BMW Financial Expert

[adabsi]

A little background to me. I finally got all the negatives of my credit report except 2 accounts that are reported paid in full. I have an auto loan through Santander Consumer USA for 25% apr, I've had it for 6 months and I plan to pay off within the next 6 months, Payment on it is 621/mo for 72. I know Im getting raped but that's what you do sometimes when you need a car.

My Credit Profile

TU -648

EQ-606

EX-592

Now these are all auto enhanced scores as I pulled it at the dealership

Income is 110k a year

I have a Wells Fargo secured card that is being upgraded to unsecured in November Limit is $300

KOhls/Cape One card Limit $300

My oldest is acount is a collection account from 5 years ago from an old college card from Bank of America that is paid in full

My rent is $800, no other obligations

Will I get approved on 2015 BMW M4, I can put up to 15k down but i know the cardinal sin on a Lease is money down

Obviously I will not be trading in, I will pay off my current BMW with Santander before doing this

and oh I live in Iowa, go Hawkeyes

[credit-hunter]

I would ad a few thousand to the WF card to insure a higher credit line when it unsecure's  just my 2 cents 

[adabsi]

@credit-hunter does that really work. Should I just add it or call them to make the increase. That's a grea

[adabsi]

I wonder if that will interfere with the unsecuring

[credit-hunter]

OP add money to the acct and it won't have any effect on the unsecuring of the card ....good luck

[sam818]

I'm curious. Did you get your M4 lease under reasonable terms?

ALSO, you mentioned your auto-enhanced scores were:

TU -648

EQ-606

EX-592

Any idea what your non-enhanced scores were at the time? I'm just trying to get a feel for the auto-enhanced margins.

Finally, which score and bureau did BMW Finance use?

[delviacv2]

They always pull experian, I have many loans with them, I think their minimum score is 550 for them

[adabsi]

@sam818 I got a conditional approval. I have to trade my car, put 3k down and also the maximum security deposits down so total 9k down and 1300 a month on 15k a year lease on a 82k msrp M4. I passed. I will try again at the end of summer when the 2016 is coming out and I have a higher EXP fico score

[B335is]

---

@adabsi wrote:
@sam818 I got a conditional approval. I have to trade my car, put 3k down and also the maximum security deposits down so total 9k down and 1300 a month on 15k a year lease on a 82k msrp M4. I passed. I will try again at the end of summer when the 2016 is coming out and I have a higher EXP fico score

---

Good move waiting.  I'm a huge fan of that M4, but 1300/mo is really getting into M5 territory for a lease price.  Two years ago BMW advised me they consider 680+ Tier 1 credit.  You'd probably see that payment drop to around $900-950/mo.

[sam818]

@adabsi  In your pre approval:
- which score (auto or regular)
- and which bureau did they use
- and did you discover what that score was? Over 600?
And did they stip you for a lot of documentation, tax returns etc?