BMW Finance Decline

John-K_3

There are some very good deals on ore-registered M3s at the moment. A friend got one recently with less than 50 miles on it for £49,000.

Was the discount on the brand new one enough to make it worthwhile relative to what is, in effect, a new car that BMW have registered already?

I feel a bit silly having paid £42k for a two year-old one only a few months ago, but that was the best deal I could find at the time.

Ben8282

You have one single credit card on which you are using £2.5k of a £3k limit yet you drive a BMW?

Nebulous2

Ben8282 wrote: »

You have one single credit card on which you are using £2.5k of a £3k limit yet you drive a BMW?

drove......

bazzyb

You've not stated your age or income but from what you have posted I am going to use my crystal ball and say you are young-ish with a modest income.

Any lender looking at your credit file will see your current commitments are a £3k credit card which is close to its limit and now you want to borrow £40k? £50k? towards a vehicle.

Add to that you have previously had a car on finance, which I'm guessing was probably less than 50% of the value of the one you're now looking at, and you VT'd it - which from a lender's point of view looks like you couldn't afford to keep up with the repayments and so handed the car back.

You've also mentioned late payments - were these on the car finance or something else? Either way it doesn't look great, but if it is on the car finance there are very few lenders who would even consider car finance even for a very modest lend.

You need to be more realistic with what kind of car you want to get.

Wheres_My_Cashback

Jack A Nory

Pixie5740

There's more to applying for credit than your credit history, note that's history not score! Lenders also look at affordability and past dealings with them so it's possible that after VT'ing a car BMW Finance don't want to lend you any more money at the moment or based on affordability they've decided you can't afford the car.

As a side note, are you trying to buy a car from a dealership with whom you've lost trust in? If so why do you want to give them your business....I wouldn't. If you want to buy a brand-spanking-new car have you tried looking at www.drivethedeal.com or www.carwow.com?

cjmillsnun

DerekP147 wrote: »

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?

Your biggest problem is the VT. If that was to BMW finance, you may never be able to borrow from them again.

sourcrates

DCFC79 wrote: »

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

Like a nice 2004 Citroen xsara picasso maybe.

Cheap as chips, no finance needed, buy for cash, lasts for years, everyone is happy.