BMW Question - Leasing with positive equity

[Anonymous]

Newbie here.Have been following these forums but could not get answers.

Looking to lease 2013 BMW X5.- $549 per month offer ( In NY)

I already am paying my acura TL.Car , currently worth 18k, I owe 14k on it.I want to trade my TL for X5.

My Scores are EQ :669 and TU : 658

Total Credit Card Debt : 30K  / 75K total limit.

Current car payment: 390 p/m.

Totall income : $105000 p/a.

I don't have downpayment more than what is required for the lease.

Since my scores are mid 650 avg,do you think I will be approved considering my DTI?

I have paid off two autoloans in the past.One of the autoloan had 60 day late from 2005. Since then, I don't have any late payments and both the loans are paid off in full.

[Elcid89]

It's possible. You're close to marginal scorewise for BMW Financial, and your utilization is high.

Also, is that $18 figure the retail value or wholesale? I'm doubting that you'll get the full $4000 that you seem to be expecting out of the Acura.

So, they are left with: you earn $105,000 per year, but have ran your credit cards up to a high level and for some reason can't come up with any cash for a downpayment. That sends red flags.

Bets suggestion is to just go talk to the dealer. If their F&I guy can sell the deal, he will.

[chopperacn]

I was in a similar situation coupe of years ago and traded in my wife's Acura for X5.

I can tell you for a fact that getting approved with BMW is easy as they go mostly by Auto Enhanced Fico.They pulled EX for me here in NJ.

As long as your Auto history is pristine, you should be good.CC Utilization at 40% did not matter to them.

[mtrsprt]

You would be lucky to get more than $12,000.00 trade in for the Acura.  Sell it outright.  In this economy, dealers are shooting for 15-25% below NADA TRADE value on trade ins........

[Anonymous]

you would be to lucky to more than dollars in many for you tarde in acura.sell it outright. dealers are shooting for new FICO trade in this seasons.

[mtrsprt]

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@Anonymous wrote:

you would be to lucky to more than dollars in many for you tarde in acura.sell it outright. dealers are shooting for new FICO trade in this seasons.

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Ummmmmm....... OK......  What?

[dabrian]

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@Anonymous wrote:

you would be to lucky to more than dollars in many for you tarde in acura.sell it outright. dealers are shooting for new FICO trade in this seasons.

Please put down the Jack Daniels before posting.