BMW Financial - Approved

[cascade159]

Thanks to everyone on this board for their advice and support. I started six months ago with a 575 score on Equifax and got my current score to 689 (Fico / Auto-enhanced). I was approved yesterday for a 36 month lease from BMW Financial on a $53k 328i Convertible on their standard credit tier!

[MarineVietVet]

---

@cascade159 wrote:

Thanks to everyone on this board for their advice and support. I started six months ago with a 575 score on Equifax and got my current score to 689 (Fico / Auto-enhanced). I was approved yesterday for a 36 month lease from BMW Financial on a $53k 328i Convertible on their standard credit tier!

---

What rate did you end up with?

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[CrdtLrnr]

Congratulations on both raising your score and the new car loan!

[jeannieavc]

CONGRATS!!  I know how you must feel.  My score was 568 six months ago (now 692) and in November I'm going down to BMW for the 550 or 740.  It's good to see that you got approved for $53K with your score so close to mine.  Your car must be fully loaded to be so expensive for a 328i...but I bet you are loving it!  Can you post what you listed as income and did you need to show income verification? Did they pull all bureaus or just EQ?

[cascade159]

My income is $117,000 gross and they did not ask for pay stubs or any income verification.

I selected the following 328i Convertible:

Model 1140  328i Cv S  USD 45,000.00  
Color 300   Alpine White N/C  
Upholstery LCSW  Black Dakota Leather N/C  
Options ZVP     Value Package N/C  
6FL     iPod and USB adapter N/C  
205     STEPTRONIC automatic trans. 1,375.00  
494     Heated front seats 500.00  
4BY     Bamboo Anthracite Wood trim N/C  
609     Navigation system 2,100.00  
615     Online Information Services N/C  
620     Voice-command N/C  
639     BMW Assist with Bluetooth 750.00  
655     Satellite radio w/1 year sub. 350.00  
6AA     BMW TeleServices N/C  
6AB     TeleService Control N/C  
6UH     Real Time Traffic Information N/C  
         Net Total 50,075.00  
         Destination Charge 875.00  
         Gas Guzzler Tax N/C  
         Total Suggested Price 50,950.00

36 months, 10,000 miles per year, Los Angeles County

http://www.bmwusa.com/Standard/Content/FinancialServices/LeaseOfferDetail.aspx?enc=aOnCUj4AOe6kqFwbB...

I had $2k negative equity on my trade-in which made my payments $658/month for a 36 month lease.

[cascade159]

They initially pulled EX but I spoke the sales manager and asked them to pull EQ as it's much higher.

[jeannieavc]

Wow!  FULLY LOADED!  Very nice. Thank you so much for the information.  I don't think I will have any problems when I go down.  Our income is about the same.  Would I be able to ask how much you put down?  The only reason I am waiting for November is because I thought I would need probably atleast $15K down payment since all my scores are not in the 700's.  (EQ 692, TU 736, EX (from experian.com) 744)

[cascade159]

1st payment + government fees + 1 month sales tax ... so around 1300. Right now they have a special lease offer for first payment drive-off. You will have no problem with 700 scores and strong income.

[jeannieavc]

Great Deal!  Thanks so much for the info.  I will post my info after my purchase.

[blazerein]

After reading your post, I went to the BMW site and applied for 2011 328i sedan.  10 minutes later I got an email approval.  I print out the letter and went to the dealership yesterday and now I'm driving my dream car.  3 year lease and put down 1500.  Thanks all for all your help.