BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Go Back   7Post - 7 Series Forum > BIMMERPOST Universal Forums > General Automotive (non-BMW) Talk + Photos/Videos

Post Reply
 
Thread Tools Search this Thread
      06-01-2021, 08:03 AM   #1
pookiemalibu
Second Lieutenant
pookiemalibu's Avatar
United_States
298
Rep
262
Posts

Drives: '21 X5MC
Join Date: Jun 2020
Location: The Panhandle

iTrader: (0)

Porsche Financial Service experiences?

Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.
__________________
_____________
PookieMalibu
Res Ipsa Loquitur
Appreciate 0
      06-01-2021, 05:53 PM   #2
Bumpinjeep
Colonel
Bumpinjeep's Avatar
United_States
5134
Rep
2,176
Posts

Drives: 2023 M2
Join Date: Mar 2017
Location: Redmond, WA

iTrader: (0)

Garage List
2023 M2  [8.00]
I don't remember giving any bank statements or anything to BMWFS for approval. I can't imagine Porsche doing anything like that either.
I would imagine that dealerships that cater to more, let's say, a credit dependent target audience, like domestic dealerships or KIA/Hyundai would require statements if you're going through their financial institutions. I'm sure more people default on those loans rather than higher end dealerships.
__________________
Present: 2023 M2 BSM W/Carbon everything, 6 Speed
Past:2020 M2C HS Executive, 6 Speed
Appreciate 1
Murf99314114.00
      06-01-2021, 06:48 PM   #3
lowside67
First Lieutenant
219
Rep
361
Posts

Drives: 2011 BMW 128i
Join Date: Apr 2015
Location: Vancouver, Canada

iTrader: (0)

Quote:
Originally Posted by pookiemalibu View Post
Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.
Wouldn't this just be a good question to ask either the salesperson you worked with, or the rep at PFS they are going to refer you to? Just seems like a very straightforward "A or B" answer that they could answer in 10 seconds versus some speculation on the internet...

-Mark
__________________
Appreciate 1
      06-01-2021, 08:48 PM   #4
pookiemalibu
Second Lieutenant
pookiemalibu's Avatar
United_States
298
Rep
262
Posts

Drives: '21 X5MC
Join Date: Jun 2020
Location: The Panhandle

iTrader: (0)

Quote:
Originally Posted by lowside67 View Post
Quote:
Originally Posted by pookiemalibu View Post
Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.
Wouldn't this just be a good question to ask either the salesperson you worked with, or the rep at PFS they are going to refer you to? Just seems like a very straightforward "A or B" answer that they could answer in 10 seconds versus some speculation on the internet...

-Mark
Agreed, but I think half the reason we are on these forums is to get outside opinions. People ask for lease help (albeit for BMWFS) all the time, why rely on what a stealership tells you?
__________________
_____________
PookieMalibu
Res Ipsa Loquitur
Appreciate 1
      06-01-2021, 09:51 PM   #5
Housekeeping
Lieutenant
596
Rep
469
Posts

Drives: 2013 BMW M5
Join Date: Mar 2016
Location: Earth

iTrader: (0)

Didn’t ask for proof here, although PNC was better
Appreciate 1
      06-01-2021, 10:23 PM   #6
Arcades
In The Rain
Arcades's Avatar
8022
Rep
6,191
Posts

Drives: '24 GT4RS, '24 Macan GTS
Join Date: Mar 2015
Location: SoCal

iTrader: (1)

Garage List
They don't generally ask or try to verify it, they never did for me.

What PFS and BMWFS all care for generally is not seeing a late payment on your record and good credit rating. So long as you pay everything on time, you are fine.
__________________
'24 Porsche Cayman GT4RS Arctic Grey "Alice"
'24 Porsche Macan GTS Dolomite Silver "Gina"
Appreciate 0
      06-02-2021, 12:58 AM   #7
dilanz03
New Member
dilanz03's Avatar
2
Rep
6
Posts

Drives: M3
Join Date: Aug 2019
Location: LA

iTrader: (0)

Are you sure that Porsche offers such financial services?
Appreciate 0
      06-02-2021, 08:53 AM   #8
gatorfast
Major General
gatorfast's Avatar
United_States
4947
Rep
6,846
Posts

Drives: 718 Cayman
Join Date: Jan 2008
Location: SoFla

iTrader: (4)

PFS didn't ask for any proof for me. Just ran my credit and that was it.
Appreciate 1
c1pher4477.50
      06-02-2021, 12:21 PM   #9
FC4
Brigadier General
2604
Rep
3,362
Posts

Drives: Yes
Join Date: May 2014
Location: US

iTrader: (0)

They won't. Regardless, this can only go one of two ways:

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
*complete process*

Or...

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
"We're gonna need to verify income."
"Oh, ok. But I read on the internet that you wouldn't."
"Huh?"
"Ok, hold on. I need to call my dad."
Appreciate 4
nicholasn261.00
MJBO2388.00
Cos270608.50
      06-02-2021, 12:27 PM   #10
Foggins
Restless
Canada
1332
Rep
1,032
Posts

Drives: M2C
Join Date: Oct 2015
Location: Dallas & Toronto

iTrader: (0)

Just ran my credit like any normal credit app, smooth sailing...was a couple of years ago but assuming it is the same. Now I wasn't buying a $300k Porsche though
Appreciate 0
      06-02-2021, 12:42 PM   #11
Darth One
drunk poster
Darth One's Avatar
United_States
6608
Rep
3,649
Posts

Drives: M4 GTS | E46 M3
Join Date: Jul 2008
Location: FL

iTrader: (0)

I've always been kinda surprised that auto lenders all don't ask for income verification, since that info isn't in the credit reports and they have no other way of knowing.

OP I respect your curiosity in starting the thread, but of course all this is easily solved by bringing your W2's when you go to sign the deal
Appreciate 2
      06-02-2021, 11:40 PM   #12
TheBingoBalls
Brigadier General
TheBingoBalls's Avatar
Canada
3742
Rep
4,637
Posts

Drives: BMW
Join Date: Mar 2011
Location: Toronto, Ontario

iTrader: (1)

Garage List
Quote:
Originally Posted by Darth One View Post
I've always been kinda surprised that auto lenders all don't ask for income verification, since that info isn't in the credit reports and they have no other way of knowing.

OP I respect your curiosity in starting the thread, but of course all this is easily solved by bringing your W2's when you go to sign the deal
Is the question why doesn't BMWFS always do it just as standard procedure or to what degree do they ask for it?

BMWFS does and quite often. Not saying that majority of clients are asked for income verification, but based on your credit or lack thereof, BMWFS will request it - usually 4-6 months along with some sort of written letter.

But if you have ever leased or financed a vehicle through BMWFS prior and never missed a payment or account was in good standing, that will almost always be a system approval assuming your income has not changed.

I would say BMWFS (at least the Canadian arm) is actually pretty good with credit risk (analysis). When you see enough credit applications and see the outcome and see what FS requires, they really do analyze each client and not just passively.
Appreciate 0
      06-03-2021, 01:35 PM   #13
SteveinArizona
Brigadier General
United_States
3086
Rep
4,210
Posts

Drives: BMW 530e
Join Date: Jul 2016
Location: Greater Phoenix

iTrader: (0)

Quote:
Originally Posted by Darth One View Post
I've always been kinda surprised that auto lenders all don't ask for income verification, since that info isn't in the credit reports and they have no other way of knowing.

OP I respect your curiosity in starting the thread, but of course all this is easily solved by bringing your W2's when you go to sign the deal
sort of what happened in the US with mortgages. When I bought my house more than 30 years ago, I had to put down 20% and prove my income. Now neither is often required.
Appreciate 1
RM72807.50
      06-04-2021, 06:20 PM   #14
Flacht3
Not Enough Garage Space
Flacht3's Avatar
1135
Rep
721
Posts

Drives: STO /765LTS/ Macan
Join Date: May 2016
Location: Yay Area

iTrader: (0)

YMMV - maybe you've got a sweet deal on the table but usually Porsche FS is not nearly as generous as BMW FS when it comes to terms and incentives. I would be sure you shop around and understand options before pulling the trigger (i.e. a car loan from the bank or CU...not saying don't buy the Porsche )
__________________
Appreciate 0
      06-06-2021, 11:38 AM   #15
F32Fleet
Lieutenant General
F32Fleet's Avatar
United_States
3487
Rep
10,273
Posts

Drives: 2015 435i
Join Date: May 2005
Location: Southeastern US

iTrader: (0)

Quote:
Originally Posted by FC4 View Post
They won't. Regardless, this can only go one of two ways:

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
*complete process*

Or...

*start process*
*Boomer salesman pecks away at keyboard while squinting at the screen*
"We're gonna need to verify income."
"Oh, ok. But I read on the internet that you wouldn't."
"Huh?"
"Ok, hold on. I need to call my dad."
Porsche has 75 yr old salespeople?
__________________
"Drive more, worry less. "

435i, MPPK, MPE, M-Sport Line
Appreciate 0
      11-15-2023, 08:46 PM   #16
pookiemalibu
Second Lieutenant
pookiemalibu's Avatar
United_States
298
Rep
262
Posts

Drives: '21 X5MC
Join Date: Jun 2020
Location: The Panhandle

iTrader: (0)

So to add to this thread. Mrs. Malibu ended up going with a Porsche at MSRP about a year ago. Although she wanted a 911, the wait time was too long (especially since we wanted European Delivery) and with two kids -- we only had a 6 month old when I started the thread -- it just wasn't practical anymore. So we cross shopped the BMW X6M/BMW X3M and the Cayenne S/Macan S (weird cadre I know). She wasn't a fan of the X3M styling, and the X6M and (to nearly the same extent) the Cayenne were just as much tank and fighter jet as my X5MC. The Macan S was the sweet spot. As a side note, she had to get a tire replaced and an oil change a few weeks ago and they gave her a base Macan as a loaner...YIKES...the get-up-and-go got up and went in the base vs. the S. It's definitely more sports car than SUV.

Ended up getting an allocation from an Orlando area dealer with relative ease. Got our Order # around Labor Day and the car was on the ground at the dealer on Black Friday. No income verification. Just usual credit check. Interest rates on their leases are SKY-F*CKING-HIGH. But she loves "Porschie" and it's the perfect car for her 5'2" frame. Completely smooth sailing. Not quite a BMW experience, but not far off.

Also, I explained to the CA/SA in advance our tax situation and how income flows through our household and he worked it out in the finance office. Happy spouse, happy house and our house is happy one year in...
__________________
_____________
PookieMalibu
Res Ipsa Loquitur
Appreciate 0
      11-15-2023, 09:08 PM   #17
chassis
Colonel
chassis's Avatar
6207
Rep
2,254
Posts

Drives: 9Y0 Cayenne S
Join Date: Mar 2019
Location: Einbahnstraße

iTrader: (0)

Garage List
Quote:
Originally Posted by pookiemalibu View Post
Good Morrow Fellow Bimmerposters,

Having dealt with BMWFS for a combined 20+ years in our family, we have no problem getting approved. Recently put a deposit with a Porsche dealer and was wondering what folks experiences are with regard to their income requirements. BMWFS basically just goes with stated income but I've heard PFS often wants proof. It's not a problem to provide it, but curious if there is any insight from the hive mind.
Are you familiar with rennlist? Try asking there, the audience is far more qualified than on a BMW site.
Appreciate 1
      11-15-2023, 09:51 PM   #18
dgoldenz
Lieutenant Colonel
1766
Rep
1,712
Posts

Drives: Vanquish, FF, 392 Wrangler
Join Date: Apr 2010
Location: Las Vegas

iTrader: (1)

Quote:
Originally Posted by pookiemalibu View Post
So to add to this thread. Mrs. Malibu ended up going with a Porsche at MSRP about a year ago. Although she wanted a 911, the wait time was too long (especially since we wanted European Delivery) and with two kids -- we only had a 6 month old when I started the thread -- it just wasn't practical anymore. So we cross shopped the BMW X6M/BMW X3M and the Cayenne S/Macan S (weird cadre I know). She wasn't a fan of the X3M styling, and the X6M and (to nearly the same extent) the Cayenne were just as much tank and fighter jet as my X5MC. The Macan S was the sweet spot. As a side note, she had to get a tire replaced and an oil change a few weeks ago and they gave her a base Macan as a loaner...YIKES...the get-up-and-go got up and went in the base vs. the S. It's definitely more sports car than SUV.

Ended up getting an allocation from an Orlando area dealer with relative ease. Got our Order # around Labor Day and the car was on the ground at the dealer on Black Friday. No income verification. Just usual credit check. Interest rates on their leases are SKY-F*CKING-HIGH. But she loves "Porschie" and it's the perfect car for her 5'2" frame. Completely smooth sailing. Not quite a BMW experience, but not far off.

Also, I explained to the CA/SA in advance our tax situation and how income flows through our household and he worked it out in the finance office. Happy spouse, happy house and our house is happy one year in...
Porsche has some of the worst leasing programs known to mankind.
Appreciate 0
      11-16-2023, 05:30 PM   #19
Donatello.
How's My Driving?
Donatello.'s Avatar
943
Rep
917
Posts

Drives: Hellcat & Miata
Join Date: Apr 2020
Location: US

iTrader: (0)

As long as you have a really good score & no late payments etc, you should be fine.

I can go out & buy a bunch of cars I cannot afford right now & the dealers would not ask for proof. It is quite puzzling at times.
__________________
2018 Charger Hellcat
2019 Miata 30th Anniversary
2021 CX-5
2009 Mazda6
Appreciate 1
      11-19-2023, 01:57 PM   #20
x622
Forced Induction Connoisseur
x622's Avatar
890
Rep
671
Posts

Drives: 23 X5MC / 23 720s
Join Date: Aug 2020
Location: AZ

iTrader: (0)

Garage List
2023 Mclaren 720s  [0.00]
2005 Honda S2000  [0.00]
2008 BMW M3  [0.00]
2023 BMW X5MC  [0.00]
1964 Ford Mustang  [0.00]
1968 Pontiac GTO  [0.00]
I have a really good score, excellent payment history, and a diverse portfolio. They still want to do proof of income on me even though I have massive credit lines and substantially larger loans that have been paid in full.

Last time I tried to do this on a 992 TTS, they wanted to do a colonoscopy and examine every k1, every one of my entities etc, to which I told them to piss off.
__________________
Oy vey, look at all these shekels
Appreciate 0
      11-19-2023, 04:24 PM   #21
dgoldenz
Lieutenant Colonel
1766
Rep
1,712
Posts

Drives: Vanquish, FF, 392 Wrangler
Join Date: Apr 2010
Location: Las Vegas

iTrader: (1)

Quote:
Originally Posted by x622 View Post
I have a really good score, excellent payment history, and a diverse portfolio. They still want to do proof of income on me even though I have massive credit lines and substantially larger loans that have been paid in full.

Last time I tried to do this on a 992 TTS, they wanted to do a colonoscopy and examine every k1, every one of my entities etc, to which I told them to piss off.
Yeah they should just loan you $200k without checking your debt to income ratio.
Appreciate 1
RM72807.50
      11-20-2023, 05:13 PM   #22
x622
Forced Induction Connoisseur
x622's Avatar
890
Rep
671
Posts

Drives: 23 X5MC / 23 720s
Join Date: Aug 2020
Location: AZ

iTrader: (0)

Garage List
2023 Mclaren 720s  [0.00]
2005 Honda S2000  [0.00]
2008 BMW M3  [0.00]
2023 BMW X5MC  [0.00]
1964 Ford Mustang  [0.00]
1968 Pontiac GTO  [0.00]
Quote:
Originally Posted by dgoldenz View Post
Yeah they should just loan you $200k without checking your debt to income ratio.
Yeah you don't get it. This was a company deal with corp tax returns and me as a PG.
__________________
Oy vey, look at all these shekels
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 10:34 AM.




7post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST