BMW - TIER 1 Approval : Low FICO Scores

[Anonymous]

Sorry for starting a New thread on this.Just wanted to share with all..

My Sister - in law got approved for a lease on new 328 XI - standard lease rates.She applied online and got approval in few mins.Called Customer Service and got to know that they approved her for TIER 1.

Her FICO's are on the low side : EQ : 642 and TU : 656, EX : Dont know.

They pulled EX .She has two 30 days late payments on her past auto loan from May 2006 , which was closed out successfully in May ,2010 and another current auto loan cosigned for my Brother and may be that contributed to her getting TIER 1 rates?

I guess BMW only wants to see if you have any successful closed Auto loans on your CR.

[daisyduke]

BMW Financial may have used auto enhanced scoring. in which case, her scores could have been higher than what you posted.

There are other factors to be considered when getting an auto loan, such as income, length at job, etc.

You can have mid 700 fico's and still get turned down if your income doesn't support the payment...at least, that's my guess.

[Anonymous]

Successful close goes a long way with any financing company.

[Anonymous]

Leases do not "Tier"  the same way financed transactions work.

With no information on how much she put down, how long the lease, what mileage and what payment, we have no way of knowing exactly how great a deal she got.

Closed loan history do work well, but with no othe rknowledge,  Her income, DTI or anything else we have no way of knowing what kind of deal or what all parameters applied.