Approved for BMW Lease w/ 617 score...

[Andy77]

Just wanted to share my story which might benefit others...

Went to a BMW dealership the other day and got approved for 47k lease, 3 years, 10k year, 6k down, & 525 w/ tax month (they also ate the 2100 negative equity on my auto loan w/ Penfed on my current car)

Score was 617

Bk discharged 9/2009

Had 98k in debt  out of 108k total credit (at 97 % utilization) on CR and income is 275k

Had two closed trades from BMW on report, another auto loan bal with penfed, & one lease with Lexus paid off and closed.

Wanted to share my miracle just in case it might help someone else lease

[settleordelete]

Congratulations in your new auto.

[Anonymous]

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@Andy77 wrote:

Just wanted to share my story which might benefit others...

Went to a BMW dealership the other day and got approved for 47k lease, 3 years, 10k year, 6k down, & 525 w/ tax month (they also ate the 2100 negative equity on my auto loan w/ Penfed on my current car)

Score was 617

Bk discharged 9/2009

Had 98k in debt  out of 108k total credit (at 97 % utilization) on CR and income is 275k

Had two closed trades from BMW on report, another auto loan bal with penfed, & one lease with Lexus paid off and closed.

Wanted to share my miracle just in case it might help someone else lease

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Is ur score so low cause of utilization?? Damn owing 98k on credit card interest alone will kick ass but ur making 275k a year what's 1-2.5k a month in interest??

[RonM21]

Congrats on your approval. Your pay should be able to handle that.

[Dj4Money]

 Your not suppose to put money down on a lease but if that's what works for you, great.

 Are you more happy about the approval and do you know all your lease details? 

[Anonymous]

Congrats on your BMW!    I'm surprised they didn't say anything about your ut?  I guess your income makes up for it!  One day in the near future.  Working on serious HVAC commercial partnership.  Good for you!  

[Anonymous]

Nice.. Congrats.

[Anonymous]

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@Dj4Money wrote:

 Your not suppose to put money down on a lease but if that's what works for you, great.

 Are you more happy about the approval and do you know all your lease details? 

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I think lots of lease require down. They call it $$$ due at lease signing. Putting down also reduce ur monthly payment

[Dj4Money]

 Down and Due At Sighing are two different things.

 Down will reduce the cap cost (what your paying for the car) however. If something happens, you will loose that money because the insurance will only send a check to the finance company who owns the car, which isn't you.

 Make the dealer reduce the price of the car, it's very rare for a dealer to actually lose money on a car. If they do take a loss, they have a bonus check coming and don't care.

[Anonymous]

Congratulations on the car!

The real question a lot of people who might want to know is what is the model, MF and residual for your car?