BMW Lease

[Anonymous]

I am looking to get a New BMW lease (2015 X3), and was wondering if someone knew if I would qualify for the advertised rates with the following FICO scores, (EQ 685, TU 677, and EX 673)? I currently have a car loan with no missed payment, 9 years of credit history, and 2 medical bills in collections...

[Luscher]

You should get approved no problem, but most likely not at the advertised monthly payment....unless you put more into the cost cap reduction

[Anonymous]

In my experience, the FICO automotive score tends to be roughly 20-30 points higher than EQ's score.  If you are lucky, you might just make it to a 720 and get the tier 1 pricing.  Unfortunately..... your mileage may vary and 2 medical bills in collections doesn't sound promising.

[Anonymous]

I was just told by a BMW Finance Manger that BMWFS uses EX Auto Enhanced FICO Score... With no missed payments, and 5 years of auto history, I'm sure my Auto Enhanced score is better than my regular FICO score of 673, but by how much?

[grassfeeder]

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@Anonymous wrote:
I was just told by a BMW Finance Manger that BMWFS uses EX Auto Enhanced FICO Score... With no missed payments, and 5 years of auto history, I'm sure my Auto Enhanced score is better than my regular FICO score of 673, but by how much?

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I was approved through BMW for 0.9% with an Auto Enhanced of 690 22 months post Bk7.  You should have zero issues.

[Anonymous]

Thanks for all of your feedback! I found the SUV that I want a at the price I was looking for. I go in on Sunday for the test drive and hopefully come home with it. I'll let you all know what the outcome is.

[jim44]

Definitely let us know.  As far as car leases/loans medically collections don't weigh as heavily 

[Anonymous]

So, I was unable to make it to BMW on Sunday. I went in today with and have to admit,was a little nervous. Turns out that it was completely not needed. I had no problems getting financed for the advertised rate for a lease. I am loving my new 2015 X3 35i and appreciate all of your advise! PS, they used my  auto  enhanced FICO Score from Experian.

[Anonymous]

Congrats on the X3. What did they say your enhanced score was?

[Anonymous]

My auto enhanced score was 697