Applying for Lease 435i What to know?
Currently in the Benz family and happy to say I am definitely making the move over to BMW. I was fortunate enough to buy my Benz all cash a few years ago. Not this time around though haha So this will be my first leasing experience.
Looking at the 435i M Sport priced out to $62,975 estimated lease $782.00
I'd like to know what the application process is like from any of you out there who have been through it recently. What kind of questions do they ask? What will I need to provide at the dealership when applying? What are some of the qualifications they require or look for etc. Do I need to bring my paystubs and bank statements with me?
I'm located in Orlando, FL 60% self employed and 40% W2. My yearly income ranges between $75k to 90k. This past year $77k with a very low income to debt ratio. One site shows my TransUnion and Equifax credit score at 748 and another site says 691. Not sure what's up with the 57 point difference.
Any information would be greatly appreciated as I am looking to visit the dealership later this week.
Looking at the 435i M Sport priced out to $62,975 estimated lease $782.00
I'd like to know what the application process is like from any of you out there who have been through it recently. What kind of questions do they ask? What will I need to provide at the dealership when applying? What are some of the qualifications they require or look for etc. Do I need to bring my paystubs and bank statements with me?
I'm located in Orlando, FL 60% self employed and 40% W2. My yearly income ranges between $75k to 90k. This past year $77k with a very low income to debt ratio. One site shows my TransUnion and Equifax credit score at 748 and another site says 691. Not sure what's up with the 57 point difference.
Any information would be greatly appreciated as I am looking to visit the dealership later this week.
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I went through that process two days ago to get my 335i. It was pretty straight forward. I just filled out the application form with all my data, they filled that data out to the computer and a few minutes later I was approved. My credit score is very similar to yours, around 750, but I have a lot more income, though. I drove off a few hours later.
My advice to you is: if you don't try, the answer is no.
My advice to you is: if you don't try, the answer is no.
First off, you should do yourself a big favor and read up on leasing. In Florida, all the dealers there charge an outrageous doc fee, like $699, which is pure profit for them. Never work from payment on a lease, the dealer will make the payment happen, however they can. Your lease payment is too high, based on what little info you provided. Consider using a fest sponsor, even from out of state and do a PCD delivery in South Carolina. If you spend a little time, you will save a ton of money. Post all the details of any deal offered, DO NOT sign if you don't understand all the terms. Good Luck
What a world
What a world we live in when leasing allows you to drive a car that costs a years salary!
No wonder there are so many 3 series on the road!
What a world we live in when leasing allows you to drive a car that costs a years salary!
No wonder there are so many 3 series on the road!
I can't remember the source of this, but I remember reading that more than 60% of all new BMWs are leased in the US. However, its hard to say what fraction of those lease out of financial necessity rather than preference.
Taxes aside, a lease can be summed up by 4 main factors:
1. Capitalized Cost (negotiated purchase price)
2. Residual Value
3. Money Factor
4. Cash Required for lease (Security deposits, acquisition fees, down payments, disposition fees)
Taxes aside, a lease can be summed up by 4 main factors:
1. Capitalized Cost (negotiated purchase price)
2. Residual Value
3. Money Factor
4. Cash Required for lease (Security deposits, acquisition fees, down payments, disposition fees)
There is another current thread on here where someone is leasing a 435 (selling price of $53k, MSRP $59k) and he is leasing in the mid $600 range. Even with $2k out of pocket. Huge delta between his leasing price and yours. That should say something.
FWIW I have higher income and much higher credit rating. I wouldn't be comfortable paying that much for a lease even though I know I would be approved. Just because you might get approved doesn't mean it's the best thing to do.
Reminds me of the mortgage crisis. Not that I don't blame the bankers a great deal, at some point people just need to have common sense when it comes to their finances. My two cents anyway. You can't say you didn't ask.
FWIW I have higher income and much higher credit rating. I wouldn't be comfortable paying that much for a lease even though I know I would be approved. Just because you might get approved doesn't mean it's the best thing to do.
Reminds me of the mortgage crisis. Not that I don't blame the bankers a great deal, at some point people just need to have common sense when it comes to their finances. My two cents anyway. You can't say you didn't ask.
Ok guys, the poster did not ask for your two cents concerning financial advice. The poster asked about leasing.
You wouldn't be comfortable with $782 per month on an income of 75k - 90k; well maybe you don't have a budget. That is $9384 per year. Maybe the poster forgoes eating out and rather spend it on a BMW. In addition, the poster stated that he or she brought a Benz with cash previously. Let's just focus on the question at hand rather than give advice on what someone can or cannot afford.
Now back to the original post, yes the payment is too high even if you could afford it. I pay $588 per month, 39 month lease, 12000 miles per year, and my vehicle was $51k. As far as what to bring, as long as you have a credit score above 650 and have a good auto loan/lease history, than you will be approved. BMW will look at your auto enhanced credit score which will be based on your auto history. The auto enhanced credit score is usually much higher than your fico, all considering you've never been late on an auto loan or lease and have purchased vehicles in the past. They won't ask for proof of income unless something on your report gives them a reason to ask. The only time I ever had to provide proof of income was when I was 19 and brought my first car. I'm 34 now and have purchased 7 cars since.
Getting approved will not be your problem, getting the number right is what you need to focus on. I would suggest you take your lease numbers and post them to the "Ask a Dealer" forum on bimmerfest. It's under the section The Best of Bimmerfest. You will find better answers to your question there.
You wouldn't be comfortable with $782 per month on an income of 75k - 90k; well maybe you don't have a budget. That is $9384 per year. Maybe the poster forgoes eating out and rather spend it on a BMW. In addition, the poster stated that he or she brought a Benz with cash previously. Let's just focus on the question at hand rather than give advice on what someone can or cannot afford.
Now back to the original post, yes the payment is too high even if you could afford it. I pay $588 per month, 39 month lease, 12000 miles per year, and my vehicle was $51k. As far as what to bring, as long as you have a credit score above 650 and have a good auto loan/lease history, than you will be approved. BMW will look at your auto enhanced credit score which will be based on your auto history. The auto enhanced credit score is usually much higher than your fico, all considering you've never been late on an auto loan or lease and have purchased vehicles in the past. They won't ask for proof of income unless something on your report gives them a reason to ask. The only time I ever had to provide proof of income was when I was 19 and brought my first car. I'm 34 now and have purchased 7 cars since.
Getting approved will not be your problem, getting the number right is what you need to focus on. I would suggest you take your lease numbers and post them to the "Ask a Dealer" forum on bimmerfest. It's under the section The Best of Bimmerfest. You will find better answers to your question there.
There is another current thread on here where someone is leasing a 435 (selling price of $53k, MSRP $59k) and he is leasing in the mid $600 range. Even with $2k out of pocket. Huge delta between his leasing price and yours. That should say something.
FWIW I have higher income and much higher credit rating. I wouldn't be comfortable paying that much for a lease even though I know I would be approved. Just because you might get approved doesn't mean it's the best thing to do.
Reminds me of the mortgage crisis. Not that I don't blame the bankers a great deal, at some point people just need to have common sense when it comes to their finances. My two cents anyway. You can't say you didn't ask.
From your own words (see bold above) you seem to be agreeing he can't afford the car. :rofl:
Thanks for your thoughts but the OP did ask about the application process. A BIG part of the application process is financial approval. No? So yes, my response is directly related to financials and hence the approval process. Thanks for your input. All views are welcome. :thumbup:
Thanks for your thoughts but the OP did ask about the application process. A BIG part of the application process is financial approval. No? So yes, my response is directly related to financials and hence the approval process. Thanks for your input. All views are welcome. :thumbup:
No, it implies that the payment is too high for a 435i Gran Coupe! There are better deals out there. I have yet to see anyone paying $782 for a 435i!
Financial approval? More like credit approval, credit worthiness, and recent auto loan/lease history. Dealers do not ask for proof of income if they can look at your history and trust what you say. If the poster put down that he or she make 90k per year, they will not ask to prove it. That is just the way it works. Now if the poster is some 23 year old kid with no auto loan history, yes he or she will be asked to provide proof of income.
But anyway, that's besides the point. the poster makes between 75K - 90K per year with a credit score in the mid 700s and an auto enhanced score probably higher than that. By the way BMWFS pulls from Experian. YOU WILL GET APPROVE, however GET A BETTER DEAL!
Financial approval? More like credit approval, credit worthiness, and recent auto loan/lease history. Dealers do not ask for proof of income if they can look at your history and trust what you say. If the poster put down that he or she make 90k per year, they will not ask to prove it. That is just the way it works. Now if the poster is some 23 year old kid with no auto loan history, yes he or she will be asked to provide proof of income.
But anyway, that's besides the point. the poster makes between 75K - 90K per year with a credit score in the mid 700s and an auto enhanced score probably higher than that. By the way BMWFS pulls from Experian. YOU WILL GET APPROVE, however GET A BETTER DEAL!
The difference in credit scores is probably the result of credit information not captured by all those sites. It would be worth your time to pull a complete record from all three sites to find out why one is significantly lower than the other. Just use Myfico.com to pull a free annual credit report from all three. You will fill out a credit app just like you would for a normal loan and your credit scores will have an impact on lease price. Car financing, whether loan or lease should not require outside documentation of income or assets.
Do you understand the details of leasing? If not please read up before signing. For example you will be limited to some set number of miles over the lease term. The penalties for going over can be significant. You are also responsible for returning the car in good condition which includes tires and wheels. So if you buy a car with low profile tires you can expect to replace one or more wheels before returning the car. Also it will need a good set of tires before turning it in. At the end of the lease term you will need to decide whether to lease another car or to purchase this one.
Do you understand the details of leasing? If not please read up before signing. For example you will be limited to some set number of miles over the lease term. The penalties for going over can be significant. You are also responsible for returning the car in good condition which includes tires and wheels. So if you buy a car with low profile tires you can expect to replace one or more wheels before returning the car. Also it will need a good set of tires before turning it in. At the end of the lease term you will need to decide whether to lease another car or to purchase this one.
Just to be clear, I wrote this:
What a world we live in when leasing allows you to drive a car that costs a years salary!
No wonder there are so many 3 series on the road!
Which is not a judgement in anyway on the opening posters ability or otherwise to afford the lease.
It's a comment on how accessible such an expensive purchase can be with leasing. Many years ago, my first car that I bought was with a loan and was 3x my monthly salary. So, it was second hand and was not a beemer. Leasing just wasnt an option back then. You bought a car out right or with a loan. Now it's easier to get in a new, even premium, car.
What a world we live in when leasing allows you to drive a car that costs a years salary!
No wonder there are so many 3 series on the road!
Which is not a judgement in anyway on the opening posters ability or otherwise to afford the lease.
It's a comment on how accessible such an expensive purchase can be with leasing. Many years ago, my first car that I bought was with a loan and was 3x my monthly salary. So, it was second hand and was not a beemer. Leasing just wasnt an option back then. You bought a car out right or with a loan. Now it's easier to get in a new, even premium, car.
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