[Andy midas]

Couple questions what’s the minimum credit score needed to get into a m8c? Whats the minimum monthly income to get approved? I have had a loan thru bmw financial about 5 months ago and was paid off successfully. But I got into some trouble, and need to build my credit up so I can get a vehicle.

[Vic55]

Alot of open ended questions that only a true analyst at BMWFS or at any bank could answer. There is much more than just a fico scored used in their decision engine-- they have an internal scorecard and will use a multitude of factors to determine creditworthiness.

Income determines PTI and again it will fall under their scorecard as to their payment to income thresholds.

Now I not only speak to BMWFS but any lender that looks at higher line luxury cars. And of course there are other mitigants such as recent derogatory credit, the level of the amounts past due, and so much more. And then there is comparable credit and how did you pay on that plus when and for how long.

Sorry but its just not a box answer sadly.

[bloozemanAZ]

Originally Posted by Vic55

Alot of open ended questions that only a true analyst at BMWFS or at any bank could answer. There is much more than just a fico scored used in their decision engine— they have an internal scorecard and will use a multitude of factors to determine creditworthiness.

Income determines PTI and again it will fall under their scorecard as to their payment to income thresholds.

Now I not only speak to BMWFS but any lender that looks at higher line luxury cars. And of course there are other mitigants such as recent derogatory credit, the level of the amounts past due, and so much more. And then there is comparable credit and how did you pay on that plus when and for how long.

Sorry but its just not a box answer sadly.

The car whisperer has spoke and as usual spot on. A FICO may get you in the door but the other factors Vic55 called out may squelch you nonetheless.

That said if you're honestly sweating the minimum monthly income to qualify you should reconsider entirely. Put a roof over your head aka home ownership nobody can take away from you, 6 months at a minimum of full liquid cash but shoot for a year plus if the wheels fall off from employment and $500K minimum in retirement savings. Tick those boxes then feel free to burn cash on a lack of appreciation fun to drive car. IMO.

[Andy midas]

Originally Posted by bloozemanAZ

The car whisperer has spoke and as usual spot on. A FICO may get you in the door but the other factors Vic55 called out may squelch you nonetheless.

That said if you're honestly sweating the minimum monthly income to qualify you should reconsider entirely. Put a roof over your head aka home ownership nobody can take away from you, 6 months at a minimum of full liquid cash but shoot for a year plus if the wheels fall off from employment and $500K minimum in retirement savings. Tick those boxes then feel free to burn cash on a lack of appreciation fun to drive car. IMO.

I’m not sweating the monthly income I was just asking to get information.

[Andy midas]

Originally Posted by Vic55

Alot of open ended questions that only a true analyst at BMWFS or at any bank could answer. There is much more than just a fico scored used in their decision engine-- they have an internal scorecard and will use a multitude of factors to determine creditworthiness.

Income determines PTI and again it will fall under their scorecard as to their payment to income thresholds.

Now I not only speak to BMWFS but any lender that looks at higher line luxury cars. And of course there are other mitigants such as recent derogatory credit, the level of the amounts past due, and so much more. And then there is comparable credit and how did you pay on that plus when and for how long.

Sorry but its just not a box answer sadly.

Thanks this is actually great news. I’m glad they don’t just check your score. Definitely helps my cause.

[Andy midas]

Originally Posted by Vic55

Alot of open ended questions that only a true analyst at BMWFS or at any bank could answer. There is much more than just a fico scored used in their decision engine-- they have an internal scorecard and will use a multitude of factors to determine creditworthiness.

Income determines PTI and again it will fall under their scorecard as to their payment to income thresholds.

Now I not only speak to BMWFS but any lender that looks at higher line luxury cars. And of course there are other mitigants such as recent derogatory credit, the level of the amounts past due, and so much more. And then there is comparable credit and how did you pay on that plus when and for how long.

Sorry but its just not a box answer sadly.

More information so I had a loan thru bmwfs for a 22 m4c. Had it about 10 months, 1400 payments always on time, then I got a dwi. Had a firearm in my trunk. So went to jail and rehab. While in rehab brother totaled my car. And I missed payments on cc’s and a signature loan for 4 months while away. Insurance company paid off my car, so bmwfs was good. Now I’m back to work and need a car. All past dues are paid up. But it’s gonna be bit to show up on my credit.

[bloozemanAZ]

Originally Posted by Andy midas

More information so I had a loan thru bmwfs for a 22 m4c. Had it about 10 months, 1400 payments always on time, then I got a dwi. Had a firearm in my trunk. So went to jail and rehab. While in rehab brother totaled my car. And I missed payments on cc’s and a signature loan for 4 months while away. Insurance company paid off my car, so bmwfs was good. Now I’m back to work and need a car. All past dues are paid up. But it’s gonna be bit to show up on my credit.

Sorry to hear the full details on your situation. The downside is financial loans go through more scrutiny than the past so hence a FICO isn't the only factor. Applying for the loan requires your full legal name along with SS#.

Most financial institutions will not just stop at a FICO but pull all legal records a background check can supply. Hence, the DWI although specifically more of an insurance issue, the gun charge, jail time, etc. if found makes you a risk for any lender.

Wishing you all the best on turning things around as have been there and done that including a class 6 felony for theft when the bass player in my band decided to steal cases of alcohol and a keg from the bar owner who would not pay us what we were owed. That was 1989 and haunted me for more than a decade even though I pleaded down to a class 1 misdemeanor, did my community service, etc.

Then again the party in the hotel room we were staying in was epic until the police showed up and all the evidence of said theft was in plain sight including the keg on ice in the bathtub. 30+ years into the future now it's just a funny story to tell. Hope it all turns out the same for you.

BTW more parallel as see you're in Maryland. Said incident took place at Hammerjacks and hotel in Baltimore. 👍

[Andy midas]

Lol good old hammerjacks! Yea it was just a hiccup, only
thing ever on my record. So if it’s that big of a deal, then I’ll go spend my money somewhere else. Just gonna wait another 3 weeks, save a good down payment and call them and see what they say.

[overklok]

Hammerjacks?
That place was Metal Chick Heaven!!
So much hair, so much spandex, so much...

[bloozemanAZ]

Originally Posted by overklok

Hammerjacks?
That place was Metal Chick Heaven!!
So much hair, so much spandex, so much...

I have many stories to tell and still growing. I'm still completely connected to the guitar world brethren of my past life before going into the F50/100 world in my technology world. In fact getting on a plane next Tuesday for GnR's first tour stop of their 2023 tour in Abu Dhabi all gratis on WEA.

[Vic55]

Originally Posted by Andy midas

More information so I had a loan thru bmwfs for a 22 m4c. Had it about 10 months, 1400 payments always on time, then I got a dwi. Had a firearm in my trunk. So went to jail and rehab. While in rehab brother totaled my car. And I missed payments on cc’s and a signature loan for 4 months while away. Insurance company paid off my car, so bmwfs was good. Now I’m back to work and need a car. All past dues are paid up. But it’s gonna be bit to show up on my credit.

Banks dont pull criminal records for credit checks in auto ... your credit file will show the C patterns of slow pays nor no pays and they will look at that.

So based on your comments, you were late on 4 of the 10 months with the loan; thats probably bad optics without a story behind it and further its not a long time on the books. The good thing is the trade line is closed so the open derogatory reportings are less impactful as current OPEN derogatory credit is the greatest knock along with large recent chargeoff credit.

Most files/tapes are updated monthly or close so you can easily run your own tester and see.

I like Experian Boost as its free and updates as you check it... plus you can add your utilities and other non reporting debt that can be verified and it will help your score (cell bill, gas, water, trash, wifi, etc)

https://www.experian.com/consumer-pr...ore-boost.html

[mjr24]

Originally Posted by Vic55

Banks dont pull criminal records for credit checks in auto ... your credit file will show the C patterns of slow pays nor no pays and they will look at that.

So based on your comments, you were late on 4 of the 10 months with the loan; thats probably bad optics without a story behind it and further its not a long time on the books. The good thing is the trade line is closed so the open derogatory reportings are less impactful as current OPEN derogatory credit is the greatest knock along with large recent chargeoff credit.

Most files/tapes are updated monthly or close so you can easily run your own tester and see.

I like Experian Boost as its free and updates as you check it... plus you can add your utilities and other non reporting debt that can be verified and it will help your score (cell bill, gas, water, trash, wifi, etc)

https://www.experian.com/consumer-pr...ore-boost.html

Agreed….chances are small they are going to give you a loan without a sky high interest rate and a ton down. They are going to wonder why you didn’t have enough money saved to pay your bills for 4 months….especially when you are trying to get a more expensive car.

[bloozemanAZ]

Originally Posted by Vic55

Banks dont pull criminal records for credit checks in auto ... your credit file will show the C patterns of slow pays nor no pays and they will look at that.

I'll never disagree with the car whisperer and to your point it depends on the bank aka BMW FS in this case. That said my friend's at both BofA and Chase state they do as it has an overall greater assessment on the risk factor of the loan vs just pure FICO, etc.

[Vic55]

Originally Posted by bloozemanAZ

I'll never disagree with the car whisperer and to your point it depends on the bank aka BMW FS in this case. That said my friend's at both BofA and Chase state they do as it has an overall greater assessment on the risk factor of the loan vs just pure FICO, etc.

Ive never heard of this ever --- Chase, BofA, Ally, Wells, TFS, etc..

I have run all of North America for Credit in my prior life (wont say which bank but it was bigger than Chase and others booking over 40b a year)- never ever had any of my teams pull or see any criminal records in regards to individual auto credit lending requests. Now we did pull criminal requests for ownership loans aka flooring, working cap, brick and mortar, etc but never for indirect indiv lending.

[Andy midas]

Originally Posted by mjr24

Agreed….chances are small they are going to give you a loan without a sky high interest rate and a ton down. They are going to wonder why you didn’t have enough money saved to pay your bills for 4 months….especially when you are trying to get a more expensive car.

I paid the car payments they were always paid because they were auto pay! They only ones that were late were my 2 cc payments and my signature loan, which weren’t on auto pay unfortunately, and I couldn’t use a phone. So bmwfs always got there payment’s on time, then it was paid off by insurance company because of being totaled.

[bloozemanAZ]

Originally Posted by Vic55

Ive never heard of this ever —- Chase, BofA, Ally, Wells, TFS, etc..

I have run all of North America for Credit in my prior life (wont say which bank but it was bigger than Chase and others booking over 40b a year)- never ever had any of my teams pull or see any criminal records in regards to individual auto credit lending requests. Now we did pull criminal requests for ownership loans aka flooring, working cap, brick and mortar, etc but never for indirect indiv lending.

I think the times have changed due to many factors and to your point information disclosed was not solely regarding auto loans but likely the bigger picture, e.g., small biz, mortgages, signature lines of credit, etc.

[mjr24]

Again, short of a big down payment or prepaying the entire lease up front….the fact you have very recent late payments for months on end is going to be a huge red flag in their eyes.

[Andy midas]

Ok thanks for the information everyone. I’ll update in 3 weeks with what they say.

[Vic55]

Originally Posted by bloozemanAZ

I think the times have changed due to many factors and to your point information disclosed was not solely regarding auto loans but likely the bigger picture, e.g., small biz, mortgages, signature lines of credit, etc.

Just an fyi ...

Im on an executive roundtable with the all the Heads of Auto for the big boys--- to this day there is no criminal pull for individual auto loans.

I speak to this not from hearing about it or reading it but living it, leading this business industry for years, and working with countless risk, compliance, credit, legal, etc Managers. (not discounting you here but my comments on this exact topic is derived from my livelihood)

Also most dont check but when filling out a credit application and signing it you are authorizing prospective lenders to pull your credit file but you do not authorize a criminal/background check.

[bloozemanAZ]

Originally Posted by Vic55

Just an fyi ...

Im on an executive roundtable with the all the Heads of Auto for the big boys—- to this day there is no criminal pull for individual auto loans.

I speak to this not from hearing about it or reading it but living it, leading this business industry for years, and working with countless risk, compliance, credit, legal, etc Managers. (not discounting you here but my comments on this exact topic is derived from my livelihood)

Also most dont check but when filling out a credit application and signing it you are authorizing prospective lenders to pull your credit file but you do not authorize a criminal/background check.

Yep and too many cocktails yesterday had me thinking loans vs job applications in which they will crawl up your shorts with a background check (hence the haunting for 10 years on my part. To your point unless the app includes a background check authorization (which they don't just credit) no way they can do so.

My issue was companies have long changed the "have you been convicted of a felony" to "have you been charged with a felony". So had to answer "yes" although pleaded down to the class 1 misdemeanor.

[mjr24]

It doesn’t matter. Criminal record or not…..when you miss 4 payments in a row, you aren’t getting a loan for anything in this market unless you pay a ridiculous interest rate.

Records have never been pulled for loans…..I don’t even know why this was even mentioned.

[Andy midas]

Well after 5 months I got my credit fixed and ordered a car. Dravit grey , carbon buckets, carbon brakes , carbon exterior.