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Member
x2rippx
Posts: 9
Registered: ‎10-03-2012

Will i get approved for a lease w /BMW Financial Services w/ thin credit file?

[ Edited ]

Eq: 719(fico)

Tr: 695 (fico)

Ex: 726(plus)

 

1 year credit history with cap one 750CL, 3 months Amex NPSL, 1 week Chase freedom 3k limit. Never a balance, i pay full each month, utilization on cap one and amex 20-60%. No collection, no prior negative history. Income about 18k a year.

 

I want to take over a lease for about 330-400 for 30 months. What you guys think my chances are for approval? Thanks

 

 Also i might add, this is my only credit history (credit cards), i never leased or bought a car. So it would be my first time. I dont have a co-signer.

Regular Contributor
SE7EN57
Posts: 177
Registered: ‎12-08-2012

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?

To be honest I wouldn't do it. No real history and only 18k a year won't get you approved to take over that lease. If I were you i'd take 330-400 a month and put it in your savings account for a down payment later down the road.

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Community Leader
Senior Contributor
StartingOver10
Posts: 3,819
Registered: ‎03-06-2010

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?

^^^Agree with the above. High lease payment and only $1500/month gross income to support it makes for a very risky situation. How would you pay your other expenses (rent/mortgage, insurance, food, utilities etc.)? The auto insurance alone will be massive.

Member
x2rippx
Posts: 9
Registered: ‎10-03-2012

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?

My gross is 25k. Also i have money saved up for a down about 20k. The reason i wanted to lease was due to the low monthly payment, and its a new year model, low down payment. Again, were not buying a car so please im not going to put a big down on a freakn lease. 

 

Member
x2rippx
Posts: 9
Registered: ‎10-03-2012

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?

Also do they actually want income verification? like pay stubs? i could easily put 30k or little more on the app
Moderator
Revelate
Posts: 8,357
Registered: ‎12-30-2011

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?


x2rippx wrote:
Also do they actually want income verification? like pay stubs? i could easily put 30k or little more on the app

They may ask for income verification; also if you misrepresent your income on a loan application you could be considered guilty of fraud.  While I frankly think the likelyhood is pretty low, it's always better to be truthful on applications: namely, worst case you simply get denied... whereas if you misstate your income, you could wind up in jail, and that's not necessarily the worst case either.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Community Leader
Senior Contributor
StartingOver10
Posts: 3,819
Registered: ‎03-06-2010

Re: Will I get approved for a lease w /BMW Financial Services w/ thin credit file?

[ Edited ]

I was responding to your inquiry to lease, not to purchase.

You will have a rough time since it is your very first vehicle and your credit is brand new and the income is not there for the type of payment you need to make on the vehicle you have chosen.

 

This is going to sound harsh to you: From your post, it sounds like you are either still at home with your parents where they are paying all your housing expenses (vehicle insurance, rent, food, utilities, etc) or you have alternate sources of income that are not verifiable. Getting into a lease is a long term proposition.

 

Right now you have some savings and no expenses, will it be that way for the entire term of the lease? If so, than get whatever vehicle you desire.

 

If you plan to move out on your own at sometime in the next 3 yrs or whatever lease term you sign up for, just make sure you have the cash sitting in your account to continue the payments until the lease termination. There is almost nothing worse than trying to recover from a repo. Given your original stated income, if you were supporting yourself, you wouldn't be looking at a $400/mth payment for a vehicle + the required vehicle insurance.

Member
x2rippx
Posts: 9
Registered: ‎10-03-2012

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?

[ Edited ]

ok guys lets get back on topic, i can afford it. Lets get back to my question, how hard is it go get approved? have you guys seen other members get approved? with the same income and credit etc

Regular Contributor
SE7EN57
Posts: 177
Registered: ‎12-08-2012

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?


x2rippx wrote:

ok guys lets get back on topic, i can afford it. Lets get back to my question, how hard is it go get approved? have you guys seen other members get approved? with the same income and credit etc


NOPE!

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Community Leader
Senior Contributor
StartingOver10
Posts: 3,819
Registered: ‎03-06-2010

Re: Will i get approved for a lease w /BMW Financial Services w/ thin credit file?


x2rippx wrote:

ok guys lets get back on topic, i can afford it. Lets get back to my question, how hard is it go get approved? have you guys seen other members get approved? with the same income and credit etc



Not with the data you provided.


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