BMW FINANCIAL SERVICES

[nycsimone]

I've finally gotten any negative information off my credit reports and I'm ready to spoil myself with a BMW lease.

My credit scores are all around the 700 mark with Experian the highest coming in at 717 (fako). My utilization is around 3when'd I'm planning to get ito down to around 5% so that should boost my score by 10-20 additional points.

I'm 29 and have a 10 year credit history. I have 1 car loan for $4000 that was paid off 8 years ago, and have had my current loan for 1 year...$26k loan with a 4.79% interest and a $439 a month payment. Never late..actually 1 payment ahead.

my revolving line of credit is around $11000 (5 different cards).

my income last year was a little over 60k and it will be about the same this year.

My rent is $850 and I also have $250 a month in student loans.

I'm looking at a BMW with a price tag around 5butane my payment will be around $600 a month with a lease.

do you guys think I will get approved by BMW?

[Remember0]

5butane? Weird typo haha.

Anyways, will the current auto loan that you pay 439/mo be traded in? Or are you keeping that car?

[nycsimone]

5butane what does that even mean? Stupid iPad.

I will get rid of my car either through a private seller or trade into a dealership. I have no use for 2 cars.

The thing that worries me is all my inquiries. Over 10 inquiries on each bureau And not too much car payment history.

[Creditaddict]

should be fine.

[coterotie]

BTW,

BMW pulls Experian.

[nycsimone]

Experian? Good...I think that's actually my highest score. My "Experian plus score" is a 717 as of right now. When I lower my util from 35% to under 10% it should jump up to 730 or so.

[Remember0]

Yeah, I predict you'll be approved with no issues at all. Hope you enjoy the new car.

[Hammer23]

Top tier at BMW is 675 and higher scores... All lease factors (like interest on a purchase) are .00130, and the dealer can mark this up. Make sure you ask them to show you the lease factor they are using. Check Truecar or Edmunds to price the unit you want and it will give you a pretty good estamate of the invoice so you can haggle the price down. 

[nycsimone]

I thought BMWFS leases are simply approved/denied?

[Hammer23]

No they have 4 or 5 tiers and the lease factor increases for lower scoring applicants, 

675 is where their "tier 1" rates apply,