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      08-30-2009, 09:19 AM   #1
Khurram
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Cosigner and credit report question regarding bmwusa

When I assumed the lease on my m3 I used my father as the cosigner because I had not previously had a car under my name.

I was under the assumption (and I believe also told by some members here) that bmw would still report on my credit report.

I recently checked my report and found no account from bmw being reported on there.

Do you think I can call up bmw directly and ask the to report to the creditors so that the lease shows up on my credit report as well as opposed to just my fathers?
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      08-31-2009, 12:03 PM   #2
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Quote:
Originally Posted by Khurram View Post
When I assumed the lease on my m3 I used my father as the cosigner because I had not previously had a car under my name.

I was under the assumption (and I believe also told by some members here) that bmw would still report on my credit report.

I recently checked my report and found no account from bmw being reported on there.

Do you think I can call up bmw directly and ask the to report to the creditors so that the lease shows up on my credit report as well as opposed to just my fathers?
Your statement is a little unclear to me:

You assumed a lease but your dad signed instead of you or with you? If this is the case then you are not on the docs and will not get credit for the lease. Now if you signed on the lease as well then you should be getting credit since you are equally responsible for the payments.

The only other issue I can see is if you "assumed" a lease there is the original lessee plus your dad plus yourself and their reporting systems may only house two names. Since you would be the third name they may not be able to report you to the credit bureaus based on technical reasons.
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      08-31-2009, 12:43 PM   #3
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save your money or wait till your older to get an M3. car's like this are toys, not cars, a car is a honda. and people should have money for a toy.

you know your safe when you can buy a toy in cash.. my opinion anyways
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      08-31-2009, 02:51 PM   #4
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Quote:
Originally Posted by pepper View Post
save your money or wait till your older to get an M3. car's like this are toys, not cars, a car is a honda. and people should have money for a toy.

you know your safe when you can buy a toy in cash.. my opinion anyways
???

So are you saying that because I leased I should not be driving an M3?

I'm making the payments on my own. I'm 28 years old and a dentist. I lived in Manhattan for the past 4 years so I have not needed a car and before that I was overseas where owning a car does not add to my credit history. I needed a cosigner because I have no installment history on my credit report.

I don't understand what your trying to get at.
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      08-31-2009, 02:52 PM   #5
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I am def on the lease. I am the primary signer and my father was added as a cosigner. The originial lessee is no longer on the lease in anyway since the assumption was complete.

Quote:
Originally Posted by Vic55 View Post
Your statement is a little unclear to me:

You assumed a lease but your dad signed instead of you or with you? If this is the case then you are not on the docs and will not get credit for the lease. Now if you signed on the lease as well then you should be getting credit since you are equally responsible for the payments.

The only other issue I can see is if you "assumed" a lease there is the original lessee plus your dad plus yourself and their reporting systems may only house two names. Since you would be the third name they may not be able to report you to the credit bureaus based on technical reasons.
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      08-31-2009, 04:41 PM   #6
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How long ago did you do this. It can take credit comapnies up to 60-90 days to make changes.
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      08-31-2009, 04:43 PM   #7
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Lease assumption was complete on May 6th 2009. Perhaps I should check again in a month or so.
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      08-31-2009, 07:47 PM   #8
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Quote:
Originally Posted by pepper View Post
save your money or wait till your older to get an M3. car's like this are toys, not cars, a car is a honda. and people should have money for a toy.

you know your safe when you can buy a toy in cash.. my opinion anyways
Remarkable how off base you are. Totally off topic. The OP did not ask for a financial opinion as to affordability. So keep your moralizing pomposity to yourself (wow I think I just did the same thing to you, so take that).

I use my M3 as my DD, it is no toy just my idea of basic transportation. So where does that leave me. Guess I'll go buy a 599 to be my toy for cash so I can justify my M3 as a DD.

To the OP; it should be showing on your credit report. You may want to contact your financial insitiution to find out why they are not reporting. Also, did you check all 3 credit bureau's. Not all creditors report to all 3 of them......Steve
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      08-31-2009, 08:14 PM   #9
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Quote:
Originally Posted by Khurram View Post
Lease assumption was complete on May 6th 2009. Perhaps I should check again in a month or so.
BMW reports to all 3 bureaus--- but like others have said, there is a timing thing involved. Most creditor bureau tapes report mid month and monthend so there seems to be an issue as June, July, and now August have passed.


As mentioned, call BMWFS and ask them why you are not getting credit. Also see if your dad is getting credit too.
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      09-01-2009, 09:46 AM   #10
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Thanks guys.
I will call up BMWFS today and see what's going on.
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