Lease with BMWFS??

[youngandcreditwrthy]

Haven't posted in  a while! Hey everyone!

Okay, so I really like the new 228i Coupe. I want it in Estoril Blue with Terra Dakota Leather. Currently have a paid for 09 328i Coupe with Saddle Brown Leather in Montego Blue Metallic(I LOVE HER!) Prob going to sell for $15-20k soon.

I have never leased a vehicle, but I have about 40k in student loans which I've NEVER missed a payment on. Just went into repayment recently. heh.. lol. I also have roughly 175k to $200k in avail cred per my siggy. Now, I have about 20k in cc debt ( I know that's bad, BUT it's all at 0% of course until June/July of 2015). My true FICOs remain as stagnant as every in the 680-700 range. I have no auto loan history though. aaoa is 3+ years, income is low six figs (let's say 100-150K).

So this is what I need help with:

Obviously, selling my 328i Coupe would net me a good chunk of change. I'm almost wanting to immediately get a new BMW via lease, but my instinct is telling me to wait until I sell my current car. If I wait, I can pretty much put all of the proceeds from the current Bimmer towards my cc debt, which would shoot my score up to the 720+ range- but I would wait til right before the 0% expires on my CC debt (banks love when I pay those balances off in full a week before the interest kick in LOL)

Im asking too if you all think I will get approved? again NO car credit at all. tons of revolving obviously. And I want the best terms to boot. I'm willing to take a higher payment ($500) if I can put the least down.

a few things I know: put MSDs (multiple security deposits) to get lowest money factor, don't put a lot down towards capital cost reduction, don't  mess up the car while in my possession HAHA!

So aside, from my plan of action (which I'm not sure of!) will I even get approved? I thought about doing a lease takeover on like Leasetrader or Swapalease, but I've read that BMW oft does not approve folks on those.

What advice can experienced BMW lessors give me? :-)

[grassfeeder]

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@youngandcreditwrthy wrote:

Haven't posted in  a while! Hey everyone!

Okay, so I really like the new 228i Coupe. I want it in Estoril Blue with Terra Dakota Leather. Currently have a paid for 09 328i Coupe with Saddle Brown Leather in Montego Blue Metallic(I LOVE HER!) Prob going to sell for $15-20k soon.

I have never leased a vehicle, but I have about 40k in student loans which I've NEVER missed a payment on. Just went into repayment recently. heh.. lol. I also have roughly 175k to $200k in avail cred per my siggy. Now, I have about 20k in cc debt ( I know that's bad, BUT it's all at 0% of course until June/July of 2015). My true FICOs remain as stagnant as every in the 680-700 range. I have no auto loan history though. aaoa is 3+ years, income is low six figs (let's say 100-150K).

So this is what I need help with:

Obviously, selling my 328i Coupe would net me a good chunk of change. I'm almost wanting to immediately get a new BMW via lease, but my instinct is telling me to wait until I sell my current car. If I wait, I can pretty much put all of the proceeds from the current Bimmer towards my cc debt, which would shoot my score up to the 720+ range- but I would wait til right before the 0% expires on my CC debt (banks love when I pay those balances off in full a week before the interest kick in LOL)

Im asking too if you all think I will get approved? again NO car credit at all. tons of revolving obviously. And I want the best terms to boot. I'm willing to take a higher payment ($500) if I can put the least down.

a few things I know: put MSDs (multiple security deposits) to get lowest money factor, don't put a lot down towards capital cost reduction, don't  mess up the car while in my possession HAHA!

So aside, from my plan of action (which I'm not sure of!) will I even get approved? I thought about doing a lease takeover on like Leasetrader or Swapalease, but I've read that BMW oft does not approve folks on those.

What advice can experienced BMW lessors give me? :-)

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you shouldn't have any issues getting best rates at those scores....

[Luscher]

You have good scores and income. You got this!

[youngandcreditwrthy]

Thanks.. But are yall sure? So you all dont think lack of auto loan credit/history would have a negative impact?

I srsly have NEVER had an auto loan. Have had credit cards+student loans for 7+ years though...

[Creditaddict]

Not an issue.

BUT if you dont' mind paying $500/month why not buy it on the current 3.11% special for 72 months.

$35,000 would put you at $530 and some change basically.

otherwise if you really want to lease I'm seeing a special of about $339 for 36 months with $4kish down.

I would prefer to see that be a 24 or 27 month lease and under $1k down... not sure about BMW with residual but you really should be able to nogotiate under $350/month for 24 month lease with under $1k down despite what that lease special says... however if you are adding anything and since EVERYTHING is an add on wth bmw are you really getting the base base which is like $32k and some change? Every $1k you add to financing will be about $15-$20/month payment increase and every $1k in lease will be closer to $30 I believe it is

[youngandcreditwrthy]

Creditaddict! I LOVE your thinking.
A few things though-
The MSRP I am looking at is a low of $35k. If I go with the M235i, that quickly jumps to $45k+.
So $45k of financing would be in the 600-700+ payment wise over a 72 month term. In addition, this large of an auto loan would SCREW my debt to income, which I need to avoid at all costs. I wouldn't mind having a $15k lease show up, then finance it out for $20-25k at lease end.
I've asked a few dealers- lowest on a $39k msrp lease for 36 mos is $450'ish with nat ad specs. For M235i is around $700. They tell me the national ad doesn't include taxes or any of the other bs.

I actually would PREFER to do a much shorter lease (24 months, maybe even 18) and prob finance the residual after lease end. Will BMW even do a lease for 24 months though? And would the payment not generally be higher since depreciation occurs more rapidly at drive off?
Imo, BMWs don't really depreciate all that bad as compared to domestics bc they are actually great vehicles. Because I love my current car is the only reason I'm even considering leasing a 228i. Boy.. These salesmen Ive contacted are trying everything they can. The payments always seem too high compared to nat ad. Now the nat add is $309 for 36 months. They keep giving me a money factor of .00169, which is really about a 4% rate. Not bad, BUT 8 security deposits will get it to .0012 they say. Does this seem correct??

[Creditaddict]

Get a infinti G37, you can lease that for under $1k down and 24 months at under $315/month with premium and navigation!!
4% seems extreme when you can finance for less!" From the same bank!

[youngandcreditwrthy]

Ehhhh... I might try that. I don't like Infinitis all that much.

And what makes you so sure of that kind of a deal? Does infiniti have pretty brown leather and sparkly blue hues? Haha I need those features!

[Creditaddict]

I had a $700 down $308/24 month lease deal before.
Recently a dealership here advertised $199/month!

See I'm not a BMW guy
Give me 339HP!!!

[youngandcreditwrthy]

Where are you if you dont mind me asking! Did some research... Infiniti has wayyyyy lower money factors. I'd be willing to get a Q60 Coupe 😎 for the right terms of course!