[MassBimmer]

What does this thread have to do with anything other than an individual person's credit? Stop wasting space with junk like this

[02themax]

Don't pay attention to the haters, things happen in life. Good luck with everything.

[ianbiz]

Originally Posted by 2kaccordocoupe

+1
Living within your means. What a novel ideal...

This is America

[bavarian19]

Originally Posted by Silent&Humble

PFFF...BE MORE POSITIVE, what is up with your hate? I know you're being honest, but come on man, don't bring people down all the time. I keep seeing your posts, they're always of this kind.

Reality is harsh sometimes.

I say its better than a bunch of people on the internet telling him to spend more than what he can afford.

[ZuerstBMW]

I would get a copy of my credit report and see what needs to be done to bring it back up, then check back in April when your lease is up and see what happens.
Sometimes thing just happen for a reason.
Good luck with it.

[Ender514]

Originally Posted by bavarian19

Reality is harsh sometimes.

I say its better than a bunch of people on the internet telling him to spend more than what he can afford.

how do you know what he can afford?

[BMWinNorthdakota]

Originally Posted by ranger2/75

Belive me! My bank account will be sound and I will be driving that car! It's like you said why settle for anything but the best. I've worked my ass off all my life; let alone put my life on the line for a year in Iraq... Just have to get it done

[Orient330iNYC]

Originally Posted by noro

If they bump your payment up because of your credit you should put your dad on the lease unless you have the reason to believe that you will not be able to make payments and screw up his credit that way, in that case you shouldn't cruising around in a 50K car to begin with.

Originally Posted by JulieDriving

As a heads-up, if BMW's "big bosses" let you get the car, they likely will charge you a significantly higher interest rate.

this is not true for most lease programs from bmwfs (in the US anyway)
if the program is subvented ( money factors below the standard rate, which almost all are, aside from 48+ month leases and cars like the alpinas) its pass or fail, with no tiering based on credit score, either you are approved (with or without a cosigner) or not.

terms of approval for those initially declined may be either a cosigner or a larger downpayment or both.

[Brey335i]

Wouldn't it be easier to buy a used 335i that you can get lower payments on and therefore be able to be approved for credit?

[John 070]

I know it doesn't feel as such at this instant, but the OP wins in that he doesn't have to lease this vehicle. In the long run, he'll look back and smile when he sees the money he's saving each month.

[sb335]

Originally Posted by ranger2/75

Thanks to all the positive people! Haters always need a job so they keep on hating! I can make the right decision, is not like I'm going to die if I have to wait a little longer. But I have plan b in action so thanks againg!!!! Haters just do what u do best Lol

+1

[angler]

dnftt:

[tommyv]

what does your credit score need to be to qualify for BMWFS lease/financing? Just curious since we're on the topic....

[dimabimmer]

OP
^^^

There are many ways to improve your credit score fast,- Rapid Rescoring is one of them. If BMWFS denied lease already, your sales rep could request an appeal... but most likely this case is lost. BMWFS would want hefty down payment, and/or a co-signer. In my opinion, it's not worth pursuing new BMW lease... I know it sucks, you made lease payments on time, and then they reject you... but BMWFS is just a bank, and a tough one too. There are many other banks that will be happy to finance a CPO BMW... maybe you can finance a CPO M3 for $40k+?

**** Check all 3 credit reporting agencies separately. Do not go for 3 for 1 deal,- those are not accurate. You have to check each one of them separately, and start correcting errors, lowering balances, etc,... Knowing the dates when your bank reports balances to credit agencies is important too. If you do the right thing, you'll be amazed,- your score could go up 20-40 or even more points overnight!

**** Once the score is up a little, errors are cleaned up, start talking to Capital One Bank about auto finance... maybe there is a stripped CPO M3 V8 for you out there by then?

**** Do not apply for any credit till you fix it, since applying, getting more credit will be counter productive and lower your score...

This is just my opinion, trying to be helpfull... Good Luck!

[Craig@SupremePower]

that sux man...

[JulieDriving]

Originally Posted by dimabimmer

OP
^^^

There are many ways to improve your credit score fast,- Rapid Rescoring is one of them. If BMWFS denied lease already, your sales rep could request an appeal... but most likely this case is lost. BMWFS would want hefty down payment, and/or a co-signer. In my opinion, it's not worth pursuing new BMW lease... I know it sucks, you made lease payments on time, and then they reject you... but BMWFS is just a bank, and a tough one too. There are many other banks that will be happy to finance a CPO BMW... maybe you can finance a CPO M3 for $40k+?

**** Check all 3 credit reporting agencies separately. Do not go for 3 for 1 deal,- those are not accurate. You have to check each one of them separately, and start correcting errors, lowering balances, etc,... Knowing the dates when your bank reports balances to credit agencies is important too. If you do the right thing, you'll be amazed,- your score could go up 20-40 or even more points overnight!

**** Once the score is up a little, errors are cleaned up, start talking to Capital One Bank about auto finance... maybe there is a stripped CPO M3 V8 for you out there by then?

**** Do not apply for any credit till you fix it, since applying, getting more credit will be counter productive and lower your score...

This is just my opinion, trying to be helpfull... Good Luck!

That's very helpful advice for the OP.

Yeah, every additional credit application dminishes your credit score - don't apply anymore unless you have to.

[401FlaGATOR]

Originally Posted by ranger2/75

I live within my means and paid my car note even in the bad times. Just so happen that I lost my job and it was not easy but I'm back on my two feet; it can happen to anybody trust me I'm a 8 year army vet including a tour in Iraq with a college degree. Things just happen. But my score should be up there in three or four months so I'll be ready anyways. Let's see what they say tomorrow

I thank you for your service to this great country..unfortunately the emperor with no clothes has no idea what he is doing.. I would plan for worst case scenarios.. that's why I always try and keep a clunker in the stable in case things go south I can drop some ballast to stay afloat..

[doggiedog]

Sorry to hear about that. I know how you must feel.

My ex wife bounced a $200 check from our joint checking account (which was closed with the divorce) and it popped up on my credit report. It knocked my score down from 800 to 660 and even after paying it off, the @ssholes at Bank of America still would not remove it from my credit record. Fortunately, my BMW dealership worked with me and got me the 0.9% financing rate that I agreed to since I pre-ordered the car and had to wait for it. I almost didn't get my car either all because of my evil ex-wife not because I was living above my means.

[thkfast]

A lot of us "find a way" to afford our dream cars! Good luck and thank you for your service.

[Bavaria330]

All Vets should get a break, heck a free car.
Sorry I hope you get your car approve.

[Evil E90]

Originally Posted by ranger2/75

So my lease is coming up in April! Went to BMW to negotiate a new car; found the car I wanted and got a great offer on a 335i loaded M sport package, premium pk, navi u name it it has it. This was yesterday, bad news came today because my credit took a hit with the economy being so bad. So they said I fell below the credit line they have. Mind you with me being unemployed for a little over a year I still made all my lease payments. I finally got a new job but now I need a car to get to work and this happens! The salesperson at BMW said he will contact the big bosses tomorrow to see what he can do. My dad has an 800 credit score but I don't want to put that burden on him, since I got my last lease under my name. Don't know what to do but I'm very sad, went to sleep just dreaming about that car.... Don't know what to do going crazy

I feel your pain. I have been laid off since December. I am able to make my payments but they are close to being late. BMW called me yesterday to find out why I am almost 30 days late. I told them and they offered me a two month deferment. So my next car payment will be April 20. It really takes a load off my back for now. I'm also lucky when I bought my car. A month after I bought it my mortgage went up and I have been trying to get a loan mod. Every month I don't pay it gets reported. So now my credit is crap but glad I got my car before and with a 3.9% APR for 60 months. I wish you the best in finding a job and you will get your BMW sooner then you think.

[Spydeputy]

buy a car you can afford. see where your credit report is sooo low to disqualify you for a new car. why are you not buying your lease. and no to have your daddy co-sign. do the right thing.
GL w/ getting your score up. @#%&* this economy sucks, really hurting everyone.