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Regular Contributor
Posts: 152
Registered: ‎03-29-2009
0

BMW Leasing offer "question"

I have been looking to trade my BMW 3 series in for a new 2011 5 series. I have never leased a car before but one of the salesman at the BMW dealership was helping me out a bit telling me i can lease a 2011 5 series for under $750 if i trade my car in. I am paying $600 for my car now. Do you guys think my credit will be good enough to lease a new 5? There around $50-55k  payment will be around $700-750.  If i put more money down i can get the payment down to $650...

 

Income:60k per year 8 years on job.

Experian Score 720
10 Accounts Positive:

Credit Card 1300 limit 2 yrs old
Credit cards $2600 limit 2 yrs old
Credit cards $325 limit 1 1/2 yrs old
Credit Card $300 limit 1 1/2 yrs old
Credit Card $5k limit 5 yrs old
Credit card $12,000 limit 9 yrs old
Personal loan $220 limit 2 yrs old
Auto loan $16k high $14k Left 5 Months old
1 closed small child support paid
1 closed credit card
2 Accounts Negative:
Repo ( co signed ) repossessed  in 2008
1 Collection $200 dollars 2 years ago

9 Years of Credit history 3 Year average
Credit available 75%

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Equifax: Score 690
5 Accounts Positives
Credit cards $325 limit 1 1/2 yrs old
Credit Card $300 limit 1 1/2 yrs old
Credit card $12,000 limit 9 yrs old

Auto loan $16.9k high $15.2k Left 5 Months old
1 closed small child support paid
as agrees

1 Accounts Negative
1 Collection 14k

9 Years of Credit history 2 Year average
Credit available 88%

Epic Contributor
Posts: 23,341
Registered: ‎10-23-2007
0

Re: BMW Leasing offer "question"

The repo might be a problem.

also are those scores pulled by the dealer or where? I would suggest you buy a fico report

Fico Scores: EQ- 668 DCU., TU 704 Best Buy, EX 700 Chase (2/5/15)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
67 Cards and Counting :smileytongue:
Regular Contributor
Posts: 152
Registered: ‎03-29-2009
0

Re: BMW Leasing offer "question"

They are "TRUE" Fico scores...

Valued Contributor
Posts: 1,320
Registered: ‎04-18-2009
0

Re: BMW Leasing offer "question"

You have a lot of good things in credit portfolio - but that repo from 2008 will most likely hurt (not sure if BMWFS uses auto enhanced scoring) alongside with trying to finance a car 55k on a 60k a year salary might put you out of reach.  Good luck to you whatever you decide.


Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


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Regular Contributor
Posts: 152
Registered: ‎03-29-2009
0

Re: BMW Leasing offer "question"

Thanks!

Should i have them pull my Equifax only? That is the only report where it doesn't show a repo.

Epic Contributor
Posts: 23,341
Registered: ‎10-23-2007
0

Re: BMW Leasing offer "question"

 


keikdasneak wrote:

Thanks!

Should i have them pull my Equifax only? That is the only report where it doesn't show a repo.


a lot of times they pull multiple reports and some places will use your better score, would be something you could talk to finance manager about.

 

Fico Scores: EQ- 668 DCU., TU 704 Best Buy, EX 700 Chase (2/5/15)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
67 Cards and Counting :smileytongue:
Regular Contributor
Posts: 152
Registered: ‎03-29-2009
0

Re: BMW Leasing offer "question"

ANYONE?

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: BMW Leasing offer "question"

[ Edited ]

ANYONE?

 

If you are referring to having them pull your EQ report, there is no guarantee that they will use your EQ report. You can ask the finance manager at the dealership but do not be disappointed if they do not do as you asked. 

 

EDITED TO ADD;

 

I also do not believe it is a good idea for you to lease. You would end up with absolutely nothing when lease is over. You may end up with extra wear and tear charges. You may end up with over the limit mileage charges. I do not know how much money you have into your present vehicle accept that you pay $600 a month. All equity you have in this present vehicle will be lost and any negative equity will be put into your new lease. Leasing for personal use is really a losing proposition IMO. 

 

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
Posts: 286
Registered: ‎05-02-2007
0

Re: BMW Leasing offer "question"

The lease might go through, but the question is do you want it?  With 60K income, leasing a car that would essentially be equivalent to one-year's income is pretty lofty.  The rule of thumb on buying a car is 10% monthly income for the payment, or 1/3 annual income for the price.  At 60K, your monthly income is 5K pretax, so the lease would easily be more than 15% of your pretax income. 

 

It's tempting to lease, but it's expensive.  The 5 series is nice....but why fall for the sales pitch and ship out more money for the car?

Regular Contributor
Posts: 152
Registered: ‎03-29-2009
0

Re: BMW Leasing offer "question"

Okay thanks.

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