Quote:
Originally Posted by TrevorM3
my fico is over 720, but i do not make six figures. they said "you need to make more than the car is worth" not sure how accurate this is.. if anyone can confirm this would be great. i'am highly pissed off right now. i'am in contact with greg to see if he can better assist.
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What a load of crap (whoever told you that), correlation is not causation here (Credit and Income). Exclusive of your credit file, income is a going to be an issue based on payment to income, debt to income, and your debt ratios. Where credit counts is whether you have comprehensive credit to the amount requested- FICO is one bit of the equation and allows for tiering but one still needs to have a credit file substantial enough for a 110k net cap car. There are many applicants with limited credit (less than 10k highs) that have high FICO scores but do not qualify for this much car.
I have no doubt there are many applicants who make less than the value of the car who have obtained leases. I would advise the dealer to be wary of fair and responsible lending since they are not the bank and can not act like they are. (unless BMW said this in which you will get an adverse action letter if the application was submitted).