View Single Post
      03-01-2012, 10:55 PM   #6
New Member

Drives: Honda Accord
Join Date: Nov 2011
Location: Old Bridge, NJ

iTrader: (0)

Send a message via AIM to jakc
Originally Posted by dadealus View Post
you need to make more annually then the MSRP of the car
and have a credit score of 650+

if you have that you will be ok
Do they check that based on how much I report for taxes? I work in the digital advertising industry with pretty long net terms and Q4 profits (biggest quarter) only show up for the following year so my annual salary is usually around half of what it really is.

Originally Posted by Ghetto2315 View Post
The bank is going to look at your FICO score and your credit history. You may have excellent credit where you pay your bills on time or even early, but that still does not mean you're an automatic approval. If you have never leased or financed a vehicle in sizable price of an M3, the banks are not going to like that because you lack "Comp Auto" or Comparable Auto Credit. Meaning you've never had a comparable loan of this degree so the analyst will more than likely turn you down. For example, a person who's most expensive car he/she has leased or financed was a $20K Honda Civic and now trying to get a $70K M3.

However, since the dealer wants your business, they'll fight with the bank as much as they can to get you approved. Usually it comes down to putting a significant down payment or if you have a large income, that you provide bank statements and pay stubs to prove you have significant cash flow or cash in bank.

Or, they'll approve you with a stipulation, such as having a strong co-signer.
I'm willing to put down $5-10K, will that be enough? This will be my first car lease and I have never had any financing in the past either.

My FICO last time I checked was around 735 but it's still a pretty short credit history. I have a lot of hard inquiries which dropped it down since I wasn't planning on buying an M3 until summer time when the next gen was suppose to come out but since it's not I thought I'd just settle for the current one.