Does anyone have expiriance with this? does this help if your credit is not good enough for a standard lease?
"PrePay
If you prefer cash transactions, you can save yourself some money through PrePay leasing. Instead of paying cash for your new or Certified Pre-Owned BMW, you can pay for a portion of the car through a prepaid lease. A PrePay lease consists of a single upfront payment (including a security deposit) that will be less than the sum of monthly payments on a traditional lease. And you still have all the lease-end options of a standard lease. (Please note: The PrePay option cannot be combined with Multiple Security Deposits.) "
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| Reply » PrePay Lease Program 2006 325i |
Anyone?
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| Reply » PrePay Lease Program 2006 325i |
Quote: | Does anyone have experience with this? does this help if your credit is not good enough for a standard lease? | Yes, the Prepay option does offer a solution to those who pose a greater
credit risk based on derrogatory or deliquent payment history. For those who
have large amounts of cash available up front, this approach creates a
higher probability of a credit approval. This is an empirical finding.
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| Reply » PrePay Lease Program 2006 325i |
Thanks Jon, I appriciate your response, I applied for BMWFS loan online and was declined, I guess i should contact them and see if i qaulify for a Pre-Pay lease, i belive my credit score is 660-670 due to some late payments over a year ago on credit cards.
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| Reply » PrePay Lease Program 2006 325i |
An in the unlikely event your car is totalled the next day your out your 15k ? From what I understand you should never put any thing down on a lease situation if possible, due to that risk.
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| Reply » PrePay Lease Program 2006 325i |
Quote: | An in the unlikely event your car is totalled the next day your out your 15k ? From what I understand you should never put any thing down on a lease situation if possible, due to that risk. | The rules are different for a pre-pay lease.. A prorated portion is returned to the lessee, if something like that happens..
You are correct, otherwise... large cap-cost reductions are a bad idea on a normal lease.
regards,
kyfdx
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PrePay Lease Program 2006 325i