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Originally Posted by Vic55
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).
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I called BMWFS, and they referred me back to the dealer Finance department. I called the manager there twice, left vm's, and no call back. Spoke to another finance person there, and she said "i dont make enough" and i don't have a lengthy credit history. I can certainly understand the latter, but it's still infuriating to me that there are a ton of monkeys driving around in these cars who have no business being in them.
So i have excellent credit, 0 loans, 0 mortgage, and 0 opening balances on credit cards. The only negative is my length of credit history. Iam (25) So i'm not understanding why they will not allow this loan to take place. I have 0 expenses. Makes perfect sense.
And the real kicker is, they capped my MSRP at 45k. That is a fucking insult to me. And yes, i make more than 45k a year.
As i said, i'm not sure whose decision it really is to say yes or no, (as i said before BMWFS referred me back to the dealer) but i'm sure they should go back to school. I don't think they've ever heard of debt-income ratio.