[kendoka]

I was at the dealer today getting ready to order a 320i. When the "foreign national" thing came up on the lease application, they started asking about my status. I'm currently on a visa that expires 12/2015 and they said they can't do anything since that's even less than 24 months from now. They wouldn't even put in the application because they were sure it would be rejected.

Has anyone had the same experience, or managed to get a lease longer than their visa duration in any way?

[Steve33]

Originally Posted by kendoka

I was at the dealer today getting ready to order a 320i. When the "foreign national" thing came up on the lease application, they started asking about my status. I'm currently on a visa that expires 12/2015 and they said they can't do anything since that's even less than 24 months from now. They wouldn't even put in the application because they were sure it would be rejected.

Has anyone had the same experience, or managed to get a lease longer than their visa duration in any way?

What would you do with the car when your visa expires?

[kendoka]

Originally Posted by Steve33

What would you do with the car when your visa expires?

Great question, I meant to put that in my original post. I'm in the process of getting a new 3 year visa for a new job I'll start in a few months, so I will be here longer than the term of the lease, I just don't have the documentation at this moment. The obvious answer, of course, is to wait until that documentation comes through. That would be cutting it a little close in terms of timing with the move, though, so I was hoping to find another option.

To answer the other part of your question, in the (relatively unlikely) event that I get a better job offer back in Germany during the lease, I figured I could either try a lease swap or just buy out and sell. I realize I'd be losing some money there, but as I said it's not too likely.

There's also the chance, of course, that even with the visa they won't approve me, since I have a ten year credit history and 790 FICO, but no auto loan/lease history and only $45k annual income right now (the new job will be $80k, otherwise I wouldn't do this).

I've saved enough money that I could pay the entire lease upfront (of course that would be a terrible idea), so I could pay them security deposits for all the time beyond the current visa or something like that, but I guess that's not how they work.

I've looked into buying, as well. Looking at depreciation on kbb, edmunds etc. to estimate the "true cost to own" gives quite varying results, so it seems difficult to predict how much I'd be able to get after let's say the 3 years the lease would run. Also, having to pay sales tax on the full price adds a chunk to the cost.

I've also looked at CPOs, but most F30s seem only marginally cheaper than the new ones, and in addition everything around here (CT) is xDrive, which I don't need.

Sorry for the long post, but if anyone actually reads through the whole thing any comments/suggestions/advice is much appreciated!

[bedensbrook]

OP...Go with the obvious and wait until you have your new Visa and higher compensation. Sucks to wait, but this is a big, multi-year financial commitment and there is uncertainty in your timing and pay (I am a financial advisor, so I guess I'm used to advising people to make the emotionally unappealing, but financially prudent, choice).

Doesn't matter if this is your first lease. Credit decision is based primarily on your debt service ratio and credit score. Your score is pretty good and your income may be sufficient but is about to get alot better - again, better to wait.

If the tight timing on personal transportation becomes a problem, borrow a friend's car, buy a "beater" car or rent a car for a few weeks until the 320i gets delivered.

My wife is in the same exact situation as you (German national, Visa expiring within 2 years, no green card yet), so for the BMW we just ordered for her, which we will lease, I am the only one on the documentation and credit application...it made things simpler. FYI, 8 years ago she leased a Chrysler Crossfire after being in the US for about a year.

Where in CT are you?

[sam1983]

Originally Posted by kendoka

I was at the dealer today getting ready to order a 320i. When the "foreign national" thing came up on the lease application, they started asking about my status. I'm currently on a visa that expires 12/2015 and they said they can't do anything since that's even less than 24 months from now. They wouldn't even put in the application because they were sure it would be rejected.

Has anyone had the same experience, or managed to get a lease longer than their visa duration in any way?

In a similar situation you're in.

Like you, I'm an international on temp visa which expires in 2015 and I'll get a 3-yr extension till 2018 once my current visa expiration comes around (as a part of the standard 6-yr program). Since I don't have a long enough credit history as you do, BMW FS put me under the International Exec Program, i.e., higher MFs, for the lease.

I ordered the 435i in Nov 2013 and I had agreed with BMW FS on a 30-month lease / 12k miles / 65 residual / 165 MF (pre MSD) / 7 MSDs.

This week, my CA comes back to me and tells me that BMW FS will only give me a 19-month lease, without the option of MSDs - basically till my H1B visa expiry. The residual now is 67 but they have taken out the option for MSDs, though MF is still at 165. This increases my lease payments by ~40%, which is completely unacceptable. BMW FS is NOT taking into account that I have an additional 3-yr term left on my visa post 2015. BTW - I'm scheduled to do a PCD next week on Feb 7.

Pretty pissed that BMW FS is going back on their word. I've already put in the deposit with my CA, and the car has been released from the VPC and it's on its way to the PC.

[jhon236]

Weird, I just leased mine a month ago and I'm an international on temp visa (H1B) which expires in 3 years. maybe I didn't have a problem because my lease is for 3 years and the expiration date / lease end are in the same year? the dealer didn't even mention that when running my credit report.

[PeterKBMW]

BMW will only finance/lease for as long as you are technically allowed in the country for. They do not care if you have an extension that happens right after, they only look at current situation.

[kendoka]

Originally Posted by bedensbrook

OP...Go with the obvious and wait until you have your new Visa and higher compensation. Sucks to wait, but this is a big, multi-year financial commitment and there is uncertainty in your timing and pay (I am a financial advisor, so I guess I'm used to advising people to make the emotionally unappealing, but financially prudent, choice).

Doesn't matter if this is your first lease. Credit decision is based primarily on your debt service ratio and credit score. Your score is pretty good and your income may be sufficient but is about to get alot better - again, better to wait.

If the tight timing on personal transportation becomes a problem, borrow a friend's car, buy a "beater" car or rent a car for a few weeks until the 320i gets delivered.

My wife is in the same exact situation as you (German national, Visa expiring within 2 years, no green card yet), so for the BMW we just ordered for her, which we will lease, I am the only one on the documentation and credit application...it made things simpler. FYI, 8 years ago she leased a Chrysler Crossfire after being in the US for about a year.

Where in CT are you?

Thank you for your input, it's much appreciated! I totally get the trade-off between emotionally appealing and financially prudent decisions, which is why I'm going back and forth between different options.

I'm more strongly considering purchasing at this point. My credit union pre-approved me for a 5 year loan, and the added flexibility in timing (i.e. lack of completely ridiculous early termination options) isn't hurting, either. It does seem that the annual cost of purchasing and leasing is pretty comparable, even including sales tax and the lovely CT property tax I'd have to pay for a few months.

I'm currently in New Haven, why do you ask?

[kendoka]

Originally Posted by sam1983

In a similar situation you're in.

Like you, I'm an international on temp visa which expires in 2015 and I'll get a 3-yr extension till 2018 once my current visa expiration comes around (as a part of the standard 6-yr program). Since I don't have a long enough credit history as you do, BMW FS put me under the International Exec Program, i.e., higher MFs, for the lease.

I ordered the 435i in Nov 2013 and I had agreed with BMW FS on a 30-month lease / 12k miles / 65 residual / 165 MF (pre MSD) / 7 MSDs.

This week, my CA comes back to me and tells me that BMW FS will only give me a 19-month lease, without the option of MSDs - basically till my H1B visa expiry. The residual now is 67 but they have taken out the option for MSDs, though MF is still at 165. This increases my lease payments by ~40%, which is completely unacceptable. BMW FS is NOT taking into account that I have an additional 3-yr term left on my visa post 2015. BTW - I'm scheduled to do a PCD next week on Feb 7.

Pretty pissed that BMW FS is going back on their word. I've already put in the deposit with my CA, and the car has been released from the VPC and it's on its way to the PC.

I'm sorry to hear that they're jerking you around like that. Sounds like BMW is running their own version of the yo-yo financing scam...pretty sad they stoop so low!

Stories like that are what makes me consider buying even more...getting a loan from the credit union and showing BMWFS the proverbial finger... Of course that's based on the assumption that the total cost is comparable, which it seems to be, even considering sales tax.