if i need a cosigner does that person have to have an income? - BMW 3-Series (E90 E92) Forum

SJNESH · 11-03-2007, 11:41 AM

can my mom cosign if she doesn't work but has good credit?

zimbim · 11-03-2007, 11:53 AM

If she has a good credit rating and ownes a house you should be fine

SJNESH · 11-03-2007, 11:59 AM

ok, ty. she owns a home and has a credit score in the 700s. she is a stay at home mom and my dad works overseas so its a hassle to get him to cosign although sending the paperwork or getting a power of attorney is still an option. thank you

djrobroe · 12-03-2007, 06:23 PM

i have a question I have a credit score in the 760's and my only income every month is from my trust fund ($1500)... do you think id be approved for a lease with a large downpayment for a 335i?

Xtabi · 01-07-2008, 02:38 PM

Quote:

Originally Posted by djrobroe

i have a question I have a credit score in the 760's and my only income every month is from my trust fund ($1500)... do you think id be approved for a lease with a large downpayment for a 335i?

Why would you want to put down a large down payment on a lease. Just buy the car outright. Put a lot down and finance the rest.

phantom330 · 01-07-2008, 03:16 PM

honestly I doubt that would work. There really isn't much reason to add a co signer if they don't have an income. Give it a whirl, but my prediction would be no.

ALPINE6SPD · 01-10-2008, 06:57 PM

I am a CA and yes it would work. If she has established strong credit they know that chances are she will pay her bills. Dont listen to anyone else I do this everyday. If you need any help or personal information help pm me and I will advise you on what to do. I work with BMW Financial services everyday.

Ryan

TheColonel · 03-01-2008, 04:02 PM

I manage a bank and do some auto underwriting. It really depends on who's analyzing the application and thier credit policy.

If you can establish sufficient income and have a good rating and history, you shouldn't need a cosigner. Adding a cosigner who has no income but excellent credit certainly doesn't hurt, but it's a more subjective factor, as it won't make an impact on the overall debt to income ratio. I don't know what BMW's credit policy is or how stringent they are about it in a scenario like yours. If you parents have been married for years and your mother can prove that, while she doesn't earn her own income, she does have a source (i.e your father) they may take that "phantom income", so to speak, into consideration.

I would speak to someone at the dealership who will be working on your application and ask how your situation could work within thier credit policy.

TheColonel · 03-03-2008, 08:47 PM

Did you speak with anyone, SJNESH? Any luck?

halfpast3 · 03-05-2008, 01:26 PM

It depends on why you need a co-x. If you need one because your income doesn't suport the loan/lease then NO your mom wouldn't work. If you need a co-x because you have no or limited credit but your income is okay, then yes your mom would work.

11-03-2007, 11:41 AM	#1
SJNESH Private First Class Drives: none Join Date: Oct 2007 Location: fairfax, VA Posts: 166 iTrader: (0)	if i need a cosigner does that person have to have an income? can my mom cosign if she doesn't work but has good credit?

11-03-2007, 11:53 AM	#2
zimbim Private First Class Drives: 335i Coupe Join Date: Mar 2007 Location: Charleston,SC Posts: 189 iTrader: (0) View zimbim's Garage	If she has a good credit rating and ownes a house you should be fine __________________ e92/Black Sapphire/Coral Red/Aluminium Trim and Pedals/Sport/Luxury/Nav/Keyless/Ipod Adapter/6MT/Sirius/Turbo Tuner

01-10-2008, 06:57 PM	#7
ALPINE6SPD Major General Drives: 2008 CW MKV GTI&2008 X3 3.0si Join Date: Dec 2005 Location: Neshanic Station NJ Posts: 9,771 iTrader: (2)	I am a CA and yes it would work. If she has established strong credit they know that chances are she will pay her bills. Dont listen to anyone else I do this everyday. If you need any help or personal information help pm me and I will advise you on what to do. I work with BMW Financial services everyday. Ryan __________________ 2008 Candy White MKV GTI 2.0T 6 Speed Manual, Interlagos Cloth Seats, Sirius Sat Radio, Cold Weather Package and 18" BBS OEM Huffs 2008 AW X3 3.0si Tobacco Brown Leather, Dark Ash Wood, 6 Speed Manual, ZPP, ZSP, Heated Front Seats, NAV, Sirius Sat Radio, Privacy Glass, Premium Sound, and Xenon Headlights 2006 AW e90 330i Dinan Stage 1 Returned 5/09

03-05-2008, 01:26 PM	#10
halfpast3 Private First Class Drives: MY08 335i 6MT Join Date: Jan 2008 Location: SoCal Posts: 105 iTrader: (0) View halfpast3's Garage	It depends on why you need a co-x. If you need one because your income doesn't suport the loan/lease then NO your mom wouldn't work. If you need a co-x because you have no or limited credit but your income is okay, then yes your mom would work. __________________ 2008 335I 6MT, ZSP, ZPP, ZCW, CA, 6FL, HD. Arrived! 2006 330i 6MT, ZSP, ZPP, ZCW, CA Retired. 2005 330Cic 6MT, ZHP, ZCW Retired

11-03-2007, 11:59 AM	#3
SJNESH Private First Class Drives: none Join Date: Oct 2007 Location: fairfax, VA Posts: 166 iTrader: (0)	ok, ty. she owns a home and has a credit score in the 700s. she is a stay at home mom and my dad works overseas so its a hassle to get him to cosign although sending the paperwork or getting a power of attorney is still an option. thank you

12-03-2007, 06:23 PM	#4
djrobroe Private First Class Drives: soon to b 335 Join Date: Nov 2007 Location: Miami, FL Posts: 177 iTrader: (0)	i have a question I have a credit score in the 760's and my only income every month is from my trust fund ($1500)... do you think id be approved for a lease with a large downpayment for a 335i?

01-07-2008, 03:16 PM	#6
phantom330 Captain Drives: e93 335i Join Date: Aug 2005 Location: OH Posts: 878 iTrader: (0)	honestly I doubt that would work. There really isn't much reason to add a co signer if they don't have an income. Give it a whirl, but my prediction would be no.

03-01-2008, 04:02 PM	#8
TheColonel Member Drives: Mazda RX-8 (booooo!) Join Date: Feb 2008 Location: NJ Posts: 22 iTrader: (0)	I manage a bank and do some auto underwriting. It really depends on who's analyzing the application and thier credit policy. If you can establish sufficient income and have a good rating and history, you shouldn't need a cosigner. Adding a cosigner who has no income but excellent credit certainly doesn't hurt, but it's a more subjective factor, as it won't make an impact on the overall debt to income ratio. I don't know what BMW's credit policy is or how stringent they are about it in a scenario like yours. If you parents have been married for years and your mother can prove that, while she doesn't earn her own income, she does have a source (i.e your father) they may take that "phantom income", so to speak, into consideration. I would speak to someone at the dealership who will be working on your application and ask how your situation could work within thier credit policy.

03-03-2008, 08:47 PM	#9
TheColonel Member Drives: Mazda RX-8 (booooo!) Join Date: Feb 2008 Location: NJ Posts: 22 iTrader: (0)	Did you speak with anyone, SJNESH? Any luck?