[BeachsideF30]

If id like to lease do I have to be approved first and get the ok for my credit to order? Or is it wise to get everything straight with my credit pay down all cards first before I place the order to ensure the best chance of getting approved? Thanks

[m630]

I'd say yes to both. Firstly, you do have to fill out a credit application to lease a car thru bmwfs, they will not order you a car until you get approved (unless I suppose u say you are buying cash and leave a significant deposit). Second, if you are carrying a lot of debt in which you believe yo u may have an issue, you certainly should work to pay that down so as not to affect your chances of approval.

Good luck

[benzo23]

Originally Posted by m630

I'd say yes to both. Firstly, you do have to fill out a credit application to lease a car thru bmwfs, they will not order you a car until you get approved (unless I suppose u say you are buying cash and leave a significant deposit). Second, if you are carrying a lot of debt in which you believe yo u may have an issue, you certainly should work to pay that down so as not to affect your chances of approval.

Good luck

Thanks for the input. I figured as much for both. I don't really have any debt. Just one CC which I don't owe much on and can knock out. And my current loan on my e90 which I'm selling. So I'll pay down the card and sell the e90 get everything off my credit and then do the ordering process and hope to get approved.

[wolke9]

Originally Posted by m630

I'd say yes to both. Firstly, you do have to fill out a credit application to lease a car thru bmwfs, they will not order you a car until you get approved (unless I suppose u say you are buying cash and leave a significant deposit). Second, if you are carrying a lot of debt in which you believe yo u may have an issue, you certainly should work to pay that down so as not to affect your chances of approval.

Good luck

Im coming out of a lease and into another--Do I really have to wait until my lease is up before I lease the new BMW? Can't you just tell the dealer that the current lease is being turned in so it doesn't look like u will have 2 vehicles when you will actually only have 1--??

This doesn't make it easy ordering a vehicle and getting pre-approved when u r still currently in a lease

[JustinTJ]

Originally Posted by m630

I'd say yes to both. Firstly, you do have to fill out a credit application to lease a car thru bmwfs, they will not order you a car until you get approved (unless I suppose u say you are buying cash and leave a significant deposit).
Good luck

My order is 111 and no credit pull or deposit. Already signed the PO. Waiting on lease programs to be available before the inquiry. If you have a relationship with a dealer, you can do it like that. But in most circumstances, that's 100% true.

On the other hand, we haven't talked official +invoice pricing either. So it's a two way street of trust.

[benzo23]

Originally Posted by JustinTJ

My order is 111 and no credit pull or deposit. Already signed the PO. Waiting on lease programs to be available before the inquiry. If you have a relationship with a dealer, you can do it like that. But in most circumstances, that's 100% true.

On the other hand, we haven't talked official +invoice pricing either. So it's a two way street of trust.

I would just hate to get the car ordered have it built and it shows up at the dealer THEN find out I'm not approved. I would be so pissed. That's why I figure get approval first then order. No sense in waiting 2 months for a car to get here just to find out I can't drive it

[m630]

Originally Posted by wolke9

Im coming out of a lease and into another--Do I really have to wait until my lease is up before I lease the new BMW? Can't you just tell the dealer that the current lease is being turned in so it doesn't look like u will have 2 vehicles when you will actually only have 1--??

This doesn't make it easy ordering a vehicle and getting pre-approved when u r still currently in a lease

If you are dealing with the same dealer and you have a relationship Im sure they'll work with you as noted above, they ofcourse want your business. I was just speaking in general that if you are dealing with someone cold, they will require you to have your credit approved. Im currently with BMWFS for my M6 which I bought out of state, so when Im dealing with a local dealer this time around, I still had to get the credit approval done before they would order my new car...

[BeachsideF30]

Originally Posted by m630

If you are dealing with the same dealer and you have a relationship Im sure they'll work with you as noted above, they ofcourse want your business. I was just speaking in general that if you are dealing with someone cold, they will require you to have your credit approved. Im currently with BMWFS for my M6 which I bought out of state, so when Im dealing with a local dealer this time around, I still had to get the credit approval done before they would order my new car...

Well that answers that for me, ill get everything perfect on my credit first before i put down the deposit for the order just to give me the best chances of getting approved.

[RPM90]

Originally Posted by benzo23

Thanks for the input. I figured as much for both. I don't really have any debt. Just one CC which I don't owe much on and can knock out. And my current loan on my e90 which I'm selling. So I'll pay down the card and sell the e90 get everything off my credit and then do the ordering process and hope to get approved.

The thing they are going to base your approval on is your credit score.
They're not going to look into debt/income ratio.

If you want the best lease rate, then you have to have top tier credit score.
Just make sure your credit scores are all good, and don't worry about your credit card. How trust/credit worthy you are is identified by your credit score.

If you have a bad score, then yes you'll want to pay off your debts asap.
But, you score will take some time to reflect that.

You can check your credit scores with multiple websites offering this service.

[jddssc121]

credit reports don't update instantly. usually once a month. So if you're paying down your card on Tuesday, and hoping the credit report looks different on Wednesday, you'll be disappointed.

[Mrcarcrazy]

I paid 1500.00 deposit. no credit run at this time. However I informed them it was rather likely I'd go through my credit union...as their rate is amazing.

[BeachsideF30]

Originally Posted by jddssc121

credit reports don't update instantly. usually once a month. So if you're paying down your card on Tuesday, and hoping the credit report looks different on Wednesday, you'll be disappointed.

Thats what im doing, paying down everything this month, then will wait till next month for everything to wash out then go for the credit check. Its not that I have bad credit, its just kind of lack of credit, 1 CC & one best buy CC which is paid off along with my car payment that I have at the credit union that ive had for a little over 2 years. Other then that no debt.