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Old 01-09-2008, 09:22 PM   #1
amitv85
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Will BMW or Lexus Financial approve this credit score?

Looking to take over a lease on a 5 series or GS soon. I was going to call Lexus to see if they will pre-approve me.

These are my scores (checked tonight)

Transunion: 727

Experian: 655

Equifax: 667


Average = 683

The only thing negative on my report is something from GE financing (paypal bs) where my payment is shown as 90 days late (they never processed my initial payment or something went wrong - I guess I should try and dispute it)

Just looking for other fanatics insight, wanna get into something new soon!
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Old 01-09-2008, 09:25 PM   #2
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I don't know how auto finance works, but if you were applying for a mortgage then your middle score of 667 may be a little low. You should still qualify, but don't expect the absolute best of terms, should still be pretty good.

Also, as a sidenote, I just figured out not too long ago that finance managers at dealerships get more money for putting you into a higher rate. Something to think about.
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Old 01-09-2008, 09:28 PM   #3
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Not looking to finance - Looking to take over a LEASE
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Old 01-09-2008, 09:44 PM   #4
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I don't think you can get a pre-paid phonecard with that score.
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Old 01-09-2008, 09:45 PM   #5
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Quote:
Originally Posted by Fisch330ciTopasBlau View Post
I don't think you can get a pre-paid phonecard with that score.
lol I really dont know why its low - the only thing negative on my report was what i stated

with about 4 1/2 years of history, thats why?
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Old 01-09-2008, 10:00 PM   #6
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High 600s is not bad. I'm pretty sure you'll be approved.
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Old 01-09-2008, 10:11 PM   #7
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You can get shoddy Financial company to help you finance BMW or Lexus. They'll always approve even though your credit score is low
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Old 01-09-2008, 10:19 PM   #8
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Quote:
Originally Posted by MotorWerkz View Post
You can get shoddy Financial company to help you finance BMW or Lexus. They'll always approve even though your credit score is low
not trying to finance, looking to assume someone's lease from BMW or Lexus Financial - so need to pass their standards
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Old 01-09-2008, 10:46 PM   #9
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It's amazing how many people don't read your post closely amitv85.

When I was 18 and got my first BMW lease I got approved with a score in the mid 650's. Income will be a big thing, they might ask for a cosigner.
No idea on Lexus.. Keep us posted!
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Old 01-09-2008, 10:49 PM   #10
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I doubt the scores will hold you back. Debt to income plays a bigger role in approval I am told.
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Old 01-09-2008, 10:58 PM   #11
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you might need a co-signer. scores are on the lowside.
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Old 01-09-2008, 11:18 PM   #12
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Quote:
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I always wondered... Does a house mortgage play into that ratio?

I mean OBVIOUSLY it is a debt... but it really offsets things...

for instance I have zero debt and have a good salary. Remaining house mortgage isnt that bad, and I have about 50% or more equity in it (paid off).

I want a 335i
I think most any payment that shows up on your credit report will be considered. I doubt they care how much equity you have in the home/mortgage though, for all they know the home could be valued at less than you owe...especially these days unfortunately. Their primary concern is that you can afford to make the monthly payments...obviously. I don't recall what the auto lenders like to see for debt to income but a quick internet search should prove useful. Most likely, you will have no trouble getting approved.
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Old 01-09-2008, 11:20 PM   #13
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OP: do you happen to know why there is such a wide disparity between your transunion score and the others? is there something that experian and equifax picked up that transunion hasn't?

Quote:
Originally Posted by JonJon View Post
I always wondered... Does a house mortgage play into that ratio?

I mean OBVIOUSLY it is a debt... but it really offsets things...

for instance I have zero debt and have a good salary. Remaining house mortgage isnt that bad, and I have about 50% or more equity in it (paid off).

I want a 335i
mortgage works into your credit score through your p&i payments and through balance outstanding vs original balance. actual equity doesn't play into your scores, but the more sophisticated lenders will factor that into their underwriting (auto loans are generally not very sophisticated)
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Old 01-10-2008, 12:12 AM   #14
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Experian: 655
I'd go off that number if I were you. A) It's the lowest (that's what they'll look it at) and B) Experian if I am not mistaken is the most widely used FICO number.

That being said you shouldn't have must of a problem, I'm sure if you were over 720 it would be better, but you're right about in the middle so you should be ok but don't expect any special deals.
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