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Auto loan plans (6-9 months away)


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Hi all.

I guess I am a somewhat typical story on this board. My credit was crappy due to indiscretions in the past and I was paying the price with interest charges, denials, etc.

About 3 years ago, I was victim of ID theft (guy working for mortgage lender sold my info to immigrant family, who rented 2 condos, wreaked them and left before eviction - theft was not procecuted since he fled back to Nigeria). Got that cleared up but saw the travesty my CR was in (avg. 475 FAKO). Resolved to not overstep my financial capacities again. Paid off both my wife's car and mine. Settled with IRS, and some small charge cards amounts we owed.

Last year we were rebuffed for mortgage refinancing by WaMu, so I vowed to better our credit scores. Joined here and others, worked up to present score (see sig below). Presently working on a personal judgement needing to be removed. Should be helpful in a getting closer to 700. Also got Providian MC to see PFICO soon. Wife's FAKO is 555/571/570.

Now to the heart of my post...

My wife is happy with her '93 BWM 525iT but feels like it is time to go get an upgrade. She has been very understanding this past year that we can't afford to increase our debt with a newish car, but in her job as an insurance executive, since her clients always see the car she is in and often rides with her to a meeting, she needs a nicer car. I have kept it mechanically sound, but cosmetically it is fading fast after 13 yrs in the Texas sun...

We plan on financing a 2004 530i (current body style) in about 6-9 months with as large a DP as possible ($10k seems likely) and better FICO. Her present car was financed through WFS and plan on trying to have them offer a loan first. Is it too soon to approach them... I think we are looking to finance $23-25k.

Anyone here in Houston area who has financed such an amount recently?

Any BMW finance stories?... Any advice is very appreciated. Thanks in advance.

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I recently purchased a certified pre owned 3 series. They pulled TU when my score was in the 670s. I was approved for a 4.9% APR by BMW Finance anyway!

However, they were probably lenient with me because I'm a fresh college graduate with a decent salary and no other big debt on record.

Looks like TU is your best, so you probably have a good chance if you achieve the 700 club.

I LOVE my car... I wish you the Best of Luck with yours!

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I recently purchased a certified pre owned 3 series.

<snip>

I LOVE my car... I wish you the Best of Luck with yours!

Thanks for the reply. That is encouraging.

I had an '83 320i when my wife and I met, traded up to a '93 325i when we were dating and we bought the '93 525 wagon shortly after our marriage 8 years ago. So I know Bimmers very well.

Currently I either drive my '61 Ford Ranchero or my '73 Norton Commando motorcycle. I currently have no other vehicle (I gave my 325i to my son on his 17th b-day. He traded it for a Toyota MR2 Turbo- have had to do lots of work on that J-car!).

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