Hi, I currently have a BMW lease that’s about to end in July but my credit score dropped really bad during the pandemic and I’m scared of what Bmw FS might say with my current score ( Exp 600 TU 640) I’ve had two other leases with Bmw before this one. My lease was always paid income 78k yr. I heard Bmw have some type of loyalty if you are a current customer is that true? Do you think they will give me another lease? Which report do they go by and what are the tiers?
Tiers are PP 575-600, P 601-639, SP 640-674, S 675-699, E 700-739. SE 740+
Only by trying will you find out but BMW really likes loyalty to BMW. If you’ve been solid with BMW and never had a late/missed with them, I would suspect another lease is going to happen. They look at TU and EXP
Probably with a 20-30 point bump in base MF.
As RyanS9 said, loyalty helps. If you’ve gone through 3 BMW leases without missing any payments, I can’t imagine they would turn you away. The question is what tier of financing they would give you.
You could extend your current lease by up to 2 months if you think your score might recover significantly during that time.
BMWFS uses Auto-Enhanced FICO scores for decisioning and pricing.
This score model has a scale that tops out at 900, and weighs various attributes of your credit report differently (for example, installment loan history) than a FICO score used for a mortgage or a credit card.
If you got those two scores from somewhere like Credit Karma, you aren’t using the same reference point.
Those could be off 200 points in either direction compared to what BMW will use.
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