In a really bad place :-(

[detdime83]

SO my lease is up on my 2009 BMW 328i in 4 months.  When I purchased the car I had full time, stable employment as a teacher. When my school district downsized, so was my contract. Over the past two years, I have struggle financially but only had one late payment on my BMW.  However, my credit cards suffered the most. Currently, my EQ is 493 and my TU is 530. Im almost certain BMW is not going to approve me for another lease. Anybody else had a similar situation?  Im currently, paying down my CCs but im not sure how thats going to factor into a new loan. :-(

[Anonymous]

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@detdime83 wrote:

SO my lease is up on my 2009 BMW 328i in 4 months.  When I purchased the car I had full time, stable employment as a teacher. When my school district downsized, so was my contract. Over the past two years, I have struggle financially but only had one late payment on my BMW.  However, my credit cards suffered the most. Currently, my EQ is 493 and my TU is 530. Im almost certain BMW is not going to approve me for another lease. Anybody else had a similar situation?  Im currently, paying down my CCs but im not sure how thats going to factor into a new loan. :-(

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Even though the 328i is the entry level BMW, it seems a bit pricey on a teacher's salary.  From the OP, it seems like your only problem is being unable to lease another brand new BMW.  If you absolutely must drive a BMW, why not takeover your current lease and keep the car?  Alternatively, just get a more affordable car...?

[cdtotten]

Surprisingly, if you have not had issues in the past with a financing arm, they are extremely likely to work with you again on another car, no matter what your situation is. Now, missing a payment doesn't help your cause, but that doesn't mean that you have no hope. Tend to agree though - when your credit is shot though and you lost your job, driving a BMW doesn't make much sense.