cancel
Showing results for 
Search instead for 
Did you mean: 

BMW Lease Renewal

tag
Anonymous
Not applicable

BMW Lease Renewal

Hello,

 

I have a lease through BMW finance that I return in May of next year. The dealership has already inspected my car (they said its pristine as well as under by 7,500 miles) and want me to order the next vehicle that I want. I'm unsure if I will get approved again for another lease because I lost my job back in September and missed a few credit card payments but NEVER EVER late on my lease. BMWFS rates me as exceptional payment history. 

My salesman called today and told me that he and the new manager were able prequalify me for another 3 series (although I looked for a cheaper 2 series hoping to get another car). He said he can get me in a 330i within the same payment range that I pay now and the same 2k due at signing I paid when I got this 320i xDrive in 2018. 

My finances are way better and I'm actually really close to paying off all my credit card debt. Some creditors have closed my accounts since getting to a zero balance which is fine. Just says paid account closed by creditor. I want to ask my salesman are they sure I can even lease another vehicle because of the hit to my score but I'm just too embarrassed to ask. 

These forums have been so helpful to me. This was how I was surprisingly approved for my car in 2018. I've never leased a vehicle before then so I'm not sure how the return and new lease works but I know you all will help me with the best advice. 

H E L P!

Melenie aka nervous as all hell. 

7 REPLIES 7
TGG_1976
Contributor

Re: BMW Lease Renewal

If the car is in pristine condition and only has a few miles on it, why not do a lease-buyout and keep it? Is there a specific reason you that you want to turn that car in for a new one? With a lease-buyout, you can finance the buyout amount (which is pretty much the same as financing a new car) for a lower price and the car would be yours?

Message 2 of 8
Anonymous
Not applicable

Re: BMW Lease Renewal

I won't get approved to finance the car if they run my credit now. The price of the vehicle isn't the issue it's more so my credit now. 

Message 3 of 8
Harvey26
Valued Contributor

Re: BMW Lease Renewal

@Anonymous  what is your credit score? I am sure you could do a lease buyout and get financed. Did you try doing a goodwill on your credit card payments to see if they can be removed.

Amex ED: 7K, Delta Gold Amex: 7K Macys Amex: 8K , Bloomingdales Amex: 1K , BOA Premium Rewards: 59.9K , Best Buy Visa: 7K , Banana Republic Mastercard: 5K Target Store Card: 2K VACU Mastercard: 11.5K Discover: 25K, Penfed Platinum Rewards: 12.5K, Apple Card:3K, TD Double Up: 15K,
Message 4 of 8
Scupra
Super Contributor

Re: BMW Lease Renewal

What are your current scores? I would assume you could lease again and just take a hit on the MF
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 5 of 8
Anonymous
Not applicable

Re: BMW Lease Renewal

when I got the car they checked my equifax and it was a 635. Apparently that's their company of choice. Today my equifax is a 556. 

Message 6 of 8
Anonymous
Not applicable

Re: BMW Lease Renewal

When I got the car they checked my equifax and it was a 635. Apparently that's their company of choice. Today my equifax is a 556. 

Message 7 of 8
Anonymous
Not applicable

Re: BMW Lease Renewal

I'm going to try a goodwill letter like you suggested and see if they'll agree. 

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.