BMW Lease denied - help

[Anonymous]

solved

[Anonymous]

If you've never had a car loan before, your auto FICO scores are probably even lower than what you showed, which is what BMW is probably using.  Not exactly sure what BMW Financial uses, but you can ask them for the score they used to determine your eligability.  In all liklihood, they used what's called an Auto FICO, which is a FICO subset that places more weight on car loan history.

My suggestion is to just get a cheaper car, establish a car payment history, build up your Auto FICO scores with that cheaper car then buy the BMW later.  It's not necessarily a matter of income qualifications, although that is a large part of getting approved, but your credit score plays a large part as well obviously, and considering you're young, you may not have that history established yet, at least not enough for BMW to approve you.

Getting that chaper car will not only build your auto FICO, but build your scores as well as you don't even qualify for tier 1 based on those numbers.

Good luck.

[Anonymous]

As for your business card, unless it's one from CapitalOne, most of them don't report on your personal credit and BMW wouldn't know about it.  More than likely as stated above, it has to do with your auto credit score which could be significantly lower than your Fico 08 scores.

[sccredit]

What is your auto loan history?  That is probably the reason for the low approval.  

[Anonymous]

Since you don't have any car payment history I will ask.  Why are you seeking a lease?  Have you really examined the ins and outs of leasing a car?  Do you understand GAP insurance?  10,000 miles/year is really not much and would be very easy to exceed that. 

Are you leasing so you can drive a better car for a lesser monthly payment?

[Anonymous]

Only lease a car if you plan on changing cars every 3 years or so and drive under the allowed miles. They can charge you .10-.35 per miles over the allowed 10k miles a year. Which is driving 840 miles a month 28 or so miles a day . Also I have never seen BMW lease offer with 0 due at lease signing.

[Anonymous]

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@Anonymous wrote:

Only lease a car if you plan on changing cars every 3 years or so and drive under the allowed miles. They can charge you .10-.35 per miles over the allowed 10k miles a year. Which is driving 840 miles a month 28 or so miles a day . Also I have never seen BMW lease offer with 0 due at lease signing.

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Most leases are available at 10,12 or 15K. (that's the 3 standard BMW options). All that changes is the residual based on which option you select.

BMW charges 15 cents per mile (plus tax making it 16 cents) for extra miles above your allowed amount, and can be purchased at that rate anytime fron initial signing up until 6 months before lease end. After that, it is charged at a higher rate (i believe 20 cents per mile)

All BMW leases come with GAP insurance included. 

I have leased 4 BMWs. All were $0 due at signing (other than first month's payment and title/license)

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Only lease a car if you plan on changing cars every 3 years or so and drive under the allowed miles. They can charge you .10-.35 per miles over the allowed 10k miles a year. Which is driving 840 miles a month 28 or so miles a day . Also I have never seen BMW lease offer with 0 due at lease signing.

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Most leases are available at 10,12 or 15K. (that's the 3 standard BMW options). All that changes is the residual based on which option you select.

BMW charges 15 cents per mile (plus tax making it 16 cents) for extra miles above your allowed amount, and can be purchased at that rate anytime fron initial signing up until 6 months before lease end. After that, it is charged at a higher rate (i believe 20 cents per mile)

All BMW leases come with GAP insurance included. 

I have leased 4 BMWs. All were $0 due at signing (other than first month's payment and title/license)

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So it's not 0 due at lease signing. You need to give first month and tax lic and doc fee. Which is what lots of dealership due less first month

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Only lease a car if you plan on changing cars every 3 years or so and drive under the allowed miles. They can charge you .10-.35 per miles over the allowed 10k miles a year. Which is driving 840 miles a month 28 or so miles a day . Also I have never seen BMW lease offer with 0 due at lease signing.

---

Most leases are available at 10,12 or 15K. (that's the 3 standard BMW options). All that changes is the residual based on which option you select.

BMW charges 15 cents per mile (plus tax making it 16 cents) for extra miles above your allowed amount, and can be purchased at that rate anytime fron initial signing up until 6 months before lease end. After that, it is charged at a higher rate (i believe 20 cents per mile)

All BMW leases come with GAP insurance included. 

I have leased 4 BMWs. All were $0 due at signing (other than first month's payment and title/license)

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So it's not 0 due at lease signing. You need to give first month and tax lic and doc fee. Which is what lots of dealership due less first month

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sure... i was referring to cap reduction/security deposit, etc etc....... but yes, your first month's payment is always due at signing.