How To Lease Without Proof Of Income?

Ask the Hackrs
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79

Insurance is often more expensive when a car is registered to a business.

1 Like
80

Who’s this?

81

I’m not sure what you’re asking me

82

That would be my response. Just pretending you don’t know who the caller is or what they are talking about. :rofl:

I’d probably cave

83

Oh, I gotcha.

In my case, it was partly due to the volvo a-plan discount being stacked that prompted the audit. I had a good relationship with the salesman… I had no qualms with helping them sort things out.

84

This isn’t always the case BTW. If you have enough credit history, you can get a BMW as your first tradeline and they will auto approve. The issue is most people that don’t have tradelines don’t have credit history at all. That’s what causes manual review/stips being needed.

85

Same with Mercedes (MBFS). My lease with them was my first auto-related loan.

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86

Back in 2007 i had no credit /job history /proof of income so i had to prepay a 2 year lease on a Chrysler town and country loaded mini van -i asked if it would go on my credit report so i could build my credit as monthly payments paid on time -they said yes but it never showed up on my reports

87

Were you also 19 and nearly a ghost? Or had your bureau been open several years with multiple tradelines?

And Max I’m sure you got Tier 1 at buy rate out of the gate?

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88

Hello everyone, I was denied a $899/m lease for a BMW M3. I am 19 years old but I have more than enough in my bank account to cover the cost of the car. I just have very limited employment experience and have not had any other cars under my name.

For income I put down $45k a year and I put my mom as a cosigner. She makes $45k as well and I put this down. My credit score is 700, hers is 650.

My dad makes over $200k but I can’t put him because we are moving very soon and he is trying to get his score up for a good loan. So for now, he is not an option.

What do you guys recommend I should do? Can I “exaggerate” my income to some degree? If so, what would be a solid income to put down on the application so I get approved? My bank account has more than enough to cover the car in full but you can’t really show this on the application. Any help would be greatly appreciated, trying to get this car by my birthday next week. Thanks guys!

89

That’s called fraud.

Your biggest hurdle is lack of credit history. Unless you want to buy this car straight cash or finance with a hefty down payment, BMWFS isn’t going to approve you.

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90

M3? That was discontinued? I don’t recommend that car at all.

91

M3 at 19 sounds like all sorts of problems, especially leasing a used one.

92

Look at less expensive, non-BMWs. BMW is stricter that other brands with regards to credit history. Mix limited credit history, a lower tier score, low income, and a lower still tier co-signer and you’re fighting a major uphill battle.

You need to establish some credit history before you’ll have better luck with BMW.

I’d also think LONG and hard about taking on a $900/mo car payment (have you looked at insurance as well? M3 insurance on a 19 year old is going to be through the roof) on a $45k /year salary.

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93

If this is your first auto loan, even those scores probably aren’t going to be good enough. A broker on this forum recently said Bmw fs has gotten strict lately, which makes it even less likely.
If you have enough money, just buy the car, then sell it when you want. You obviously don’t care about making wise money decisions, so get the car you want, enjoy it, and try not to wreck it.
Only other real option, get a much better co-signer than your mom.

94

I got a GEICO quote for $1900 for 6 months. Not too bad. I’m not really working right now. I am a student but I got the cash in bank to cover it fine

95

You and I have very different definitions of not too bad.

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96

I think you need to accept that this lease isn’t going to happen given your current circumstances. You’ll need to either use that cash in the bank to buy it or explore a much less expensive, non-premium brand option to build your credit history.

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97

What about if I get my dad as a cosigner? Would I be good then? I just need to wait a few weeks

98

What about with a strong cosigner? Do you think I would I still be denied?