Finally at the dealer!
 

The dealer found an X5 with most everything I wanted. It had just left the factory before they could get it on a truck heading here. So it went to New Hampshire, then was trucked back down to Maryland.

I haven't been this excited about a new car in many years. I think that deep down I always wanted a German (BMW) car. I also didn't give any consideration to reliability, resale value, overall usefulness etc. I simply went out and bought what my gut said I wanted. Also, I'm a huge fan of diesels and have wanted a good performing diesel "SUV" for a long time. When I saw a couple of weeks ago that BMW was selling diesel X5's, I knew right away I would buy one. Mine arrived at the dealer tonight and I'll be going to see it tomorrow.

Here are the spec's:
X5 xDrive35d
Monaco Blue metallic
Sand Perforated Nevada Leather
Active Ventilated Seat Pkg.
Cold Weather Pkg.
Premium Pkg.
Technology Pkg.
Comfort Access
Head-up Display
Satellite Radio

I'm having the iPhone connector and a Hitch installed at the dealer.

Dave.

Congratulations! :thumbup:

Congrats! Nice combo. Post pics when you get it.

Nice! I waited two years for BMW to release the diesel in the U.S.

Enjoy!

Craig

Congratulations! Are you dealing with Annapolis BMW? They seem much better to deal with that the previous owners (Tate). Enjoy your ride.

Thanks everyone.

It is Annapolis BMW. I didn't even realize they changed owners before I went there. And yes they are much better. I been there before (looking) and have friends that have bought from Tate. It had a pretty bad reputation as far as friendliness. My experience has been good. Only problem I've had is that they wait to the last minute to let me know what's going on with the transfer and getting my financing going. I think all dealers do the same though. They always wait until the car is in before doing any financing work etc.

FYI - Is anyone here knowledgeable about credit scores and BMW credit in particular? For some reason, my score is coming in below what they say BMW usually allows. This is for the 2.9% rate they are currently offering on my model. The finance guy told me that he can't figure out why some peoples scores are lower, even though (like me), there are no negative payment problems. It seems that they score you based on some formula of income/debt ratio? My question is, how do they know how to do this? Do they actually take what you tell them on the credit app and use that? I don't see how that gets into the score so how do they know what my income is? I pay everything on time and in full. In any case, he has to talk to someone "higher up" tomorrow. He told me that he feels strongly that I should be getting the preferred rate. I'm financing every bit of it with no cash at all. That may make it a little harder but should still be doable.

Thanks for any info you guys have.

Credit scores are done by the credit agencies using a "secret proprietary" formula with a lot of quirks, e.g., if you charge $3,000 a month and pay it off completely every month, they may still show the same as someone with a $3,000 balance paying the minimum every month.

This article might be enlightening:

Anatomy Of A Credit Score

Thanks for that link. I actually learned a couple of things. One problem I think I may have is that I probably have my credit lines with high balances. Then when I'm done "using" that money, I pay them in full. So I don't have many long term loans/payments. Also, I haven't had a credit card of any kind for at least 15 years. Sounds like that actually hurts my score! Go figure. I think this whole system needs to be redesigned based on all the problems we have had recently. It obviously has flaws.

> I haven't had a credit card of any kind for at least 15 years.


Bingo!

Your score is probably low because without any credit cards, you have no credit card payment record. This, in their convoluted thinking, adds uncertainty, as you don't show a record of on-time monthly payments.

If I were you, I'd push the dealer and suggest purchasing the vehicle hinges on getting a good finance rate. Sometimes the dealers have some influence and can push things through... but only a limited number of times. So they often don't "go to bat" for people unless they really think the sale hinges on it.

Penguin,

I have other ways to show my credit worthiness though. I have paid off a 2004 Ford Excursion (38K), a 2004 Escalade (60K), a 2007 Escalade (60k), my wifes 2004 GX470 (50K), all on time (or early) and without ever being late. This was all within the last 5+ years. Also, I have a primary mortgage and two rental property mortgages. All paid on time. The system seems really flawed from my perspective. They really seem to value those people who have lots of different credit cards and pay them over a long time. I tend to pay my stuff off early a lot of the time.

And yes, they are telling me that they are going to figure this all out. It's just a real pain and I'm trying to learn something at the same time. I'm really kind of surprised that the credit bureau formulas haven't changed since they seem not to have worked so well recently! After all, I'm one of the ones who is still current on all three of my mortgages. Crazy.

Thanks for all the info everyone.

Penguin,

You're right about the sale aspect. I am sticking to my guns right now. The first thing that the CA suggested (several times) is that I kick in some cash. That's not the point I keep telling him. The finance guy isn't saying that at this point either. I think he really feels something ain't right and he seems to be challenged to get this deal done at the original terms.

Penguin's got it right. There should be no "waiting" for them to get back to you. Rather they should be told that the rate is part of the deal or there is no deal. Walk away and see how fast the rate will appear!

I don't think the dealer can do much if BMW FS does not approve the loan based on your credit score. They have an automated approval process where the only threshold is the credit score and you will be denied the loan unless you have the minimum score.

Penguin is right in that you need credit cards to get a high score. I am in a similar kind of situation with mortgages and the only car loan I have is on the X5 (could not refuse the .9% :D). The credit cards increase your available credit to balance ratio, so I would recommend that you get a couple of credit cards (you will probably not get much credit limit initially, based on what you say about your credit score), then put some money on the cards every month and pay entire sum off, after about 6 months you can ask the banks to increase the credit limits on those cards or get new ones with higher limits. You cannot even lock away the cards and never use them 'cause the banks close the account if the card has not been used for more than 18 months, happened to a few of my cards :|

The system is designed by creditors to fleece the consumers, I guess you have to play the system a bit to get ahead of them.

update?

Sorry for the delay in getting back. I picked it up and have been busy driving! What a fantastic vehicle. I wouldn't say that if it wasn't 100% true. This is the best car I've owned. I've got almost 1,200 miles on it already. I knew the handling was good, but what has surprised me the most I think is just how comfortable and really solid it feels on long highway stretches. That is what I was most worried about. That by having more emphasis on handling well, the highway ride would be compromised. Not at all I'm very glad to report. I'm getting 24 mpg (city/highway) so far. I think that's incredible for a fairly heavy (meaning safe and quiet) SUV. I'm confident that if I tried on an all highway trip I could get 30. I'm used to getting no more than 10/12 mpg overall on my last several vehicles so this is a 100% increase. We need a ton more diesel's in this country that's for sure.

I'll post some more impressions soon.

Dave.

Dave, anymore trouble putting fuel in?

Craig

Craig,

None whatsoever. Getting better with age.