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Ask-A-Dealer
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  #1  
Old 12-14-2009, 12:07 PM
SFHusker SFHusker is offline
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Credit approval for lease

I'm currently leasing a 2008 528i that's ending in a month. I'm interested in leasing a '10 X5D. Does anyone know about current BMW FS credit requirements? My wife and I both have credit scores in the 700s but we have a fair amount of credit card debt. Nothing we can't handle but I'm a bit concerned that BMW FS may have stricter approval standards due to the economic conditions. Does BMW FS give preferential treatment to existing customers?

Any insight would be appreciated.
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  #2  
Old 12-14-2009, 12:48 PM
Newmanium Newmanium is offline
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When I bought our CPO with 0.9% from BMW financial 3 weeks ago, they told me a score above 700 was required - think that's pretty standard.

I don't think they're looking into this too deeply. Finance lady ran the check through Experian, came back approved, that was it.
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  #3  
Old 12-14-2009, 01:28 PM
CLG CLG is offline
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Maybe, just maybe, instead of leasing a $60K SUV you should get a cheaper vehicle and pay down your debt (?)

I know it doesn't help answer your original question, but perhaps it will help you out more in the grand scheme of things.

CLG
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  #4  
Old 12-14-2009, 01:43 PM
SFHusker SFHusker is offline
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Quote:
Originally Posted by CLG View Post
Maybe, just maybe, instead of leasing a $60K SUV you should get a cheaper vehicle and pay down your debt (?)

I know it doesn't help answer your original question, but perhaps it will help you out more in the grand scheme of things.

CLG
I didn't mean to get a scolding by posting this. You really don't understand our current situation so please don't reply if you can't assist.
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  #5  
Old 12-14-2009, 01:50 PM
the J-Man the J-Man is offline
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Originally Posted by SFHusker View Post
I didn't mean to get a scolding by posting this. You really don't understand our current situation so please don't reply if you can't assist.
I agree. Who knows what kind of credit card debt you have. I had over $20K in credit card debt at ZERO percent interest for a long time. I wasn't concerned with paying it off anytime soon since it was basically a free loan. I think you will qualify ok. From what I understand, your credit score in the 700+ range is the most important factor.
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  #6  
Old 12-14-2009, 01:54 PM
bassholic bassholic is offline
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Maybe you should apply for the lease and see what the result is. Are you afraid of rejection?
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  #7  
Old 12-14-2009, 01:54 PM
SFHusker SFHusker is offline
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Originally Posted by the J-Man View Post
I agree. Who knows what kind of credit card debt you have. I had over $20K in credit card debt at ZERO percent interest for a long time. I wasn't concerned with paying it off anytime soon since it was basically a free loan. I think you will qualify ok. From what I understand, your credit score in the 700+ range is the most important factor.
I'm in a similar situation as you although I'm paying a slightly higher interest rate on my debt. Thanks for your message.
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  #8  
Old 12-14-2009, 01:57 PM
SFHusker SFHusker is offline
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Originally Posted by bassholic View Post
Maybe you should apply for the lease and see what the result is. Are you afraid of rejection?
I just wanted to see if I could get a sense as to what the chances are of getting rejected/approved are based on the current economy. I will be applying so we'll see what happens. Anyone in a similar situation that can let me know how they fared?
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Retired: 2008 528i: Platinum Gray Metallic, Black Leather, Bamboo, Step, Sport, Premium, Navigation, Heated Front Seats, PDC, Sun Shades, Comfort Access, iPod, Folding Rear Seats, Xenon
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  #9  
Old 12-14-2009, 06:20 PM
bassholic bassholic is offline
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Glad you are taking the initiative to find out what will happen, but is there something wrong with the economy?
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  #10  
Old 12-14-2009, 07:29 PM
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mclaren mclaren is offline
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Quote:
Originally Posted by SFHusker View Post
I'm currently leasing a 2008 528i that's ending in a month. I'm interested in leasing a '10 X5D. Does anyone know about current BMW FS credit requirements? My wife and I both have credit scores in the 700s but we have a fair amount of credit card debt. Nothing we can't handle but I'm a bit concerned that BMW FS may have stricter approval standards due to the economic conditions. Does BMW FS give preferential treatment to existing customers?

Any insight would be appreciated.
I think it's 99% you'll be approved.
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  #11  
Old 12-15-2009, 04:59 PM
Leonardo629 Leonardo629 is offline
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I think a returning BMW financial service customer qualifies easier...

For your info, I returned a 2006 330i lease, then went on to lease a 2008 Z4M (my CA showed me my experian score, which was 719). I say if you are in the 700s, and you have had good payment history with BMW financial services..you are in good hands.
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  #12  
Old 12-15-2009, 05:02 PM
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dalekressin dalekressin is offline
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Originally Posted by bassholic View Post
Maybe you should apply for the lease and see what the result is. Are you afraid of rejection?
I don't like to have credit checks regardless of acceptance or rejection; they affect your score.
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  #13  
Old 12-15-2009, 05:08 PM
bassholic bassholic is offline
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^Necessary evil?
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  #14  
Old 12-15-2009, 09:17 PM
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760Lifan 760Lifan is offline
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Originally Posted by dalekressin View Post
I don't like to have credit checks regardless of acceptance or rejection; they affect your score.
Hahahaha...

The most important thing if you have great credit is that no creditor is supposed to find out about that. Wow, now I know the purpose of a high credit-score..
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  #15  
Old 02-15-2010, 09:03 PM
blindboy79 blindboy79 is offline
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don't know how similar my situation is from yours, but today I was rejected from bmw financial for the lease that i negotiated with my dealer. The problem is that i'm a student with no proof of income with an only source of funds from my family from overseas. I have a very high credit score of 770 (experian) and close to 100,000 in the bank. Was looking at the 535i, salesperson told me that the only it would go through was putting more money down for the downpayment or a co-signer on the lease which are two options I am not looking at. Anybody have any insights on how I can alleviate this issue??
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  #16  
Old 02-15-2010, 09:29 PM
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Orient330iNYC Orient330iNYC is online now
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Quote:
Originally Posted by blindboy79 View Post
don't know how similar my situation is from yours, but today I was rejected from bmw financial for the lease that i negotiated with my dealer. The problem is that i'm a student with no proof of income with an only source of funds from my family from overseas. I have a very high credit score of 770 (experian) and close to 100,000 in the bank. Was looking at the 535i, salesperson told me that the only it would go through was putting more money down for the downpayment or a co-signer on the lease which are two options I am not looking at. Anybody have any insights on how I can alleviate this issue??
salesperson told me that the only it would go through was putting more money down for the downpayment or a co-signer on the lease
If this is what the sales person told you, then this is what bmwfs has stated as the requirements to get the lease approved. there's no way around it since its bmwfs and not the dealership, the answer will be the same no matter where you go if you use BMWFS as the financing source
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  #17  
Old 02-17-2010, 10:20 PM
ineedae46m3 ineedae46m3 is offline
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Originally Posted by Orient330iNYC View Post
salesperson told me that the only it would go through was putting more money down for the downpayment or a co-signer on the lease
If this is what the sales person told you, then this is what bmwfs has stated as the requirements to get the lease approved. there's no way around it since its bmwfs and not the dealership, the answer will be the same no matter where you go if you use BMWFS as the financing source
Only other way around it is to purchase the vehicle, with a BIG downpayment
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  #18  
Old 02-17-2010, 10:37 PM
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Orient330iNYC Orient330iNYC is online now
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Originally Posted by ineedae46m3 View Post
Only other way around it is to purchase the vehicle, with a BIG downpayment
purchase in cash would alleviate any question.
he would run into the same wall with a finance, large downpay or a cosign

there's no magical way to get around the fact that in the eyes of BMWFS, the OP has no source of income
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  #19  
Old 02-17-2010, 10:48 PM
blindboy79 blindboy79 is offline
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I believe the issue involved is that bmw doesn't want to work with me again after they lemoned my previous 5-series and handed me a check for $51,000. I had a 40 month credit history with bmw with no late payments and even have a $10,000 credit limit bmw credit card. That is the only logical explanation in my eyes.

Anybody have any recommendations for a car, ISF, S5, or new E-class?
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  #20  
Old 02-17-2010, 11:32 PM
the J-Man the J-Man is offline
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Originally Posted by blindboy79 View Post
I believe the issue involved is that bmw doesn't want to work with me again after they lemoned my previous 5-series and handed me a check for $51,000. I had a 40 month credit history with bmw with no late payments and even have a $10,000 credit limit bmw credit card. That is the only logical explanation in my eyes.

Anybody have any recommendations for a car, ISF, S5, or new E-class?
Are you serious? The logical explanation is that you have NO income. I wouldn't loan you $10 if you have no income, and neither will Lexus, Audi or Mercedes.
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  #21  
Old 02-18-2010, 04:24 PM
Rac10000 Rac10000 is offline
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What does BMWFS need as proof of income?
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  #22  
Old 02-18-2010, 05:21 PM
the J-Man the J-Man is offline
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What does BMWFS need as proof of income?
Sometimes they don't verify, other times they ask for paystubs. I haven't heard of them asking for anything beyond that like W2's, etc.
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  #23  
Old 02-18-2010, 06:23 PM
blindboy79 blindboy79 is offline
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i'm starting a job next month (march first) that pays $6,000 a month. This is in a company which is 50% owned by me. Is that significant enough as proof of income or do you think they need to see a re-occuring payment schedule
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  #24  
Old 02-18-2010, 07:49 PM
Newmanium Newmanium is offline
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I think proof of income is a backup measure depending on how the credit check goes.

I lowballed my income at some round number, they ran the credit check, and after I was approved - that was the end of things. No verification, no questions, nothing. As long as your credit score is good, I doubt you have any reason to worry.
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  #25  
Old 02-18-2010, 08:46 PM
Rac10000 Rac10000 is offline
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Originally Posted by the J-Man View Post
Sometimes they don't verify, other times they ask for paystubs. I haven't heard of them asking for anything beyond that like W2's, etc.
Okay, thanks for the tip! I've never heard of them verifying ... I always thought it was a credit report and that's it (assuming the report showed a 700+) ... but I guess they need to careful these days (in some instances).
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