[quote=“HersheySweet, post:13, topic:265894, full:true”]Also I will judge the hell out of you, I’m 17, and I reserve that right, espeacially on the Internet. I will gladly enjoy my Volvo and my low insurance bill. You do you dude, I just won’t understand why.
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Hahahaha. This is why I LOVE THIS WEBSITE!!!
What are you gonna put, $20 annual income? Invest that money, a savings account is useless
If you do that, how are you going to register the car in your name? Or, will the car simply be your fathers and you will drive it as an additional insured?
I don’t mean to be contrary, but unless they’ve changed something in the past 10 months or so, they only pull one.
They pulled atleast two for me in May, only pulled one for my cousin (same month).
Not sure why that’s the case. My cousin’s score was 750+ maybe that’s why?
I’m not sure why everyone seems to be saying OP & his dad aren’t T1.
For BMWFS, both of them are considered to be tier 1.
I keep all of my credit files completely frozen except in the instances (such as a car lease) where they need to be opened up for a very short period of time. In probably 20 transactions with BMW, I have only unfrozen one agency each time.
Interesting. Seems to be different process for different people?
Perhaps age of credit file is a factor? Pure speculation: More credit pulls for under 30?
in my case they only pull one , the reason I know because mine are froze so I have to unfreeze the one they check
Because he originally told us that his dad had a 650.
And he’s already been denied on his 700
Right his 700 is irrelevant. Income is a much bigger factor than score alone.
Let me put it this way. If i have 150k income, and a 800 credit score-
Doesn’t mean I can get approved on a 400k McLaren 720S.
Now 750K income and 700 credit score can get me through the door on a McLaren.
Income income income…and a good score
he’d be denied even if his score was 800. He does not have the income needed to lease an M3.
We are also talking about a lease transfer, not a new lease.
Some people blow their money now and get an M3, others invest and blow their money later on an exotic. You do you, but you were already rejected before for a reason… Probably should’ve been a hint hint to you.@OP
approved with a 617 credit score on a 47K lease…$275K income!
Or credit history
Still isn’t a lease transfer, which tends to have much stricter credit standards.
I was just about to post the same thing. Although we would need an insider at BMWFS to know how they evaluate a transfer versus the initiation of a new lease, one would have to assume that if they have a current leasee with a certain known credit history, transferring out to a new leasee would seem to require a similar or lower risk.
Could be. I know that MBFS requires similar or better credit profile for assumptions.
Thing is for the higher end BMWs, the criteria is pretty strict to begin with. Which is why my guess is if you can qualify for the i8/7/M/X7 tier of cars, you should be able to assume them as well.
While I have transferred out of M cars, the transferees were people that probably easily made north of 250k+ a year. So they definitely had a similar profile, if not better.
The only reason why I think OP should roll the dice is because his dad has a very strong profile that seems to have a decent chance of being approved. Had OP inquired that him & his mom plan on taking over an M3, given their profiles I would’ve said they have a 0% chance of being approved.
Dad has:
-T1 credit
-Solid income
-Lengthy credit history
Seems to hit all the necessities.
Same here, it is Experian every time.
So I just checked Credit Karma. Interestingly, it was the DEALER that pulled transunion and experian for me. No clue if they pulled equifax.
My cousin leased through a different BMW dealer…
Wondering if that might be the difference.