The truth in lending act requires them to notify you of any adverse financial actions taken as a result of your credit. If that isn’t provided, it’s be a good sign that the credit market isn’t required by the bank.
Good deal. At $392 a month which would have been whats in the title if you rolled it all in roughly is a very good deal.
I am paying $437/ month with tax included (NJ), and did sign and drive in May of 2020. MSRP on my M sport was just under $54K.
The truth in lending act requires them to notify you of any adverse financial actions taken as a result of your credit.
He said he’s never had to provide a document to account for BMWFS’s credit decisions. Says MF mark up from .00082 to .00102 is due to my auto-adjusted credit score. Most of the bureaus show me at 750-780, he says my auto-adjusted is in the 720s [i don’t recall exact number he said] because I haven’t had car loan/lease before… ??? He said he’ll check with BMWFS to see what he can provide me with.
He said for Tier A credit it needs to be 740+ (which differs from the 720 that I’ve seen on this forum and others as “Tier A”).
A marked up MF due to non-existent car loan history is totally reasonable and to be expected, so no big surprise there.
I’m searching for the verbiage on the disclosure requirements.
edit: I was incorrect, it’s not the Truth in lending act that requires disclosures, it’s the Fair Credit Reporting Act that requires disclosure when a higher rate is given based on credit worthiness. To be fair, this would be required as part of the contract (and most dealers provide credit disclosures to everyone, even though they aren’t required).
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Thanks for finding that, I was looking at the TILA act and didn’t see anything relevant on disclosures…
Yeah, I guess just surprised MF was marked up 20 points. Thought 10 points with high 700s score was enough.
At the end of the day I guess it’s a good deal, just annoying to have them adjust after I was cool with numbers
Did you agree to numbers before your credit was run? Yes.
If you’re annoyed about numbers being agreed to based on top tier credit, then changing after you submit credit, thats not on them. That’s based on your credit and your credit alone.
Dealers want to put deals together. If the bank says, “bump,” they bump and try to keep the deal together. The bank needs to cover themselves for higher risk buyers.
The dealer you’re working with has some very good people there. Its time to shit or get off the pot. If your credit doesn’t get you top tier, it is what it is. The discount is very strong and youre not going to see it again for some time.
You’ve been working on this for how long now? It’s time to just do the deal.
Sometimes you need to know when its time to stop pushing for more, more, more.
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Yeah all fair, I am going ahead with this unless there are other things that pop up. I’m not looking for “more more more”, I’ve seen Plenty of posts where hackers are like “well nice discount but you got hit on the MF so that kind of negates it”, trying not to be that person. I’ve only been working on this deal since ~12/26, and I’ve moved quickly provided paperwork docs and whatnot, meanwhile they delayed stuff and ended up having my docs sent to the wrong place.
I’m sure you can figure what dealer I’m working with, and I’m sure they have very good people working there, but my experience hasn’t been all that “great”. I get it’s a busy time and I’m “only” getting a 330, but it’d be nice if they got stuff done right in the timeframe that’s to be expected.
My credit is fine, my adjusted credit apparently is not, that’s not really foreseeable given that I don’t know what they “adjust” and how much each factor weighs. Apparently paying everything on time, having lots of credit available, low debt to income, and all the rest of it is not enough.
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Fair! I thought you had been working on this since November (thread opening date), so forgive my tone. That was my misunderstanding.
Doc fee and loaner discount was a giveaway on dealer yes sir.
You’re correct that if a dealer quotes you pre credit w X discount %, then Y (bumped) MF negates it. Post credit, they want to get you bought (why put in all of the effort not to get a deal)
Especially the last day of the year.
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Fair! I thought you had been working on this since November (thread opening date), so forgive my tone. That was my misunderstanding.
No worries… No, November deal didn’t happen because the dealer was wonky… I posted a new thread and mods shut it down telling me to go back to my original post, so came back to this and updated.
I just wanted to know if I was getting marked up legitimately or whether they were stuffing the cushion…
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As a frame of reference, the range for the auto-enhanced FICO models goes up to 900, not 850 like the FICO 8 and other scores more commonly encountered by consumers, so 740 is pretty generous for top-tier.
Auto-enhanced scores weigh installment accounts like previous car loans more heavily than some other models as well.
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True…And get this, the dealer I got my LT1 from told me they had someone come in a few weeks prior with an 898! I have never even heard of that. 898!!! Goodness gracious did that guy/gal write the FICO algorithm? 
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As rhey say…All’s well that ends well :-).
In any case, I am notoriously a bottom feeder, and even I think your deal is pretty darn good👍. Well done!
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Kudos to @mllcb42 (and @spockvr6 for pointing me in the right direction)… Dealer came back with updated numbers on MF and said they can do .00082 
Thanks all for input on my first lease. Deal is signed, due to MA laws will take a while for delivery, will add to trophy garage when ready.
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I asked last month when I inked a deal and dealer told me my credit score was 859 (Super Elite) . I was happy with my score.
OP, congrats. How long you planning to wait until you can pick it up? If you’re waiting on NY DMV it could be awhile. You realize the NY and NJ guys are waiting months for out of state tags/Regs.
You don’t want to be one of those guys that posts another thread “Where are my NY plates” etc.
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Open to any suggestions of how to speed things up… I’m just waiting on dealer and the company they work with to get things done… I’m away for 2 weeks anyway, hoping that not too long after I can get some sort of plates
JFC after this has been discussed on the forum why did you choose an MA dealer? Literally every other jurisdiction I know of in the country you can drive off the lot on the day of, on temp tags.
You really had to choose the only state in the country that bans issuance of temp tags?
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I hate to be the bearer of bad news but you can be in for a real tough suprise…
You inked a deal in a state that does not give temp tags. NY and NJ (you’re in NY) are extremely backed up due to covid. There’s a strong chance that you will not be able to legally drive you car until your registration comes in. Figure 3-4 months.
I really don’t mean to be a Debbie Downer, but it’s going to be awhile and the Mass dealer you leased from has nothing to do with it…(before you decide to reach out to them in a week or two, upset and asking for answers) it’s not in their hands.
Sucks to suck I guess at this point…
They said 3-4 weeks expected with their provider.
I could use an alternate address in another state (in the process of moving) if that helped. Going to either Arizona or Florida if anyone here has a Rec between those?
If the deal on the car one wants justfies it…yes. Ive done a bunch of MA deals and I am in FL.
Yeah not during Covid tho lol