Anyone have any experience with lending from BMW? My EQ is 669 and EX is 677. My negatives are a paid tax lien from 1996 and I have no accounts that are 3 years or older. Other then that, I have a car loan from 11/01, 2 CC and two charge cards, all paid on time with low balances. From an income standpoint, I qualify for the car. I know that a lot of companies use the modified FICO score for auto lending which supposedly gives you a slightly higher score (according to one web site I looked at). I want to lease so I know that the lending criteria is tighter. Anyone have any thoughts?
Austin, I don't know anything about your question. But do you still know the website that you got the modified Fico info from?
Yes, go to www.leasecompare.com. Look for a link labeled "discussion boards" and then click on "General Discussion". Under one of the threads (I don't remember but it's pretty obvious which one), they talk about credit and the specialized auto FICO score.
I got a business lease for bmw x5 with the application in company's name and myself as a guarantor. My FICO at the time was on Equifax 660 as I was disputing some items. I decided to give it a try as I found out on mllcbs site that BMW pulls only Equifax. Anyway, the dealer pulled TU not Equifax but they approved it for 6.73% APR for 36 months with a Owner's Choice baloon or walk-away option. Hope it helps.
My boyfriend got his car financed with BMW, I believe they pulled Equifax. His score was either 640 or 660 at the time. Interest is 9%
I want to do the Owner's Choice program (Texas' version of lease). I got a $3,000 bump on one of my CL's but that won't post until around September 20th. Maybe I'd be better off to wait for that to happen as it should boost my score a bit. I also currently have a paid tax lien in dispute with EQ (it was showing unpaid) but it doesn't seem to be hidden on the report.
