Hello I am trying to get a lease for a recent BMW M3. I have no proof of income but I have sufficient money in my bank (more than enough to buy the car). My credit is only 700 because I am 19 and just started building credit.
I was thinking about some options…
What do you guys suggest I do so I can get a lease? Thank you and please only helpful comments.
100% get a co-signer, don’t think any other option will work
You’ll need a co signer for sure. Bmw fs will turn down this deal with just you on the credit app.
Like a lease transfer?
You need someone in F&I at a BMW store who can tell you how deep BMWFS is approving this month.
You really need at least one auto tradeline to open and close with 100% on-time payment if you want to auto approve on a luxury badge.
This isn’t going to be a buy-rate lease for you if they can get it done. How about a 24 month on a mini?
Lease transfers run apps don’t they? I think he means a cosigner on the lease correct me if I’m wrong.
where’s he getting an m3 from? 2018s have no support and 2019 and 2020 m3 don’t exist.
Oh god, if he’s leasing a used car god help us all.
You’re not getting approved for a BMW lease with no income and no auto history. Maybe at Nissan?
This isn’t a financial advice forum, but think long and hard about this one. Your financial position is better than 99.9% of other 19 year olds and you should use it to your advantage as much possible. Lots of really cool cars you can buy that will cost you a fraction of what leasing a brand new M3 will.
but still where’s he leasing an m3 from?
I’m assuming he means M340 
Thanks but I don’t need you telling me I should have a mini over an M3. I have more than enough money in the bank for it. I knew I would get responses like that lmao
Maybe a lease takeover. I don’t even know actually maybe I should just get an auto loan with a co signer. I’ll research it more Thanks guys for the responses
Go to a dealer and lay it out. See what F&I can do. They can negotiate with BMWFS on borderline cases. It’s happened to me twice. First I had to provide more evidence of my new job (previously no job history in USA). Second was a cap on the lease amount. That was fine, since the selling price was a huge reduction on the MSRP of the car.
You may be better off leasing a cheaper car if possible, building credit, then selling that lease. Then they will more likely lease you a more expensive car.
I’m not judging what you should get - your question is about getting a lease for an M3 and I’m saying it won’t happen. Not that brand/car. If you want to write a check, sure.
The captive wants their collateral back at the end of the lease. 19 year olds who have never leased or financed a car are not good credit risks both on repayment and return of collateral.
Never mind that insurance actuarial tables for an M3 driven by any 19M show it most likely ends in payout on a total loss.
Shortcut to getting one? An established BMWFS/MiniFS lease that gets closed at term with 100% payment performance.
Not personal, you want a high risk car from a luxury brand with no history beyond a credit card. Being able to pay the lease payment isn’t enough. But by all means I’m glad to be wrong: post your deal in the trophy garage.
His post didn’t say what you think it said. Re-read it from the stand point of what you need to make a lease happen rather than it being a criticism of your financial choices.
One stupidly rich teenager to another, at 17 I have enough in the bank right now to lease a 8 series GC for 24 months if I wanted to. Do I want to, or can/should I? Hell to the no. I’m liquid enough right now to pay for an entire semester of college, WOW!
Seriously, you’re 19, probably with a good source of income. If you’re savy enough to earn that income not from daddy warbucks, or whatever the mom version is, you know a M performance 3 series, is not a smart idea, hacked lease or no. Just walk away, and wait till after two things, you have an auto lease under your belt, and the economy is more stable.
Nothing like stupidly rich teenagers counseling each other. LH has it all!
I’m not hating just enjoying!
For leases I don’t think they require proof of income (they’ve never asked me for proof and I’ve leased 6 or 7 cars different cars over the last 25 years). They go more by credit score and income to debt ratio - at least this has been my experience. Age could be a factor as well.