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Question on PrePay leasing and credit approval
Hello! Newbie here, but I came across an old post you made while doing some research: http://www.bimmerfest.com/forums/sho...ghlight=prepay I've been considering leasing a vehicle using the PrePay option mainly due to not being 100% certain about my chances of getting approved on a traditional lease program. I'm a first time car buyer, and I've heard that it's generally more difficult for first-timers to get approved for leases? When a potential buyer opts for a PrePay lease, how does that change the process at the dealership? Is a credit check even done, or is it treated akin to say, purchasing the car with cash? If a credit approval is still required, would opting for PrePay more or less guarantee my chances of getting approved? Thank you for your time  | | Reply » Question on PrePay leasing and credit approval |
Do NOT prepay for a lease! I could list a thousand reasons why this is a bad idea!!!
Besides BMW Lease have one base rate, you either qualify or don't. And yes it is based off a credit check. You can use MSD's to lower the base rate, but I do not think it improves your chances of getting approval.
From your post, it sounds like you are either still in college or fresh out. Also, I "assume" you likely have not purchased a house yet. If that is the case, I can assure you that I (and absolutely everyone else here) would highly recommend you focus on a house, before a BMW. You are going to have a much harder time qualifying for a house, then a BMW. And having lease obligations will not at all help you qualify .
Again, perhaps I am wrong here. And, I definitely appologize in advance if that is the case. However, thats just my 2 cents.
-Brett
| | Reply » Question on PrePay leasing and credit approval |
Leases are much easier to get approved than purchases due to the lower payment obligation. All else being equal BMWFS has a much easier time imagining you with a $500 payment than a $850 payment. Apply for a lease at the dealership (much higher odds of approval) and if you don't get approved try again in a year. Bring a current pay stub with YTD numbers on it or 2 years tax returns to the dealership and submit them with your application PROACTIVELY, this helps your odds of approval dramatically especially with no similar auto loan history. Happy hunting...
| | Reply » Question on PrePay leasing and credit approval |
Thanks exotics4fun for the tip.  I have saved it for future reference, should I ever find leasing the best option.
| | Reply » Question on PrePay leasing and credit approval |
So would BMW approve me If I have no BAD credit history? and based just on that. Because I know I do not have a 795+ bank score just yet but I always pay on time my CC's and bills, never have I had a late payment. Im a young guy and still in college, so I haven't bought a home yet.
My understanding is that BMWFS looks at your credit history and you are either approved or not, and it is not by credit tiers. Also I work off the books this year, but all my past working years I have worked on the books and filed taxes, would that help or hurt.
| | Reply » Question on PrePay leasing and credit approval |
Quote: So would BMW approve me If I have no BAD credit history? and based just on that. Because I know I do not have a 795+ bank score just yet but I always pay on time my CC's and bills, never have I had a late payment. Im a young guy and still in college, so I haven't bought a home yet.
My understanding is that BMWFS looks at your credit history and you are either approved or not, and it is not by credit tiers. Also I work off the books this year, but all my past working years I have worked on the books and filed taxes, would that help or hurt. | If I recall correctly, BMW has a special program for recent college graduates. I'd try to enquire about that if I were you.
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Question on PrePay leasing and credit approval