Need help!!

Hautemama · 04-10-2012, 02:10 AM

Hello everyone. I am searching for a new car and need help!! I am considering leasing vs purchase. I have bad credit, and since I have payment history with BMW they are willing to finance me. My rate will be 7.5-8.5 percent. I am in dire need of a car. I have the option to do a high mileage lease with Audi, my payments will be about 520/month, with 20,000 miles per year. Or I can do BMW, and go with a CPO 5 series traditional financing but I would need to put 10-12 K down payments would be 550/month. OR I could do brand new 3 series with select financing, 550/month with 8-10 k down and balloon payment of 15k at the end of the term (60 months). I don't have a lot of options, I just need to do what's right for me at the time. With the 5 series, I wouldn't plan on keeping it at the end, but the 3 series since it will be brand new and saves on gas I figure will benefit in the long run. And I could decide to sell it @the end. What do you think???

ENINTY · 04-10-2012, 06:35 AM

I think you should buy a Ford Focus for $18K and call it a day. The Focus is a good handling car, well built, will last for a long time and is less than half the price of a BMW.

///Mandy · 04-10-2012, 10:13 AM

Quote:

Originally Posted by Hautemama

I don't have a lot of options, I just need to do what's right for me at the time.

Purchase something in cash until you have your credit fixed.
The interest rates that are being offered to you are insanely high. Better to hold off on leasing/financing for now, work on fixing your credit then get something with an interest rate like the rest of us.

Hautemama · 04-10-2012, 01:22 PM

If I go to another dealership, other than BMW, because of my bad credit the interest will be twice as much. Around 11%. I'm planning to fix my credit and refinance within a year or so. Out of those three options, what would be the best for me?

mshanno1 · 04-10-2012, 01:37 PM

You have bad credit for a reason. So why don't buy something you can afford, instead of shelling out 36-38k for a used 5 series.

az34 · 04-10-2012, 03:37 PM

this is a BMW forum so many answers will be biased why dont you buy or lease what you like and can afford.

04-10-2012, 02:10 AM	#1
Hautemama Registered 5 Rep 4 Posts Drives: Black Join Date: Apr 2012 Location: Riverside iTrader: (0)	Need help!! Hello everyone. I am searching for a new car and need help!! I am considering leasing vs purchase. I have bad credit, and since I have payment history with BMW they are willing to finance me. My rate will be 7.5-8.5 percent. I am in dire need of a car. I have the option to do a high mileage lease with Audi, my payments will be about 520/month, with 20,000 miles per year. Or I can do BMW, and go with a CPO 5 series traditional financing but I would need to put 10-12 K down payments would be 550/month. OR I could do brand new 3 series with select financing, 550/month with 8-10 k down and balloon payment of 15k at the end of the term (60 months). I don't have a lot of options, I just need to do what's right for me at the time. With the 5 series, I wouldn't plan on keeping it at the end, but the 3 series since it will be brand new and saves on gas I figure will benefit in the long run. And I could decide to sell it @the end. What do you think???
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04-10-2012, 06:35 AM	#2
ENINTY Banned 188 Rep 3,415 Posts Drives: 2006 325i Sport Join Date: Jun 2006 Location: Virginia iTrader: (0)	I think you should buy a Ford Focus for $18K and call it a day. The Focus is a good handling car, well built, will last for a long time and is less than half the price of a BMW.
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04-10-2012, 01:22 PM	#4
Hautemama Registered 5 Rep 4 Posts Drives: Black Join Date: Apr 2012 Location: Riverside iTrader: (0)	If I go to another dealership, other than BMW, because of my bad credit the interest will be twice as much. Around 11%. I'm planning to fix my credit and refinance within a year or so. Out of those three options, what would be the best for me?
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04-10-2012, 01:37 PM	#5
mshanno1 First Lieutenant 37 Rep 358 Posts Drives: 2007 M Coupe Join Date: Dec 2011 Location: Atlanta, GA iTrader: (1)	You have bad credit for a reason. So why don't buy something you can afford, instead of shelling out 36-38k for a used 5 series.
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04-10-2012, 03:37 PM	#6
az34 Major 56 Rep 1,014 Posts Drives: 2009 z4sdrive35i 2008 x5 3.0i Join Date: May 2011 Location: montréal iTrader: (0)	this is a BMW forum so many answers will be biased why dont you buy or lease what you like and can afford.
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