Do I need to fill out credit application and provide further personal information to get a quote and rate?
Hi, I am thinking of getting a new BMW X1.
I'm a foreigner. I studied in a US graduate school for 2 years, and recently got a job and Social Security Number. I don't have a 'real' credit history, as it's been only 2 months since I started using my credit card (I only used a debit card when I was studying). I'm on my student visa now, which expires in 31 months, but I'm pretty sure my employer will file for a working visa in the next year.
I've been browsing the web for a small SUV, like Mercedes GLK, BMW X1, Audi Q5, Honda CR-V, Mazda CX5, and so on. So far, I test drove X1, GLK, and CR-V. And I'm more inclined to get X1, as it was the cheapest among the expensive cars. (+design, fuel economy, fun to drive). Anyhow I'm considering the basic sDrive28i with minimal options.(heated front seats, and maybe the sunroof).
As my status is unusual and I only have $10,000ish for a down payment, I'm thinking of financing, or even leasing if available. I filled out credit application at those three dealers. Every time the dealer told me I should file the application to give me a quote, and the rate, and I thought that's normal procedure. I just wanted to see how much I should expect to spend and if I'm eligible for a lease. Here question comes. Did I make mistakes? Have I provided too much information and made my credit rating even worse? Shouldn't they be able to provide the quote and rate, having data on my employment, salary, rent?
I just dropped the contacts to Mercury and Honda, as anyway I didn't want those cars, and I'm talking with a BMW dealer. As we discussed the term in front of his monitor, he had shown me some arbitrary rates, and some quote $1,000 above its invoice. He still hasn't given me specific quote and rate, so I asked him by email for the numbers we saw, as I hoped to crunch numbers and figure out what I should do.
But he answered that he cannot "go forward" without my documentation so I need to send him my employer's letter, copy of my visa, copy of my drivers license. It's ridiculous that he answered "Leasing at 30 month with $10K drive-off and your payment estimated at $205 a month if BMW give you a good rate. Purchasing at 30 months with $10k down and your payment estimated at $915 amonth if BMW give you a good rate." so I asked again what the good rate was, and he answers "I can't give you any rate because I don't know what BMW will give you. I will need all the information BMW requested from you in order to come up with rate to structure your lease or purchase." Is he right in this context? It feels very uncomfortable that the Mercedes dealer told me exactly the same thing. (And I ended up not having a quote).
Do I need to send the documents to just get the quotes? Or should I walk away and find another dealer? If so, how should I approach them?
I'm sorry for this long story. Thank you for reading with patience, and I ask for your advice.