Blah peoplefirst. BMW gave me 4.99% and peoplefirst 7.35%. What the heck? Needless to say, I'll be going with BMW Financial.

Ryan

 

I guess there is a small blemish in your credit report. This like this can happen. Glad to hear you got your financing sorted out.

 

Actually, my credit report is perfect. No lates, no collections, spotless. I can't understand why peoplefirst didn't offer me their best rate? Oh well.

 

>>Actually, my credit report is perfect. No lates, no collections, spotless. I can't understand why peoplefirst didn't offer me their best rate? Oh well.


That's too weird. May be you have too much debt to income ratio? If your credit record is spotless then it makes no sense with Peoplefirst bumped you down to the lower or lowest credit tier.

My credit is excellent and Peoplefirst always gave me the lowest rate advertaised...not even BMW financial services could touch it.


Anyway, glad it is sorted out.

 

Cabbagetoe,

Something must have pulled down your credit score. Perhaps it's the ratio of debt to income or the debt-to-credit-limit ratio or something like that. I dissolved a business partnership 8 years ago, and I got stuck with some company debt on my personal credit card. While trying to get it all resolved with my business partner, I developed some negative entries on my credit report. Even with one negative entry remaining, I got a better rate from BMW finance. Still, 5% isn't bad. 8% was a great rate a few years ago.

See ya,
JS

 

I just want to give a word of caution to those of you looking for financing options. DO NOT USE AMERICREDIT!! I cannot stress this enough. I had a deplorable experience with them, and cannot list the number of people who have had bad experiences with them. My Mini dealership told me that they cring when they find out someone is going to use them.

Peoplefirst did look to be a good lender. Borrow with caution. If you can, borrow from MINI Financial or a local lender. I went through Mini and love thier Customer Service.