BMW X3 Lease Application Denied

simplyjx

Looking for any help and advice with my specific situation, as I am new to leasing!

I was originally looking to lease a BMW X3, however my lease application was denied without a co-signer, and I unfortunately won't be able to get someone to co-sign for me. My credit score is very good, as I just checked FICO auto score 8 is above 740, yet I have no prior history leasing or having an auto loan.

Looking for advice on what to do from here. Will I not be able to get approved at all with BMW or will I need to lease a cheaper car? What brands would be more lenient on first time leasers?


Thanks in advance!

kyfdx

simplyjx said:

Looking for any help and advice with my specific situation, as I am new to leasing!

I was originally looking to lease a BMW X3, however my lease application was denied without a co-signer, and I unfortunately won't be able to get someone to co-sign for me. My credit score is very good, as I just checked FICO auto score 8 is above 740, yet I have no prior history leasing or having an auto loan.

Looking for advice on what to do from here. Will I not be able to get approved at all with BMW or will I need to lease a cheaper car? What brands would be more lenient on first time leasers?


Thanks in advance!

These are good questions for the dealer. But, a lack of auto history credit will definitely affect your ability to qualify for a lease. The F&I person at the dealership can give you guidance. It may be that a less expensive vehicle relative to your income will get you financed.

But, expect to get hit with a higher money factor, as you will definitely drop into a lower credit tier. It may be that you have to finance, rather than lease, and with a decent sized down payment.

HDAZD

that's very good advice, thank you