Hi all,
Leasing for the first time and BMW FS declined my application without stating why.
I have a 750 score, my co-applicant 820, and multiple assets. All self-employed
The current leaseholder has an 800 score.
Any suggestions on how to improve the odds? Or just forget and look for other non-BMW lease options?
Thank you
Score is only one variable, feel free to read through the credit thread when you have time. Do either you or your cosigner have auto loan or lease history?
Thank you, I’ll take a look!
my co-applicant has a lease history
Will it be easier to get approval if I apply for a new lease instead of a takeover?
Not necessarily. How much is MSRP on the vehicle that you’re taking over? What manufacturers has your cosigner leased from previously?
Historically BMW FS has typically operated on the principle that the party taking over the lease, should have a stronger credit history, higher score, etc…mostly as a business strategy to minimize risk as much as possible. They already have Party A with an 850 score, so they see little reason to facilitate a transfer to someone with a “thinner” file, lower score, even if it is 750 or 800.
Speculation here, I’d imagine they are more strict in a time of rising delinquencies, late payments. It isn’t a reflection on you, as more of it is a business strategy on them.
Also might be worth calling BMWFS and trying to talk to someone. Not saying it’ll work but stranger things have happened.
MSRP was $52,200 and 675$ monthly payment
My co-applicant has a Tesla lease
The self employed income might’ve scared them.
Totally makes sense. My co-applicant has a higher credit score though
Yes, the bar for new lease approvals isn’t as high as for transfers.
The entire reason for BMWFS’ existence is to move the metal that comes out of BMW’s factories
The entire job of the sales and finance operation at a dealership is to find an ass for every seat and then get that ass approved by FS.
None of these dynamics exists for transfers.