# Lease Takeover Denied



## mmille24 (Jun 4, 2013)

After a long search and starting the process for a lease takeover, BMFS denied my credit.

Reasoning: "Not enough credit history."

I have a credit score of 774. I pay all my credit cards in full every month. I pay all my student loans off every month. Have never had any delinquencies or failed payments whatsoever. I make over six figures and have been employed for 7 years at the same company. I'll be 30 next year, so it's not exactly like I don't have an extended history of being able to pay my bills. 

I don't have a mortgage, which I think is a good thing. I've never leased a car because I've lived in cities where a car wasn't required (NYC & Dublin, Ireland). I've worked very hard on saving money & not spending frivolously. Now I'm being persecuted because I've been financially responsible. 

I attempted to explain to the person on the phone my side, but he essentially said I can't speak to anyone about this. I thought for a 100 bucks they would at least hear my side. Not the case. This will surely be my last transaction with BMW, and they can keep the 100 dollars as a parting gift. Do I have any recourse here?


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## I_am_I_said (Aug 4, 2008)

I can't imagine you have any recourse for being denied credit unless you can show you were discrimated against - lack of credit is not a protected class.

Are you sure you have a 774 FICO?? I know a lot of people get these "fake" credit scores from the bureaus online but they are not actual FICO scores. Did BMW FS give you that score?

BMW FS is infamous for being score driven and not focused on tradeline history, so I really can't imagine them denying someone with a true 774. Especially with a six figure income, assuming you can document that income. I would imagine there is a misunderstanding somewhere with the score or there is more to this story.


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## capt_slow (Sep 3, 2013)

That sounds strange, you should have been approved.

As *I_am_I_said*, BMWFS is very score driven, but their response on credit history is puzzling. As a new grad with student loans, CCs, and a decent paying job...much like you, I got approved in under 10 minutes.

Have you ever carried a balance over on a CC or loan? Doing so and paying it down generally boosts your credit more so than paying off the balance each month. The former says you are a responsible borrower, while the latter says you live within your means. It's just my $0.02.


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## mmille24 (Jun 4, 2013)

I_am_I_said said:


> I can't imagine you have any recourse for being denied credit unless you can show you were discrimated against - lack of credit is not a protected class.
> 
> Are you sure you have a 774 FICO?? I know a lot of people get these "fake" credit scores from the bureaus online but they are not actual FICO scores. Did BMW FS give you that score?
> 
> BMW FS is infamous for being score driven and not focused on tradeline history, so I really can't imagine them denying someone with a true 774. Especially with a six figure income, assuming you can document that income. I would imagine there is a misunderstanding somewhere with the score or there is more to this story.


I'm not referring to legal recourse, merely recourse to state my case to be approved.

I'm not going to get into what score I've looked at or what score BMW is looking at. It's all moot. Their reason for denial wasn't due to bad credit, it was due to lack of credit history. They made that point very clear.


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## mmille24 (Jun 4, 2013)

capt_slow said:


> That sounds strange, you should have been approved.
> 
> As *I_am_I_said*, BMWFS is very score driven, but their response on credit history is puzzling. As a new grad with student loans, CCs, and a decent paying job...much like you, I got approved in under 10 minutes.
> 
> Have you ever carried a balance over on a CC or loan? Doing so and paying it down generally boosts your credit more so than paying off the balance each month. The former says you are a responsible borrower, while the latter says you live within your means. It's just my $0.02.


No, I have never carried over a balance on a loan or CC, I pay everything monthly.


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## capt_slow (Sep 3, 2013)

mmille24 said:


> No, I have never carried over a balance on a loan or CC, I pay everything monthly.


I think there's your problem. The world of credit works in mysterious ways...I know.


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## chrischeung (Sep 1, 2002)

mmille24 said:


> I make over six figures


Welcome to America. Don't you mean you make six figures, or over 5 figures? Or are you talking about making over six figures every 10 years? If you're making over six figures per year (meaning $1,000,000+) I would think you would just pay cash on a new car after getting this rejection.

The issue you're experiencing is not uncommon. Most people in that boat will just go to a dealership and lease a new car. The dealerships have much more control over credit approvals.


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## mmille24 (Jun 4, 2013)

chrischeung said:


> Welcome to America. Don't you mean you make six figures, or over 5 figures? Or are you talking about making over six figures every 10 years? If you're making over six figures per year (meaning $1,000,000+) I would think you would just pay cash on a new car after getting this rejection.


I thought 1,000,000+ is 7 figures (6 zeroes). Anyway I don't make that much in a year... 



chrischeung said:


> The issue you're experiencing is not uncommon. Most people in that boat will just go to a dealership and lease a new car. The dealerships have much more control over credit approvals.


Yes, now THIS makes sense to me. In a lease takeover, the car is already sold and leased to someone. They can be a lot more picky about who to lease to as they don't care who makes the payments. Funny enough the guy who was trying to get out of the lease was doing so because he was trying to get a mortgage and couldn't afford it. I'm much more likely to be the better borrower.


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## mmille24 (Jun 4, 2013)

capt_slow said:


> I think there's your problem. The world of credit works in mysterious ways...I know.


US Credit works in mysterious ways. When not paying debts, borrowing money, and paying interest is somehow better than pay debts off immediately, the system is severely broken.


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## capt_slow (Sep 3, 2013)

mmille24 said:


> US Credit works in mysterious ways. When not paying debts, borrowing money, and paying interest is somehow better than pay debts off immediately, the system is severely broken.


Not necessarily in this context. Paying down debt says a lot about your ability to pay as well as your _willingness_ to pay. Paying it off immediately just says you live within your means. In cases of people with high-income, this distinction is blurred. My credit was merely "good" after 4 years of paying off monthly CC balances, but it skyrocketed after I started financing my Jetta.



mmille24 said:


> I thought 1,000,000+ is 7 figures (6 zeroes). Anyway I don't make that much in a year...


My OCD self needs to fix this:

$999,999.99 and below is six figures. *chrischeung* said *over* six figures.


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## I_am_I_said (Aug 4, 2008)

You said you have never leased a car, but have you ever financed a car? I'm guessing you haven't, and the lack of any auto tradeline history was probably the deal breaker. 

I'm curious, which model were you trying to takeover on lease?

Also, I don't understand how you pay off a student loan EVERY month. They aren't usually revolving lines of credit.


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## mmille24 (Jun 4, 2013)

I_am_I_said said:


> You said you have never leased a car, but have you ever financed a car? I'm guessing you haven't, and the lack of any auto tradeline history was probably the deal breaker.
> 
> I'm curious, which model were you trying to takeover on lease?


Nope. Never financed a car, never needed one.

2013 328i M-Sport...Nothing expensive.



I_am_I_said said:


> Also, I don't understand how you pay off a student loan EVERY month. They aren't usually revolving lines of credit.


"Pay off" was a bad term. I make payments towards my student loan every month with no exceptions. I was told this is better for my credit than just paying it off entirely.


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## chrischeung (Sep 1, 2002)

mmille24 said:


> Funny enough the guy who was trying to get out of the lease was doing so because he was trying to get a mortgage and couldn't afford it. I'm much more likely to be the better borrower.


BMWFS doesn't look at it that way. There are a few things that you may not have considered. The lease was originally approved in the past. That's not to say the same borrower would be approved today (though likely, if they hadn't defaulted, and maintained similar debt ratios etc.).

Also a mortgage is considered less risky than an auto loan by many lenders. Mortgages you often need money down, you can get insurance, have a longer term, and are a more secure asset than a car. So discharging a small auto loan may qualify the borrower for a mortgage, even though the loan amounts are multiples apart.


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## mmille24 (Jun 4, 2013)

chrischeung said:


> *BMWFS doesn't look at it that way. * There are a few things that you may not have considered. The lease was originally approved in the past. That's not to say the same borrower would be approved today (though likely, if they hadn't defaulted, and maintained similar debt ratios etc.).
> 
> Also a mortgage is considered less risky than an auto loan by many lenders. Mortgages you often need money down, you can get insurance, and are a more secure asset than a car.


I never said they do. That's just the way I look at it. I would never put myself into a position where a choice between a mortgage or a car was necessary.

EDIT: grammar


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## HPIA4v2 (Mar 30, 2006)

If I made $999,999 a year I'd boasted to people I made seven figures, what's a dollar among friends:bigpimp:

BTW, how about just lease a new car for 2 year and put all 7-MSD (seven monthly payments as security deposit, maybe BMWFS see the case differently), if there is a will there is a way.


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## chrischeung (Sep 1, 2002)

HPIA4v2 said:


> If I made $999,999 a year I'd boasted to people I made seven figures, what's a dollar among friends:bigpimp:


Is that including benefits? Because you should exclude benefits. My wife quoted her "inflated" salary the other day, including pension, vacation, healthcare, etc. I had to remind her that the usual standard is to report annual income excluding benefits before taxes. That took her down a notch .


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## mmille24 (Jun 4, 2013)

HPIA4v2 said:


> BTW, how about just lease a new car for 2 year and put all 7-MSD (seven monthly payments as security deposit, maybe BMWFS see the case differently), if there is a will there is a way.


If I wanted to I could go that route. I'm also capable of paying for the car in cash several times over. I could also have a friend or family member co-sign the lease with me. However, I'm a grown man who has worked hard his whole life and worked even harder to stay within budgets and save. If BMW is going to hold that against me, than I'd prefer to take my business to a car company that won't.


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## SARAFIL (Feb 19, 2003)

mmille24 said:


> If I wanted to I could go that route. I'm also capable of paying for the car in cash several times over. I could also have a friend or family member co-sign the lease with me. However, I'm a grown man who has worked hard his whole life and worked even harder to stay within budgets and save. If BMW is going to hold that against me, than I'd prefer to take my business to a car company that won't.


BMW does transfers as a courtesy to the current leasee, they can be very picky about who they approve. While your income sounds more than sufficient, I'm guessing you have limited credit history in terms of installment loans which is really what BMW looks to. It's not hard to have a 700+ score based just on good payment history on some credit cards, but that doesn't automatically mean you'll be responsible on paying a $500 or $600 bill every month.

That being said, I would bet BMW would approve you on a new car. I know it might not make sense, but they'll be more flexible on a new account than they will on a transfer. Also, with a new car sale you'll have the dealer's finance manager on your side and he will work with the folks at BMWFS to push for an approval. Based on your income and apparent stability I'd image a good finance manager can get BMWFS to approve you on a new one.


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## Keepittrill (Jun 5, 2013)

Go lease a new 435i.

I have a feeling you'll get approved.


Sent from BimmerApp mobile app


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## mmille24 (Jun 4, 2013)

Keepittrill said:


> Go lease a new 435i.
> 
> I have a feeling you'll get approved.
> 
> Sent from BimmerApp mobile app


Pretty much the exact car I'd want! I'm rather conservative when it comes to such spending. The lease I was going to takeover was only about 440 taxes included + 500 transfer fee. 28 months left on lease. It was a very good deal on a 50k MSRP car.

Now maybe I'll go buy a used car or a Fiat (which I have a soft spot for). I have to be careful though, because if I pay in cash, my credit history will be crap.


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## daders (Jul 28, 2011)

I agree with OP, if having a flush bank account, extremely low debt to income ratio disqualifies you from taking over a lease/loan I'd be walking away to find someone who is more interested in doing business with me. BMWNA and it's FS arm have an apparent policy problem if they won't do a deal with someone of this financial caliber...but when business is booming nobody ever questions the policies.

I'm sure the reason for this arose due to some past circumstance, but there are no guarantees for any of us. As the saying goes: past performance does not indicate future results. I would choose a cash flush buyer with a high credit score, personally.




Sent from BimmerApp mobile app


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## Pat_X5 (Aug 23, 2008)

OP: Did you ask for both auto and general credit scores ? I know there are both because I went thru this awhile ago. 

You would be surprised to know that dealers have a pull on getting approval of credit. Perhaps BMWFS is being a stickler on a lease transfer?

Try a dealer - you would be surprised at how much they can get you approved - if the dealer can get you approved at the base Money Factor rate, then you know this will be true...

About 7 years ago, my credit suffered due to my business closure but my dealer worked with me and got me into a BMWFS CPO finance which built up credit. Now with my Auto credit score on top, I can lease any car I want plus they love returning customers.


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## mmille24 (Jun 4, 2013)

Pat_X5 said:


> OP: Did you ask for both auto and general credit scores ? I know there are both because I went thru this awhile ago.
> 
> You would be surprised to know that dealers have a pull on getting approval of credit. Perhaps BMWFS is being a stickler on a lease transfer?
> 
> ...


I didn't ask for the numbers they had. It wasn't relevant (although I suppose it would be nice to know). I asked if my score was the issue, and they said it wasn't. Not enough credit history was their reason for denying it.

I probably could go the dealer route. As mentioned above, I could go a few routes if I wanted to. However, I found the car I wanted after a LONG search, at the price & length I wanted. I don't have much interest in helping them sell new cars, or circumventing their system. If they don't think I'm capable of paying a lease, I'd prefer to find a company that does. Maybe I'll call tomorrow to get further details, as the person I spoke with sounded like a dic*head. But that will probably be my last dealings with BMW...


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## crazygordon (Sep 9, 2013)

If they approve a new car they get a sale. There is no benefit for them to approve a lease transfer. 


Sent from BimmerApp mobile app


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## JP 99300 (Sep 29, 2004)

chrischeung said:


> Welcome to America. Don't you mean you make six figures, or over 5 figures? Or are you talking about making over six figures every 10 years? If you're making over six figures per year (meaning $1,000,000+) I would think you would just pay cash on a new car after getting this rejection.


I'm still laughing at this. I interpreted OPs original statement that "I make over six figures" to clearly mean "I make over $100,000" as that amount is the floor for six figures. I guess we all interpret things differently. 

mmile24, you should be a credit company's ideal customer. Find someone who wants your business. Best of luck.


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## tturedraider (Nov 11, 2005)

mmille24 said:


> Pretty much the exact car I'd want! I'm rather conservative when it comes to such spending. The lease I was going to takeover was only about 440 taxes included + 500 transfer fee. 28 months left on lease. It was a very good deal on a 50k MSRP car.
> 
> Now maybe I'll go buy a used car or a Fiat (which I have a soft spot for). I have to be careful though, because if I pay in cash, my credit history will be crap.


You got lots of good information here. The problem is, in fact, your lack of what is called "high credit". And you're right, buying a Fiat for cash won't help your situation. This situation is not unique to BMWFS. It would have been the same with virtually any automaker's finance arm. Their primary interest is in enabling sales activities for their brands, not refinancing cars that have already been sold.

Don't write off BMW based on this. They're terrific cars and you'll love driving one. If this particular one is a good fit for you and the lease payoff isn't too bad consider buying it outright. Check with Pentagon Federal Credit Union www.PenFed.org about financing, 1.99%. You could use this as an opportunity to establish "high credit" for yourself.

Or as was previously suggested go ahead and spring for a new car (get exactly what you want) lease or purchase or a CPO F30 purchase (to save on depreciation).


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## mmille24 (Jun 4, 2013)

JP 99300 said:


> I'm still laughing at this. I interpreted OPs original statement that "I make over six figures" to clearly mean "I make over $100,000" as that amount is the floor for six figures. I guess we all interpret things differently.
> 
> mmile24, you should be a credit company's ideal customer. Find someone who wants your business. Best of luck.


Cheers bud.


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## 328AL (Aug 16, 2013)

tturedraider said:


> You got lots of good information here. The problem is, in fact, your lack of what is called "high credit". And you're right, buying a Fiat for cash won't help your situation. This situation is not unique to BMWFS. It would have been the same with virtually any automaker's finance arm. Their primary interest is in enabling sales activities for their brands, not refinancing cars that have already been sold.
> 
> Don't write off BMW based on this. They're terrific cars and you'll love driving one. If this particular one is a good fit for you and the lease payoff isn't too bad consider buying it outright. Check with Pentagon Federal Credit Union www.PenFed.org about financing, 1.99%. You could use this as an opportunity to establish "high credit" for yourself.
> 
> Or as was previously suggested go ahead and spring for a new car (get exactly what you want) lease or purchase or a CPO F30 purchase (to save on depreciation).


+1
1. Luck of previous expensive car purchases/leases is your issue.
2. You will get approved by BMW for new lease/purchase, the worse case with a security deposit.


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## capt_slow (Sep 3, 2013)

328AL said:


> +1
> 1. Luck of previous expensive car purchases/leases is your issue.
> 2. You will get approved by BMW for new lease/purchase, the worse case with a security deposit.


+2

If you are a recent college grad, leverage automaker's college grad programs as a way to get your foot in the door towards building good credit. I did that for my Jetta (BS degree) and new F30 (MS degree).


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## mmille24 (Jun 4, 2013)

1) I'm not a recent college grad. I graduated college almost 9 years ago. In addition, I'm not nor should anyone lease a car if they don't need it. Spending money frivolously to build imaginary credit in the eyes of some lenders isn't wise. 

2) I'm not asking BMW to refinance the lease. I'm asking them to transfer it. There is a difference.

3) I'm not at all as certain as you that other automobile companies work the same way.

4) I know they are terrific cars. However, what BMW is doing here is dishonest. But why would they care? They get to keep the same lease, keep my 100 dollars, and also hope I go to a dealership and lease/buy a new car. Not going to happen.


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## skier (Oct 19, 2004)

mmille24 said:


> 4) I know they are terrific cars. However, what BMW is doing here is dishonest. But why would they care? They get to keep the same lease, keep my 100 dollars, and also hope I go to a dealership and lease/buy a new car. Not going to happen.


Why is BMW is being dishonest? They clearly state the $100 credit app fee is not refundable? They refused lease transfer, and provided you with a reason. You don't like it? Move on, get a new BMW (no charge credit app), or get a different car. BTW - I've transferred 3 BMW leases; none of the credit applications got denied. :thumbup:


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## mmille24 (Jun 4, 2013)

skier said:


> Why is BMW is being dishonest? They clearly state the $100 credit app fee is not refundable? They refused lease transfer, and provided you with a reason. You don't like it? Move on, get a new BMW (no charge credit app), or get a different car. BTW - I've transferred 3 BMW leases; none of the credit applications got denied. :thumbup:


If they are willing to accept my credit based on a new vehicle and not willing to accept my credit on a lease takeover, I would deem that to be dishonest.

I'm moved on, not going to bother with the phone call follow-up. Getting the Audi I always wanted.


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## tturedraider (Nov 11, 2005)

mmille24 said:


> 1) I'm not a recent college grad. I graduated college almost 9 years ago. In addition, I'm not nor should anyone lease a car if they don't need it. Spending money frivolously to build imaginary credit in the eyes of some lenders isn't wise.
> 
> 2) I'm not asking BMW to refinance the lease. I'm asking them to transfer it. There is a difference.
> 
> ...


2. Yes, that's exactly what you're asking. They financed the car for the original buyer. Financing it for you does nothing to add a car sale to the books and that is the mission of car makers' captive finance companies. As was mentioned previously their willingness to transfer the lease is purely a courtesy to their current customer.

3. I've been at this a long time. That doesn't mean there is no other company that would give a different outcome, but I have a very good understanding of this industry.

4. They're not being dishonest. They're operating within a predetermined protocol to minimize their risk based on the way today's credit market operates.

Choose your battles. You can make a stand here if you want to, but you're not going to change the way the market operates.

I think you're much better off to understand the way the market works and do the things that are necessary for you to make it work for you.


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## skier (Oct 19, 2004)

chrischeung said:


> Welcome to America. Don't you mean you make six figures, or over 5 figures? Or are you talking about making over six figures every 10 years?


I think he meant six figures - $100,000/ plus/year, nothing unusual I may say. Six figures over 10 years may place you below poverty line.:dunno:


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## skier (Oct 19, 2004)

mmille24 said:


> If they are willing to accept my credit based on a new vehicle and not willing to accept my credit on a lease takeover, I would deem that to be dishonest.
> 
> I'm moved on, not going to bother with the phone call follow-up. Getting the Audi I always wanted.


No - they may have different rules for lease assumptions. Get the Audi! Awesome car, too bad it looks like a VW :thumbup:


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## mmille24 (Jun 4, 2013)

tturedraider said:


> 4. They're not being dishonest. They're operating within a predetermined protocol to minimize their risk based on the way today's credit market operates.


It has nothing to do with minimizing their risk. I can't be approved for a new car that would cost them more if I defaulted, but denied for a used one.


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## mmille24 (Jun 4, 2013)

skier said:


> No - they may have different rules for lease assumptions. Get the Audi! Awesome car, too bad it looks like a VW :thumbup:


You don't even know what Audi I want, but I'd prefer a VW to that car you have in your sig. :thumbup:


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## tturedraider (Nov 11, 2005)

mmille24 said:


> It has nothing to do with minimizing their risk. I can't be approved for a new car that would cost them more if I defaulted, but denied for a used one.


You are still failing to understand the role of automakers' captive finance arms. They are there to facilitate the SALE of cars for their brand. Period. They are not in the generic loan business like traditional banks and credit unions.

If you had tried the same transaction with Audi Financial Services on an Audi lease the odds are you would have experienced the same result.

Once again, automakers' captive finance companies are not in the business of refinancing.


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## mmille24 (Jun 4, 2013)

tturedraider said:


> You are still failing to understand the role of automakers' captive finance arms. They are there to facilitate the SALE of cars for their brand. Period. They are not in the generic loan business like traditional banks and credit unions.
> 
> If you had tried the same transaction with Audi Financial Services on an Audi lease the odds are you would have experienced the same result.
> 
> Once again, automakers' captive finance companies don't do refinancing.


I'm not failing to understand this in the slightest. You keep changing your arguments.

You can't say they made a decision based on "predetermined protocol to minimize their risk based on the way today's credit market operates" and at the very same time say it was based on desire for new sales.

They either made a decision based on mitigating risk or they made a decision based on "SALE of cars for their brand." If it's the latter, I find their denial of my CREDIT application to be dishonest.


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## skier (Oct 19, 2004)

mmille24 said:


> You don't even know what Audi I want, but I'd prefer a VW to that car you have in your sig. :thumbup:


Yeah, as you said, you wanted the bimmer, but got busted Now, go for the VW. If they kick you out, try KIA?


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## 328AL (Aug 16, 2013)

mmille24 said:


> I'm not failing to understand this in the slightest. You keep changing your arguments.
> 
> You can't say they made a decision based on "predetermined protocol to minimize their risk based on the way today's credit market operates" and at the very same time say it was based on desire for new sales.
> 
> They either made a decision based on mitigating risk or they made a decision based on "SALE of cars for their brand." If it's the latter, I find their denial of my CREDIT application to be dishonest.


Let's just say they use a different criteria for approving new sales vs transfers. They're allowed to set their own rules.

Furthermore, they have an option to ask you for a security deposit on a new deal, but can't do it under a transfer.

Even though, it's the same company the product is different so are the rules. Think of a Credit card company; they do offer credit cards, but there is a tremendous difference between low balance secured cards vs unlimited balance charge cards. Wouldn't you agree with that? Plus, they do offer more benefits to new members vs existing ones.


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## mmille24 (Jun 4, 2013)

328AL said:


> Let's just say they use a different criteria for approving new sales vs transfers. They're allowed to set their own rules.
> 
> Furthermore, they have an option to ask you for a security deposit on a new deal, but can't do it under a transfer.
> 
> Even though, it's the same company the product is different so are the rules. Think of a Credit card company; they do offer credit cards, but there is a tremendous difference between low balance secured cards vs unlimited balance charge cards. Wouldn't you agree with that? Plus, they do offer more benefits to new members vs existing ones.


I think if the rules are different, it should have been clearly defined in the credit application. As they would be in your credit card analogy. It wasn't, and to me that's the very definition of dishonest.


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## 328AL (Aug 16, 2013)

mmille24 said:


> I think if the rules are different, it should have been clearly defined in the credit application. As they would be in your credit card analogy. It wasn't, and to me that's the very definition of dishonest.


I'm sorry, you're missing the point. Applications, for the most part, are all the same, just asking basic questions. Approval process/guidelines are different, they're *rarely disclosed *!

I understand, you're frustrated now. However, may be there is silver lining in this for you. It was not meant for you to get that car. Your car is somewhere else now, the car that you would appreciate even more and be happy with it.


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## mmille24 (Jun 4, 2013)

328AL said:


> I'm sorry, you're missing the point. Applications, for the most part, are all the same, just asking basic questions. Approval process/guidelines are different, they're *rarely disclosed *!
> 
> I understand, you're frustrated now. However, may be there is silver lining in this for you. It was not meant for you to get that car. Your car is somewhere else now, the car that you would appreciate even more and be happy with it.


Cheers.


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## capt_slow (Sep 3, 2013)

A VW you say?

May I recommend a JSW TDI or Golf TDI? Excellent cars, much better than the Made-for-America Passat or Jetta. Oh, Oh! Dont forget that the GTD is coming this way soon too!


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## bluejay_el (Aug 12, 2013)

I feel you. Unfortunately that's how credit score works in this country. Not enough credit history doesnt mean you're poor. It doesnt mean you have a bad credit score either. You obviously are great in maintaining budget/expenses but you have a "thin file" for maintaining credit...and expense doesnt translate to credit

Paying credit card in full every due date doesn't translate to good (nor bad) credit because they don't monitor your daily usage... all they see is the monthly statement of zero balance..which translates to "credit card never used"

Moving forward... get a mastercard, visa, amex and discover...with a credit card limit of 20K or more for each. leave a balance of $1 and pay everything before due date. imagine a great credit card utilization of $4:$80000 

For now, credit unions would probably still be willing to take you....but your interest rate wont still be the best available


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## beashonda (Feb 17, 2008)

JP 99300 said:


> I'm still laughing at this. I interpreted OPs original statement that "I make over six figures" to clearly mean "I make over $100,000" as that amount is the floor for six figures. I guess we all interpret things differently.
> 
> mmile24, you should be a credit company's ideal customer. Find someone who wants your business. Best of luck.


I thought the same. Kinda shocked about the over analysis. Lol


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## [email protected] BMW (Aug 2, 2010)

Best to go to a dealer... We have many more options to get you approved.. An assumption is much harder to get qualified for.


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## mmille24 (Jun 4, 2013)

[email protected] BMW said:


> Best to go to a dealer... We have many more options to get you approved.. An assumption is much harder to get qualified for.


I dealt with you for a long time Greg. It's been an exhausting search for me.

For anyone looking to lease/buy from a dealership, Greg is an absolute prince. Honest, helpful, super responsive, & gives you the best pricing around. Never completed a deal because I was too picky, should have just built a car. C'est la vie


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## mwm1166 (Jul 16, 2013)

At the end of the day, it seems like mmille24 is offended because he was denied. However, being financially responsible is not the same as having credit history. A persons history of their USE of (not avoidance of) credit, is what companies look at to finance many things. You show that you've got no experience making monthly car payments. 

In the case of BMW (and I'm sure many other car makers) you are seen as "not worth the risk" to approve just to give the courtesy of a lease transfer to an existing customer. However, if the dealership you were in working with to move another model off the lot wanted a sale; they might be able to twist the arm to get BMWFS to accept a bit more risk (that you've for zero experience making monthly car payments) if it means moving an additional unit.

It is a financial companies duty to discriminate based on predetermined criteria. Frankly, this is like people whining before the financial crash that they couldn't get approved for a 500k mortgage even though they had only been at their jobs for a year out of college and had very little credit history. Well, when the market crash occurred and jobs are wiped out, the banks/mortgage companies who discriminated against people's youth or lack of payment history, looked to be the smart ones.

Maybe now is the time that you should start finding a few ways to set up some installments loan credit and do what most 18-25 year olds raised in this country do. We are told from the time we are 18 that it's important to start "building credit." We do this to avoid being embarrassed or losing out on a deal later in life just because we were always capable of paying cash and living within our means. But at some point, you have to demonstrate an ability to pay debt when you don't need it. So, someone can see proof (I.e. credit history) of what you have done in the past when you have taken on debt. 

As we all know, past performance doesn't guarantee future performance, but as far as human behavior goes, it is a hell of a barometer. 

Anyway, you can choose to be ****ty and hate the game and BMW, or you can chalk this up to a learning experience and start building some credit.


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## mmille24 (Jun 4, 2013)

mwm1166 said:


> At the end of the day, it seems like mmille24 is offended because he was denied. However, being financially responsible is not the same as having credit history. A persons history of their USE of (not avoidance of) credit, is what companies look at to finance many things. You show that you've got no experience making monthly car payments.
> 
> In the case of BMW (and I'm sure many other car makers) you are seen as "not worth the risk" to approve just to give the courtesy of a lease transfer to an existing customer. However, if the dealership you were in working with to move another model off the lot wanted a sale; they might be able to twist the arm to get BMWFS to accept a bit more risk (that you've for zero experience making monthly car payments) if it means moving an additional unit.
> 
> ...


Yes, a 500k loan with little to no collateral, with no credit history, with no steady income/job is the same thing as a 38k loan with enough collateral to pay off the existing balance many times overs. With a buyer who has proven he's capable of paying credit cards bills, electric, gas, rent, & college loans for a decade in full every month. Samesies.

I've moved on. Will be getting an Audi. Already approved for the credit. No twisting of any arms needed. G'day.


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## 328AL (Aug 16, 2013)

mmille24 said:


> Yes, a 500k loan with little to no collateral, with no credit history, with no steady income/job is the same thing as a 38k loan with enough collateral to pay off the existing balance many times overs. With a buyer who has proven he's capable of paying credit cards bills, electric, gas, rent, & college loans for a decade in full every month. Samesies.
> 
> I've moved on. Will be getting an Audi. Already approved for the credit. No twisting of any arms needed. G'day.


I'm guessing that was not a transfer? Higher payments for lease and maintenance costs, I hope it's worth it for you 

Sent from BimmerApp mobile app


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## [email protected] (Jun 28, 2012)

OP already moved on...he vented and has joined the Audi family GL


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## mmille24 (Jun 4, 2013)

328AL said:


> I'm guessing that was not a transfer? Higher payments for lease and maintenance costs, I hope it's worth it for you
> 
> Sent from BimmerApp mobile app


Not necessarily higher payments, don't know about maintenance costs on a car under full warranty but can't imagine it being too staggering.

Anyway, yes, well worth it to me. When I was showing my friends and family the car I was going to get in the transfer, everyone was making fun of me. The car really wasn't me and I couldn't be happier with how this all turned out.


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## mmille24 (Jun 4, 2013)

[email protected] said:


> OP already moved on...he vented and is joining the Audi family GL


Cheers. :beerchug:


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## mwm1166 (Jul 16, 2013)

All I can say is that all of us giving advice about how companies view your credit worthiness, we are clearly not as wise as OP who has chosen a vendetta against BMW because of BMW USA FS denying him. Although, all of us were accepted....

If it talks like a troll, and walks like a troll....

Enjoy your Passat!


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## bayoucity (Jun 11, 2010)

mmille24 said:


> Cheers. :beerchug:


So, which Audi?


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## chrischeung (Sep 1, 2002)

A lot of folks like to talk big, but in the end, accept reality.


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## capt_slow (Sep 3, 2013)

bayoucity said:


> So, which Audi?


Hopefully a TDI, but then again I'm biased.


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## mmille24 (Jun 4, 2013)

bayoucity said:


> So, which Audi?


Ha! What car could I say here that wouldn't be met with scorn, scrutiny, and disdain? Hmmmmm. I got a R8, ONLY the V8 though. 

This will be my last post in this thread. I want to thank those of you for your kind words and advice in all matters. Absolute gents. I do truly appreciate it. Hope everyone drives safely and enjoys the ride. :beerchug:


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## BimmerBahn (Nov 24, 2005)

mmille24 said:


> Ha! What car could I say here that wouldn't be met with scorn, scrutiny, and disdain? Hmmmmm. I got a R8, ONLY the V8 though.


So you went from doing a lease assumption on a 2013 328i Sedan, to an Audi R8?

interesting!

Enjoy the ride


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## mwm1166 (Jul 16, 2013)

Lmfao, I think I squarely nailed this one... T. R. O.......


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## I_am_I_said (Aug 4, 2008)

skilletbgm said:


> So you went from doing a lease assumption on a 2013 328i Sedan, to an Audi R8?
> 
> interesting!
> 
> Enjoy the ride


I think he was being sarcastic about the R8.


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## JP 99300 (Sep 29, 2004)

mwm1166 said:


> All I can say is that all of us giving advice about how companies view your credit worthiness, we are clearly not as wise as OP who has chosen a vendetta against BMW because of BMW USA FS denying him. Although, all of us were accepted....
> 
> If it talks like a troll, and walks like a troll....
> 
> Enjoy your Passat!


Seriously? C'mon, I'd like to think this group is above comments like that. The OP had a bad experience, he made a decision to move on and buy an Audi instead. He's free to make that choice.

And yes, clearly he was being sarcastic about the R8.


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## mwm1166 (Jul 16, 2013)

JP 99300 said:


> Seriously? C'mon, I'd like to think this group is above comments like that. The OP had a bad experience, he made a decision to move on and buy an Audi instead. He's free to make that choice.
> 
> And yes, clearly he was being sarcastic about the R8.


We can agree to disagree. He seems like he came here to wind people up... The R8 comment being a prime example of that.


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## [email protected] (Jun 28, 2012)

Off topic and FYI, FS is not score driven...FS accepts approvals on FICOs as low as 575...for most lenders thats an automatic TD. Also, 675+ will get you into the top SSP tier when approved. 

Finally, FS will be using Experian FICO Auto 08 as the primary credit report for approvals starting Oct. 22nd.


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## JP 99300 (Sep 29, 2004)

mwm1166 said:


> We can agree to disagree. He seems like he came here to wind people up... The R8 comment being a prime example of that.


I agree - we can agree to disagree. 

Keep in mind OP also had very kind words for Greg Poland, and I don't think that is indicative of a troll....



mmille24 said:


> For anyone looking to lease/buy from a dealership, Greg is an absolute prince. Honest, helpful, super responsive, & gives you the best pricing around. Never completed a deal because I was too picky, should have just built a car. C'est la vie


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## mauicoug (Apr 20, 2009)

Just to chime in on op denial...just reading his posts, he sounds like a foreigner, from his use of grammar. That could weigh in on a decision on whether to grant a lease transfer. Also, I do agree if he has never had any auto loans, that would be a red flag for BMWFS.


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## bayoucity (Jun 11, 2010)

chrischeung said:


> A lot of folks like to talk big, but in the end, accept reality.


^ That's what she said.


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## 2010drive (Jul 24, 2012)

mmille24 said:


> Not necessarily higher payments, don't know about maintenance costs on a car under full warranty but can't imagine it being too staggering.
> 
> Anyway, yes, well worth it to me. When I was showing my friends and family the car I was going to get in the transfer, everyone was making fun of me. The car really wasn't me and I couldn't be happier with how this all turned out.


Maintenance isn't cheap on Audi's. I owned a 2011 S4 DSG and the 35K mile service was going to be something insane ($500-$750) thankfully I sold mine before that.


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## tturedraider (Nov 11, 2005)

mauicoug said:


> Just to chime in on op denial...just reading his posts, he sounds like a foreigner, from his use of grammar. That could weigh in on a decision on whether to grant a lease transfer. Also, I do agree if he has never had any auto loans, that would be a red flag for BMWFS.


Grammar nazi that I am I have to chime in on this. I can't quite figure out how you came to that conclusion. The OP's grammar and sentence stucture is first rate, which is more than I can say about most 30 year old college graduates these days. In fact, his grammar and sentence structure is significantly better than that of most Bimmerfesters.

Even though I think he had an emotional, illogical, knee jerk reaction to the situation, I was very impressed with how articulate he is.


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## 328AL (Aug 16, 2013)

tturedraider said:


> Grammar nazi that I am I have to chime in on this. I can't quite figure out how you came to that conclusion. The OP's grammar and sentence stucture is first rate, which is more than I can say about most 30 year old college graduates these days. In fact, his grammar and sentence structure is significantly better than that of most Bimmerfesters.
> 
> Even though I think he had an emotional, illogical, knee jerk reaction to the situation, I was very impressed with how articulate he is.


+1
I agree, that was totally unnecessary, the OP's position was clear and concise. It didn't work out for him, so we should wish him luck!

Sent from BimmerApp mobile app


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## mauicoug (Apr 20, 2009)

I wasn't trying to be critical of his writing skills in the least...it's just that a lot of foreigners I run into in my work, use the word "cheers" a lot. I don't know anyone else who says that in normal passing. There were a couple of other words too, but no big deal. I was just possibly speculating out loud about a reason for a denial. I suppose if I was in his shoes, paid the $100 bucks and got denied with a good credit score, I would be pissed too. But, I have been around long enough, that one bad experience wouldn't dissuade me from getting the car I wanted.


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## ddk632 (Aug 19, 2006)

Part of the problem is the OP wasn't comparing apples to apples.

If BMW FS denied a lease takeover, then try an Audi or MB lease take over and see if they accept.
Comparing BMW FS lease takeover to a new order from a dealer with another marque isn't comparing on the same level.

Many of the posters tried to explain this to OP, that lease takeover will be more scrutinized, to no avail.


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## ddk632 (Aug 19, 2006)

Part of the problem is the OP wasn't comparing apples to apples.

If BMW FS denied a lease takeover, then try an Audi or MB lease take over and see if they accept.
Comparing BMW FS lease takeover to a new order from a dealer with another marque isn't comparing on the same level.

Many of the posters tried to explain this to OP, that lease takeover will be more scrutinized, to no avail.


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## JP 99300 (Sep 29, 2004)

ddk632 said:


> Part of the problem is the OP wasn't comparing apples to apples.
> 
> If BMW FS denied a lease takeover, then try an Audi or MB lease take over and see if they accept.
> Comparing BMW FS lease takeover to a new order from a dealer with another marque isn't comparing on the same level.
> ...


I think the OP clearly understood this wasn't apples to apples. He wasn't comparing the two. He was rejected by BMW for the lease takeover, was understandably upset with them and thus concluded that he was not going to give BMW his new car financing business. He chose to be done with BMW and moved on to Audi instead.

I think it's time to put a fork in this one.


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## shazi00 (Sep 18, 2013)

Well here is how it goes: If u have no previous loans that is actually not good. It works against u as I was told by BMW financial. If you're buying or leasing a 100,000$ car that is another problem and would end up being denied. 

I checked my fico score before I went to sign my deal. My dealer pulled my credit score and it was higher 760s then asked if I had any laons or any loans that I have paid off or any mortgage. My response was no and they said that could be a problem. But I ended up getting approved because my car was only 40k and I was leasing plus I had a big out of pocket down payment. 

So yea if u go ahead n get ur self a 1 series or 3 series or a base 5 they might approve u. So really depends on all of the above. I might be wrong but this is what I was told by BMW financial. 

Sent from my SAMSUNG-SGH-I337 using BimmerApp mobile app


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## shazi00 (Sep 18, 2013)

Plus I wouldn't advise u to to keep going to mb , Audi , Infiniti financial. Everytime they run ur credit report it impacts ur fico. 

Sent from my SAMSUNG-SGH-I337 using BimmerApp mobile app


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## Keepittrill (Jun 5, 2013)

People seem to be personally offended that OP isn't going with BMW anymore.

News flash guys, Audi and Mercedes are doing a damn fine job on their cars too. 


Sent from BimmerApp mobile app


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## Bruin72 (Feb 3, 2005)

I think this thread has run its course. Time to lock it down!


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## [email protected] BMW (Aug 2, 2010)

Agreed...


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