Need help about my loan pay off.

Alexander · 06-03-2010, 08:29 PM

Quote:

Originally Posted by alpha325i

Yes, they can definitely jack with you about this. When I signed the papers on my E90 I did not have pay stubs but they let me take it with me agreeing to bring them my three most recent pay stubs that very following Monday.

Now is your previous and current loan through BMW Financial Services? I was honest about my salary when I bought my E90, but I did kind of sugar-coat my salary on the application that I filled out for the E92 that I bought 2 months ago, because it was a good bit more expensive than the E90. They didn't bat an eye at it though when I provided actual pay stubs. Good luck man...

My old loan is through my private bank and the new one is through BMW.

Verbiage · 06-03-2010, 08:35 PM

The loan for my E90 is through my credit union. I'd rather not deal with BMWFS and their invisible stipulations.

Verbiage · 06-03-2010, 08:36 PM

Quote:

Originally Posted by Aonarch

My old loan is through my private bank and the new one is through BMW.

Ah, see? Back to your old bank.

ideliver · 06-03-2010, 08:55 PM

hmmmm....I purchased a new M5...put $20,000 down, financed the balance with 0.9%...I am self employed...I put down a number with monthly income with a plus sign after it....drove home 30 minutes later...this was 2.5 yrs ago...seems that things have changed some

Don't worry about "fraud"...that is the most BS thing I have ever heard of

Alexander · 06-03-2010, 08:57 PM

Quote:

Originally Posted by Bavarian III

The loan for my E90 is through my credit union. I'd rather not deal with BMWFS and their invisible stipulations.

Quote:

Originally Posted by Bavarian III

Ah, see? Back to your old bank.

Exactly BMWFS has been a pain in the ass.

I tried setting up my online account to make a payment, but I got no where with their shitty system. Plus the financial manager was zero help at the dealer.

Alexander · 06-03-2010, 08:59 PM

Quote:

Originally Posted by ideliver

hmmmm....I purchased a new M5...put $20,000 down, financed the balance with 0.9%...I am self employed...I put down a number with monthly income with a plus sign after it....drove home 30 minutes later...this was 2.5 yrs ago...seems that things have changed some

Don't worry about "fraud"...that is the most BS thing I have ever heard of

Good to hear! I think that this is just a scare tactic to get me to return the car. They obviously practice shaddy business deals. I went to this dealer to get a good deal, despite some negative reviews on the dealership.

I guess that I will just keep my car and stick to private party transactions.

Verbiage · 06-03-2010, 09:03 PM

Quote:

Originally Posted by Aonarch

I tried setting up my online account to make a payment, but I got no where with their shitty system. Plus the financial manager was zero help at the dealer.

Eh, not really good signs, there LOL.

Through your bank you can always just make finance/transfer funds via your online banking system, it really simplifies everything. Seriously consider that instead. Would save you a shitload of headache.

Alexander · 06-03-2010, 09:06 PM

Quote:

Originally Posted by Bavarian III

Eh, not really good signs, there LOL.

Through your bank you can always just make finance/transfer funds via your online banking system, it really simplifies everything. Seriously consider that instead. Would save you a shitload of headache.

Yeah I will. This had been a nightmare.

alpha325i · 06-03-2010, 09:22 PM

I don't know what ya'll are talking about. BMWFS has been great for me. 2.9% financing (I'm 23) and there was no bullshit other than proof of income. I also had no problem setting up my account online to make payments. I found their system very user-friendly and they provide details of everything. You can even change your due date! My BMW dealer was also great to work with. Everyone was super helpful and the finance manager knew her shit, which made things smooth and easy to comprehend.

Verbiage · 06-03-2010, 09:29 PM

Quote:

Originally Posted by alpha325i

I don't know what ya'll are talking about. BMWFS has been great for me. 2.9% financing (I'm 23) and there was no bullshit other than proof of income. I also had no problem setting up my account online to make payments. I found their system very user-friendly and they provide details of everything. You can even change your due date! My BMW dealer was also great to work with. Everyone was super helpful and the finance manager knew her shit, which made things smooth and easy to comprehend.

I guess not everyone is fortunate enough to have such smooth experiences. But I'm glad it was an easygoing process for you

Noo Aonarch where is the sig?

Alexander · 06-03-2010, 09:41 PM

Quote:

Originally Posted by Bavarian III

I guess not everyone is fortunate enough to have such smooth experiences. But I'm glad it was an easygoing process for you

Noo Aonarch where is the sig?

Lol taken down...

Verbiage · 06-03-2010, 09:42 PM

Quote:

Originally Posted by Aonarch

Lol taken down...

I seeeeee that

elm3 · 06-04-2010, 07:06 AM

Quote:

Originally Posted by Aonarch

Lol taken down...

Hey Aonarch, what is the name of the dealership?

double_j · 06-04-2010, 09:01 AM

Keep in mind that they can't get your for fraud unless you actually lied on the credit app - and I doubt they'd bother with that unless they experienced some sort of loss on the transaction. Even if you produced proof of income from a different employer as listed, I don't see it being a big deal as long as the numbers are in a similar ball park.

Maybe you could show them an offer letter, etc. or anything that would verify the company's commitment to pay you X dollars per year? I've even heard of people producing online bank statements that show recurring salary deposits, etc. I'd imagine that BMWFS requirements are ridiculously low with this.

That said, if you did lie on the credit app then it's really free game. You're at their mercy.

Sara · 06-04-2010, 09:04 AM

Quote:

Originally Posted by Bavarian III

The loan for my E90 is through my credit union. I'd rather not deal with BMWFS and their invisible stipulations.

Im with BMWFS right now. Never had a problem.

Maestro · 06-04-2010, 09:13 AM

Here is what they did, they contacted the USMC to verify employment and got the answer that you would not active duty which flagged you as a bad risk.

Verbiage · 06-04-2010, 09:34 AM

Quote:

Originally Posted by Sara504

Im with BMWFS right now. Never had a problem.

It's because you have boobies.

Hawkeye · 06-04-2010, 10:04 AM

Well unless you outright lied, on purpose, you cannot be charged with fraud or anything.

I expect both you and the salesman signed the purchase agreement? If so it is a legally binding contract that they have to stick to whether you have proof of income or not.

If the paperwork has been signed they really need to just forget about it already, that should have been taken care of in advance. I would call and explain your situation to them like you did to us, they can't be completely unreasonable.

I am sure if you call with a cool head and give the facts you will be okay.

Verbiage · 06-04-2010, 10:31 AM

Quote:

Originally Posted by Hawkeye

If the paperwork has been signed they really need to just forget about it already, that should have been taken care of in advance. I would call and explain your situation to them like you did to us, they can't be completely unreasonable.

I am sure if you call with a cool head and give the facts you will be okay.

Its funny how it doesn't matter whether the owner can pay for the car or not. I guess some of this is actually about integrity.

Alexander · 06-04-2010, 04:39 PM

Check out my first post I edited it with the hilarious outcome.

Summary:
Crooked salesman fired
I kept 335i and got a lower rate.

Verbiage · 06-04-2010, 06:34 PM

Congrats, man. Lol at your salesman being crooked, though. SMH.

fatjoez · 06-04-2010, 07:01 PM

wow..

06-03-2010, 08:35 PM	#24
Verbiage Dismembered Member 3613 Rep 9,213 Posts Drives: F80 ZCP 6MT, R55 Clubman S 6MT Join Date: Jan 2010 Location: DMV iTrader: (6)	The loan for my E90 is through my credit union. I'd rather not deal with BMWFS and their invisible stipulations. __________________ My delivery experience and beach photoshoot here.
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06-03-2010, 08:55 PM	#26
ideliver Major 240 Rep 1,247 Posts Drives: E60 M5, E71 X6M, E46 M3 Join Date: Feb 2008 Location: At the gas station iTrader: (0) Garage List 2006 BMW E46 M3 'vert [0.00] 2008 BMW M5 [0.00] 2011 BMW E92 [0.00] 2012 BMW X6M [0.00] 2003 E46 M3 [0.00]	hmmmm....I purchased a new M5...put $20,000 down, financed the balance with 0.9%...I am self employed...I put down a number with monthly income with a plus sign after it....drove home 30 minutes later...this was 2.5 yrs ago...seems that things have changed some Don't worry about "fraud"...that is the most BS thing I have ever heard of __________________ Current: 2006 E46 M3 'vert 6-sp 2008 E60 M5, 2011 E92 328 6-sp, 2011 E70 N55, 2012 E71 X6M
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06-03-2010, 09:22 PM	#31
alpha325i this chick > 36 Rep 261 Posts Drives: E92 328i Join Date: Jan 2010 Location: USA iTrader: (1)	I don't know what ya'll are talking about. BMWFS has been great for me. 2.9% financing (I'm 23) and there was no bullshit other than proof of income. I also had no problem setting up my account online to make payments. I found their system very user-friendly and they provide details of everything. You can even change your due date! My BMW dealer was also great to work with. Everyone was super helpful and the finance manager knew her shit, which made things smooth and easy to comprehend. __________________ Life's short, live fast ... drive a BMW E90 325i - totaled 03/17/10 (R.I.P.) E92 328i - took delivery 04/02/10
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06-04-2010, 09:01 AM	#36
double_j First Lieutenant 86 Rep 331 Posts Drives: 2008 JB/B E90 M3 Join Date: Nov 2009 Location: Northeast USA iTrader: (0)	Keep in mind that they can't get your for fraud unless you actually lied on the credit app - and I doubt they'd bother with that unless they experienced some sort of loss on the transaction. Even if you produced proof of income from a different employer as listed, I don't see it being a big deal as long as the numbers are in a similar ball park. Maybe you could show them an offer letter, etc. or anything that would verify the company's commitment to pay you X dollars per year? I've even heard of people producing online bank statements that show recurring salary deposits, etc. I'd imagine that BMWFS requirements are ridiculously low with this. That said, if you did lie on the credit app then it's really free game. You're at their mercy.
	Appreciate 0 Quote

06-04-2010, 09:13 AM	#38
Maestro Major 1031 Rep 1,268 Posts Drives: 2007 335i Sedan, 2021 X3 Join Date: Nov 2006 Location: Philadelphia iTrader: (0)	Here is what they did, they contacted the USMC to verify employment and got the answer that you would not active duty which flagged you as a bad risk.
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06-04-2010, 10:04 AM	#40
Hawkeye Brigadier General 2070 Rep 4,365 Posts Drives: '07 Z4 Coupe, '21 X3, '16 GMC Join Date: Aug 2007 Location: Iowa iTrader: (0) Garage List 2016 GMC Sierra SLT [10.00] 2008 Yamaha R6 [9.00]	Well unless you outright lied, on purpose, you cannot be charged with fraud or anything. I expect both you and the salesman signed the purchase agreement? If so it is a legally binding contract that they have to stick to whether you have proof of income or not. If the paperwork has been signed they really need to just forget about it already, that should have been taken care of in advance. I would call and explain your situation to them like you did to us, they can't be completely unreasonable. I am sure if you call with a cool head and give the facts you will be okay. __________________ 2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP 2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded
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06-04-2010, 04:39 PM	#42
Alexander Mad tyte EuR0 style boooi <--- Joke 212 Rep 2,472 Posts Drives: E30, E85, MKVI Join Date: Nov 2009 Location: Deal's Gap iTrader: (0)	Check out my first post I edited it with the hilarious outcome. Summary: Crooked salesman fired I kept 335i and got a lower rate.
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06-04-2010, 06:34 PM	#43
Verbiage Dismembered Member 3613 Rep 9,213 Posts Drives: F80 ZCP 6MT, R55 Clubman S 6MT Join Date: Jan 2010 Location: DMV iTrader: (6)	Congrats, man. Lol at your salesman being crooked, though. SMH. __________________ My delivery experience and beach photoshoot here.
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06-04-2010, 07:01 PM	#44
fatjoez student 226 Rep 911 Posts Drives: e90 Join Date: Sep 2009 Location: Bermuda Triangle iTrader: (0)	wow..
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