I am looking to lease a BMW in Nov. I can verify income of 126,000.00 per year and a Tu of 640. No lates on report but many tradelines,hence the reason for my "low" score. Do any of you guys have any experience with BMW? I bought a 328 from them in 1994 but that is my last experience with Bmw financial.I have since leased with volvo. Oh,and whatt is this"ENHANCED" AUTO FICO? Thanks,Ritch
I dont think a 640 will get you in with bmw. I might be wrng though. Your past experiance with them might help. From what I have been told in the past a 650+ is whats needed. If you have many positive trades on ur tu I dont see why ur score is so low. How is you debt to limit ratio?. How about the average age of ur accounts?. ZHow many inqs do u currently have on there. If you have more than 50% utilization on ur cc's I personally would suggest paying them down to around 25% of limit. If your trades are somewhat new just let them age a little before applying. Your score should go up. Also dont apply for anymore credit. Let those inq's fall off. These three things should get you above 700 in 12 months or so as long as you have no negs on there. But if you already had a relationship with bmw , who knows u might get in. However to qualify for special interest rates I believe most auto lenders look for a 680-700 fico. Pay down ur balances if any. Let ur new credit age and let those inq's fall off . you should be in great shape in 12 months or so.
If you have a previous history with BMW financial, that helps alot. They may want a security deposit, which can be given back at the end of the lease (something that I personally wouldn't do). But you never know. If you don't care about the inquiry, give it a try.
I leased last August with them. I'm pretty sure they only pull EQ and I had a 669 score at the time. The loan sailed through. Don't forget that a car loan, because it's secured, makes it different then a credit card. They look at the deal characteristics instead of just your FICO.
I'm finding it hard to get an idea of how leasing terms I'm offered for a new Beemer compared to others out there. I've been googling, and found only one place so far that's trying to be a sort of clearing house where people can share their lease info (http://www.bmwleasepayment.com). Might be a good idea if more people openly shared that kind of info.
Oh,and whatt is this"ENHANCED" AUTO FICO? Thanks,Ritch
Its a different scoring model (one of many). It weighs your auto history heavier then it weighs other aspects of your credit history. Your 640 FICO you got, may not be 640 on an Auto Enhanced Score. With any luck, since you indicate good auto repayment history, it might be higher.