[isosunrise]

What's the worst credit anyone here has, and has been approved for a lease through BMWFS?

Thanks In advance

[ronanz]

LOL....Riiiiggggghhhhhtttttttt......

1. Don't think anyone will be willing admit to having bad credit

2. Pretty sure if you have "subprime" credit, you'd have to do a "One Pay" Lease (all payments made up front) to get close to an approval, your MF will be thru the roof tho

.

[tex2670]

Originally Posted by isosunrise

What's the worst credit anyone here has, and has been approved for a lease through BMWFS?

Thanks In advance

Asking for a "friend", right?

[tturedraider]

Off the top of my head I'm kinda thinking 625 may be the lowest score. You should post this in the Bimmerfest Ask a Dealer forum where one of the CAs may be able to give you a firm answer.

[obert]

Anything under good I would say your not getting one.

[GMV Auto]

Try this one. https://creditboards.com/forums/inde...pp=creditpulls

[skw]

Not to lecture, but if marginal credit is a concern, should leasing a BMW be a consideration? I would think doing the max MSD's might be a way of putting the bank's mind at ease. Gives them a security blanket while reducing your payment. You actually lower your interest rate, instead of the industry standard of a higher rate due to low credit.

[SilverRevlis]

I know for a fact that in NJ, BMW pulls Experian and uses the Auto Enhanced FICO score. I do know they lean on income pretty heavily when giving approvals. If scores are low, I would focus on getting them up, not getting into a lease. Everyone's situation is different, so I'm not going to lecture, but if you call any BMW dealer, they should be able to tell you the min FICO score needed to get into their lowest tier. Not sure if they do tier bumps to get a lower MF or not.

[CIWS]

When I got my car BMW Financial used the VantageScore not FICO. About a month after I got the car they sent me a letter stating what my VantageScore was when they ran it.

[spuntyb]

Originally Posted by isosunrise

What's the worst credit anyone here has, and has been approved for a lease through BMWFS?

Thanks In advance

I had horrible credit coming out of residency (really just some small credit cards that didn't get paid off before med school). VW wouldn't even lease to me, would only finance. BMW said the same, so I paid those cards off very quickly and boosted my credit rating enough to at least get a lease. I think at the time I initially talked to them and VW, my credit was around 540, and they said right around 600 was their cutoff. I think just paying those cards off got me up to around 650ish, at which point that allowed me to lease but only if I signed up for auto payments (which I would have done anyways). Also keep in mind that my income was well into the 6 figures, so that probably helped, fwiw.

[Billfitz]

Most finance companies have their own point system. You get a certain number of points for income, time on the job, married versus single, homeowner versus renter, time at present address, and previous credit history, which the credit score is based on. Add up all the points and they determine what the finance company will give you, if anything. You can overcome a low score in one area with a high score in another. If you're marginal they'll require a larger down payment, to be sure there's equity in the car if you default and they have to take it back.
If you want a high credit score pay your bills on time. It's as simple as that.

[Slickz]

Automakers usually have "tiers" of credit that they will offer specific lease terms to. They generally go down to about 650 but the APR% is going be steep. Dealers can also work with other lenders/banks for lower credit score/sub-prime borrowers but the financing is going be incredibly costly. You can also use offsets such as strong, documented income or a higher down payment to offset the risk of a lower credit score/poor payment history and the lender may look favorably on that.

As a professional in the credit and banking industry I would say the benefits of leasing are quickly lost if you don't have top tier, prime credit usually 720+. Getting a car loan or lease is one of the worst possible financial moves anyone can make. Not only are you losing money on a very rapidly depreciating asset but you are also paying interest to the bank for the money you borrowed. Of course we all love our new cars and don't think twice about it. If you are loaning/leasing at a higher APR% due to your credit score this is only going to increase your costs to borrow.

[otay]

Originally Posted by Slickz

Automakers usually have "tiers" of credit that they will offer specific lease terms to. They generally go down to about 650 but the APR% is going be steep. ... If you are loaning/leasing at a higher APR% due to your credit score this is only going to increase your costs to borrow.

Was going to say similar. You may get approved, but your APR / money factor will be significantly higher, raising your payments and overall cost. Better to find something used for less $$, pay it off and build your credit back up.

[XKxRome0ox]

Originally Posted by isosunrise

What's the worst credit anyone here has, and has been approved for a lease through BMWFS?

Thanks In advance

So how bad is your credit, op?

[Jaghave]

My sister had poor credit i think 614. With a 1500 dollar loan from me as a deposit she was able to get one.

[tex2670]

Originally Posted by spuntyb

I had horrible credit coming out of residency (really just some small credit cards that didn't get paid off before med school). VW wouldn't even lease to me, would only finance. BMW said the same, so I paid those cards off very quickly and boosted my credit rating enough to at least get a lease. I think at the time I initially talked to them and VW, my credit was around 540, and they said right around 600 was their cutoff. I think just paying those cards off got me up to around 650ish, at which point that allowed me to lease but only if I signed up for auto payments (which I would have done anyways). Also keep in mind that my income was well into the 6 figures, so that probably helped, fwiw.

No lease with bad credit? A lower monthly payment, and fewer payments during the term, and the finance company actually owns the car--but that's not an option if you have worse credit? I don't get it?

[bad karma]

I'm confused and slightly entertained that you ostensibly have bad enough credit that you feel you'll get turned down for a lease, but that your priority isn't on fixing your credit but rather on getting a $40,000+ car.

[Billfitz]

Originally Posted by bad karma

I'm confused and slightly entertained that you ostensibly have bad enough credit that you feel you'll get turned down for a lease, but that your priority isn't on fixing your credit but rather on getting a $40,000+ car.

Perhaps that's why he has bad credit?
It could just be that he has no credit history, but that alone wouldn't be reason not to grant the lease. It would result in a higher DP and/or rate.

[drummerlauw]

BMW doesn't care how much you make or how bad is your credit. They just want your money.

[wilbur_the_goose]

If you have bad FICO scores, it's probably you didn't pay bills on time. Lord knows that there are valid reasons for that (medical, death in the family, loss of a job, etc), but it's all a numbers game. Low score = High risk. High risk = High cost to borrow.

If you have a low score, I'd pay down debt, start saving, and be patient. And buy a cheap car. A 2006 Honda Accord may not be your cup of tea, but you're setting a good financial foundation for the rest of your life.

Plus, high debt levels can bring on a lot of unnecessary stress.

PS - Keep in mind that many jobs (especially in the financial sector) require a credit check before employment.

[Kabrich]

Originally Posted by SilverRevlis

I know for a fact that in NJ, BMW pulls Experian and uses the Auto Enhanced FICO score. I do know they lean on income pretty heavily when giving approvals. If scores are low, I would focus on getting them up, not getting into a lease. Everyone's situation is different, so I'm not going to lecture, but if you call any BMW dealer, they should be able to tell you the min FICO score needed to get into their lowest tier. Not sure if they do tier bumps to get a lower MF or not.

And a reminder that Auto Fico Scores go up to 900, not 850.

So 600 referenced elsewhere in this thread is not equal to a regular Fico 600.

There are roughly 28 variations of Fico scores between the 3 major agencies.

[isosunrise]

Originally Posted by XKxRome0ox

So how bad is your credit, op?

Thanks for all your replies. I'm barley at a 515. No shame in putting my self out there. Currently in a lease with Lexus but always this was prior to my credit issues.... long story short I'm digging my self out. I know my credit won't be perfect but will try to work towards good score