Hi all, I just came to the US on a J-1 visa for a one-year term (renewable) and want to lease a car. After reading related posts, no credit history and the one-year visa seems to be a big problem for leasing new cars. Then, I found this guy who wants to transfer his 10-month left bmw lease.
Would it be possible for me to take over this BMW lease?
I am currently applying for the SSN, is it mandatory to have one for lease?
Am I able to pass the BMW credit check?
Really need some insights here. Thanks in advance!
You’re going to get denied without an SSN, you have to remember aside from being able to afford the car, they ultimately are deciding if you’re someone they trust with their asset, which is going to be hard for them to determine with no credit history and no real ties in the country.
That being said, BMW has approval programs for people buying new cars that are here on a visa, called the IEP, but I don’t think it applies to lease transfer.
Thanks a ton, hackers! In this case, I’ll move forward to look for one-pay new/used cars. My budget is around 30k (pre-tax) and I am looking for new/used SUVs, any suggestions/recommendations/good deals? I am at Palo Alto, 94305.
Strongly recommend you skip the luxury brands the first time out, especially on a purchase. They tend to depreciate faster.
Also keep in mind most car insurance rates are credit score driven, and you don’t currently have one. Cars that cost more, have higher loss rations / higher repair costs will increase your rates.
If you tend to stay longer, can start build your credit now. Like open a BoA credit card, give it ~6 month-1 year, you should be able to get approved by lease/car loan
BoA credit cards are new SSN friendly, as long as you deposit several grands in their accounts.