I’m looking into stepping into a BMW lease for less than 12 months and need some insight. Thanks in advance, I know it’s long winded.
Background: I have a suspended license from a DUI over 10 years ago and never got it reinstated, as I moved to NYC and didn’t need a car. My wife has a license and is in good standing, no accidents or tickets. I need a car to install an interlock device (I was young and dumb and had a high BAC) so my license can be reinstated. We would have the device installed on the leased vehicle. First big question, does BMW allow interlock devices or would we even need to notify them?
I understand you need pretty stellar credit to assume BMW leases. Presumably, I would not be the applicant because I don’t have a license (or can I?). My wife’s credit is 695-705 across all bureaus. My scores are below.
I’m assuming she wouldn’t be accepted alone with her score…? Can we co-apply even if I don’t have a license? I have read that someone can co-sign but is that only after she is denied. Our DTI is under 15% and we make over $300k combined. Also, we both have student loans that are income driven payments but the loans are around $300k combined (our monthly payments are included in the DTI percentage above). I have read this could negatively affect our chances, but we could explain the situation to the credit application reviewer and make our case. Is that accurate?
Also, neither of us have ever had a lease/financed vehicle to our name. We could do a one payment lease if necessary. The main reason we want the car is to allow me to reinstate my license (6 months with interlock device) and be able to take some local trips that we would otherwise rent a car for. I would greatly appreciate any insight before we decide to apply. Thanks for sticking around till the end.
We thought about this but a beater car around me are 1500-2k for something that can actually be driven and pass NYS inspection. The lease would only be about 5k for 12 months so it’s worth it to me to have an operable car. Thanks for the suggestion.
Subsequent to my post, I spoke with the interlock installer and they don’t require any documentation from BMWFS so I don’t think I need BMWFS’s approval. The installation is a simple process so wouldn’t damage the car and it would be removed before surrender.
We do not have insurance, as we don’t have a car. Progressive is the only agency that offers the insurance we need, which allows me to be an excluded driver in the household. It’s about $280 a month given the license suspension but as soon as I get my license reinstated the rate will go down to about $100.
You don’t need their permission to do the installation, you’ll just be on the hook for any damage (which it sounds like may not be a consideration).
Is this liability only? Or did they price collision/comp on an assumed/potetial vehicle?
Regardless, the reason I asked is about insurance is that it can be extremely expensive to obtain a policy after a gap in auto coverage.
Like most insurance matters, this probably varies from state to state, but I kept liability only while I lived in the city of Chicago without a car for a while, and when it was time to buy a car and get coverage again, I was really glad I did.
His wife can rent… she has a license and clean record.
OP, trust me bud, fellow NY’er here… will be way cheaper to Uber it or get a daily rental to get out of the city.
I’m positive you haven’t looked into monthly parking rates in Manhattan. Take a look and then come back And report if you still want to take on a car in NYC with your driving history …
I had progressive and geico in NYC and never payed $100 a month for full coverage. Always lore and no DUI. Fairly clean record. Not sure you’d be able to get it this cheap.
Also, the main point of getting the car is to have the interlock device installed for 6 months. Hence, Ubering and daily car rentals do not help meet that need.
I understand. I’m just trying to figure out how you got a quote for a specific vehicle. The premium won’t be the same for every BMW, or even necessarily for the same trim within the same model.
Why don’t you work on getting your NYS license reinstated or do you really need to register a car in your name to get it reinstated? I wouldn’t think you would need to actually have a car registered in your name to get your license back. Most people want/need a DL in the country as it’s their primary form of ID. How have you been flying ? Using a passport as a primary ID? NYS non drivers ID? Etc
There are also lawyers for this kind of stuff ya know. Maybe call up a few lawyers and see what they say? Tell them your history and what you want. Their initial phone consultation is usually free and they can atleast steer you in the right way…
Anyway, while your wife’s credit isn’t stellar, i guess it wouldn’t hurt to try to get a lease transfer approved with a 705 score? BMW might be strict and require 740+. Maybe someone else can chime in on this? Keep the car solely in her name …and if she’s approved you can always get the interlock device installed on it…
Having a free parking spot in Bklyn def helps. I was going to tell you that if you plan on parallel parking in city streets, then good luck with alt side of the street rules in NYC and kiss both your bumpers goodbye from scratches and dings. Not fun for a leased car with lease end charges.
I know MBFS does that. From what I’ve heard BMW is really lenient for the most part.
They have a hard cut off of at 550. If you have score lower than 550 they will not approve you. I transferred out of an X5 a while back, at the time my credit was tier 1 (high 700s).
The person that took it over had a 650ish score. They literally asked me if they’ll get approved and I said it was worth shot. I know that the price of the car and the income of the person taking over play a huge role. For example: i8s M4CS, M cars, 7 series, X7…BMW is really stringent with income requirements on those cars.
I think it all depends on what her income is, and what kind of car she’s trying to take over. Income > MSRP.
You can’t take over an M4 if you make $45k a year, even if the lease is like $400 p/m even with a 700 score…but you can take over an X1
I think if they are seriously shopping for a car it is worth a shot for sure.
