BMW Finance Decline

DerekP147

Ok so I've had bmw finance on various car's for about 10-15 years now got a knock back on application for a Yas Marina Competiion Pack M3, checked the equifax and stuff.

Currently sitting at 760 out of 999, only negative factors from the martin money saver credit plus club thing says credit utilisation is pants cos I only have 1 credit card and it's got a 3 grand limit and a 2500 balance so looks like I'm maxing out probably which will pull it down. I was paying this off this week anyway so it's not a big deal I moved house at start of the year but cos I don't really have other cards or stuff it's maybe reading to the underwriters like I'm maxing everything and struggling?

The only other negative's I can see on my score is the obvious recent searches by BMW for the knock back applications 2 of them and then I VT'd my old F30 330d to them in December last year would that hurt my new application

I have a couple of late payments here and there over a 2 year period just through forgetting I know this isn't great but it's nothing excessive no mega late payments or defaults or anything?

[Deleted User]

You can ignore all the made up score malarkey.

Check all three of your files to see what appears on each. But your late payments and maxed out card aren't doing you any favours.

Also check you're on the ER.

k3lvc

What is it on here with new posters and M3's ??

Assuming this isn't another DM fantasy then

a) your VT with BMW and subsequent attempt to get BMW Finance probably won't help - I've only ever done it across manufacturers before but others may have better insight

b) splashing out on a £40k+ car and having late payments on your file won't engender an awful lot of trust

seatbeltnoob

lol you VT'd a car from them, why on Earth would they give you finance again.

Quite frankly car finance companies don't care about whether you can afford the debt. They can give you finance for a car that's worth 1.5x your salary. As long as you're making payments they dont mind.

But if you VT a finance car they have to reconsider whether you're good for it or whether it will be the same story yet again.

DerekP147

I agree it doesn!!!8217;t look good however they basically told me to do the VT in order to be approved for finance in December on another car off them which I was.

Then the dealer missed the sales handover date and cost me in flights to pick up the car and I lost trust with them.

So I don!!!8217;t know where that leaves me cos I personally wouldn!!!8217;t have even known about VT if I wasn!!!8217;t more or less instructed to do it between bmw!!!8217;s salesmen and the finance house.

k3lvc

DerekP147 wrote: »

I agree it doesn't look good however they basically told me to do the VT in order to be approved for finance in December on another car off them which I was.

Then the dealer missed the sales handover date and cost me in flights to pick up the car and I lost trust with them.

So I don't know where that leaves me cos I personally wouldn't have even known about VT if I wasn't more or less instructed to do it between bmw's salesmen and the finance house.

So you're telling us you're happy to splash £10's of k's on car finance and don't understand the finance terms you're signing up for ? Then, when it doesn't quite go to plan it's the dealers fault ??

DerekP147

I!!!8217;m not saying it!!!8217;s anyones fault I understand my rights to voluntary terminate an agreement as it states in the contract however it was brought to my attention by both bmw retailers and their finance company as a possible course of action to obtain finance on another vehicle from them at that stage if I was made aware of any dangers to credit score I would have declined that option outright however I was told it would not effect my credit score.

Sparx

Possibly the VT that has resulted in the decline... A few car finance lenders internal scoring will look down on VTs - more so if it was with them in the first place!

DCFC79

Why not just go for another car that isnt a BMW.

gycraig_2

You agreed to a deal then pulled out which you are allowed to do.
Why on earth would they want to give you finance on another car now that you have cost them money.

MEM62

DerekP147 wrote: »

however I was told it would not effect my credit score.

What you were told is quite correct, this has had no impact on your 'score'.