Firstly wanna say I’ve been a silent member looking at posts here n there , must say the members here are truly some of the best .
With that being said , I’m considering leasing a 2019 BMW M5 it’s my dream car , problem is I have never leased a car before neither do I have a mortgage in my name , I am on the credit bureau about 2 years 4 months , I have like 8 accounts , decent credit card limits , Credit scores are around 734 , 742 and 749 , fico score was stated at 760 . I do have a decent job salary making close to $100k . Might put down like $4500.
My question is I have heard that bmw financial is very strict with first timers but i also heard about success stories , my question is do you guys think I stand a chance at leasing this bad boy or should I hold off ?
I don’t mean to overstep but you sound relatively young.
Just be sure you have your goals for the short term mapped out financially and that a car payment > $1000/month fits into it.
It may sound great now, but in 12 months you may want to purchase real estate etc…
All I’m saying is, make sure to plan ahead because an M5 ain’t cheap.
Thanks so much for that advice , yea but I’m thinking it’s better I do it while I’m young . I really like that car .
Sounds like you have limited credit history, no auto loan history, and you’re looking to lease a car that costs more than your annual income. BMW is not going to approve you for that deal. Maybe a 3 series with strong down payment?
Hey, if you have the disposable income after putting money in savings, retirement, living expenses, etc to afford an M5 in NY on only $100k, especially when you’re young which is the worst time to over spend, go crazy. Not our place to tell you what to do with your money, but seriously, think long and hard about what you’re talking about.
You’ll probably need to spend some time building your credit history before bmw will approve you for such a financial overstep.
Going to need a co-signer.
BMW won’t approve you for an M5 unless you make boat loads of money, have a lot of money to put down or have a very strong co signer.
It will be tough to even get approved. I would explore something else cheaper from bmw or another fast car, they are notoriously tough as said by others above me, also yeah you can get a m5 for $1200 a month but insurance will be brutal as well, gas not too big of a factor but budget another $200 for gas, and then you tagged ny so budget for parking you might be looking at 2k all in, and that’s before we hit brake services, etc. etc. Just do your research, start with insurance quote based on an m5 vin.
It’s actually gonna be in CT , I already checked insurance , but I wanted to work with my uncles bmw people in nyc that’s why I tagged nyc , but I think reality is everyone is right , might need to adjust and settle with something cheaper , maybe a 540i .
what was your insurance quote?
The new m340s are awfully nice looking and will probably be at least half the price of an M5.
that’s a good option, the m550 another one, it’s like a previous gen m5 but quieter.
Of course you really like the car. Who wouldn’t 
It’s your money and you’re free to do what you want with it. I’m just suggesting to speak with a financial planner because if you have the extra $$ to throw at a car in that price range, there’s probably some better things you can do with it, while also having a really nice car.
If you save right now, you’ll surely have an M5 at some point!
I got a quote from progressive at $316 and a real amount from Geico at $349 . I was also thinking about the M550 also , I like the 3 series but I don’t like the size .
1200 for the lease, 300 for insurance, 100-300 a month for property tax in CT (varies by town), plus gas, tires, etc. He’s going to spend half of his take home pay on an M5. Ouch!
I think your super right maybe I speak to a financial planner because I have the extra cash , jus wanted to have my cake and eat it also
Also think about whether you will want to keep paying for a comparable car or willing to downgrade after your M5 lease is over. Going back to 330i OR keep paying $1200+/mo will equally suck.
when I first leased the hc, I got quoted roughly $400 a month (23 years old, no accidents, no tickets, good student discount)
Added it in with parents cars and it dropped to $150 (im still primary driver) Still doing that today as I spend weekends down with them and summers at the beach house.
I told em it’s gonna be 2k all in, these cars ain’t no joke.
Lol Ahahaha