Newbie - BMWFS Lease Transfer (Buyer) - Credit Application Questions

[Jon]

Maybe I was confusing BMWFS with MBFS. Yea, @bakeitshakeit‘s wife should just apply and try. It’s only $100 to find out for sure.

[bakeitshakeit]

Thanks everyone for your insight. Much appreciated.

[anamnesis111]

This is not true. My score is 810 and the guy who took over my i8 had a score of 740. As long as you have good credit history with a score above 700, you should be fine.

[max_g]

OP and his wife should purchase a used car using a small loan from a credit union.

1. Get his wife’s general and auto score up over time.

2. Install and uninstall lock device on a car you own.

3. Use an inexpensive car to take your NYC driving training wheels off.

4. Get possession immediately rather than wait for BMWFS (slower than normal) to deal with NYS DMV (even slower) during covid for a transfer

[trism]

@Jon

I’ve read if the transfee’s score is lower than the original leasee’s score, BMWFS would reject the application as it’s more risk.

@M3-Fast

I know MBFS does that.

This seems far-fetched when taken literally.

The same tier/score range or higher would make some sense from a risk point of view. I occasionally hit the max on various score models; I can’t imagine MB would decide that I couldn’t transfer my lease to anyone because it’s literally impossible to eke out one more point.

And would this go by the original lessee’s score at the time of lease inception, or at the time of transfer? You cannot assume that one’s credit will remain the same through the term of a financial obligation.

Here’s a score history for a borrower on one of my LendingClub notes, which eventually charged off:

[vhooloo]

DUI + NYC + suspended license + 5k miles a year = UBER

[M3-Fast]

@trism

@Jon

I’ve read if the transfee’s score is lower than the original leasee’s score, BMWFS would reject the application as it’s more risk.

@M3-Fast

I know MBFS does that.

This seems far-fetched when taken literally.

The same tier /score range or higher would make some sense from a risk point of view. I occasionally hit the max on various score models; I can’t imagine MB would decide that I couldn’t transfer my lease to anyone because it’s literally impossible to eke out one more point.

And would this go by the original lessee’s score at the time of lease inception, or at the time of transfer? You cannot assume that one’s credit will remain the same through the term of a financial obligation.

Here’s a score history for a borrower on one of my LendingClub notes, which eventually charged off:

All good points. I think people forget that it’s called Credit Analysis at the end of the day. They can’t take one data point ie credit score, and use that to trump other metrics. They do look at the whole picture. I think personally that credit history & length, followed by income are a bigger part of the picture than just the score. They have different tiers at the end of the day for a reason.

I think as long as you have no defaults or repos or late pmts (basically 0 derogatory remarks) and a 5 year+ age of credit you should be good to go as long as your income is substantially higher than the MSRP of the vehicle you’re trying to take over.

[max_g]

That chart should be posted in every lease transfer thread for Audi, VW, Nissan, Infiniti, etc.