BMW M3 Lease Transfer - Specific Questions On Getting Approved

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Nah they dont know what they’re talking about. You should easily be approved as T1

Thanks for your answer. Do you think I should even be on the application? Will me being on it hurt my chances?

Hey do you know what credit bureau matters most to BMW financial? Since you have done a lot of leasing through them

Nope it won’t it’ll build your credit! I was in a situation highly similar to yours when I got my first M3!

BMWFS actually pulls all 3 and uses the highest one.

Oh that is awesome. Thanks again man, literally every time I ask a question on this website I have people judging my choices when they have no idea what is in my bank. So excited

You’re welcome. Please feel free to PM if you have any further questions. Always willing to help.

It’s hard to pass up on a BMW M3 if you can even REMOTELY afford one, so I totally get it haha

But honestly, what do you expect? You come on a website asking for general help, we see you want a car that people who generally make at least 3-4x what you make drive, and you’re needing your parent’s help to get into the car. Of course people on LH are going to point out the obvious based on the info you provided.

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I have 6 figs in my bank and can quite easily afford the car. My parents will not be paying a dime for the car, or insurance. I asked for help on getting approved on a credit application, not to judge my financial choices.

This is worth a read. Working in finance has made me realize one thing: people are weird with their money.

You posted yesterday that your dad had a 650 and you are a student without any actual income. You’re going to get the same answer today as yesterday… A lease transfer with those numbers isn’t likely to be approved. I’ve seen BMW deny people with the same score as your dad and higher income on a lower payment vehicle that wasn’t a lease transfer.

You may have luck with your dad as the primary if his score is actually higher, but don’t expect it to go well if/when they look to verify your income and see that you’re not currently working as you told us.

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If he isn’t actually working, he should be applying only in his dad’s name.
Best shot that way.

I thought he was 650 but he showed me his credit scores and they are much higher than I thought. His scores are as high as 730. Thanks for the response

You do you. Enjoy your car.

Not working currently but I have pay stubs from on and off work last year. No consistent income over time. Would it be best for me to stay off the application?

Definitely stay off the application.
You said you have 100k in the bank, are you using that money to generate money from investments? If so you could still cosign, and show investment revenue as your income. This’ll help you build your credit. BMW for approval purposes is only going to be looking at your dad’s financial profile. 730 score & $200K+ income should get you through the door. Thing is these are the only data points we see, your dad could have 500k in CC debt which would obviously disqualify you. That’s likely not the case since he has a 730 score, which is well in T1 territory. I would think that he has a very good chance at being approved. Worth a shot.

OP - Let us know how it goes… :popcorn::popcorn::popcorn:

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The money in my bank was from a business venture a few months back. Currently the money is in a savings account gaining interest. Can this count as income I can put down?

Sure that’s interest income. I guess you could count that.
I mean you being on the app isn’t going to ruin the chances for your dad as far as I know. I think his profile seems strong enough to be approved w/o any cosign whatsoever.

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Since it’s a lease transfer one of the issues you may run into is if the original lessee was Tier 1 they may not be able to alter the lease and account for you or your father at Tier 2. Either because the software isn’t set up for a change or that particular lease has been packaged as a CDO with current rate & risk profile of x…meaning they can’t change it.