[jdigu57]

so i walk into a dealership planning to buy a 328xi fully loaded ended up buying a 335xi with sp , pp got a crazy deal on it and delivery next week ( waiting time begins if everything works out fine )... did a credit app. for lease ... wondering how hard is it to get approved ... i am self employed with a credit score of 655 have a home under my name .... when doing the app. the lady said it would be really hard to get it as i am self employed ... is it mad hard to get approved for a lease ???? this is first time getting bimmer

if rejected wht options do i have if i still want to lease it ?? by adding more downpayment or anything else ??... can my g'f co-sign the application who has a score of arnd 700ish but is a student i can write her up an employment letter in my company will that help ??? ( this app. is freaking me out after the talk with the lady saying its going to be hard ) any kind of help will be great !!!

[boymonkey]

Crazy deal, eh? Mind if I ask how much percentage off?

[jdigu57]

around 5.8 and got a excellent trade in value for my car

[eugene335]

I think you may need to put in 9 additional security deposits in order for BMW FS to approve you if they get sticky. This money will be returned at the end of the lease and you get around 0.9 percent reduction in your lease rate. Alternatively, you can opt for equivalent amount of downpayment to see if they will go for it. I'll be of interest to find out the outcome.

[flush01]

don't worry, i'm self employed as well and they toled me same sh!t "you probably will not get approved", then the next day she called me saying I was approved...good luck

[jdigu57]

the only thing i am worried about is my past record .. i had few late payments on my cc 3 -4 yrs back .. will that record from past create any problem ?? .. will post up the deal i got once everything goes through ...

[nospleeny]

I use to underwrite for a company that did financing for new vehicle leases and finances. I'd say you have no problem getting the loan if your loan to value ratio is not too high. Like if you carry a lot of debts, they probably won't approve you. Everybody follows the same "similar" guidelines.

If you don't make enough money, and you carry a lot of debt (credit cards, mortgage)... we'd either let you eat or starve you (because we're using your money to pay for the bmw).

A beacon score of 655 is not very high. Pre-approval is unlikely. They'd probably need you to bring in the past 2 years of tax assessments showing you earned what you "claimed" you earned. If you had a beacon of 755, they very likely just approve you and send you on your way without even seeing paystubs or tax assessments.

They'd only ask for your tax assessments because you're self-employed and they need proof you earn that kind of money... especially with a "ok" beacon score of 655.

Make sure your credit cards are CLEAN before you do the app because they factor that in heavy. Keep your usage of available credit to below 70%.

Good luck.

[jdigu57]

Originally Posted by nospleeny

I use to underwrite for a company that did financing for new vehicle leases and finances. I'd say you have no problem getting the loan if your loan to value ratio is not too high. Like if you carry a lot of debts, they probably won't approve you. Everybody follows the same "similar" guidelines.

If you don't make enough money, and you carry a lot of debt (credit cards, mortgage)... we'd either let you eat or starve you (because we're using your money to pay for the bmw).

A beacon score of 655 is not very high. Pre-approval is unlikely. They'd probably need you to bring in the past 2 years of tax assessments showing you earned what you "claimed" you earned. If you had a beacon of 755, they very likely just approve you and send you on your way without even seeing paystubs or tax assessments.

They'd only ask for your tax assessments because you're self-employed and they need proof you earn that kind of money... especially with a "ok" beacon score of 655.

Make sure your credit cards are CLEAN before you do the app because they factor that in heavy. Keep your usage of available credit to below 70%.

Good luck.

thanks for the reply .. credit cards are clean ... there is no balance only have a mortgage but that also is around 500/mnth as most of the mortgage is paid out ... have a car which i was paying around 400/month but that is going to be traded in for my lease ... how useful are the multiple security deposits in such cases ??

[boymonkey]

Originally Posted by jdigu57

around 5.8 and got a excellent trade in value for my car

And you're getting a lease too, eh? That's a good discount.

[SSM46mt]

Originally Posted by boymonkey

And you're getting a lease too, eh? That's a good discount.

I also got 335xi sport and asked for 5% - they gave it to me without much argument. Felt I should have asked for 6%.

After that you can choose $4k cash back from BMW or 2% lease - I chose the cash back.

Since I want MT I have to wait till the end of May to get may car - oh the agony of it

[canada_dude]

I wonder if being in Calgary is just wrong to buy cars. I had to work my butt off to get 5 points off. Well, then again, I don't have to pay PST, so I shouldn't be so upset that I didn't get 5.8% off.

Like most people said, you should be ok with the loan.

[jdigu57]

yea everything worked out ... bmw wants multiple security deposit .. now i just have to bring down the number of deposits they want ... and the waiting time begins as soon as everything is signed again ...

[ehhhwik]

all financial services providers (including banks) are more "picky" when it comes to self employed people, i work in a bank, and i see it too often, a lot of financial info needs to be provided to support your finanical status to properly evaluate the risk associated in the financing they are going to provide for you, risk evaluation is getting more tough these days, all the banks are adjusting their risk management

ex. my friend who is self employed and owns a ranch b/c he breeds horses, his ranch is worth over $2 million including land, building, house, etc... everything is full paid for, no mortage and the bank declined their application for a simple visa card....???

there are a few things you can do, 1) put a huge down payment (or multiple security deposits), 2) provide lots of info about your income, assets, other income, etc to bmw finance, 3) apply for the lease/financing with a coapplicant

[Chiggy]

As long as you got other assets like house, investments, and write down a good sized income it should be alright. Good luck.

BTW Is that 5.8% off including the $2k they charge for freight/pdi? You know if they are discounting everything that much? Looking for an X5 potentially for the winter.

[jdigu57]

its off the msrp not including freight& PDI .. yea got everything worked out have to go tom and see how many deposits are required and stuff

[RBP]

Pay cash for the car.

[Two Sheds]

I'm also self employed and I leased my car back in July 2006. At the time I'd only been in Canada for 3 years and been self employed all that time. I provided them with my last 2 notice of assessments and was approved with no security deposits. At the time I was living in rented accommodation and had no debts (I had credit cards, but they were always paid off every month).

[fizzerd]

I was in same position so they told me to get a co-signer. If you get a strong co-signer you're good to go otherwise they may ask you to keep the co-signer as well as pay 9 additional security deposits. But if you're dealer's business manager is persuasive, BMWFS may reduce the number of security deposits.

Best of luck!

[Avious]

Originally Posted by jdigu57

around 5.8 and got a excellent trade in value for my car

Thats an oxy-moron! there is no such thing as good trade in value from a dealership

[jdigu57]

Originally Posted by Avious

Thats an oxy-moron! there is no such thing as good trade in value from a dealership

got almost 2000 more than any dealer was ready to offer which would be close to value if i sold the car myself ....

[ians]

Originally Posted by Avious

Thats an oxy-moron! there is no such thing as good trade in value from a dealership

Miracle sometimes did happen!

[J2d]

congrats!

e90 or e92?