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BMW Lease Question

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New Visitor

BMW Lease Question

Hi,


My wife will be apppying for a BMW X5 lease in the next few weeks and we've just discovered there is a single 90 day late on a student loan from 5 years ago. We checked her payment history and it looks like she paid, so we're in the process of disputing that.

 

In the meantime, her FICO 8 is 703, not sure what her FICO 8 Auto is but will find out. She has only had one car loan and made all payments on time.

 

My question is, should we wait for the dispute to finish before applying? Or is over 700 FICO sufficient?

 

Thanks!

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Regular Contributor

Re: BMW Lease Question


@bnalloc wrote:

Hi,


My wife will be apppying for a BMW X5 lease in the next few weeks and we've just discovered there is a single 90 day late on a student loan from 5 years ago. We checked her payment history and it looks like she paid, so we're in the process of disputing that.

 

In the meantime, her FICO 8 is 703, not sure what her FICO 8 Auto is but will find out. She has only had one car loan and made all payments on time.

 

My question is, should we wait for the dispute to finish before applying? Or is over 700 FICO sufficient?

 

Thanks!


On my last BMW purchase in 2015, they pulled Eq Auto 9, EX Auto 2, Ex Auto 8, TU Auto 8, but I can't remember which one they used.  I want to say it was TU Auto 8 since that was my highest at the time (727).  You should be fine with your score.  They should give you a print out of your scores and tell you which one they will use.  Good luck!

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Super Contributor

Re: BMW Lease Question

I'm going to guess you should still be ok for tier 1. I would suggest looking for a courtesy loaner and asking for a higher discount.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
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