# Credit approval for lease



## SFHusker (Apr 23, 2007)

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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## Newmanium (May 9, 2007)

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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## CLG (Mar 20, 2008)

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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## SFHusker (Apr 23, 2007)

CLG said:


> 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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## the J-Man (Jul 31, 2009)

SFHusker said:


> 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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## bassholic (Nov 10, 2009)

Maybe you should apply for the lease and see what the result is. Are you afraid of rejection?


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## SFHusker (Apr 23, 2007)

the J-Man said:


> 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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## SFHusker (Apr 23, 2007)

​


bassholic said:


> 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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## bassholic (Nov 10, 2009)

Glad you are taking the initiative to find out what will happen, but is there something wrong with the economy?


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## mclaren (Jan 5, 2005)

SFHusker said:


> 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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## Leonardo629 (Sep 11, 2006)

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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## dalekressin (Sep 3, 2008)

bassholic said:


> 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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## bassholic (Nov 10, 2009)

^Necessary evil?


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## 760Lifan (Oct 6, 2004)

dalekressin said:


> I don't like to have credit checks regardless of acceptance or rejection; they affect your score.


Hahahaha...:rofl:

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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## blindboy79 (Mar 5, 2007)

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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## Orient330iNYC (Jul 30, 2002)

blindboy79 said:


> 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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## ineedae46m3 (Jan 27, 2008)

Orient330iNYC said:


> _* 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 :dunno:


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## Orient330iNYC (Jul 30, 2002)

ineedae46m3 said:


> Only other way around it is to purchase the vehicle, with a BIG downpayment :dunno:


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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## blindboy79 (Mar 5, 2007)

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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## the J-Man (Jul 31, 2009)

blindboy79 said:


> 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.
:slap:


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## Rac10000 (Oct 24, 2007)

What does BMWFS need as proof of income?


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## the J-Man (Jul 31, 2009)

Rac10000 said:


> 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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## blindboy79 (Mar 5, 2007)

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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## Newmanium (May 9, 2007)

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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## Rac10000 (Oct 24, 2007)

the J-Man said:


> 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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## Nick82 (Aug 25, 2006)

I was declined about 1.5yrs ago for the 0.9% on my 335 (MSRP of $51k)
775 credit score, 4+ years at my current employer with a good income

As someone else mentioned, I was given the options to put a down-payment, or find a co-signer. My CA said it was due to the fact that I had never financed a car before [typically try to pay cash] and my only monthly payment history was my singe student loan.

I wrote them a check for $10k and all was good :thumbup:

Nick


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