BMW Lease New to the forum

[mscookie30]

Does anyone know which report is pulled for BMW lease and requirements. Interested in leasing 2013 528i. I am making purchase in Georgia but I reside in Jackson, MS. Credit is 701 Exp. Eq Fax 698, I make $98k, no auto loan history, usually cash. My 2000 528i was initially in my sister's name, so she got all credit. It was paid off back in 2006, so no car payment since then. The car was totaled in July, I have cash from payout but only was put down $1500 -2000 & keep rest in my bank account. Also, how does insurance work on a lease.

[roxxor]

Hi mscookie30, welcome to the forums!

When I had a previous loan through BMWFS, they had pulled TU. When I had the dealer check my score in April, they pulled my EX. I reside in Florida, and my understanding is they will probably pull all 3 and go with the highest of the bunch.

Insurance on a lease will require you to have full coverage, and of course whatever the state minimums are for MS. Your scores are decent, but with no auto history it may impact your Auto-Enhanced score, which is what the dealer will probably use, and they may require you to have a co-signer or a large down payment.

Good luck, keep us posted! The 528 is a nice car, I'm still trying to decide between a 5 series or a 3 series when I go for a new car this spring.

[mscookie30]

What would be considered a large down payment. I have the cash the insurance paid me for my totaled 528i. I'll also take a look at the 3 series. Thanks Roxxor,

[09Lexie]

Welcome to the forum.  Without a previous auto loan I would guess 10%- you might be able to get it down to 5% but keep in mind you are going to need funds for tax, title, etc.  

What payment are you trying to get?

[mscookie30]

I gave sales mgr my info. but he has not ran credit app. I wanted to keep payment in $550 range. He's offering $1000 down payment $585 a month, $1500/$570, and $2k/$555.74. They have a promotion going on. I do have cash, money from totaled vehicle and bonus from job. Of course I don't want to give it all to BMWFS. Lol I also have a few cards I could pay off or pay down. That wld bring my credit score up, wait a couple of months then apply or would that be wise choice.

[HoldingOntoHope]

If your credit score is already at or above 700 then even paying down utilization and raising it further is not going to have a significant effect on auto lease rates. I don't know what BMW's promotional cycles are like but I do know on most makes the dealers offer some pretty serious incentives at the end of the year (December) to move out cars before taxes are assessed. At least in California.

You may want to check in with at least one different dealership to see if they can give you even better terms than your current offer.

[mscookie30]

Roxxr,

You were correct but I did get the car.  I leased the 2014 528i.  $2500 down, payment $588 for 36 months, not the $1500, 576 payment I was anticipating.  My score dropped all the down to a 610 with auto-enhanced.  I have no car credit, saved and paid cash for last 528i BMW.  They did give me the $1000 off for loayaly, dropped the sticker considerably to keep my business.  They wanted $5,500 with $576 afer they ran my credit.  ed will def. bring my score up, how many on time payments will it take before to bring my score up.

Your insight was helpful and got me prepared for the worst.  Thanks again

[mscookie30]

Yes, I qualified for tier 1 leasing.  The dealership gave a decent deal considering my auto-enhanced score dropped me to a 610, which was a big disappointment.  They pulled Experian. $2500 down, $588 payment for 36 months.  Im happy, they are happy.  All is well.

Thanks

[09Lexie]

That's a good deal with tier 1 credit  -scores in the low 600's. Not bad at all !

[Startome]

And after this, you'll have a good auto enhanced I hope =)