# BMW Lease and Credit Score



## kra5050 (Oct 16, 2012)

What is the minimum credit score that needed to get into a lease? I know there probably is no one correct answer, but I was looking to get a ballpark range. I've had a car loan for the past 4 years ($310 and $415) with no missed payments if that helps. I'm hoping to lease a 328 or 335 in the next 3-6 months. 


My current credit score is in the low 600s and wanted to wait as long as possible for it to come back up to apply (when I know I have better chances to get approved) so I don't get dinged for a check. 

Also, are there any sponsored dealers on the East Coast (Richmond) area that are preferred around here?


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## miamiboyca (Jun 19, 2012)

Do a search - this info is available. You will get approved but will pay higher interest rate.


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## [email protected] BMW (Jan 26, 2011)

kra5050 said:


> What is the minimum credit score that needed to get into a lease? I know there probably is no one correct answer, but I was looking to get a ballpark range. I've had a car loan for the past 4 years ($310 and $415) with no missed payments if that helps. I'm hoping to lease a 328 or 335 in the next 3-6 months.
> 
> My current credit score is in the low 600s and wanted to wait as long as possible for it to come back up to apply (when I know I have better chances to get approved) so I don't get dinged for a check.
> 
> Also, are there any sponsored dealers on the East Coast (Richmond) area that are preferred around here?


BMW generally will not accept anything under a 575 credit score. If you are above that then there is a chance, but they will have to look at the big picture to see if they will approve you or not. Hope this helps.


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## kra5050 (Oct 16, 2012)

Thanks! I actually talked to them today and got some stuff sorted out. I paid off a card in full this week, so my credit utilization dropped a ton bringing my score up.

If I don't get approved right now I'm just ordering the exact car I want since it will be hard / impossible to find anyway.


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## ack23 (Sep 23, 2014)

Hi Everyone,

First time poster here. I have a question about an upcoming (hopeful) BMW purchase.

I currently work full time (and go to school full time) and have a credit score around 791. I will be 21 when I'm looking to get the new BMW (March 2015 timeframe) and have no derogatory marks on my credit report. Roughly $30k in open credit on revolving accounts and about $8k left on an auto loan (will be about $5-6k by the time march comes) for my current car.

Bottom line, what do you think my odds of getting approved for a lease on a 320 or 328 will be? I anticipate getting over the 800 mark on my credit score by the time march rolls around and I definitely have my eyes set on a new BMW. I already carry full coverage insurance with Progressive so that won't be sticker shock to me. I pay super cheap rates thanks to Snapshot and other savings programs I qualify for... roughly $450 for my 6-month policy, definitely not bad for a 20 year old male! 

What other criteria might hinder my ability to qualify for a lease? Also, for those experts, what is the difference in a lease price on a 10k lease (advertised) versus say a 15k/year lease?

Last question- does anyone know what the promotions were typically like during an auto show for BMW? My local auto show (Cleveland) will be in March and I'm hoping there will be some sort of promotion going on during that timeframe.

Thanks in advance!


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## bimmerbuff (May 27, 2004)

ack23 said:


> I currently work full time (and go to school full time) and have a credit score around 791. I will be 21 when I'm looking to get the new BMW (March 2015 timeframe) and have no derogatory marks on my credit report. Roughly $30k in open credit on revolving accounts and about $8k left on an auto loan (will be about $5-6k by the time march comes) for my current car.
> 
> Bottom line, what do you think my odds of getting approved for a lease on a 320 or 328 will be? I anticipate getting over the 800 mark on my credit score by the time march rolls around and I definitely have my eyes set on a new BMW. I already carry full coverage insurance with Progressive so that won't be sticker shock to me. I pay super cheap rates thanks to Snapshot and other savings programs I qualify for... roughly $450 for my 6-month policy, definitely not bad for a 20 year old male!
> 
> What other criteria might hinder my ability to qualify for a lease? Also, for those experts, what is the difference in a lease price on a 10k lease (advertised) versus say a 15k/year lease?


Your credit score is fine and you have comparable credit (an existing auto loan), but being approved by a lender isn't just about your credit score. Your debt to income (DTI) ratio will be a big factor in being approved or not. The amount financed is also a factor - yes, even though it's a lease, you're still borrowing money.

If you only make $35,000/year and have $30,000 in debt, it will be much harder to be approved. Any chance that $30,000 you owe on the revolving tradelines will be paid off by the time you want to lease this car?

The difference between 10,000 miles and 15,000 miles is around $30/month I believe.


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## ack23 (Sep 23, 2014)

Thanks for the response!

I should clarify a few things, when I said 30,000 in open credit I meant my available credit was 30,000. My actual used percent is between 5 and 8% regularly. What is considered acceptable debt to income ratio by their standards?


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## Alpine300ZHP (Jan 31, 2007)

ack23 said:


> Thanks for the response!
> 
> I should clarify a few things, when I said 30,000 in open credit I meant my available credit was 30,000. My actual used percent is between 5 and 8% regularly. What is considered acceptable debt to income ratio by their standards?


Your scenario is a tough one and really all we can do is guess. My suggestion is to apply for a loan or lease with BMWFS through a dealer and see what happens. Even if you do not get approved, you might get what they call a conditional approval which requires certain stipulations to get approved. Also, the lower the payment the greater your chances of getting approved. Try for something in the 300 a month range (lease special 228 or 320 or Mini Cooper) including taxes and you'll improve your chances. Lastly, BMW does have college grad programs and I would certainly try to take advantage of that when you are ready for a BMW. I do not know the specifics of the program, but the name itself implies that it is for people such as yourself.


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## fg9ze (Feb 28, 2014)

ack23 said:


> Hi Everyone,
> 
> First time poster here. I have a question about an upcoming (hopeful) BMW purchase.
> 
> ...


From my experience, you may be fine. I was in a similar situation earlier this summer. I leased a 320i about 2 months ago through BMW FS. I was fresh out of college and did not have any previous car loans. My credit utilization was low, had a good credit score, and a pretty nice starting salary. Approved without an issue. However, I'm not quite sure how BMW FS evaluates applicants so YMMV.


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## fg9ze (Feb 28, 2014)

kra5050 said:


> Also, are there any sponsored dealers on the East Coast (Richmond) area that are preferred around here?


Adrian Avila appears to be a popular East Coast dealer on this forum. I've read only positive reviews. He is located in Atlanta so you will have to do PCD or have the car delivered to you.

I reside in Richmond and have heard good things about BMW Richmond Midlothian. A friend purchased his car from them and only had good things to say.


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## Alpine300ZHP (Jan 31, 2007)

fg9ze said:


> Adrian Avila appears to be a popular East Coast dealer on this forum. I've read only positive reviews. He is located in Atlanta so you will have to do PCD or have the car delivered to you.
> 
> I reside in Richmond and have heard good things about BMW Richmond Midlothian. A friend purchased his car from them and only had good things to say.


I agree about Adrian. I have used Adrian for numerous purchases and have nothing, but great things to say about him. Also, Adrian will have expertise that may be of assistance to the OP to help him get into his first BMW.


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## bimmerbuff (May 27, 2004)

ack23 said:


> Thanks for the response!
> 
> I should clarify a few things, when I said 30,000 in open credit I meant my available credit was 30,000. My actual used percent is between 5 and 8% regularly. What is considered acceptable debt to income ratio by their standards?


Good question. I have no idea.


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## Elias (Jun 26, 2005)

My daughter went to lease her first BMW last year, she has a credit score of 750 and makes 
$150k a year and I had to co-sign for her anyway. Her problem is she hasn't made any big
purchases but does have a couple of credit cards that were in good standing. BMWFS looked
at her whole financial picture not just credit score and debt to income ratio.


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## Sandibeach22 (Apr 20, 2015)

Elias said:


> My daughter went to lease her first BMW last year, she has a credit score of 750 and makes
> $150k a year and I had to co-sign for her anyway. Her problem is she hasn't made any big
> purchases but does have a couple of credit cards that were in good standing. BMWFS looked
> at her whole financial picture not just credit score and debt to income ratio.


I agree. Your great credit score will get you in the door but they look at the whole picture. They want to be sure that you can handle credit. Have a decent mixture of credit & make timely payments, etc. You can can that 150k per year but have a party every week spending it. They want to see how you handle it. We make a bit more but have a mtg pmt, various cc payments on a regular basis. That's what will get you the car. :thumbup:


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