No… when you do the BMW app it’s shows an estimated monthly payment based on the model you select… sometimes it can be far off as a 3-series will show $500/month by default but actual payment is $300/month so the finance mgr can fix it after the fact if rejected initially.
Yes, eligible for free maintenance but window starts when the loaner was put in service, not date of purchase/lease.
My MSRP is 43k, OP is 49K. Is 6K a big difference in BMW world. “Pushing it through” is THE formula to successfully passed BMW credit check with no prior leasing history.
You don’t know his income. It very well could be. None of us have seen his file to be able to determine anything. You can’t just make blind assumptions. Everyone’s credit, income, etc is different.
Pushing it through (or attempting such) is still a Maybe. Just like in life, there are no guarantees. FS has the final say. Just because your app got pushed doesn’t guarantee everyone’s will.
From what I’ve seen, those letters just state the source of the credit history, the score, negative remarks on the file, and that the lender decided not to provide the loan. I’ve never seen one explain what it is in particular that caused them to deny it. It could be solely based on lack of sufficient income.
Didn’t I specificlly say that if the app is denied based on no prior leasing history?!?! Why don’t you give op a more constructive advice other than your life lesson? Peace out.
Sounds like you have a light credit history, regardless if everything is up to date. Lack of revolving credit is the issue for the bank here… prob need a co-signer or gonna have to go with another brand.
After your first lease, you should be able to get approved easier on your next.
Also, if you don’t plan on buying a home or doing anything like that soon, my advice to build your credit is open a few credit cards, build the balance to like 30-40% of all credit 3-4x, then pay it off each time. Building the balance, then paying it, then having a good available credit to balance limit will help.
Best way to know is for the Finance Manager to call their buyer/underwriter and find out what the issue is. It may not be a credit issue: different lenders have different rules about people working in the US on different types of Visas (e.g. if your Visa expiration date is before the lease-end date, decline). Depends on your situation.
If you are within underwriting guidance, score is good, and income is solid, a good finance manager can generally find a bank (if not the captive) that will buy it, but may not be able to lease it. They will usually hold rate or expect you to buy product to pull strings, so don’t expect a unicorn deal.
If (for instance) you bank with Chase and have good income and assets, one of the brands for which they are the captive (e.g. Subaru, Mazda, Range Rover but LOL there) may flex a little because Chase uses their own internal credit score. Maybe.
If your heart is set on an X3 and you think you can swing it, maybe speak to a broker and see if they have a friendly dealer/F&I person that can look at it for you. As others suggested, other brands are better about first time leases (Ford, Honda, Toyota, Hyundai, Kia) but the money factor may get marked up if you want the car.
If BMWFS won’t buy it, I (personally) would want to hurry up and find something within 30 days to minimize the number of hard pulls on my nearly-virgin credit. You may need to buy this one even though you wanted to lease.
Yes, excellent advice above: use that 30 day window. Send your current deal terms on the same car type, MSRP, to other dealers that “your willing to buy, run my credit, can you fund me?” Offer to put down security deposit.
OP may not know that credit pulls for the same thing just count as one on your credit score, basically. (Otherwise how could you shop for a loan for a house or car, without killing your credit score, as each loan application would move it lover and lower and lower. )
This seems like a real stretch and a huge financial commitment in order to not have another hard pull.
Have you financed or leased a car before?
OP (@Old_Rum) is already in the dance. Let us know if you need a car, want a car. If you are fixed on a BMW (the F&I person said to try another brand), any luxury, or just a comparable SUV.
Speaking just for me, in this situation, with what I know:
They said no. 3 years established with a 750 (didn’t say which score). Hopefully FICO and not (eg) Auto Enhanced Equifax (which trends higher).
You get 30 days to consolidate hard pulls for the score penalty, which varies based on bureau and scoring model. Doesn’t matter how many points (varies by bureau, model, person): for the next month your scores are what they are, you can say “We agreed on a deal and when they saw I didn’t have a prior car lease they jacked the MF so I left”. In 31 days its whatever sob story with the score drop (hopefully not below A tier).
I would see this as “BMWFS is wrong lender”, so no BMW lease. If you must have a bimmer, you’re buying new/cpo/used (any bank or credit union can lend). In a year you might be able to trade into a BMW and lease, just have to avoid/navigate negative equity.
If you insist on lux, maybe look at one of the FCA brands (they seem to buy deep). If it were me, I’d look at another non-highline brand with a low MF (which may still get bumped) and perhaps slow selling or end of body style, and revisit in 2 years. A Tucson, a 2019 Outback, a 2019 Escape, a VW Atlas or Tiguan, a CX-5. Lots of choices.
When we leased a 3 series loaner in Dec 2017, it was still eligible for the 3 years of maintenance.
Any time a credit grantor takes adverse action based on the contents of your credit file(s), they have to provide some explanation for the decision:
https://www.law.cornell.edu/uscode/text/15/1681m
Most commonly this is done via a letter delivered by USPS.
That still guarantees nothing.
Thank you all hackrs, I learned a lot about the credit scores.
And I just bought a loaner x3 with the help of @autopia Sam. We run the application again and he helped me to get approved within 1 hour. It’s simple and fast. I think it’s just the first dealer not liked to help me push the application.
Thanks again for everyone’s help and especially @autopia！
Glad I was able to help @Old_Rum! BMW offers a great foreign leasing programs, just needed someone that knows the sort of documentation that is needed to get it approved without having enough credit history on the report. Congrats on your new car, hope you enjoy it in great health!