I am pretty new here and have learned a lot since I signed up. Thank everyone for sharing their knowledge!
I am considering leasing a BMW 330e. BMW 330i is also acceptable due to the shortage of 330e in CA. I have a 3-year credit history and 756 Experian FICO® Scores, 731 FICO® Auto Score 8. I am an international student and currently pursuing a Ph.D. degree. My F1 visa has expired and my I-20 is expiring June 2025. From my perspective, I-20 determines the duration I can stay. So in terms of I-20, I am eligible for a 3-year lease. But from the past posts, it seems very difficult for F-1 students to get approved, especially BMWFS.
If you know more details, could you please give me some resources or suggestions? Any thoughts would be appreciated.
From my perspective, your visa determines the duration of your stay, and it is expired. I-20 shows for how long you are enrolled.
I may be wrong here, though.
I’m not a residency expert but I know BMW FS will only consider F1 Visa if your employer provides a letter stating they will sponsor you for a work visa and you can show proof that your H-1B Visa application is already in the approval process.
Even then you would have to apply under the International Executive Program but luckily there is no bump on the MF.
Right, but I’d think visa comes first and I-20 is secondary. Can you legally stay in the US on expired F-1 even if your I-20 shows that you could study here for longer? You would probably need to extend F-1 during duration of your studying? Like I said, I don’t know how this really works.
AFAIK this is technically correct but don’t expect too many people working at a US lender to know the nuances. Usually they follow a script that goes something like “when does the visa expire?”
All that is before tackling income situation – you’re not able to work, even with a F-1, it’s meant for part time employment. I’d say if you have the funds, just buy one or you may be able to get an auto loan.
An F-1 visa is checked for entry purpose, while i-20 determines the legal eligibility of staying in the U.S… A valid I-20 with expired F1 visa only means that if the person leaves the U.S., she/he would have to apply/extend the visa to be able to enter the U.S. again. However, a person with valid I-20 and expired F1 visa can legally stay in the U.S. until the expiration of I-20.
OK, but then the problem for the lender is that if an F-1 holder decides to leave the country and would not be able to renew his visa to come back. So, basically like Max said - lenders probably want to see a valid visa.
I am interested in A4 40 Premium Sedan. The white one in your lot with Stock number MN012977 is good. Could you please let me know your breakdown quote? BTW, I live in northern California. Thanks!
This is the correct answer. Visa is only required to “enter” the country, while you need a valid I20 to stay/live in the US.
But yes, most people are not aware of the nuances. I financed a car with Hyundai with 1 year valid I20 and visa and they had no issues financing for 5 years. My sister with Honda was in similar situation but wasn’t approved.
It all depends on the bank and the understanding of the person approving the deal.
