Credit application to lock in credit and order?

jdgonzalez · 12-30-2014, 02:28 PM

My CA is asking me to fill out a credit application to lock in the holiday credit. I'm ordering the car so it'll be 8 weeks before I take delivery. Seems like you'd fill out a credit app at delivery time. Am I missing something?

Mike_L · 12-30-2014, 02:50 PM

You gotta get preapproved. They aren't gonna order the car if you aren't gonna get approved for credit. If you aren't approved after the fact, then they're stuck with the car. They don't want it, so you need to be approved before hand.

jdgonzalez · 12-30-2014, 03:14 PM

Your explanation makes sense. I've never ordered a car before. Lots of firsts for me

FC4 · 12-30-2014, 03:44 PM

Quote:

Originally Posted by Mike_L

You gotta get preapproved. They aren't gonna order the car if you aren't gonna get approved for credit. If you aren't approved after the fact, then they're stuck with the car. They don't want it, so you need to be approved before hand.

Wrong. My car was ordered, built, and delivered to the dealership before I touched any BMW Financial Services paperwork.

You can't get borrow money for a car that doesn't have a VIN number yet. You're also under no obligation for the car until you officially take delivery, so the notion of them being stuck with a special order car optioned a certain way is moot. Running credit when you place the order just decreases the chance of you walking away from the deal in the next 2+ months from cold feet.

G30 B58 · 12-30-2014, 03:47 PM

Deposit.
Ordered.
VIN.
Credit obtained.
Euro Delivery.

ronanz · 12-30-2014, 04:15 PM

Quote:

Originally Posted by F32 N55

Deposit.
Ordered.
VIN.
Credit obtained.
Euro Delivery.

This... +1 . Complete and utter nonsense having to do Credit App prior to Ordering.

Mike_L · 12-30-2014, 04:32 PM

Thats the way some dealers work. I had to do the same thing. Maybe you guys just ordered common cars that they thought they could sell if you didn't take it. I didn't. I picked certain fairly uncommon options and left off other popular ones.

FC4 · 12-30-2014, 05:35 PM

Quote:

Originally Posted by Mike_L

Thats the way some dealers work. I had to do the same thing. Maybe you guys just ordered common cars that they thought they could sell if you didn't take it. I didn't. I picked certain fairly uncommon options and left off other popular ones.

Where do you come up with this stuff?

For the record, my 435i is white/red with a manual without any "packages." Good luck moving that off a lot.

Every car I've bought has been special ordered. I've never agreed to have my credit run or processed until the day I'm actually picking the car up. It has never been an issue.

G30 B58 · 12-30-2014, 06:28 PM

Quote:

Originally Posted by Mike_L

Thats the way some dealers work. I had to do the same thing. Maybe you guys just ordered common cars that they thought they could sell if you didn't take it. I didn't. I picked certain fairly uncommon options and left off other popular ones.

Loaded. Completely custom car including leather dash.

kenswift · 12-30-2014, 06:36 PM

I'm assuming you will lose the deposit money if you dont take the car when it's delivered...

FC4 · 12-30-2014, 07:09 PM

Quote:

Originally Posted by kenswift

I'm assuming you will lose the deposit money if you dont take the car when it's delivered...

No. Deposits are refundable.

Are you guys all new at this?

jdgonzalez · 12-30-2014, 10:23 PM

The reason I got was that I needed the credit app to lock in the money factor. I called a couple of different dealerships around Texas and some ask for it up front and others don't. Just needed to understand the reason behind it. I will be pretty pissed if I have to do another credit app at delivery time.

FC4 · 12-31-2014, 10:54 AM

Quote:

Originally Posted by jdgonzalez

I will be pretty pissed if I have to do another credit app at delivery time.

Yes, of course they will.

Jimmy954 · 01-01-2015, 06:13 PM

Quote:

Originally Posted by jdgonzalez

The reason I got was that I needed the credit app to lock in the money factor. I called a couple of different dealerships around Texas and some ask for it up front and others don't. Just needed to understand the reason behind it. I will be pretty pissed if I have to do another credit app at delivery time.

The reason for the lock in rate is so they can take an extra 1k or whatever it may be. They're getting a kick back from BMW financial. So if the car cost 51k, they might be able to take 1k off and it's nothing to the cause of the kick back. The special ends on 1/2 and then a new program starts which could be better or worse. I ordered my 435gc and its up to a 1k credit

jdgonzalez · 01-14-2015, 05:29 PM

I specifically asked if I would have to do another credit app and they said no.

12-30-2014, 02:28 PM	#1
jdgonzalez Master Bacon Eater 39 Rep 65 Posts Drives: 2015 328i Join Date: Aug 2013 Location: Cedar Park iTrader: (0)	Credit application to lock in credit and order? My CA is asking me to fill out a credit application to lock in the holiday credit. I'm ordering the car so it'll be 8 weeks before I take delivery. Seems like you'd fill out a credit app at delivery time. Am I missing something?
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12-30-2014, 02:50 PM	#2
Mike_L Banned 283 Rep 1,961 Posts Drives: 2015 335xi GT M-Sport MPPK Join Date: Jun 2013 Location: New York City iTrader: (2)	You gotta get preapproved. They aren't gonna order the car if you aren't gonna get approved for credit. If you aren't approved after the fact, then they're stuck with the car. They don't want it, so you need to be approved before hand.
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12-30-2014, 03:14 PM	#3
jdgonzalez Master Bacon Eater 39 Rep 65 Posts Drives: 2015 328i Join Date: Aug 2013 Location: Cedar Park iTrader: (0)	Your explanation makes sense. I've never ordered a car before. Lots of firsts for me
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12-30-2014, 03:47 PM	#5
G30 B58 Pace Car Driver 1547 Rep 3,163 Posts Drives: '22 AW G30 B58 M-Sport Join Date: May 2014 Location: my garage in PA iTrader: (0)	Deposit. Ordered. VIN. Credit obtained. Euro Delivery.
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12-30-2014, 04:32 PM	#7
Mike_L Banned 283 Rep 1,961 Posts Drives: 2015 335xi GT M-Sport MPPK Join Date: Jun 2013 Location: New York City iTrader: (2)	Thats the way some dealers work. I had to do the same thing. Maybe you guys just ordered common cars that they thought they could sell if you didn't take it. I didn't. I picked certain fairly uncommon options and left off other popular ones.
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12-30-2014, 06:36 PM	#10
kenswift Enlisted Member 14 Rep 47 Posts Drives: 435i GC xDrive M Sport Join Date: Dec 2014 Location: Queens, NY iTrader: (0)	I'm assuming you will lose the deposit money if you dont take the car when it's delivered...
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12-30-2014, 10:23 PM	#12
jdgonzalez Master Bacon Eater 39 Rep 65 Posts Drives: 2015 328i Join Date: Aug 2013 Location: Cedar Park iTrader: (0)	The reason I got was that I needed the credit app to lock in the money factor. I called a couple of different dealerships around Texas and some ask for it up front and others don't. Just needed to understand the reason behind it. I will be pretty pissed if I have to do another credit app at delivery time.
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01-14-2015, 05:29 PM	#15
jdgonzalez Master Bacon Eater 39 Rep 65 Posts Drives: 2015 328i Join Date: Aug 2013 Location: Cedar Park iTrader: (0)	I specifically asked if I would have to do another credit app and they said no.
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