Doubling up on financing - please help!

[raisemyrent]

Hello fellow 1addicts,

this is my conundrum: I currently drive a Jetta which I have tried to sell for the last 2 weeks, and posted it anywhere I can think of. I have it financed and expect to pay it off as soon as I sell it. (I can cover the difference but no pay it off outright)
My 135i should be here VERY soon (2 weeks at most), so WHAT could happen if it shows up before my Jetta sells?
I can always hold it up and pick it up once I am rid of the Jetta, or pay for the 135i, WHICH I INTEND TO ALSO FINANCE, and then leave the jetta at a lot for consignment until it sells, or keep trying to sell it through the current means (websites and newspapers). Trading it in doesn't sound like a good option according to the blackbook's price on it.

My fear is: what if BMW financial services refuses to approve my credit based on the fact that they will see on my profile or whatever that I currently have ANOTHER car financed for the next 4 years?
Is that possible, or likely to happen? Are they like banks, who really want to make sure that you can definitely pay it off? Without talking to the walls, I could not realistically pay for both cars every month; it would be foolish.
Or are car companies more lenient and more focussed on getting you to sign over your life at any chance they get?

A good argument I would make, in that case, is that I have been pre-approved for mortgages that could pay for several 135is and Jettas (don't worry, I am not buying a house anytime soon).

Anyhow, addictions excite the nerves; the rantings of a concerned addict. Please advise.

[Dan203]

You'll probably be able to get some sort of financing, however the rate may be higher to reflect the increased risk of you having two loans. Although that depends on your credit score and income.

Also mortgages are not a good comparison as a) they are for 30 years, so the payments will be lower for a much larger loan and b) they're tied to an appreciating asset so it's usually easy for the bank to recoupe their money if you default.

Dan

[rossii]

Yes, BMW financial is a like a real bank. They will pull your credit and it your debt:income ratio is good and your credit is good you will get financed. However, my suggestion is to sell the Jetta from what I have heard Carmax is a good alternative to trading or selling car yourself. The dealer is not going to hold the 135 until you sell your car. I would give 1 week max before they will sell it.