BMW Financial Lease Approval Odds - FICO 601

[Anonymous]

My BMW Lease comes up in a Month and looking to trade in for another loaner lease. I’m currently paying 350/mo for a 330. They are quoting (without pulling my credit) $370 for an X3 2019 loaner. My ex fico auto 8 is a 601 and TU is 619 due to heavy (70%) utilization on but I have 100% on time payments. 3 auto loans for history - only 1 with BMW. Income at 90K. Will they verify my income? Will I get approved with a lower score? Thank you!

[DoctorManhattan]

It seems that you have a relationship with them so I believe they will approve you and verify your income as well. However, if you had a better CS when you leased that 330 you may get a different tier when they pull your new CS, but they can always play with tiers if they want to like bump you and such. GL!

[randomguy1]

SN checks out. It's possible but with a very unfavorable rate. Suggest working on that utilization. 

[Anonymous]

What do you mean SN?

[randomguy1]

Screen name checks out. 

[Anonymous]

Is there a better company to lease from with high utilization? I currently have a Benz as well. When I applied with a 610 they asked for no income verification and was automatically approved. Are there any other lenders like this?

[Anonymous]

Is there a reason that it sounds like you're worried about income verification?

[Anonymous]

I’m just unfamiliar with the process being that I’m self employed. It’s generally easier all around if it’s an automatic approval (like my last 3 cars) so that’s why I was checking.

[Anonymous]

Makes sense, but you still would be able to verify using the tax documents you file. There may be a little more paperwork but it should be relatively basic to do.

[Anonymous]

Yes and No. My last years tax info was my first year in business and I made next to nothing. This year my income is 5x but that tax return hasn't been filed until April. I can show the last year bank statements with high income? What does BMWFS generally prefer... and what's making you think they will even verify?