Looking to get feedback or info on BMW leasing. Currently leasing a Tesla (biggest regret ever lol) and Tesla Leasing doesn’t report to any of my credit reports. I want to lease a BMW M4 after my current lease is up. I’ve had my Tesla for almost 3 years now, paid my payments on time 100%. Tesla was my first auto loan/lease. Have 774 FICO 8 on Experian and good income but am worried BMW Financial might not approve my BMW lease as Tesla didn’t report any of my payments on my credit and might see me as a first time buyer. Anyone have any feedback?
BMW approved my first lease with my offer letter when I was a grad student. You should be fine
I’m sure an F&I or FM can chime in, but I don’t think your Tesla leasing history is going to factor into a decision on this class of car.
Your FICO-8 looks good and they’ll look at your DTI to make sure you aren’t massively over levered.
Roughly what’s a good DTI for BMW?
On a M4 that serves as top notch collateral for a repo if you don’t make payments? I’m guessing like 80%.
Edit, but in general 50% is roughly the highest DTI someone would ever want.
Going too high makes it impossible to save. So a M4 may not be the right car if it pushes your DTI over 35% since ideally you’d be saving for a house or investing.
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You should be fine. I wouldn’t stress over it.
So? The entire company’s strategy over the last decade+ has been to court first-time buyers.