New Grad Lease BMW X5 in Seattle Area

I am a college new graduate in Dec 2019, and planning to lease a SUV. My credit on credit karma is 714, but I don’t have a job yet. I want to land a car before christmas. I’m wondering what is chance for me to get approved by BMW student offer with unemployeed? (My family will cover the monthly payment before I get hired)

BTW, I went to some BMW dealers, could someone rate the deals? Any comment is helpful!

You can usually get away with getting a lease from some brands on a new grad program if you have an offer letter for a new job but haven’t started. You’re not going to get approved without a job though, especially not an x5.

With that said, a $1000 a month car payment as a new grad is also a horrible idea.


I heard BMWFS is strict with new grads. I’m pretty positive there’s no way you’ll get approved with no job lined up.

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That deal is absolutely abysmal. You should read Leasing 101

Even if it was a unicorn deal, a new grad without a job offer isn’t going to get very far.

Shop in Portland. Not Seattle. That is my biggest piece of advice.

BMW not only requires proof of employment, but you have to meet strict income to debt ratios and have the payment on the car be no more than 20% of your income each month. I don’t know in which field you’re getting a degree, but at $1,000 a month, you better have no debt and a job paying $100,000.

Either way, this deal stinks because there’s almost no discount.

But why when…

He will obviously need a cosigner, anyway.

I’d like to lease an X5 without a job, where do I sign up?

Thank all for your suggestions, I will definitely wait till I get a job now. really appreciate the sharing

Even with a job, I’d consider talking to financial planner before taking on a $1000 lease. I remember when I got my first job out of college, that paycheck sounded like so much money. By the time you max out your 401k, Roth IRA, etc contributions, put a reasonable amount towards savings, and pay the tax man, it all seems to run away.