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Do I have a chance at a BMW lease?

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mikhro
Valued Member

Do I have a chance at a BMW lease?

Hi, looking for a little advice. Im interested in getting a lease, and actually I was planning to wait until next year to let some accounts age. But today I saw a special at my local BMW dealer for a 320i at $249 a month with $2,995 down for 36 months.

 

Here is a little background

 

Income: 50K

5 Credit cards

AAoA is 2.2 years (opened 4 new credit card accounts 2-3 months ago)

UTL: <10%

No collections

2 late payments 4+ years ago, but none after that.

Fico:

697 Equifax

726 Experian

701 Transunion

 

Now, what may hurt me is that I co-signed on a loan 1 year and 2 months ago. Always paid on time of course, but dont know how they would see this as its on MY credit. The car isnt mine, just that I co-signed.

 

If anyone thinks I should wait another 8 months or so to let my socre go higher, I might as well do that. But since I never leased a car, I thought I should ask what my best route is.

 

 

In the garden until June 2014
Message 1 of 10
9 REPLIES 9
Creditaddict
Legendary Contributor

Re: Do I have a chance at a BMW lease?

I don't see why you would have any issues with scores in the 700's... especially if you already have an auto loan your auto enhanced fico might even be higher than the scores you are pulling!!

Message 2 of 10
mikhro
Valued Member

Re: Do I have a chance at a BMW lease?


@Creditaddict wrote:

I don't see why you would have any issues with scores in the 700's... especially if you already have an auto loan your auto enhanced fico might even be higher than the scores you are pulling!!


Wow, didn't know there was an "Auto Enhanced Fico". It would be great if those scores would be higher than my regular Fico scores.

I thought I didnt stand a chance as I currently have an auto loan in my name, even though the car isnt mine, all I did was co-sign. I think I'll think twice before getting a loan for someone else in the future. Now that I want a car, this puts me in a tough situation with lenders, like the magic question "Why do you need a second car loan/ lease?"

 

Thanks for pointing this information out.

In the garden until June 2014
Message 3 of 10
Creditaddict
Legendary Contributor

Re: Do I have a chance at a BMW lease?


@mikhro wrote:

@Creditaddict wrote:

I don't see why you would have any issues with scores in the 700's... especially if you already have an auto loan your auto enhanced fico might even be higher than the scores you are pulling!!


Wow, didn't know there was an "Auto Enhanced Fico". It would be great if those scores would be higher than my regular Fico scores.

I thought I didnt stand a chance as I currently have an auto loan in my name, even though the car isnt mine, all I did was co-sign. I think I'll think twice before getting a loan for someone else in the future. Now that I want a car, this puts me in a tough situation with lenders, like the magic question "Why do you need a second car loan/ lease?"

 

Thanks for pointing this information out.


car dealers want to sell a car and frankly they could care less if you have 10 cars... the only time they will care or ask is if they get asked by the lenders they are trying to push too.... when my partner bought another car, they just wanted to know about keeping or getting rid of 2nd car and why.... question asked... question answered.

if they have a really hard time because of DTI or something maybe they would ask for proof someone else is paying but doubt it!

Message 4 of 10
emptypockets
Valued Contributor

Re: Do I have a chance at a BMW lease?

When I financed through BMW last year, it was for a second car (original car loan was still on reports), they didn't bat an eye or ask any questions. I don't think you will have a problem with BMW financial with your EX score (they usually pull EX).


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797
Message 5 of 10
Smiles123
New Member

Re: Do I have a chance at a BMW lease?

While I know it will get sorted by the dealer, I just applied online for BMW Financial for a 328i sedan tonight and got denied.

My FICO's are all above 750 (actually Myfico just updated today and I jumped to 778). I make well over $100k. No baddies. My utilization is pretty low...likely reported thus far is around 15-25% depending on the bureau and what they show as current balances, but my actual utilization is 4% once all of my cards finally post updated balances. I have a couple that are late in reporting.

However, I am pretty sure I got denied because I've never had an installment loan before. No student loans, no mortgage and no other loans. Maybe the current utilization they saw was too much.

Again, I know it will get handled by my guy at BMW...but it was still a big kick in the gut when the notification hit my inbox.
Message 6 of 10
Kratos-TM
Frequent Contributor

Re: Do I have a chance at a BMW lease?

This is why I wouldn't apply online. There is just something about the human interaction that gets things done. You won't have a problem when you go to the dealer, and you'll laugh at that denial.

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Message 7 of 10
Epcot
Valued Contributor

Re: Do I have a chance at a BMW lease?

Don't sweat the online denial. When you apply at the dealer they can work on your app to make it more appealing for BMWFS.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 849 EX 835 TU 841
Message 8 of 10
Smiles123
New Member

Re: Do I have a chance at a BMW lease?

Yeah, I normally would have just gone into the dealership, but I was leasing from a dealership 90 miles away (the Internet sales manager gives amazing deals). He wanted me to apply online, but we knew this could happen. However it was easily fixed yesterday morning when he got into work. I got my approval and drove home with my new car last night!! I'm in love.

They pulled Experian, FYI.
Message 9 of 10
webhopper
Moderator Emeritus

Re: Do I have a chance at a BMW lease?

Congratulations Smiley Very Happy

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 10 of 10
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