BMW FS Instant Approval?

[Dennis885]

I'm looking to lease and a BMW and was worried my credit wouldn't go through due to some negatives from 5 years ago.

I applied through their website and it said allow 12-24 hours for an approval.  Within 15 minutes I got an email saying it was approved.   It almost seems too easy, does anyone know exactly what the approval email means?  Am I definitely good to go?

I'm assuming it could mean I'm approved but not necessarily at the buy rate, although that would be ideal.   I am working with a broker and was hoping his dealers finance person could bump it to top tier.

My last lease was with Honda and I had to take second tier (or the dealer played me into thinking so).   

Just anxious and looking for input while I wait!  Thanks!

[4sallypat]

Leasing thru  BMWFS is usually easy but remember the MF (interest rate) will vary depending on your credit profile and how much BMWFS will extend to you.

Also very important is how the dealer writes up the lease offer.  Dealers are very independent and can write up good and bad offers.

When I first started in the BMW world over 20 years ago, I was young and didn't have much of a credit profile and was given a $350/month lease max and started with an E90 (328i).

Then as I stuck with the brand, I saw the monthly limits go up.  I currently have paid off a 528i and BMWFS keeps pinging me with $3,000 loyalty credit as well as the local offers.

Now after 6 BMWs, I have reached the maximum - BMWFS pre-approved me for up to $1000 / month but I am not ready at this momemt as car prices are just astronomical.

The only "bargain BMW lease" that can be had currently for a good deal are: 2021 i3 BEV (scarce inventory), 330e PHEV, 7 series demo loaners.

Try LeaseHackrs.com for other peer users deals...

[Dennis885]

Thanks.

I am using a broker through LH, great site.  I'm also aware deals aren't great right now, I'm getting a big discount off MSRP but there's no incentives other than an OL code I have.

However, I'm ready for something new and netted a decent chunk of change in equity off my last lease which Makes this one sting less.

[Dennis885]

I was approved at the "elite" tier one below "super elite"

Waiting on numbers but hoping that's good enough for the buy rate Money Factor.

[4sallypat]

Congrats on the approval.

Just remember not to put any  money down (downpayment).

If you want to lower your MF and get a lower monthly, use the equity towards a refundable MSD.

[atst2000]

I've purchased three BMW's and all have been financed with BMWFS (2 personal 1 biz). 
All have been great experiences. 

With BMW they are very loyal too, I've heard of others going for another car with them later with lower credit than before, and they were approved again. 

Just make sure you find a good dealer (which sometimes can be hard). 
Personally I'm not a fan of leases
I did lease once with Mercedes-Benz and long story short, I won't lease another car...ever...but everyone is different. 

If your in the Dallas/FW or Columbus Ohio area I can point you to a decent dealer