What is my chance with BMW Finance??

[m20e3087]

I want to lease and do ED on upcoming M4, and wanted to know how hard is BMWFS with ones credit score. I have zero negative on my file, and in past 12 years I have financed cars through GMAC, Acura finance, BOA, local credit union twice, Lexus FS three times and my current lease is also with LFS. So my scores are low (low 600s), coz i had to put everything on plastic due to family emergency. Income is close to six figs, so what you guys think are my chance with BMWFS? Thanks in advance.

[KLH]

Won't your local BMW dealer quote you the current BMWFS tier rates?

[m20e3087]

Originally Posted by KLH

Won't your local BMW dealer quote you the current BMWFS tier rates?

I have not check with them yet.

[bmw-nj]

Low 600s I would guess you would have a hard time with leasing through BMW financial. The income should help out though. Might have to finance it and go with a bank with higher interest rate. You could always sell the car in 3 years and be in a similar situation to a lease.

[positiveions]

700 and above is a strong buy. Unless you want to put multiple security deposits, or a big chunk of downpayment.

[john08135i]

You can purchase and get promo rates with low 600's...leasing im not so sure. but remember there is AUTO FICO that is a different score completely.

[jeff4598]

9 cars in 12 years and less than six figure income- wonder why you were not ready for emergency- you need to buy a nice Honda and keep it for 10 years!

[Sedan_Clan]

Originally Posted by jeff4598

9 cars in 12 years and less than six figure income- wonder why you were not ready for emergency- you need to buy a nice Honda and keep it for 10 years!

What does the number of cars in relation to his income have to do with anything???

[JoeFromPA]

It shows lending the Op money is not a sound long-term investment so the bank must charge higher interest rates to ensure a good chance of positive return on capital.

[Sam335ix]

BMW won't lease to you but I am sure you can find someone to lend you money. My question is how will you afford a 1000 a month in payments with 100k salary?

[bmwluvr24]

Originally Posted by Sam335ix

BMW won't lease to you but I am sure you can find someone to lend you money. My question is how will you afford a 1000 a month in payments with 100k salary?

I easily manage a $600 car payment on a $65k salary, so why wouldn't someone be able to handle $400 more a month on another $35k a year?

[templarklimek]

I would think you would have a very good chance, however the interest may be just a little higher. You have shown a history of successful car loans. That is a big metric for them. They will consider your other debts as well though.

[Sam335ix]

Originally Posted by phishhead24

I easily manage a $600 car payment on a $65k salary, so why wouldn't someone be able to handle $400 more a month on another $35k a year?

Geez man where is everyone's priority in life? After taxes your left with dick in your hands and now dish out 12k a year not including taxes? I guess to each their own.

[bmwluvr24]

Originally Posted by Sam335ix

Geez man where is everyone's priority in life? After taxes your left with dick in your hands and now dish out 12k a year not including taxes? I guess to each their own.

You must have amazingly high living costs. And my priority is to enjoy life to the fullest. My military service made me realize that the only thing in life worth prioritizing is happiness.

[Sam335ix]

Originally Posted by phishhead24

You must have amazingly high living costs. And my priority is to enjoy life to the fullest. My military service made me realize that the only thing in life worth prioritizing is happiness.

Amazingly high living cost? How did you get that from my post? As I said, to each their own and enjoy your life and if car is happiness then so be it.

[bmwluvr24]

Originally Posted by Sam335ix

Amazingly high living cost? How did you get that from my post? As I said, to each their own and enjoy your life and if car is happiness then so be it.

I assumed that, since you were confused how someone could afford a $1000 car payment on a $100,000 salary. If living cost is higher, then it seems unreasonable, but if they are not, affording this is more manageable. In a way, I was agreeing that it would be harder to imagine with higher living costs.

[BarlasaM]

Originally Posted by m20e3087

I want to lease and do ED on upcoming M4, and wanted to know how hard is BMWFS with ones credit score. I have zero negative on my file, and in past 12 years I have financed cars through GMAC, Acura finance, BOA, local credit union twice, Lexus FS three times and my current lease is also with LFS. So my scores are low (low 600s), coz i had to put everything on plastic due to family emergency. Income is close to six figs, so what you guys think are my chance with BMWFS? Thanks in advance.

Surprisingly enough, BMW-FS goes as low as 575. They use Experian.
Keep in mind, that the rate changes based on the Credit Score.

675 or greater no change
640-674: + 1% or + .00020
601-639: +2% or + .00040
600-575: +3% or + .00060

Hope this helps.

[Suave]

Originally Posted by BarlasaM

Surprisingly enough, BMW-FS goes as low as 575. They use Experian.
Keep in mind, that the rate changes based on the Credit Score.

675 or greater no change
640-674: + 1% or + .00020
601-639: +2% or + .00040
600-575: +3% or + .00060

Hope this helps.

Very good info. Thanks or sharing! How accurate and current are these ranges and source? This would be very helpful for me to share with my network to help them jump off the ledge for a BMW. Would greatly appreciate your feedback.

[m20e3087]

Originally Posted by BarlasaM

Surprisingly enough, BMW-FS goes as low as 575. They use Experian.
Keep in mind, that the rate changes based on the Credit Score.

675 or greater no change
640-674: + 1% or + .00020
601-639: +2% or + .00040
600-575: +3% or + .00060

Hope this helps.

Thanks for the info

[m20e3087]

Just got back form vacation and saw these replies, @jeff4598 what can I say I am in love with new cars, however I do own a 87 325IS which I bought 07. Living cost in NC is very reasonable, as long as your not over spending on your mortgage.

[BarlasaM]

Originally Posted by Suave

Very good info. Thanks or sharing! How accurate and current are these ranges and source? This would be very helpful for me to share with my network to help them jump off the ledge for a BMW. Would greatly appreciate your feedback.

My pleasure. This info is current and accurate as of today. As for the source, straight from the horses mouth (BMW-FS). I am CA
Now will it stay the same or change for 2014, I have no Idea. But it's been the same since last year.
Good luck with your group

[///M ARMY]

You should be able to do it.