# credit score?



## plakk22 (Feb 29, 2008)

I'm planning to lease a 328i, i right now have a currrnt auto loan on a camry which i will sell it for the bimmer and i also cosigned for my girl friends car, i will be applying for lease before i sell my camry as i'm gng for a production date, so will this effect my credit application for BMWFS, or should i sell the camry first and then apply?Please help.
oh! and my credit score is 672


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## Orient330iNYC (Jul 30, 2002)

at 672 i think you're on the borderline. BMWFS is pass/fail, apply for the lease through a dealership, not the website. IIRC, they prefer 700 or higher.


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## SARAFIL (Feb 19, 2003)

672 is fine... it's not entirely based on credit score, but that score would be ok to get approved as long as everything looks ok. They look at many other factors (just giving you info... not looking for you to answer these questions here):
-your income
-your other obligations (do you have a mortgage, do you have other car loans, and how much are those payments?)
-what has your payment history been like with your current auto loan? how about your other installment loans? (late or slow pays here can really hurt you)
-how expensive of a car you are consider
-how much $$ do you plan to put down
-have you had a similar car loan in the past? if not, have you had any car loan in the past and what was the amount financed?


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## BigPimp (Sep 27, 2003)

Is 672 your auto/mortgage score or just a consumer score? What are you other two scores? Where did you get the number?

Credit scores tend to vary based on the lender's credit score model and there are three credit scores, so the lender might use a middle score to qualify you for financing. 

Typically 680+ is considered to be very good credit with 720 approaching excellent and 760 is excellent for all lenders.


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## cruise_bone (Jun 6, 2007)

If you put 50% down on a new car, how much better would your interest rate be?


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## djfitter (Sep 12, 2007)

cruise_bone said:


> If you put 50% down on a new car, how much better would your interest rate be?


None, I put 60% down. It doesn't lower the loan rate, but it sure lowers the amount you borrow. What can affect loan rate is duration of loan, and of coarse credit score.

dj


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## JW_BMW (Oct 3, 2007)

plakk22 said:


> I'm planning to lease a 328i, i right now have a currrnt auto loan on a camry which i will sell it for the bimmer and i also cosigned for my girl friends car, i will be applying for lease before i sell my camry as i'm gng for a production date, so will this effect my credit application for BMWFS, or should i sell the camry first and then apply?Please help.
> oh! and my credit score is 672


Just score alone will not determine rather you will qualify for a BMW lease or not. Other factors are considered such as annual income, employment history, debt ratio, payment history, loan history, high loan history, etc.

When we submit your application we can inform BMW FS that your current vehicle will be payoff by the dealer if its a trade in. If it is sold privately they will then ask for the loan release from your lender. This is an approval with conditions.

So, selling your car now or later will really not make a big difference. As long as you can provide written proof the car has been sold and the loan is off your books before the new contracts are signed you will be fine.


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## JW_BMW (Oct 3, 2007)

djfitter said:


> None, I put 60% down. It doesn't lower the loan rate, but it sure lowers the amount you borrow. What can affect loan rate is duration of loan, and of coarse credit score.
> 
> dj


Not exactly true.

$0 amount down vs money down will affect loan rate. The only time it will not make a difference is when the vehicle you are financing is already under a special rate promotion like the curent E90s as an example.

Take the 5 Series as an example which has no special finance programs, if the % financed is <85%, that will save .25% off the rate if you are going thru BMW FS.

Bank of Amercia will also offer a .25% rate reduction when % financed is <90%.

On the other hand if your % financed is 120% or more, your rates will go up.

And of course length of term and credit score will also affect rate %.


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## Orient330iNYC (Jul 30, 2002)

interesting. my 335i is the first lease/car in my name (despite a clean driving record, insurance costs where i used to live made it necessary to be under someone else's insurance). no loan history (dont have any) and i rent my apt so no mortgage. didnt have any problem getting approved, i assumed it was based mostly on credit score and income level?


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## JW_BMW (Oct 3, 2007)

Orient330iNYC said:


> interesting. my 335i is the first lease/car in my name (despite a clean driving record, insurance costs where i used to live made it necessary to be under someone else's insurance). no loan history (dont have any) and i rent my apt so no mortgage. didnt have any problem getting approved, i assumed it was based mostly on credit score and income level?


Income and employment history can play a vital role when applying for a loan or lease.


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## Orient330iNYC (Jul 30, 2002)

JW_BMW said:


> Income and employment history can play a vital role when applying for a loan or lease.


hmm. I've been working continuously since graduating undergrad (7 years) for a total of two employers. I guess that that counts these days


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## JW_BMW (Oct 3, 2007)

Orient330iNYC said:


> hmm. I've been working continuously since graduating undergrad (7 years) for a total of two employers. I guess that that counts these days


It sure does. :thumbup:

There are behind the scenes stuff of course that is always on going between us and the lender to get a contract funded. It is not always as simple as it seems.


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## erdoran (Feb 29, 2008)

When I buy my BMW I can do anything--pay cash, finance myself, finance thru dealership with any % down required at any term, or lease. Of these options, what will affect my bottom line price on the car while negotiating, if any? I have a great FICO score and can get any credit I want.. I have minimal debt (only my mortgage, no other debt at all) And should this info be provided up front? In fairness to the dealership, they need to know I can actually buy the car and they have every right to qualify me, but how much beyond that should I tell them in order to get the best price?


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