BMW Financial

[Anonymous]

Currentl Lease an X5 this is my 3rd lease with BMW. In 7-8 months my lease will be up and I will be looking for another BMW. Super scared my Credit has a few late payments from 2 years back for a College Loan that this will destroy me for approval. My Current Scores as of 5/15/19

Experian - 723 (shows the late payments)

Fico Auto Score - 8 - 738

EQ - 733

TU - 762

No matter how many times I dispute these late payments (4) from 2 years ago aren't coming off.  They are with Nelnet.

[marty56]

Near the end of your lease I woulds take a copy of your CR and go to a local CU that does leases and see what they say.  It may not cost an INQ but if they want you to apply, you can if you want and if they pull from the CRA that BMW does, the 2nd INQ may not count since it is for an auto loan.

[Caardvark]

BMW Financial uses FICO 8 Auto. I can't speak for their leases but for their top-tier rate to buy a BMW a 700 score is needed. 

I would assume a similar score is required to lease at the best rates. However, my advice would be to call the Finance Manager at the BMW dealer. They're more than willing to share what score is required.

[Shooting-For-800]

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@Anonymous wrote:

Currentl Lease an X5 this is my 3rd lease with BMW. In 7-8 months my lease will be up and I will be looking for another BMW. Super scared my Credit has a few late payments from 2 years back for a College Loan that this will destroy me for approval. My Current Scores as of 5/15/19

Experian - 723 (shows the late payments)

Fico Auto Score - 8 - 738

EQ - 733

TU - 762

No matter how many times I dispute these late payments (4) from 2 years ago aren't coming off.  They are with Nelnet.

I would think you would not have any issues.  

You have a history with BMW and your scores are over 700.

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[Anonymous]

Your scores are solid, you have a long and I assume solid relationship with BMW and the lates are 2 years old.  I am sure you will be fine.  As the lates age they have less impact a lender that has a long relationship with you knows very well if you pay on time.  Also BMW needs to move cars (they all do) so they have every incentive to lease you your next car.

[Brian_Earl_Spilner]

Your score is higher that 675 so you're good to go for the highest tier.

[Anonymous]

Does BMW pull all 3 FICO 8 Auto scores and take the mid score or do they rely on one bureau?  

And can anyone confirm what score ranges they assign to the top 2 tiers?

[Anonymous]

Bmw of mt Laurel, NJ finance manager told me their tier 1 is 720+ Experian FICO 8 Auto and 700+ tier 2. I applied with 686 and they shopped me to 3rd parties which quoted me 8.19%.