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BMW X3 Lease Application Denied

simplyjxsimplyjx Posts: 5
edited September 2020 in BMW
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! :)

Comments

  • kyfdxkyfdx Posts: 179,929
    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.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • HDAZDHDAZD 48532Posts: 10
    that's very good advice, thank you
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