BMW Lease

[Anonymous]

Hi folks: I'm new to the forums (and the US) and I've been working on my credit score. I'm at 610 right now on Equifax and 635 on TransUnion--I have a short credit history (only 2 years) and 2 30-day lates on my record (thanks to a payment problem with mycheckfree.com) that my creditors will not remove. Now that I've learned a thing or two about the credit scoring system, I've paid all of my credit card balances to zero. My question is, what is required to qualify for a lease at a dealer such as BMW? Will my score (once it jumps thanks to paying the balances) be too low at the mid 600's? Will my short credit history hurt me? Will my low credit limits hurt me (ie, the biggest limit I have is $100). I make a pretty good living (over 100K). . . will this be factored in? I have no other loans outstanding, have never had an auto loan or loan of any kind, and no bankruptcy etc. Any thoughts? Thanks

[CreditDrama85]

Score wise, you should be ok because BMW finances a broad range of scores. BUT it sounds like you need a credit card or two. Try Capital One and if your report is clean, try Discover....you may be able to get a low cl

[Anonymous]

The question is probably less whether they'll leas you the car or not -- they probably will, especially right now, end of month/quarter -- but how much of a screw job you get on the financing.

Make sure you know the 'money factor', i.e. the effective interest rate, of the lease before you go for it.

In our case, we leased an Audi certified pre-owned for 36 months at 2.3% effective APR, which was pretty good, so deals can be had.

[Anonymous]

Oh, and to get the APR from the money factor they provide you, multiply it by 2400.

[Anonymous]

Does anyone know what the lowest score bmw will finance for at this point and at what interest rate? also do they perform a manual review?

what CRA do they pull?

Thanks, I'm right around 579 right now and waiting for some paid collections to drop off...........but I'd like to take advantage of the month end rush to possibly get a good deal