[dexter]

i ordered my car in july, for an october delivery of an 08' 335i coupe, my CA told me that my credit should be fine for a lease based on the FICO score i had told him i had which is 702. now my car has been delivered and they ran my credit and said they couldnt approve the lease for me because though i have good credit, i'm only 20 and i don't have what they call "lengthy credit history." i have nobody to co-sign for me so i cannot get the car. i am absolutely devistated. i have been obsessing over this car for almost a year now. i was reallly hoping to join the ranks, but now i can't. i love this forum and love the e92. i am going to be so bummed when i drive by the stealership on my way to work and see my car on the lot going to be sold to someon else. i just thought i would vent a little to you guys and share my situation with you. do i have any other options? another way to get the cra? any info would be appreciated..

--derek

[davedave]

you pretty much can't do anything ... sorry bro.
My got my car from Shelly BMW, which same ownership as newport Beach BMW. my credit score is 670, but i have 12 years of stable income history and i pay off my evo. Try to talk to other dealership see what's going on.

[XPO186]

Fuck man, I feel your pain... you sure you don't have anyone to cosign with? No wife/GF? Push comes to shove you could try to just put a larger down. These folks usu. WANT to sell/lease you the car.

Good luck!

[ChaneRZ]

just finance it! apply for a loan outside.

[dexter]

the thing is the lease is the cheaper route to go, with 4k out of pocket i was gonna get a $658/mo payment. if i tried to finance the other 40k give or take the payment would be a lot higher. ya no co-signer gf is only 19 she doesnt have credit. i cant stess to you guys how bummed i am about thi. people are like "its just a car" i just shake my head they don't have a clue. i wish there was an alternative.

[NPDAN]

Do you belong to a credit union.... Hit up all the banks for a car loan. They're a lot different than BMW finance

[XPO186]

+1 on credit unions

[dexter]

any credit union in specific i should look into, ones that are lenient perhaps? someone reccomended o.c.t.f.c.u.

[tryangles]

Correct me if I am wrong but won't US Bank facilitate leases as well? I know there might be a huge disposition fee but hey he wants the car. Also, can he make a number of security deposits to lock down a deal? Maybe you should PM Will @ Longbeach BMW and see what if any options there are.

[Joonsup]

Damn I'm sorry to hear that derek. You don't have any relatives that can cosign? Parents? Aunts? Uncles? I don't think financing is an option if you go through bmwfs b/c your monthly is just going to be so damn high with 4k down. And that's even with the 4.9% promo bmw has going on. And from what I heard from other posts, 4.9% is pretty low for auto financing. Best bet is to find a co signer. No older friends?

[dexter]

thanks guys for the helpful input thus far, hopefully we can keep it flowing

[dexter]

JOONSUP-nope no aunts or uncles. parents were only children. and no older friends that can co-sign. im bummed. finding out i couldn't get the car was probably the saddest day of my life.

[Joonsup]

Damn i'm sorry to hear that. I guess the only way to go is to somehow finance it since it's not as hard to qualify for. I dunno what kind of job you have, but you should just keep saving up and use the car as an incentive to save up as much as you can until you have enough to be able to put enough down to finance. I know you probably have nothing but disappointment on your mind, but you never know what can happen. Try other dealerships. You might even want to hit up Will at longbeach bmw. since he's a regular on these forums, he might be able to pull some strings.

[akhter]

Dude, you are only 20. Save up for a year or two, and build credit--I know, I know, not what you wanted to hear, but its probably for the best. If you save up atleast one more year, you credit score will be 720+ and you might be able to score an m3

I got my 97 e36 when i was 23 and the car was 4yrs old at the time. my e90 (due tomorrow) is the first new car i am buying and i am almost 29 (to tell the truth, i never lived in a city where i needed a car and still don't), its more of a hobby than anything else...

[BMCoupe_782]

sorry to hear that man. piggbacking of what akhter said I would def try and save up and just wait a couple of years while building credit. it takes patience but it's probably the best decision.

[Mace]

Everyone's put up good suggestions but have you considered going for something a little cheaper? Check on maybe a 328 or certified pre-owned. BMW has lease offers on their certified cars. I don't know much about what BMWFS's approval requirements are but it seems to me it would probably be easier to get approved with a cheaper car. Good Luck!

[CnoteMD]

I recall someone telling me that leasing has more strict criteria compared to financing. If you really want the car, financing may be your best alternative (and higher down payments are always helpful). However, if are leasing the car because you don't have the finances to obtain the car through other means, maybe its a good thing to hold off on the car until things improve.

There is nothing worse than to have the car of your dreams cause a nightmare in your finances.

[!Xoible]

Originally Posted by dexter

i ordered my car in july, for an october delivery of an 08' 335i coupe, my CA told me that my credit should be fine for a lease based on the FICO score i had told him i had which is 702. now my car has been delivered and they ran my credit and said they couldnt approve the lease for me because though i have good credit, i'm only 20 and i don't have what they call "lengthy credit history." i have nobody to co-sign for me so i cannot get the car. i am absolutely devistated. i have been obsessing over this car for almost a year now. i was reallly hoping to join the ranks, but now i can't. i love this forum and love the e92. i am going to be so bummed when i drive by the stealership on my way to work and see my car on the lot going to be sold to someon else. i just thought i would vent a little to you guys and share my situation with you. do i have any other options? another way to get the cra? any info would be appreciated..

--derek

im not sure if MSDs would help, BUT what you can do is talk to OTHER dealers (as long as ur deposit is on the car) and tell them to get the car for you from the dealer if they agree to lease u the car. Now, will they? that's the question. what i would do is go to a BANK like wells fargo, or any other bank and tell them you want to lease the car. you might get away with it this way. it's a easy process.

3rd option you can do is to go online and find "lease banks" and contact them, see if they are willing to work with you, which they should.

you're not stuck, that's for sure. dont give up on the car meng. it takes a couple of days of processing and crap, but it's worth it.

good luck

[ChaneRZ]

try hard! you've waited for the car and now the car is waiting for you.

[EastCoast335i]

Originally Posted by dexter

the thing is the lease is the cheaper route to go, with 4k out of pocket i was gonna get a $658/mo payment. if i tried to finance the other 40k give or take the payment would be a lot higher. ya no co-signer gf is only 19 she doesnt have credit. i cant stess to you guys how bummed i am about thi. people are like "its just a car" i just shake my head they don't have a clue. i wish there was an alternative.

Parents as co-signors??
I ran into the same problem when i was trying to buy my first car at 17 but my parents offered to co-sign... no problems after that.

[borisivan]

Please don't take this as 'young bashing', I'm only 36 and I consider that young! My advice is that if you can't afford to put down half or more, you shouldn't be purchasing it ANYWAY.

If you have the $$, and find a great finance deal so that you can invest your $$ in something else, that's great. But if you don't have the $$ to begin with, I think it's financially irresponsible to be purchasing a 40k car and having payments of 6,7,800 dollars. If you make crazy $$, that's great, but jobs come and go. If you make crazy $$, save up for a year or two and then purchase it. In the meantime, drive something you can afford.

Think of all the $$ you're losing by paying thousands upon thousands in interest.

Everyone (that doesn't live downtown) needs wheels. If you need a new car, by all means finance one if you MUST. But putting down only a couple k on a 40k car, this sounds crazy to me.

Either way, best of luck!

[dexter]

thanks for all the info guys but..... I GOT MY CAR!!!! i put down msd's and i drove that beautiful car home last night. i have put 80 miles on it so far and i love it!!!! thanks for all the helpful input guys. i'll post some pics later.