck!
This was a lease transfer from an individual. Would I be able to call any F & I manager?