Quote:
Originally Posted by TrakBch
Realistically anyone below 520 is automatically ineligble through BMWFS. So the functional range is 520-900. So 660 is on the lower end.
The dollar amount BMW will loan you will base primarily on your income. Secondly based on your previous borrowing experience. If you don't have a previous loan similar to what you're trying to borrow it's not going to happen without enough money down to make it somewhat similar to what you've borrowed on installment before.
The best thing is to find the car you want to buy, and know you're going to need 20-30 percent down for certain. But also be prepared to put up to half down. If you were to lease a new one 25% down plus taxes and fees is the max, and that should work for most vehicles short of the $100K+ vehicles.
And of course this all depends on the abilities of the finance departments. Good ones can get it done, bad ones won't be able to do anything.
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I'm quite certain FICO doesn't score above 850 so we might be talking about two different credit scores. I financed my BMW through BMWFS and the financial manager used my FICO.
I mostly agree with your post but I would suggest the OP go to the dealer and let the finance manager try to work out a deal and see what he needs to get it approved.
As far as leasing in concerned, putting a penny down is a bad idea let alone 25%.