03-30-2015, 09:47 AM | #1 |
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Morning all- I'd like to get a little feedback.
Long story short- a friend of mine after driving my car for a few days (and myself-recovering from a minor procedure) is looking into getting into an m6 himself, and when he asked me what were my requirements when I submitted mine in BMWFS- I told him the truth- I have no idea. He knows I own multiple properties, and make a decent income. When my credit process was done for this latest car (the 2016 I have ordered)- all I was told that I got approved instantly, told I fall into "tier 1" and my income was sufficient), literally took a minute for the approval. however- before submitting- I did mention I was prepaying the lease as leverage (I have my reasons) Anyways/ I told him I was part of a forum with a lot of gentleman who have much mor experience when it comes to this than me- so I'd like some guidance here. He is also a professional musician/producer like myself but makes a little more than I do considering he's been in the industry longer. However I have no idea what his credit looks like except that it's "720-735" depending on which report is used - so any help would be greatly appreciated.
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03-30-2015, 10:13 AM | #2 |
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300K+ is plenty enough. If he doesn't get approved, tell him to go back with a cashier's check and slap them with it.
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03-30-2015, 10:24 AM | #3 | |
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03-30-2015, 10:32 AM | #4 |
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750 is good for your age. Mine is around 820, but income was more important than credit for the approval. Good credit gets you better rates.
Owning a home definitely helps too. |
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03-30-2015, 12:30 PM | #5 |
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Credit is a snapshot. It's what his credit looks like when they pull it. If u make $1m/year and u have 50-60% credit utilization, it's gonna hurt. Doesn't matter if you pay off 40,000/mo in credit cards, if it's not paid when they click "submit" it will vary.
The dealer will do what they can to make the sale/lease, they don't want you to walk away. |
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03-30-2015, 07:57 PM | #6 |
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I'd say for a vehicle lease that's around 1400-1500 a month, they'll want about 200k annual and a 720 or above credit score. I'm not sure if property ownership always matters. When I first began leasing BMWs I was just renting my place in LA, and with every subsequent purchase I've never bothered telling them I've bought anything. They'd just ask for my updated income and then run my credit.
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03-30-2015, 10:48 PM | #7 | |
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03-31-2015, 03:42 AM | #8 |
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I appreciate the feedback guys.
It also gives me some perspective as to why others my age who also tried to get an M6 got denied quickly. I always had my properties i bought before jumping into a luxury car as leverage+income, but I understand most 26 year olds aren't in such position. I've shown him the thread and told him to join incase he has any questions further questions/guides.
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03-31-2015, 03:54 AM | #9 |
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I can tell you pretty much no one goes on your "stated income" anymore for any type of loan after the bank failures. It also has nothing to do with your age or what properties you own. They go pretty much solely on your credit score. That being said, BMWFS is quite lenient regarding credit scores. I've seen some posts saying anything above 680 is Tier 1 for BMWFS. To compare....I heard you need a 740 for a Porsche FS Tier 1 and I doubt they'd even approve you at 680 for anything (then again, Porsches are generally more $$ than BMW's). Honestly, I don't know if I've heard of too many people ever being denied by BMWFS for a loan. In other words, 820 versus 680 is getting you the same rate with BMWFS....and if you were smart, your friend would pay the MSD's and lower it even more.
Also, leasing a $1500/month car for 2 years ($36k) is less risk to the lenders than someone buying a $45k entry level 3-series.....so the full cost of the car really isn't relevant to them if you are leasing it....they are concerned about the payments you are on the hook for.
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03-31-2015, 03:55 AM | #10 | |
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I kept hearing getting approved wasn't that's difficult in comparison to others- but my 2014 was a lease take over, so I didn't go through the normal dealer process- and when I did for the 2016 order- they gave me no explanation, just "approved" haha. But it being the 2nd most expensive model bmw offers only topped by the i8, I was curious. And wanted to give him first hand from others experience. So hearing this- and as long as his debt to income is low- I'm sure he'll get approved too .
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03-31-2015, 05:32 AM | #11 | |
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So as long as his debt to income isn't high- he should be ok? I'm going to tell him once we go back to the U.S. This weekend to simply try running it through my CA. He's nowhere near as picky as I am on transmissions and actually said he would prefer the dct over the MT. Thanks for the insight bud!
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03-31-2015, 11:48 AM | #12 |
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Im just curious what genre of music do you produce?
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03-31-2015, 05:03 PM | #13 | |
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My "stamp" is a pop rock mixed with classical style so that's what I'm sought after for the most part when I'm not writing jingles for networks
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03-31-2015, 10:20 PM | #15 | |
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04-03-2015, 12:24 PM | #17 |
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When I picked up my M6 new on lease I got approved tier 1 with 1st month down credit in the low 700s with income at 90-100k. I did however have 4 leases closed already with no missed payments. YMMV
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04-03-2015, 03:46 PM | #18 |
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685 and above gets you the best rate. I'm a client advisor which is how I know. In the low 700's he should be just fine.
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04-03-2015, 04:17 PM | #19 | |
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04-03-2015, 04:20 PM | #20 | |
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04-05-2015, 07:47 AM | #21 |
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It is based on your credit and past history. And your past history determines your credit score
Point being, if you have never had a loan, you will have a bit harder time getting the car (happened to a co-worker with his first car - he just had never borrowed money!). But your credit score is about all they care about. I'm not even sure income comes into play too much these days.
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04-05-2015, 12:44 PM | #22 |
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I think I got the thread confused with "buying" I guess leasing is a bit more lenient
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