BMWFS/MINIFS Lease won't drop off...

[Anonymous]

So here's the deal, I had a Mini Cooper leased through BMWFS for about 16 months, before she was tragically totaled (I was OK thankfully!) After that happened, I decided to custom order a new Mini Cooper. It's been about 3 months since my car has been written off as a total loss, but it's still being reported on my credit report (Not negatively, but it's still there) My new car is about 2 or 3 weeks away from delivery, and I'm starting to get really worried that BMW won't approve me with my old lease still reporting. Granted, it was through them and I was never late or anything. What do you guys suggest I do? Thanks in advance

[Anonymous]

Is that your ONLY installment loan reporting?  If so, it's helping your score.  A credit profile with NO open installment loans can drop 15-30 points!

[Anonymous]

Yes it is, I just don't want there to be issues when I apply for the new lease in a few weeks when the new car is delivered...

[Anonymous]

It shouldn't be an issue.  If it fell off and your score fell, that could be an issue, if your score fell below BMWFi's minimums.  I believe they want to see 620 across the board.

[Anonymous]

I'm well below that at the moment lol. I was well below it when I got the original car as well. Hopefully they'll have mercy on me since I had the last car through them for a year and a half with no missed or late payments...

[iced]

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@Anonymous wrote:

I'm well below that at the moment lol. I was well below it when I got the original car as well. Hopefully they'll have mercy on me since I had the last car through them for a year and a half with no missed or late payments...

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I wouldn't worry yet. BMWFS tends to approve almost anyone with a pulse, though expect higher rates/money factors for lower scores.

[Anonymous]

True, true! Lol

[Anonymous]

Are you below it because of credit card utilization/maxed out limits?

I know they approve as low as 580 because I've seen it myself a number of times, although they usually require a hefty down payment at the subprime scores.

[nykos5000]

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@Anonymous wrote:

So here's the deal, I had a Mini Cooper leased through BMWFS for about 16 months, before she was tragically totaled (I was OK thankfully!) After that happened, I decided to custom order a new Mini Cooper. It's been about 3 months since my car has been written off as a total loss, but it's still being reported on my credit report (Not negatively, but it's still there) My new car is about 2 or 3 weeks away from delivery, and I'm starting to get really worried that BMW won't approve me with my old lease still reporting. Granted, it was through them and I was never late or anything. What do you guys suggest I do? Thanks in advance

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BMW will have record of your previous lease in their system showing your old lease completed due to a total loss so no worries there. BMW Finance keeps extensive records of all their leasees  

[Anonymous]

Thanks everyone. It ended up dropping off. Took 18 points off Experian, and 8 from TU. Lol. So I’m good to go now lol