So here’s my situation- I’m 19 (turning 20 in 2 days) and over the past year I’ve assisted with the development of a pretty mindblowing AI tool that’s meant to help you make more profitable trades on the stock market and it has panned out pretty well return-wise. Naturally, I want to get a nice car (in this case a BMW 330i) and have found a pretty much perfect build to lease. The only issue is that I’ve never had a car loan/lease on my credit report before so BMWFS won’t approve me without a cosigner.
Now you may ask “Why don’t you just save your money and get a Japanese car that’ll last you ages?” and my response is that I’m not going to live forever- I’m not even guaranteed to make it to 30- so I’d rather live as fully as I can and experience everything I want to experience without just blindly looking to the future to make me feel better about making unhappy decisions in the present.
I feel like BMWFS is being unreasonable anyway since I’ve offered a huge downpayment or even just prepaying the whole lease with no issues. So I’ve come to the conclusion that my only option is to find a cosigner- of course, I would ask a sympathetic family member but unfortunately, I’m on my own.
My question is: has anyone done something like this? Paying someone to cosign for something? And does anyone have any advice for my situation? And an even bigger longshot question, would anyone like to make a quick few grand
Do you have friends or business partners who trust you?
You’re considering asking a complete stranger to risk their credit, which I think is unreasonable, even for money. You can try to make a post on Facebook marketplace, but this is pretty unorthodox and a huge risk to whoever co-signs, even if you pay handsomely (what would that even look like?).
Have you considered looking to finance a used 330xi from 2019 that comes close to your build? You can look for local credit unions that may be able to finance you with a higher interest rate.
Just trying to think of ways to get you into a 330xi.
When I was 20 I leased a Mazda 3 with my mom as a co-signer (I get that you don’t have family available to you). By the time I was 22 I financed an 18k dollar car at a local credit union for 2.44 interest rate without a co-signer.
I would suggest finding the cheapest car you find acceptable to drive and finance that for a year or two and then try leasing a newer 330.
You have to build that auto loan history credit score. It’s easier to make a high down payment on a lower priced used car (10k to 20k) than trying to lease a 46k dollar car. Best of luck.
Of course I would be interested in earning a few grand . but of course it’s hard to lease at your age . My first Bmw lease was at 21 with average Credit . You have to put a lot of money down and they ask for security deposit. I did have a steady source of income for at least a yr . What does get you is the insurance could be as high as your monthly payment. Finding a co-signer outside family will be hard
Just saying… I’m totally open to gitlab repo links being PMed over
But back to your main question, as the others noted, it’ll be somewhat tough without someone in the family itself, given the inherent credit risk. Right now, most creditors in general are being rather risk averse, and at the end of the day, they’re using your credit and info to predict how likely they are to get their asset back after 3 years in good condition - unfortunately that’s not working in your favor here.
Financing an 18/19 and then selling in a few years as the CPO warranty runs out seems like a decent idea, though, and then you should have the auto trade line to get your own lease afterwards. Good luck!
thank you very much for your response! you’re absolutely right it is pretty unreasonable to expect someone to endanger their credit. I don’t know why I disregarded the financing option since I figured that would be rejected as well but I just realised as you said banks are flexible provided I put a sizeable amount down - then after a couple years transition to leases.
Thank you! You guys are absolutely right. Way unreasonable to expect someone to endanger their credit lol. I had discounted financing in my mind because I was so fixated on leasing but it’s a great idea and pretty much my only option
but of course it’s hard to lease at your age . My first Bmw lease was at 21 with average Credit . You have to put a lot of money down and they ask for security deposit. I did have a steady source of income for at least a yr . What does get you is the insurance could be as high as your monthly payment. Finding a co-signer outside family will be hard
