E90Post
 


Bimmertech
 
BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Manuals, Invoice/MSRP Pricing, Buying Guides, Bulletins, etc. > BMWFS - How do they approve based on income?



Reply
 
Thread Tools Search this Thread
      09-13-2010, 08:38 PM   #1
DefBringer
First Lieutenant
 
Drives: 07 335i coupe
Join Date: Jun 2007
Location: Kansas City, MO

Posts: 318
iTrader: (0)

BMWFS - How do they approve based on income?

I know different lenders use different formulas. Does BMW go as far as 20% of monthly gross that can go towards a lease payment? Or is it more like 15% or even 10%?

I own my home free and clear and have no debt and decent credit to boot.

I was approved for a 335i lease last year but I have heard that BMWFS's guidelines have changed and now I'm just curious how much car I should be shopping for.
DefBringer is offline  
0
Reply With Quote
      09-28-2010, 07:25 PM   #2
Ty Vil
Captain
 
Drives: 2013 ///M3
Join Date: Jan 2007
Location: Scottsdale, AZ (by way of Portland, OR)

Posts: 866
iTrader: (0)

It's based on your credit score.
Ty Vil is offline   United_States
0
Reply With Quote
      09-28-2010, 08:36 PM   #3
ScaredOnce
Very Important
 
ScaredOnce's Avatar
 
Drives: 335xi (e92)
Join Date: Sep 2010
Location: PIT

Posts: 450
iTrader: (0)

Garage List
Thumbs up

Quote:
Originally Posted by DefBringer View Post
I know different lenders use different formulas. Does BMW go as far as 20% of monthly gross that can go towards a lease payment? Or is it more like 15% or even 10%?

I own my home free and clear and have no debt and decent credit to boot.

I was approved for a 335i lease last year but I have heard that BMWFS's guidelines have changed and now I'm just curious how much car I should be shopping for.
I'd suggest to shop for as much car as you can easily afford. Being a "car guy", I understand the temptations/self-justification process. Believe me...

But, that last thing you want to do is be "car-poor" - where you have the sick ride, but are skimping on dining out and other simple pleasures. A lot of people also find themselves "house-poor" after buying a McMansion that they really can't afford. It all comes down to each person's own understanding of their financial position. Considering the bigger, long-term picture is what it's all about.

Now, like I sort of disclaimed above, I'm definitely prone towards having a little more car than needed. But, in the end, it's your money. Make sure that you're happy with the way that you spend it.

Good Luck! I would think that I'm in a better place to decide if I'm able to afford something than some bank that only knows me via my credit report/score. Consider everything, cover all of your bases (twice) and I'm sure you'll make the right decisions.
ScaredOnce is offline   United_States
0
Reply With Quote
      11-01-2010, 03:18 PM   #4
OnlyTruth
Lieutenant
 
OnlyTruth's Avatar
 
Drives: 2011 535 iX
Join Date: Oct 2007
Location: NY

Posts: 531
iTrader: (3)

I think you need 650 score to be approved
__________________

2011 535 iX lemoned
OnlyTruth is offline   United_States
0
Reply With Quote
      02-12-2011, 11:49 PM   #5
benzboy429
Second Lieutenant
 
benzboy429's Avatar
 
Drives: 2012 BMW 528i Xdrive
Join Date: Feb 2011
Location: Queens, NY

Posts: 258
iTrader: (3)

It is solely based on your credit score, you could put your annual income as 1 million a year it wouldn't matter. If your score is 400 with a million income denied, 750 credit score making 35k a year approved
benzboy429 is offline   United_States
0
Reply With Quote
      06-20-2011, 10:19 PM   #6
Kamal
Indian Stig
 
Kamal's Avatar
 
Drives: '03 540i M, '11 Ducati M796
Join Date: May 2008
Location: StL/CoMO

Posts: 1,002
iTrader: (1)

Garage List
2008 BMW 135i  [3.78]
2011 BMW 328i  [4.00]
Send a message via AIM to Kamal Send a message via Skype™ to Kamal
I was told when doing the paperwork for my wife's 328i lease that a score of 670 or higher is good enough for BMWFS.
__________________

2008 E82 N54 || Stage 2 -------- Gone to a good home.
Kamal is offline   United_States
0
Reply With Quote
      07-29-2011, 12:41 AM   #7
335IS_Mineral
Senior BMW Client Advisor
 
335IS_Mineral's Avatar
 
Drives: 2011 BMW 335IS Coupe
Join Date: Jul 2011
Location: Desert

Posts: 42
iTrader: (0)

BMW FS has 3 tiers...

690+ for Elite rates (advertised rate)
660-689 - Progressive Plus rate (ad rate plus 1point)
620-659 for Progressive (ad rate plus 2 points)

Same concept for a lease.

As long as your PTI (payment to income) ratio is 15-20%, haven't repo'd a car within the last year, and a good finance manager... you will get approved.

Nice thing about BMW FS is that if you have a horrible score under 400, but haven't repo'd a car and you have a direct relative co-x for you, that qualifies (see above) you will be approved...

Good luck
__________________
Senior BMW Client Advisor
335IS_Mineral is offline   United_States
0
Reply With Quote
      07-29-2011, 02:02 PM   #8
M3godz
Private
 
M3godz's Avatar
 
Drives: E92 M3/997c4s
Join Date: Apr 2011
Location: Ottawa

Posts: 86
iTrader: (1)

Quote:
Originally Posted by 335IS_Mineral View Post
BMW FS has 3 tiers...

690+ for Elite rates (advertised rate)
660-689 - Progressive Plus rate (ad rate plus 1point)
620-659 for Progressive (ad rate plus 2 points)

Same concept for a lease.

As long as your PTI (payment to income) ratio is 15-20%, haven't repo'd a car within the last year, and a good finance manager... you will get approved.

Nice thing about BMW FS is that if you have a horrible score under 400, but haven't repo'd a car and you have a direct relative co-x for you, that qualifies (see above) you will be approved...

Good luck

Does it apply to canadian clients as well ?
M3godz is offline  
0
Reply With Quote
      07-30-2011, 05:43 PM   #9
335IS_Mineral
Senior BMW Client Advisor
 
335IS_Mineral's Avatar
 
Drives: 2011 BMW 335IS Coupe
Join Date: Jul 2011
Location: Desert

Posts: 42
iTrader: (0)

Quote:
Originally Posted by M3godz View Post
Does it apply to canadian clients as well ?
No it does not... I have no idea what the Canadian BMW FS stipulations are...

If you are asking if a Canadian Resident come to US to lease a car... the answer is no.
__________________
Senior BMW Client Advisor
335IS_Mineral is offline   United_States
0
Reply With Quote
      07-30-2011, 07:23 PM   #10
HaZe_X
Second Lieutenant
 
HaZe_X's Avatar
 
Drives: 2011 335is
Join Date: Apr 2011
Location: New Jersey

Posts: 252
iTrader: (0)

Make your you have a long credit history. Thats what killed me when doing my app.

My Credit score was over 750. Took out an auto loan in 2009 of 42,000 made payments till about March 2010 (about 12 months, then paid the loan off completely. Had less than a 10% debt to credit ratio. Never once late on previous loan, or credit cards and BMWFS denied me first shot. Being im 22 it was the length of my credit history not being long enough. Somehow my finance guy pushed it through tho.
__________________
2011 335is Le Mans Blue l Black Interior l Convenience Package l iDrive l Heated Seats l Manual Trans l PROcede V5 l BMS DCI l ETS ChargePipe l Synapse BOV l
Order Date: 4/12/11
Delivery: 5/30/11
HaZe_X is offline   United_States
0
Reply With Quote
      07-30-2011, 07:26 PM   #11
onebadmofo
Banned
 
Drives: 2007 E92 335i
Join Date: Aug 2010
Location: Central NJ

Posts: 2,394
iTrader: (14)

I was declined last year for lease takeover, I had 690-710 score at the moment
Financed through Chase with 6.5% apr
onebadmofo is offline   Russian Federation
0
Reply With Quote
      08-02-2011, 03:01 AM   #12
335IS_Mineral
Senior BMW Client Advisor
 
335IS_Mineral's Avatar
 
Drives: 2011 BMW 335IS Coupe
Join Date: Jul 2011
Location: Desert

Posts: 42
iTrader: (0)

The thing about BMW FS, they are a very loyal bank but if you slow pay them... your done with them... (make your payments on time people)
__________________
Senior BMW Client Advisor
335IS_Mineral is offline   United_States
0
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 05:05 AM.




e90post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST