BMW Finance Decline

[troika]

Derek 911 said:

Well this thread proves that the underwriters might not understand the 39k debt for Porsche 911 is getting settled traded in for the M3 of similar value cos no one on this forum can seem to grasp it.

It’s a very judgemental vibe on here it’s nothing to do with not taking critisim it’s just a bunch of wkers wanting to show off online I never mentioned money or my earnings or what I done or whatever I just tried to qualify myself to the abuse I was getting for not affording what I’m doing which I clearly can. It may not be the wisest in terms of long term savings etc but I am not alone in the fact cars like those are often an emotive purchase for some and I don’t see the problem in that if they can service the debt.

I also agreed with the missed payments on my credit card thing and took the responsibility for it saying it was careless but not financially stretched so I’m not mad on the attitudes on here but thanks for the ones that seem ok and have offered advice to credit score profile talk.

BMW have declined you because you don’t meet their underwriting criteria. It’s their money, their choice. Do yourself a favour, take it as a hint. Sell the Pork and get rid of the finance. Take your £10K ish and buy yourself a car, as new as you can. Do not finance unless you have cash cover. There are cold winds coming. The bank always wins, trust me.

[Derek 911]

Durzel said:

No one is putting you down. Some people are trying to give you some hard truths about your leveraged position and desire to leverage it further.

I don’t see any of that kind of advice I see lot of bragging about how driving old cars and paying off your mortgage is better than being an idiot like me and taking finance on a new or newish car.

It’s a self righteous dicky attitude summed up by correcting grammar & bragging about ‘the queens bank’

The bottom line is this:

1. Missed payments is bad my fault not through affordability but complacency so let’s clear that up AGAIN before the ‘you can’t afford these car’s talk starts again’

2. Maybe sell the Porsche to clear the debt so it looks good for underwriting as like most of you on here they can’t join the dots together than one debt replaces another.

3. Pay off the 2 grand on credit card

I’ve had decent levels of finance for cars like this for 15 years and always been approved and never missed any payments on any loan and never VT’d or settled anything early until the last one which I was told to do by Bmw finance.

So to sum up the entire thread the above was the only useful information to come out of it. Nothing positive to say about cars or owning them just a bunch of morons bragging about their lot in life and honestly who gives a fk who has a 120k watch collection I couldn’t stick people like you have lot to learn about manners and being decent human being.

Internet geeks and keyboard warriors judging everyone then saying ‘no one is judging you we are trying to help, drive an old banger like us sad fks and count your pennies and slag anyone who goes out and buys anything half decent that isn’t bought with cash blasphemy.

Wether your right or wrong in that attitude your still all aholes for turning a simple thread about credit score into a vehicle to show off how wealthy you are.

[devnull]

If I'm honest, if you want to be judged, go on the MoneySavingExpert forum and start this thread again You'll have a bunch of internet nerds come round and tie you to a burning stake in about 36 minutes (on average).

[NickCQ]

Derek 911 said:

Because I reply quickly on my phone in text abbreviation.

The issue is not that you use abbreviations (I couldn’t care about that); it’s that you don’t structure your sentences - producing a Trumpian stream of consciousness.

It makes it very difficult to figure out what you are trying to say and I am sure that it has contributed to the confusion that many posters have about what you are doing with the 911 (keeping? selling? re-financing?)

[troika]

You can lead a horse to water...
Good luck.

[DSLiverpool]

The VT and the missed payments have screwed you, no need to think more into it (despite a VT not being bad its still taken into account)

[forzaminardi]

Derek 911 said:

So other than the obvious sit and wait and pay bills on time I would assume sitting at 760 I’m not gonna get anywhere soon by paying off the balance on the credit card and getting the boost from the utilisation ratio?

I have been approved for bad car finance like 15-18% Apr crap up to like 25k but obviously the bmw pcp finance is the high end of the market and would need better score than current I assume but even if I boost it up then the late payments will just give me an instant no?

If you want a better rating, you should make the minimum payment every month for a few years. Obviously that will cost you more money, but hey ho. Credit rating isn't just about whether you can afford to repay whatever you borrow, it's also about how much money the lender can make out of you. Things like VTing, paying the full balance on a card, repaying loans and mortgages early are all things that to you and I are sensible common sense things to do, but make lenders thing "we're not going to make a penny".

I was amazed to find I had a 999 out of 999 credit rating a couple of weeks ago. I didn't think y credit was bad, but I didn't think it was that 'good'. My only rationale is that my combination of a personal loan, a very long-standing credit card that over the years I've sometimes paid off totally per month and sometimes not, a biggish sum on a 0% card and the fact I've never missed any payment on anything makes lenders think "this bloke is reliable but will keep paying for ever and ever". So the best credit profile is probably to be a moderately wealthy, reliable mug, basically.

Edited by forzaminardi on Friday 23 March 11:08

[Derek 911]

devnull said:

If I'm honest, if you want to be judged, go on the MoneySavingExpert forum and start this thread again You'll have a bunch of internet nerds come round and tie you to a burning stake in about 36 minutes (on average).

dheads.com sorry pistonheads.com forum is bad enough for it little decent advice, differing of financial strategies and planning for the future etc could have been presented or said in a reasonable manner but the general tone was ‘your a dhead you going to cause a recession my house is paid off, I’m loaded and therefore better than you’

I’m not in the slightest offended by it cos it’s just a bunch of idiots I don’t know and have no influence on my life but I’m just saying:

Piston heads to me looks like it has nothing to do with cars just for the self righteous, narcissistic, independently wealthy and of course those who speak with the correct pronunciation and the queens English
Dahling.

wky forum for wky people

[RedSwede]

It sounds like you're doing pretty well, and could get by financing these cars OK. But, for one reason or another, you have been rejected, and on paper factors mean there isn't much you can do about it.

You can live your life maxed out (M3? Why not Panamera Turbo?), or you can save to be buried with it (2001 V70 D5 will do just fine). Or you could just take a balanced re-assesment - there are loads of Approved low-milage M235is for just over 20k.

Think about what this hassle is bringing you - having a 911 and an M3 - and ask is it worth it. (I am not going to preach - but a bit for the future is good too). You are lucky - Scotland is beautiful and one of the best places to enjoy driving. A good road in an M235i is going to be a great day out. A GT3 RS in Surrey is going to be about 10% of the fun of that.

Relax, live so you're not constantly arranging financial commitments, get something nice and take the time to enjoy it

[Deesee]

Derek 911 said:

dheads.com sorry pistonheads.com forum is bad enough for it little decent advice, differing of financial strategies and planning for the future etc could have been presented or said in a reasonable manner but the general tone was ‘your a dhead you going to cause a recession my house is paid off, I’m loaded and therefore better than you’

I’m not in the slightest offended by it cos it’s just a bunch of idiots I don’t know and have no influence on my life but I’m just saying:

Piston heads to me looks like it has nothing to do with cars just for the self righteous, narcissistic, independently wealthy and of course those who speak with the correct pronunciation and the queens English
Dahling.

wky forum for wky people

Did you throw the toys out of the pram on the cancelled deal, has the dealer/lender has just said lets not deal with him, not worth the trouble?

hmm think I might have been right...

[loose cannon]

It amazes me people discuss there personal finances on an open public forum tbh
With all the scammers about

[fido]

Derek 911 said:

Piston heads to me looks like it has nothing to do with cars just for the self righteous, narcissistic, independently wealthy and of course those who speak with the correct pronunciation and the queens English

[Derek 911]

forzaminardi said:

Derek 911 said:

So other than the obvious sit and wait and pay bills on time I would assume sitting at 760 I’m not gonna get anywhere soon by paying off the balance on the credit card and getting the boost from the utilisation ratio?

I have been approved for bad car finance like 15-18% Apr crap up to like 25k but obviously the bmw pcp finance is the high end of the market and would need better score than current I assume but even if I boost it up then the late payments will just give me an instant no?

If you want a better rating, you should make the minimum payment every month for a few years. Obviously that will cost you more money, but hey ho. Credit rating isn't just about whether you can afford to repay whatever you borrow, it's also about how much money the lender can make out of you. Things like VTing, paying the full balance on a card, repaying loans and mortgages early are all things that to you and I are sensible common sense things to do, but make lenders thing "we're not going to make a penny".

I was amazed to find I had a 999 out of 999 credit rating a couple of weeks ago. I didn't think y credit was bad, but I didn't think it was that 'good'. My only rationale is that I've never ever missed any payment on anything, I have a mortgage, an outstanding personal loan and a pretty big sum on a 0% credit card and a small variable sum on a regular use card that having had for 15 years I have sometimes paid the full amount and sometimes not.

You mean you don’t have a 120k watch collection and buy M3’s cash while also running a ‘shed’ to work & investing in crypto cos your entire existence is superior to every other human on earth?

Shame on you for having a mortgage I say.

Your going to cause a crash with that personal loan you have and a high balance credit card too?

Ohhhh I think I’m going to have to go wk off to my savings account to make myself feel better, dealing with the great unwashed makes me feel so flustered.

There I seem to be settling into membership on pistonheads, thanks guys for showing me the error of my ways.

And to qualify your actual point, yeah I get what your saying about credit scores and I said from start I wouldn’t have done the VT if I knew it would been factor I thought I was getting the E92 as a runner.

Also I understand they want to see you make minimum monthly so you make money and I have cost them by settling early etc I get all that.

[Derek 911]

RedSwede said:

It sounds like you're doing pretty well, and could get by financing these cars OK. But, for one reason or another, you have been rejected, and on paper factors mean there isn't much you can do about it.

You can live your life maxed out (M3? Why not Panamera Turbo?), or you can save to be buried with it (2001 V70 D5 will do just fine). Or you could just take a balanced re-assesment - there are loads of Approved low-milage M235is for just over 20k.

Think about what this hassle is bringing you - having a 911 and an M3 - and ask is it worth it. (I am not going to preach - but a bit for the future is good too). You are lucky - Scotland is beautiful and one of the best places to enjoy driving. A good road in an M235i is going to be a great day out. A GT3 RS in Surrey is going to be about 10% of the fun of that.

Relax, live so you're not constantly arranging financial commitments, get something nice and take the time to enjoy it

Cheers for the input and yeah I tend to agree with lot of that. I bought the 911 cos I was sick of losing money on the bmw’s but my heart rules my head in this and I just prefer Bmw as my daily over a 911.

I would have some nice equity in a gen 2 997 in 2-3 years time but I would just rather drive a bmw again so it is the way it is. Again I agree on the purchase price coming down and going secondhand to reduce the amount borrowed

[Derek 911]

What he’s said is the most balanced post & kinda what I would expect from a grown adult not a bunch of kids trying to show off or act billy big.

Yes it may be a bit irresponsible to pay finance on an expensive car but if you can afford to service the debt then you are not harming anyone or the economy in anyway in fact there is an argument that I am contributing to private companies profits in the process of my car buying with the exception of the VT which I was advised to do to facilitate more lending from the same company.

I was of the opinion after being rejected for the new car that it was a little bit of relief anyway as I thought well just buy a secondhand one stick 10k down and finance a balance of 20-25 it’s more manageable for me and I don’t need the pcp anyway for the kinda car I want I don’t care about the Joneses the new plates the supercars etc I just like Bmw M cars lot of people do they are great daily drivers.

[RM88]

Wow you really are special. People have different views to you and share those with you and you act like a 12 year old. Calm down! It's the internet, no one has slapped you across the face. Adults generally rise above comments they find hurtful.

[Derek 911]

Adults don’t brag about having ‘an account with the queens bank’ & insult people saying I’m the reason recessions happen when I’ve never defaulted on a single credit agreement or lived beyond my means even in hard times in the country I managed to turn it around and do well so all this talk of relative earnings was brought up by the wkers on here and judging by some of the comments by other members who are eating the popcorn watching I’m not the only one who thinks there are some real roasters on this forum.

For the record I’m not offended about anything I just think there’s some people who contributed nothing to this thread but abuse and need to learn some manners I also don’t care about who owns what ‘shed’ and ‘bangernomics’ while having millions in the bank or whatever other old money middle class nonsense is being spouted like gospel. Your a long time dead some folk like to spend what they earn and save modest amounts 10-20% earnings and have good time with the rest my thing is cars & I like relatively new ones & ive never caused a recession buying them.

You guys like to drive around in older model machines and save lot of your money no one is right or wrong it’s just how you choose to live but the self righteous attitude about it tells me your bitter about the choices and walk by your local Bmw or Audi dealer wishing you could drive a new M3 or RS4 off the lot but your too tight to deal with depreciation and that’s fine but doesn’t mean you have the right to abuse the folk who maybe do want to do that.

[tannhauser]

tgclowes said:

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

I disagree entirely.

A bury your head in the sand mentality it crazy. The writing is on the wall - we haven't seen anything like what is coming.

[RM88]

I was talking about you behaving like an adult. Listen I'm with you on getting new 'nice' cars. I currently lease an Audi S3 and claim a hefty percentage of running costs back as a business expense. Some people here would probably scoff at that but I wouldn't fly off the handle and label a whole forum as wkers who don't like cars and are here to offend people shocker as people value things differently?!

Your reaction is always going to get the responses you're getting.

[Derek 911]

tannhauser said:

tgclowes said:

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

I disagree entirely.

A bury your head in the sand mentality it crazy. The writing is on the wall - we haven't seen anything like what is coming.

I agree with you in many ways, I’m not some yuppie wannabe living on the never never wanting 911s & M3’s and backing someone into a corner and insulting them isn’t a good start on first impressions for a new user so maybe as a community this forum should think about how they treat new members.

Anyway back on why I agree with you, I feel personally these cars are just not worth the list prices for a start it’s been falsely inflated by the pcp product & it’s pure greed by the manufacturers and finance units rubbing their hands together until the level of toxic debt coming from the cars like my old 330 derv going off hire early and costing them a fortune or even if the loan matured to 4 years they still would have lost fast cos the secondhand car market is flooded with these things.

It sold on AUC Bmw for 20k, in old days beemers would keep 50% residual value at 3 years old that thing depreciated like a jag and what a bargain secondhand but a further example of the problems that could come in the market with the new cars.

This is just one market of course but since it’s a car forum it’s a subject we all know well.