Quote:
Originally Posted by ReaperKK
A couple of questions for people who have ordered their bmw.
When ordering a car does your credit get run before you pick it up the car or right when you place the order and put the deposit down? I paid some bills recently which brought my utilization up and credit score to just below 700, should I just wait a few weeks before it goes back up before placing an order if it'll cost me a higher MF.
Another question that I can save for the dealer is that I want to do the PCD, I only live 70 miles from the plant but I'm also planning on trading my car in. What point do I give them my car for trade? I have my wife's car to get around but just curious.
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It seems to vary by dealer. Some dealers won't run a credit check until you're ready to pick up the car/sign the final paperwork, and some require filling out a credit application before you place the order. It also seems to depend on the type of order you're placing. If you're requesting multiple individual options, they will most likely require credit check at time of placing the order.
On that note, shouldn't your utilization decrease if you've paid off bills? Unless you're paying these accounts off and closing them too. Or do you mean you paid off bills with credit cards?
Also, how are you verifying your credit? Are you relying on sites like credit karma? Or are you actually paying for your score through myFico? I would strongly suggest paying for myFico as that will give you your actual auto lending score, which is what manufacturers reference when issuing credit.
In regards to your trade in. I would strongly suggest you treat your trade in as a separate transaction. If you negotiate sale price of the car as well as your trade-in, the dealer will most likely try to justify offering you a "good" deal on one end by making it up on the other end (i.e. give you a good % off MSRP but then give you a terrible valuation on your trade-in or vice versa). But by treating them as 2 separate transactions (not even mentioning you're trading a car in at time of MSRP negotiations), you're ensuring the dealer doesn't muddy up the deal.
You will also benefit if you get sale quotes for your trade-in with other methods (i.e. carvana, vroom, carmax, etc). I found carvana to offer me the best value for my previous car when I was selling it. The dealer was offering me about $1,500 less than what carvana offered.