High Income, First Lease Problems - Need Some Advice

I’m a new to leasing, so try to have some empathy for any newbie questions/thoughts if you can. I have read around a bit and lurked a bit, so I have a decent understanding about leasing and my situation, but would like to have a discussion about it if possible.

I’m in the market for a new car and have been hunting for a demo BMW X4 M40i. My search concluded with one at Century West BMW in Van Nuys CA, that had a decent lease special of $599 per month + tax with 3k down. Wouldn’t normally jump on a posted special like that but my 2010 c class transmission blew out so I have some encouragement, and wouldn’t have a problem making those payments.

Well, turns out even though I have plenty of income to show to cover the lease payment, since I’m a first time buyer they wouldn’t approve me and needed a cosigner, or were asking for 6k down to make it happen!

Obviously didn’t take that deal and am now in need of some help. How can I work around this? (BMW stopped their security deposit program otherwise I would have had no problem maxing those). Any referrals of brokers, etc? I can’t get a cosigner so my hands are tied with that one…

Would appreciate any advice/help greatly! Thanks for the awesome community!

What’s your credit score and do you have any car loan history? If you have a bad score and no history, I’m not sure how a broker would be able to help.

What was the MSRP on that X4? Just looking at those initial numbers, it didn’t sound like a good deal anyways.

It sounds like he has good credit history from credit cards, etc but just no auto loan history.

I’m curious to see how people help him

If you have credit score 700 and above you should be able to get a deal. Try another dealership, there are many demo X4 M40i in LA area. Don’t put down 6k!

I would also recommend you to negotiate MSRP discount. 3k down and $599/m + tax for a ~$64k car (I assume) is not that great. I got 21% off 64k+ demo X4 M40i (with 6k) two months ago.

My credit score is about 700. No car/loan history really, purchased my old c class cash so that doesn’t help. And yea wasn’t sure if a broker would be able to work the bank in a different way to get me approved, was just a thought.

Appreciate the response!

I do!

This car was a demo model so it already had a discount, the salesman was giving me the “we absolutely cannot discount this car any further” speech. Was pretty frustrating because i’ve been seeing these cars with listed specials elsewhere at 3k down $500-600 per month, so I know they have room to work with on them.

Thanks for the response man, that’s definitely some great insight knowing you were able to pull that off!

What was your total down + monthly if you don’t mind me asking? Also where are you located?

Hm… My lack of auto loan history didn’t matter for my lease. But it’s also a $43k vehicle compared to the X4. I had perfect credit (>800) and a 6-figure credit line spread over about 40 different accounts which qualified me for the highest tier with Hyundai. It sounds like OP’s credit is fair, but not fantastic, which is why they’re giving him such a hard time. Probably nothing he can do about that fatty down payment unless he improves his credit score and tries again in a couple months, or finds another dealer willing to play ball.

Try to look at Benz or Lexus. Benz allows 10 and Lexus 9 Mad. That may help the lenders decision. Or do a 1 pay lease.

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Tbh you might need someone to co-sign or to shop a different brand. I had to shop certain brands for my first solo lease and I had great credit + some of my student loans paid off.

So the first challenge here is the lack of credit history.

Score is near useless when buying\leasing a car.

While there are minimum scores typically required, those can be mitigated.

I’ve seen 580’s get A Tier from Ally because they have a few good loans under their belt w/ them.

I’ve also seen 710’s get computer and analyst rejected for terrible DTI.

It’s telling that you got flat out denied… Did they call the analyst? Did they offer you a lower tier?

How big is the store?

I was in the exact same situation a few months ago leasing my X5M. The dealer wanted something like 10% down because they said BMW would only approve 90% of the cost based on my credit. My credit is very good 750+ and I have no debt of any kind but zero auto loan history as I have paid cash in the past for all my vehicles. After going through all the proof of income nonsense they magically approved me for 100% of the loan so I am wondering if this was some kind of tactic by BMW to try to jack up the MF. I told them either get it done or I will buy a different car and it got approved so now I am just waiting for the car to arrive (taking forever due to individual options)

Hope that helps!

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That helps a lot! They didn’t even ask me for proof of income and I could definitely prove it. Your situation is even more interesting being an X5M.

Congrats on the X5M! Arguably the coolest full size SUV on the road. Are you located in Los Angeles as well?

They will probably ask for proof of income if you get farther along in the buying process.

Thanks, really excited for it to finally come in. Was supposed to be here in June but now its looking like mid August due to delays. Not in LA, but I do live in a similar car market, south Florida.

Massive. Its Century West BMW they move a ton of cars. The guy left me at a position where I said either we’re going to have to negotiate or I can’t make it happen and he was saying it was a stand still. Didn’t seem like he tried too hard to hustle for the sale.

Yeah usually when they have a portfolio that large, you can swing a shaky deal since you put so many “Good” packages through them.

Trying another store might help but for the most part you’re dead in the water.

Every other BMW store is going to get stipped “fund first contract only”

Hey man, I’m in LA area, my total down was $2k and monthly $575.

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Ended up leasing a 65k msrp for 2k down $600 per month. Very pleased with the deal. It required a cosigner for anyone wondering otherwise I would have had to put around 6k down.

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Congrats man! What color?

OP says he can’t get cosigner.

He gets cosigner.


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