How are you even leasing an M3, is this on a used one?
There is no new M3’s currently out right now.
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Barely used. It has 5k miles on it and I want to get the lease transferred to me
Lease transfer
I’m curious about how you are leasing an m3 also. Your dad could work if his credit is good. Wouldn’t matter if he made a million a year but had terrible credit or defaulted on an auto loan.
Oh, you’re trying to do a lease transfer, not a lease?
Lease transfers are way stricter on credit.
Walk.
Away.
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Never defaulted or anything like that. But he is about to take on a large mortgage for a new home. He is 650 score.
This transfer isn’t happening with a cosigner like that.
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Obviously I am not going to walk away, that is why i am asking here. Some of these replies…just keep the negativity to yourself if you won’t help
Ask your dad to co-sign. 19 would be the best age to have a m3. Flexing while all your friends are in shitboxes. Enjoy and hopefully it makes you work even harder
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I really don’t think the 650 would be good enough combined with your thin file. You could try it, one hard pull won’t hurt him or you that badly, but I would be surprised if that got approved.
Damn this sucks. I have a 700+ without the income. He has the income without the 700+ score.
I’m not being negative. I’m trying to give you the honest truth.
You are not going to get approved for a lease transfer from BMW with no credit history and a 650 score cosigner. That’s not me being mean or talking crap. That’s the reality of the situation.
BMW is strict with limited credit history and much stricter on lease transfers. If you want to lease a car, you need to explore a vehicle that’ll put you at a lower DTI, from a non premium brand, until you develop a more established credit history.
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That’s INSANE IDK if it’s because it’s location but still that’s way more than anything I consider reasonable. I’m 17, my dad is 62. For our Nissan Altima and Volvo S60, we pay 360 per 6 months. For a 60k Alfa Romeo and Volvo S60, we pay 350.
And as someone said earlier, leasing a mini wouldn’t be the worst idea, not because it’s cheap, but because it is Bmw financial services. My first lease with bmw they required a co signer and proof of income. The next 4 they didn’t ask for anything. Sometimes just them seeing you made it through one lease might be good enough.
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You guys think I can work something out with the owner or BMW to pay for the lease in full? Would something like this be an option?
It is age I think and I had one not at fault accident.
No. The owner wouldn’t trust you to keep his name on the lease, and Bmw financial services doesn’t really care about the payments as much as the total car value, and that’s what you won’t get approved for.
Nah, I’m 17. I could go for 7 years of insurance on one year of yours, with cars worth similar valuesish? Not sure how much whatever you ARE leasing is, because a M3 doesn’t exist anymore, but whatever.
@Chris0622 my god you are off to a bad start financially in life my friend. You need to revaluate this decision. You are completely delusional if you think you should take on a $900 month car payment at a measly $45k or $0 per year at 19 with no car history and $3800 per year insurance cost and having to have your mommy co sign. And no you will not get approved, nor should you.
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Read again. I don’t make $45k a year. Not to brag at all, but I have more than enough in the bank.