Hi,
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)
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.
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.
^A
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.