Take over lease on a J-1 Visa

Ask the Hackrs
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1

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!

2

99.999% probability of denial.

3

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.

4

No

Yes

No

Probably best set your sights on something else besides a lease transfer. Good luck!

5

Probably not.

Good luck!

6

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.

7

Look at new Honda HRV, Toyota Corolla Cross and Kia Seltos

8

Are you looking for a loan or are you able to pay 30k cash?

9

30k in cash, seems cannot get a good apr from local banks

10

BMW is ok with leasing to visa holders, but you do need a longer credit history and proof of income(30k in Bank is not proof of income unless one pay)

11

Yes, I have a job so income proof won’t be a problem but it seems to be the dilemma of every new US resident, we cannot bring credit history here.

12

Thanks for the suggestions! May I know what’s your opinions of used recent models of X3/Q5/GLC300 with relatively low mileage?

13

They are usually overpriced

14

And, depending on how long OP will be in the US/keep the car, maintenance is not cheap.

15

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.

16

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.

17

Thanks, hackers! Really appreciate your valuable input/comments/suggestions! Will start hunting for good deals locally!

18

I’d make a suggestion, but I don’t want to get banned. Best of luck to OP.

19

Don’t do it. Get something lightly used, still under warranty.