[bmkman]

Wow...I am surprised your BMW dealership would run a credit check on you if you are paying cash but I also can't understand why it would lower your credit score.

Here is my 2 cents. They probably ran a credit check on you because they want to sell you something else. I know my salesman wanted to sell me another car after he sold the X3.

Your credit score should not be lowered unless they put some kind "of lien" on your credit...meaning like monthly credit cards and utilities payments show up on your credit rating because it shows your ability to pay your bills and your delinquency(if you are paying your bills on time.) It also shows potential lenders who might have claims to your future earnings so if your dealership does not have any claims to it...get them off!!!

Are you sure you did not apply for some kind of BMW credit card or loan at the time of purchase?

It's pretty standard procedure if you are paying cash to hold your car until the cheque is "cleared" ...in other words they receive all their money in the bank.

I would contact your Credit Agency immediately to clarify the position you have with the BMW dealership...so you won't have any problems applying for loans or credit cards in the future.

I personally think you did the right thing paying cash for the car. I know people overspend because they think they can defer/spread out payments. I heard of one guy in the office saved the cash to pay for his M car but instead took a lease and put the money in the market. ( unfortunately he took some risky investments ) He had to sell at a loss his leased car because he need the money for his mortgage. He still has his house but no BMW.


PS I am not a lawyer or an accountant so please do not consider this as legal or financial advice. I do not live the US but I believe my financial services system is similar. Good luck.

Oh I forgot to mention I did pay cash for my car and no BMW credit check necessary. I also did the math for my personal TAX situation and there wasn't a major difference so cash was the best option for me. Sometimes the discounts are less with leasing or financing because the dealership understands the tax advantage for business owners so they charge you more or discount less. Remember the BMW Financing/leasing are in a way their own entity so they need to make their own margins...this is not a free service...but sometimes they have internal discounts not available to cash deals to promote leasing/financing which give you a better deal. You need to do the math.