What is my chance with BMW Finance??

[Lorde]

Originally Posted by Sam335ix

BMW won't lease to you but I am sure you can find someone to lend you money. My question is how will you afford a 1000 a month in payments with 100k salary?

You do realize living in North Carolina, $100k salary is probably the equivalent of a $150k salary in the D.C., Maryland, Virginia (DMV) area.

I still think that with that credit score, he'd be SOL or pay out the ass in interest. Probably not a good time to buy an M4. Have to weigh priorities.

[absoluteis350]

Originally Posted by Snig

You do realize living in North Carolina, $100k salary is probably the equivalent of a $150k salary in the D.C., Maryland, Virginia (DMV) area.

I still think that with that credit score, he'd be SOL or pay out the ass in interest. Probably not a good time to buy an M4. Have to weigh priorities.

Which is probably 60k (90k DC) after taxes.. Buying a 60k car. Yea, I think priority examination is in order. But I guess I shouldn't be "mother hen'ing" on here.

[Black Gold]

Originally Posted by absoluteis350

Which is probably 60k (90k DC) after taxes.. Buying a 60k car. Yea, I think priority examination is in order. But I guess I shouldn't be "mother hen'ing" on here.

kind of agree, just depends on how much he puts down on the car

OT, how do you like your rs4? I love those things

[absoluteis350]

Originally Posted by KennyPowers

OT, how do you like your rs4? I love those things

Thx. Absolutely love it after all these years.. I still think it has the best exhaust note of any car short of exotics. After 7 years, I still roll down the window and downshift/accelerate every single time I hit a tunnel It's the first car that I will genuinely miss when I change rides.

[edwinm3]

They don't care about how much you make if your scores are low.

[Sy546]

Originally Posted by Sam335ix

Geez man where is everyone's priority in life? After taxes your left with dick in your hands and now dish out 12k a year not including taxes? I guess to each their own.

agreed. If you make $100k/year. roughly $6000/month depending on where you live. $1000 car payment + insurance + gas = stupid decision. No wonder the OP has bad credit bc of cc debt

But if you are going to do it, i don't think you will have a problem. If you have 0 late payments or negative history on your auto loans you should be able to get approved at a near prime rate. Even with a 800 and no auto loan history it is hard to get approved. Ive seen plenty of people with bad credit scores but good auto loan history get approved for near prime rates.

[clubspec330i]

Originally Posted by S.hasan546

agreed. If you make $100k/year. roughly $6000/month depending on where you live. $1000 car payment + insurance + gas = stupid decision. No wonder the OP has bad credit bc of cc debt

But if you are going to do it, i don't think you will have a problem. If you have 0 late payments or negative history on your auto loans you should be able to get approved at a near prime rate. Even with a 800 and no auto loan history it is hard to get approved. Ive seen plenty of people with bad credit scores but good auto loan history get approved for near prime rates.

Totally agree with S.hasan546. I was in OP's situation 4 years ago when the economy tanked and I had to take a pay cut. Though, I was already financed my E90M+mortgage+CC. I took a 2nd job to payoff CC and E90M. With increased in salary, my mortgage is now 15% of my take-home. My financial rule of thumb is 12 months of emergency fund before taking another car loan...regardless of finance amount.

To OP, no one can stop you from getting new M3/M4. If it makes you happy, go for it. After all, it is your money.

Good luck.

[m20e3087]

I am also considering waiting year or 2 and get the MY16 in 2015 or 2016. By doing this I can clear major amount or almost all of my cc debt. I hate to wait but you gotta do what you gotta do to survive and prioritize. Also by waiting year or 2, I will most likely to get crazy good deal on ED, and my sal should be 12% higher as well.

[C17MooseDriver]

Originally Posted by clubspec330i

Totally agree with S.hasan546. I was in OP's situation 4 years ago when the economy tanked and I had to take a pay cut. Though, I was already financed my E90M+mortgage+CC. I took a 2nd job to payoff CC and E90M. With increased in salary, my mortgage is now 15% of my take-home. My financial rule of thumb is 12 months of emergency fund before taking another car loan...regardless of finance amount.

To OP, no one can stop you from getting new M3/M4. If it makes you happy, go for it. After all, it is your money.

Good luck.

That last statement isn't true. If you're not paying in cash, then it's really the banks money.

[absoluteis350]

Originally Posted by C17MooseDriver

That last statement isn't true. If you're not paying in cash, then it's really the banks money.

[06WhitePorsche911]

Thank you everyone for the info...