BMW Finance Decline

[RM88]

Derek 911 said:

To be honest I never really expected this kind of response on the best known car enthusiasts forum on the net. Basically the feedback from the question on my original post is:

3. I have no idea how PCP works

It’s either a lot of folk on this forum with way more money than me buying every single car on the roads outright and can afford the new M3’s & 911’s etc cash

I see you were aiming that at me for our earlier disscussion. I focused on your mention of PCP as I do genuinely think you are wrong regarding your points on it but as you say that's not what you originally asked.

I mentioned twice that I have used PCP many times in the past and currently lease as I'm now self employed so that's not what I'm saying at all, that everyone owns their car outright. I just said it was the cheapest way to purchase a car vs finance. (Ignoring using the capital for investments etc)

I don't really know what you expected with a title like finance declined? There is a reason it's declined, I mentioned earlier missed payments others said credit percentage usage? What more is there. No one unfortunately on here can tell you 100% why you got declined but some have given you pretty good ideas why but you don't seem to be listening.

To 'bring it back on topic' credit scores mean little to nothing. Sell your Porsche, clear the finance and try again in 6 months if that's the car you really want.

[powerstroke]

Derek 911 said:

Listen I worked my ass off during the last recession and I got to where I got to at this point without the judgement of some know it all on the internet. I earned in excess of 120k in one of those years when the rest of the country was on it’s arse and I’ve never defaulted or had any kinds of CCJ or that kind of stuff so I don’t appreciate the judgemental stty tone of lot of these posts it’s like a bunch of keyboard warriors talking adding 2 + 2 & getting 5.

So I like my cars, so what it’s a car forum this is just a weird attitude in general, 50% purchase price of my 1 year earnings spread over 3-4 years winds up being less than 20% of my takehome pay on monthly payments or alternatively if you saved up for 4 years then bought the car then. My only other notable outgoing is mortgage payment which is 15% of my monthly take home pay, that leaves me 65% earnings left over for food & daily running costs of house car & whatever else comes up in life.

I don’t drink, I don’t smoke, I don’t spend massively on clothes or any of that stuff I have no family to support cars are my thing what is the big deal? Where is the recession coming out of my behaviour?

Maybe people are trying to help you , not having a go at you but a new BMW not that exciting really is it !! some supercar or classic something yes , but a new repmobile with big wheels arches and a big motor ???? and you just know they will bring out a new model so yours will be well a bit last year !!!

[Derek 911]

powerstroke said:

Derek 911 said:

To be honest I never really expected this kind of response on the best known car enthusiasts forum on the net. Basically the feedback from the question on my original post is:

1. I’m going to cause a recession
2. I might also cause the nuclear holocaust
3. I have no idea how PCP works
4. I have no idea how anything works
5. I shouldn’t be buying desirable cars
6. I should just buy a cheap older bmw instead.

It’s either a lot of folk on this forum with way more money than me buying every single car on the roads outright and can afford the new M3’s & 911’s etc cash & if that’s the case I wouldn’t mind you’s sharing with me how you’s are doing it cos I wouldn’t mind a bit of whatever income you are getting.

Or

It’s load of folk who love these kinds of cars cos this is a website for discussion on them after all but you’s would rather keep money in your bank and spend on other things and drive older models or cheap to run transport?

You do what you want it's your life and your money ... However a paid up mortgage and a account with the Queens bank gives you a warm glow .

And that’s nice for you but not everyone makes the same decisions in life. I’m pretty happy with mine you sound like your bitter about yours and need to brag to me about them on my post about an M3, maybe you want one maybe your like a little puppy humping it’s stuffed toy cos it needs neutered I dunno what your problem is but rest assured if I wanted to pay off my mortgage early then yeah I could forego the fancy car for a bit and hammer it at this stage I fancy this F80 M3 I am thinking on keeping it long term once I pay it off mainly cos I am getting older but also cos of the carry on with emissions and cars getting less and less exciting and yes also this bad finance experience application I’ve had for the first time ever so yeah what I decide to do with my home loan is my business and what you do with yours is yours.

But if I was you I would get down to your local bmw dealer or whatever you like and go buy something to lighten up a bit cos on a car forum telling folk they are idiots and irresponsible for wanting a big loan for a nice car just sounds weird to me.

[anonymous-user]

Two questions OP

1 - are you self employed ?

2 - what broad line of work are you in ?

[Derek 911]

Brooking10 said:

Two questions OP

1 - are you self employed ?

2 - what broad line of work are you in ?

Yes I’m self employed.

I’m an Engineer I have vast experience in building & construction but as mentioned during the last downturn I worked primarily in offshore structures and it was probably my highest earning years.

[anonymous-user]

Derek 911 said:

Yes I’m self employed.

I’m an Engineer I have vast experience in building & construction but as mentioned during the last downturn I worked primarily in offshore structures and it was probably my highest earning years.

Ok I would hazard a guess that this is also playing a part I’m afraid.

[Derek 911]

powerstroke said:

Derek 911 said:

Listen I worked my ass off during the last recession and I got to where I got to at this point without the judgement of some know it all on the internet. I earned in excess of 120k in one of those years when the rest of the country was on it’s arse and I’ve never defaulted or had any kinds of CCJ or that kind of stuff so I don’t appreciate the judgemental stty tone of lot of these posts it’s like a bunch of keyboard warriors talking adding 2 + 2 & getting 5.

So I like my cars, so what it’s a car forum this is just a weird attitude in general, 50% purchase price of my 1 year earnings spread over 3-4 years winds up being less than 20% of my takehome pay on monthly payments or alternatively if you saved up for 4 years then bought the car then. My only other notable outgoing is mortgage payment which is 15% of my monthly take home pay, that leaves me 65% earnings left over for food & daily running costs of house car & whatever else comes up in life.

I don’t drink, I don’t smoke, I don’t spend massively on clothes or any of that stuff I have no family to support cars are my thing what is the big deal? Where is the recession coming out of my behaviour?

Maybe people are trying to help you , not having a go at you but a new BMW not that exciting really is it !! some supercar or classic something yes , but a new repmobile with big wheels arches and a big motor ???? and you just know they will bring out a new model so yours will be well a bit last year !!!

Driving an old model of a bmw doesn’t bother me I don’t do it to keep up with the Joneses it’s just the car I like most and I’ve had lots of them. 911 is a junior supercar so I dunno if your comment is meant as a dig towards the bmw or me and my finances again but since I currently have the Porsche on my drive I would say personally and I know there is lot of Porsche fans and it’s cool car but the bmw m3 is a superior daily 911 belong on a track or a rich man’s weekend toy which I am not and has been confirmed on this thread I am irresponsible and will cause recessions etc.

[powerstroke]

Derek 911 said:

And that’s nice for you but not everyone makes the same decisions in life. I’m pretty happy with mine you sound like your bitter about yours and need to brag to me about them on my post about an M3, maybe you want one maybe your like a little puppy humping it’s stuffed toy cos it needs neutered I dunno what your problem is but rest assured if I wanted to pay off my mortgage early then yeah I could forego the fancy car for a bit and hammer it at this stage I fancy this F80 M3 I am thinking on keeping it long term once I pay it off mainly cos I am getting older but also cos of the carry on with emissions and cars getting less and less exciting and yes also this bad finance experience application I’ve had for the first time ever so yeah what I decide to do with my home loan is my business and what you do with yours is yours.

But if I was you I would get down to your local bmw dealer or whatever you like and go buy something to lighten up a bit cos on a car forum telling folk they are idiots and irresponsible for wanting a big loan for a nice car just sounds weird to me.

To be honest I've always
had more fun with older cheeper cars but I have access to some serious metal both ,mine and in the family some stuff I regret selling , less can be more and messing with and fixing up / racing something can be very rewarding and makes long term friendships just saying ...

[Derek 911]

Brooking10 said:

Derek 911 said:

Yes I’m self employed.

I’m an Engineer I have vast experience in building & construction but as mentioned during the last downturn I worked primarily in offshore structures and it was probably my highest earning years.

Ok I would hazard a guess that this is also playing a part I’m afraid.

I would agree with you however slightly strange given the construction industry is potentially in the best shape it’s been in for many years but I expect the boom and bust nature of the work may make lenders nervous given the mess the country was in the last time as mentioned by others. Ironically again months before the oil and gas crisis i was approved for the 330d finance deal tho it did not effect my earning possibilities as construction started to pick up so I think it can be forgiven for finance houses being overly cautious

[Derek 911]

powerstroke said:

Derek 911 said:

And that’s nice for you but not everyone makes the same decisions in life. I’m pretty happy with mine you sound like your bitter about yours and need to brag to me about them on my post about an M3, maybe you want one maybe your like a little puppy humping it’s stuffed toy cos it needs neutered I dunno what your problem is but rest assured if I wanted to pay off my mortgage early then yeah I could forego the fancy car for a bit and hammer it at this stage I fancy this F80 M3 I am thinking on keeping it long term once I pay it off mainly cos I am getting older but also cos of the carry on with emissions and cars getting less and less exciting and yes also this bad finance experience application I’ve had for the first time ever so yeah what I decide to do with my home loan is my business and what you do with yours is yours.

But if I was you I would get down to your local bmw dealer or whatever you like and go buy something to lighten up a bit cos on a car forum telling folk they are idiots and irresponsible for wanting a big loan for a nice car just sounds weird to me.

To be honest I've always
had more fun with older cheeper cars but I have access to some serious metal both ,mine and in the family some stuff I regret selling , less can be more and messing with and fixing up / racing something can be very rewarding and makes long term friendships just saying ...

I’ve done the bmw car club stuff at points & had the Cheaper older options went to meets and shows etc I’m not some materialistic twit living beyond my means like the general tone of the very judgmental comments on the post have levelled at me.

Credit scores are pretty sensitive and life sometimes happens, I’ve always had exceptional credit, despite a recession and grafting hard through it I never missed a single payment on anything EVER out of not having the cash or not laffording it, it’s because I was bit all over the place living with a girlfriend and having some life dramas I was late with a couple of small payments on 1 credit card which I should have had a direct debit set up for yes I accept it’s my fault for being dumb but not dumb and in debt for something I can’t afford.

[silentbrown]

Derek 911 said:

I moved house at start of the year

...and...

Derek 911 said:

Always been on electoral roll at that address for over 15 years I moved in with a girlfriend but still had that property and yeah I appreciate the forgetting to pay thing I’ve always been very organised and paid on DD but it’s juat one card cos that’s all I’ve had and it’s been for piddly amounts but living more with the girlfriend and having mail redirected etc and no DD set up has meant I’ve missed couple.

So if I read that right, as far as all your banking, finance, etc is concerned, you haven't actually moved house? You've just moved back into the house they always thought you lived in...?

[Derek 911]

Derek 911 said:

Listen I worked my ass off during the last recession

DELETED: Comment made by a member who's account has been deleted.

It does sound pretty much judgemental like every other post on this forum I’ve either hit a nerve or this is just the way you all are. I never mentioned what I’ve earned to sound flash as frankly I don’t really give a st about money and I’m not that type of person I’m very simple living other than a nice car I’m daft enough to want yes but when every second post is telling you that your living beyond your means servicing 30k worth of depreciation over a period of 3-4 years period you feel like you need to whip out your last 3 months paychecks just to be allowed to comment on this forum.

The background on what I’ve been driving for 15 years or so and what I’m looking to drive next should have been enough to suss out that I was getting on all right
managing money & my question on credit score didn’t really need the big lectures and money brought into it all I think lot of it is some kind of bitterness or love/hate about expensive car buying or something I dunno.

So now that we have annilihated everything about my own personal financial situation and my state of mind and also arrived at the fact that from a lender point of view affordability really would not be an issue my question still stands.

Indicative score on MSE credit club 750

Weak factor 1. Debt ratio utilisation
Weak factor 2. High unsecured borrowing amounts

So we know the Porsche loan is
hurting me as others have suggested and the 2.5k on credit card can be fixed this month.

I can’t go back in time and erase the missed payments but given I could fix both the above and give it 2-3 months if I am still stupid enough and irresponsible enough to cause the nuclear holocaust another recession and give the queen a heart attack by still wanting this car do you think I would have a good chance by then of being accepted or is it too close?

Or am I really better at looking at this like a longer term project to fix my score maybe 6-12 months.

[Derek 911]

silentbrown said:

Derek 911 said:

I moved house at start of the year

...and...

Derek 911 said:

Always been on electoral roll at that address for over 15 years I moved in with a girlfriend but still had that property and yeah I appreciate the forgetting to pay thing I’ve always been very organised and paid on DD but it’s juat one card cos that’s all I’ve had and it’s been for piddly amounts but living more with the girlfriend and having mail redirected etc and no DD set up has meant I’ve missed couple.

So if I read that right, as far as all your banking, finance, etc is concerned, you haven't actually moved house? You've just moved back into the house they always thought you lived in...?

Yes correct technically I never moved out the property it’s always been mine I was just never really living in it for 2-3 years.

[Derek 911]

Derek 911 said:

Or am I really better at looking at this like a longer term project to fix my score maybe 6-12 months.

DELETED: Comment made by a member who's account has been deleted.

I get what your saying I’m 38 in a couple of months for reference, I’m from Scotland so this is relative to house prices as I believe some on here will be down south so ill say that first I have a nice newish build 2 Bed room semi property which is valued around 120k I probably owe around 80 or so on the mortgage at the moment I’ve had couple of failed relationships for various reasons and I’m not gonna go into the boring elements of that but basically over the medium term I don’t see myself trying to put on that suit again anytime soon and i have maybe been considering trading down into a nice new build flat for around the 80k mark which would obviously leave me with only 40k on mortgage to pay off over next 5-7 year period I see that being a reality.

So sorry to go into all that to qualify my personal situation but since it’s relative to the money chat then I thought I would throw it in.

[coljoh148]

I'm similar age and earnings to you. Scotland, engineering.

3 kids in and I can't fit my all into an M3 otherwise I'd probably hav one, in fact the one eastern just registered as their demo would have done !

Wait a few months don't apply for anything else get rid of the Porsche and CC and go in again.

[Derek 911]

Derek 911 said:

I’m 38 in a couple of months...I’m from Scotland

DELETED: Comment made by a member who's account has been deleted.

I agree the cars are going the wrong way now but I also don’t want it cos I’m trying to impress anyone it’s just what I like in hindsight I wish I never sold on my 330 but I never knew I was going to get dicked about by Berry Chiswick and not get the e92 I paid the deposit on.

[Tryke3]

powerstroke said:

You do what you want it's your life and your money ... However a paid up mortgage and a account with the Queens bank gives you a warm glow .

You sound like you missed out on a lot of stuff, no point in a full bank account if you have a bad hip, or go to bed at 6:30

[Derek 911]

coljoh148 said:

I'm similar age and earnings to you. Scotland, engineering.

3 kids in and I can't fit my all into an M3 otherwise I'd probably hav one, in fact the one eastern just registered as their demo would have done !

Wait a few months don't apply for anything else get rid of the Porsche and CC and go in again.

Thanks and what would you think is best way to go about daily transport until then?

It’s at least gonna take the credit reference agency 1-2 months by time it gets updated the Porsche is gone & im all clear also maybe allowing for the 2-3 months mark to pull away from the recent applications aswell is wise.

I enquired at enterprise for a Yaris type car or similar for 28 day hire and that’s 450 a month. I could maybe get by using public transport for work some of the week and hire out cheap cars on a daily basis to attend meetings and stuff to tick me over?

[FN2TypeR]

Buy a shed, bangernomics ahoy!

[coljoh148]

I thought you'd be able to lease for a number of months, seems I was wrong minimum term is 12 month.

Just get something different that won't cost lots, break down or drop value.

Early Z4 if you like bmw then sell it in the summer!