2017 BMW Lease - Fico Score 8 = 610 - Will I get approved?

[Anonymous]

Looking for a new car and I want to lease a BMW 4 Series.  My Fico Score 8 is a 610, I just pulled that today 3/15/2017.  I have never had an auto loan before but I have owned a home since 2006.  I have some issues with late payments on the mortgage but that has been current for the past 6 months.  CC usage is right at 33% with 39K in CC limit.  My annual verifiable salary is $200K with 9 years at the same employer.  I know my score should be higher and I'm working on that.  But I want to finally get myself a car that I really like.  Will I be able to get approved for a lease?  Have the ability to get a co-signer with at 700+ score and more verifiable income than I have but I don't want to have a co-signer if I don't need one.  Any help would be appreciated.

[willwar14]

Here's a few things to know with BMWFS (I did this research before I leased my 550i)

1.) They pull Experian, and a Auto Fico (not Fico 8) of over 675 gets you Tier 1

2.) Dealers are allowed to markup the Money Factor by 0.00040, so watch out for that. Usually BMW's MF is around 0.0014

3.) Use Security Deposits to lower the Money Factor, they allow a max of 7.

I would go buy a Experian report from here and get your Auto Ficos, it will give you a more clear picture of what your looking at. I hope this helps, if you have any questions please PM me .

[Anonymous]

My experian Auto Score is 606.  What kind of security deposit do you think I'm looking at to get to a good rate.  

[Anonymous]

As stated above you can buy the Money Factor down by placing the equivalent of up to 7 monthly payments, these are refundable at the end of the lease so they are a popular way to go about reducing the monthly payment.  

As a general rule if you have the income you will pretty much also get financed, the question is always the terms.  I doubt anyone can give you any solid information because your likely tier 4 and the terms change all the time.  I would go to the dealer and see what you can work out.  Read the leasing guides here and other places so you know how to break down the terms and understand what your getting into.  Personally I would consider buying instead so you can refinance in a few months when your scores improve.  With your scores I suspect the money factor will be very high, perhaps the equvalent of double digit interest.

[Anonymous]

Thank you.  I was wondering what 7 security deposits were going to do vs just 1 large one.  But now I understand, 7 months of security deposits on payment.  I have definitlely done my homework on what the terms mean.  I'll be pretty good once I sit down with them.  The reason why I want to go with a lease is because with my business I have some good tax breaks with a lease.  I think the buying is an interesting option now that you have put it in those terms.