topic Re: Trading recent auto purchase for BMW lease in Auto Loans

Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 17:37:43 GMT

So I know I'm crazy and will surely get lots of "just wait and learn from mistakes" type responses for asking about this, but the forum has been so helpful to me in the past that I will hopefully get a few good responses.

I recently cleaned up my credit, went on a spree, and bought a new car. When buying the car I could not decide between buying or leasing, and a wrx or bmw 235i. I did some reading and went with the wrx and buy option as this would be my first auto loan, and heard leases were harder to qualify for.

Now all I can think about is I should have leased, and I still really want the BMW (which I could only afford lease payments on anyways).

I have only had the car a month, and am wanting to start planning on trading it towards a lease in 6-12 months. I have about $6500 in equity in the car currently and expect that to be about the same in 6 months as I pay more down, and it's a subi that holds resale well.

My credit scores (auto enhanced included) are all over 720, income over 50k, and I have very low monthly expenses. AAoA took a major hit after spree and car, I have zero baddies on report and less than 9% until on 25k available credit.

I understand taking a hit on depreciation, and the benefits/drawbacks of leasing. I am willing to live with these and accept them.

Do you guys this I will have issue qualifying for the BMW lease offerings if I try to do this in 6-12 months based on the brief history I gave ?

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 19:26:20 GMT

You are not going to be chided for going with a loan. We all make mistakes. You should be fine trading it in 6-12 months for a lease.

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 19:35:32 GMT

I appreciate the feedback !

I hope everything will be solid in that time frame. Currently I'm in a position where leases will fit me and my life style better. I wish I would have taken this route to begin with.

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 19:37:46 GMT

@Anonymous wrote:
I appreciate the feedback !

I hope everything will be solid in that time frame. Currently I'm in a position where leases will fit me and my life style better. I wish I would have taken this route to begin with.

It is not too late. Consider it a minor bump and a lesson. The 6 months will come soo so hang in there..

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 19:51:36 GMT

Thanks again. These boards have helped me so much.

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 23:15:52 GMT

@Anonymous wrote:
Thanks again. These boards have helped me so much.

You are welcome!!

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 23:17:53 GMT

You guys have any insight into the BMW lease requirements?

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 23:28:22 GMT

I was going to give you some really good advice but I can't be friends with someone who says "subi".

Re: Trading recent auto purchase for BMW lease

Anonymous — Tue, 05 May 2015 23:30:12 GMT

Haha, to each his own man :-) I love the car, just left me still wanting the other.

Re: Trading recent auto purchase for BMW lease

ezdriver — Thu, 07 May 2015 14:14:34 GMT

I would go to the BMW dealership and ask to speak to the finance manager. Let them know what your plans are and what can they do for you to help you achieve your goal in that tmeframe. You'll take a hit because the trade-in value would be WHOLESALE VALUE. Also, you won't make much of a dent in the outstanding loan balance in that timeframe.