# Leasing Credit Requirements



## Boston1986 (Oct 20, 2009)

Hi all,

I was wondering from your experience what you think the likelihood of me being approved for a lease was?

I went into a dealership 4 days ago and put an offer on a 328xi but haven't heard anything back and aside from the very obvious option of simply calling them, I wanted to get a feel from this forum&#8230;


The 2010 328xi had a price of $39,995. I am looking to do a 36 month lease.
I charged $500 to the my Amex card to reserve the car
My FICO scores are nothing impressive; Equifax is 678, TransUnion is 707, and the one that BFS pulled is Experian which is 726.
I'm 23 so my credit history is only limited to 5 years.
My income is nothing impressive; $40,000, + $5,000 for other income
I've been at my job for 8 years (yes I started at the company when I was 15)
I offered $5,000 down
My last car got totaled which is why I'm looking for a new one. I had a loan on that one for 4 years and was paying $511 a month (which would be comparable to my lease payment), was never late. Got that loan when I was 19 therefore I had much less credit history when I got it.
No other installment payments, no mortgage, I am living rent free.

Just wondering what everyone thought? I am hoping to avoid having to get a co-signer, but would be able to get one if necessary. Would it be typical for the dealer to call me to let me know if I've been approved or declined? So far I've only received one call and it was that they were able to find a car that they would be able to get to me sooner.

Thank you!


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## Tucsonbmw (Jan 13, 2007)

Please Please read this forum about leasing. Never put money down on a car...ever! Only pay for tags and title. If you have 5k pay down your money factor up to 7x at .0007 for each security deposit. You will get approved for a lease no problem >700 = A credit. Do your homework and download the lease calculator here. Walk into the delearship with the spreadsheet and say this is what you want. Best of luck.
Sean


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## SeaTown (Nov 9, 2006)

you look good on paper, but a 700+ still does not mean you will get approved. They will look at everything, most importantly your DTI (debt to income ratio).

Call your sales guy, make sure he sent your app off. Then go from there. 

Tucson is right, try not to put anything down...


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## Boston1986 (Oct 20, 2009)

Thanks for the advice***8230; I***8217;ve never leased a car before or owned a BMW so I***8217;m pretty new to this. I just called my sales rep and he said I was approved and the car should be in this week. I asked about the multiple security deposit program and he said that he hadn***8217;t heard of it but would look into it. Thanks for all your advice.


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## Tucsonbmw (Jan 13, 2007)

He's heard of it:rofl: GO SOX!!!!


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## Boston1986 (Oct 20, 2009)

Hi again,

I was wondering if anyone could give me an idea of how much information dealers typically have for when they're going to receive a car?

I was first told by end of last week, then I was told Monday, then Tuesday (today), then when I called today they said that there were 3,000 cars arriving in the port in New Jersey, there was some delay, they didn***8217;t know why, and they didn***8217;t know exactly when the car would be there. Just wanted to make sure that was normal and how long you thought from experience it typically takes? I put some money down on the car about 1.5 weeks ago. I was thinking maybe because all the 2010***8217;s are coming in this was probably a busy time? 

I***8217;m in a rental now which I am spending too much money on and I can***8217;t wait to get out of it!

Thanks for your help!


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## Orient330iNYC (Jul 30, 2002)

sounds like your car is in the VDC.

the port of entry is in NJ, from there it would be trucked to the boston area.

time to clear the VDC can vary from same day to 1 week or more, depending on volume, any service actions, or damage during shipping.
then it has to wait for a covered carried to be filled going to your general area. then the dealer needs to PDI the car, a few hours.

you could ask for a loaner if they said by X day and they're past that. nothing lost if they say no, but it might save you some rental fees.

my 330i spent a week at the VDC. my 335i and a 528xi i ordered cleared the VDC in a few hours and was at the dealer the day after the ship docked. although my dealer is within a 30 minute drive from the vdc.


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## German Expat (Sep 29, 2006)

Please try to read all the information on lease, residual, msrp vs invoice price. It sounds like you already ordered a car without even sorting out the most important questions. How much will you pay for the car ? What fees will the dealer try to tag on ? What add on's will the dealer do to your money factor and acquisition fee ?
Judging by your post I assume you will get the maximum fees and add on's from your dealer and get a relative bad deal.
You should be able to get 1k above invoice with no markup's on the lease and no additional bull**** fees. 
Also don't get the paint or leather protection package when you sign the final paperwork. 
Do your homework and you will save a lot of money during your 3 year lease.


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