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BMW Lease - Seeking Help!

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Anonymous
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BMW Lease - Seeking Help!

I am hoping to lease a BMW X3 within the next year or so. I currently have a car loan with 2 years left on it that I want to pay off and get rid of at some point. I've never leased before so I been reading up on it lately but have a few questions.

 

My current Fico Auto 8 score is: 697

Annual Household Income: $134K

I've had my car loan since early 2013, and had 2 or 3 late payments.

Messing around with BMW's site, it looks like the monthly payment will be between $500-600(add-on options).

 

What is the process for applying for the best lease and getting the car? Do I apply for the lease I want on BMW's site? If approved (do I have a chance?), do I just take it to the dealership? What about custom bmw orders?

 

Any advice or guidance is much appreciated!

Message 1 of 21
20 REPLIES 20
ashjt2011
Regular Contributor

Re: BMW Lease - Seeking Help!

What I did with my Genesis was go into the dealership. I had all my credit scores because I pay quite a bit of attention to myFico. I came prepared.

 

I asked the finance guy what scores would qualify me for "Tier 1" rates - which are the best rates they offer. They told me 700. My score ranged from 677-692 at the time I was in the dealership. I followed up with asking what bureau they normally pull, in which he told me Transunion. This happened to be my lowest score. He said they had the discretion to use other bureaus though depending on what one had my highest score.

 

He told me that if my highest score did come back at 692, he would call Genesis finance and get the approval to just bump me to Tier 1 so i got the best rates. At that point, I filled out my applciation in the dealership, right on their website and sure enough - my scores came back at 677, 685 and 692. Genesis agreed to bump me to Tier 1 so I could get approved with the best rates.

 

My advice: Be prepared, know your scores and ask the right questions BEFORE filling out the application.

Message 2 of 21
bigpoppa09
Established Contributor

Re: BMW Lease - Seeking Help!


@ashjt2011 wrote:

What I did with my Genesis was go into the dealership. I had all my credit scores because I pay quite a bit of attention to myFico. I came prepared.

 

I asked the finance guy what scores would qualify me for "Tier 1" rates - which are the best rates they offer. They told me 700. My score ranged from 677-692 at the time I was in the dealership. I followed up with asking what bureau they normally pull, in which he told me Transunion. This happened to be my lowest score. He said they had the discretion to use other bureaus though depending on what one had my highest score.

 

He told me that if my highest score did come back at 692, he would call Genesis finance and get the approval to just bump me to Tier 1 so i got the best rates. At that point, I filled out my applciation in the dealership, right on their website and sure enough - my scores came back at 677, 685 and 692. Genesis agreed to bump me to Tier 1 so I could get approved with the best rates.

 

My advice: Be prepared, know your scores and ask the right questions BEFORE filling out the application.


U mean Hyundai bumped u to tier 1.

Message 3 of 21
ashjt2011
Regular Contributor

Re: BMW Lease - Seeking Help!

Genesis is a seperate brand now, and therefore, they are trying not to associate Hyundai with Genesis.

 

They even spun off the finance department and its called "Genesis Finance" now. Even states it on my Lease docs.

Message 4 of 21
bigpoppa09
Established Contributor

Re: BMW Lease - Seeking Help!

Didn't know that thanks for sharing.

Message 5 of 21
Anonymous
Not applicable

Re: BMW Lease - Seeking Help!


@ashjt2011 wrote:

What I did with my Genesis was go into the dealership. I had all my credit scores because I pay quite a bit of attention to myFico. I came prepared.

 

I asked the finance guy what scores would qualify me for "Tier 1" rates - which are the best rates they offer. They told me 700. My score ranged from 677-692 at the time I was in the dealership. I followed up with asking what bureau they normally pull, in which he told me Transunion. This happened to be my lowest score. He said they had the discretion to use other bureaus though depending on what one had my highest score.

 

He told me that if my highest score did come back at 692, he would call Genesis finance and get the approval to just bump me to Tier 1 so i got the best rates. At that point, I filled out my applciation in the dealership, right on their website and sure enough - my scores came back at 677, 685 and 692. Genesis agreed to bump me to Tier 1 so I could get approved with the best rates.

 

My advice: Be prepared, know your scores and ask the right questions BEFORE filling out the application.


Thanks. I only checked EX and it gave a score of 697. So maybe it's best to apply in-person to confirm tier-1 rates? Or does BMW tier 1 start somewhere else?

Message 6 of 21
ashjt2011
Regular Contributor

Re: BMW Lease - Seeking Help!

I would wait, visit the dealership, and ask the questions before running any applications. I am not to familiar with BMW.

 

I browse the board quite often. I know some manufactures consider Tier 1 670 and above. I am not to sure though. But the sales or finance guy wiill tell you right up front what score they consider Tier 1, if you take time to ask the question.

Message 7 of 21
Anonymous
Not applicable

Re: BMW Lease - Seeking Help!

My experience with bmwfs and builds:

I applied online and was approved. 

I went to dealership (they had approval in the system) ordered my car. 

Appx 2 months later, car arrived, I signed paperwork, took car home. 

1 HP and the easiest car buying experience. 

 

Just fyi, I was approved during the 0.9% APR promotion, however when my car arrived and when I signed my paperwork, the promotion was 2.9% APR. BMWFS honored the 0.9% because my approval was good for 60 days till the EOM. 

Message 8 of 21
Anonymous
Not applicable

Re: BMW Lease - Seeking Help!


@Justagirl73 wrote:

My experience with bmwfs and builds:

I applied online and was approved. 

I went to dealership (they had approval in the system) ordered my car. 

Appx 2 months later, car arrived, I signed paperwork, took car home. 

1 HP and the easiest car buying experience. 

 

Just fyi, I was approved during the 0.9% APR promotion, however when my car arrived and when I signed my paperwork, the promotion was 2.9% APR. BMWFS honored the 0.9% because my approval was good for 60 days till the EOM. 


This is very helpful!!! Thank you. Do you know what your auto score was at the time and if that qualified you for their best rate?

Message 9 of 21
Anonymous
Not applicable

Re: BMW Lease - Seeking Help!

Your welcome! I can't remember exactly......I posted my score in the auto approvals around 12-24-16 (picked car up on xmas eve). My score did qualify me for the best rate. Good luck! 

 

Score was 708.

Message 10 of 21
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