BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > M3 (E90 / E92 / E93) > New and Preowned M3 Pricing, Ordering, Tracking / European Delivery / Dealer Reviews
 
Strasse Wheels
Post Reply
 
Thread Tools Search this Thread
      04-24-2009, 01:37 PM   #1
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

Lease Assumption Question

I'm going to be assuming a M3 lease (or hope to).

I don't have much of a credit history here in the US, I am originally from Canada.

My credit score is just about 700 (maybe just under) and I don't have a home loan or any other auto loans.

Does anyone think I will be approved?

If I require a co-signer, can that person be unlicensed?

Thanks
Appreciate 0
      04-24-2009, 01:39 PM   #2
TheLegend
Private First Class
1
Rep
117
Posts

 
Drives: 2009 Subaru STI
Join Date: Jun 2008
Location: Rockville, MD

iTrader: (0)

Depends on your yearly salary + expenses like rent. Co-signer is more for the financial aspect cause then their income comes into the equation, they don't need a license or drive your car.
__________________
2008 E90 335i Titanium Silver - Premium Package (Black Dakota & Dark Burl Walnut Trim), Sports Package, Navigation, Ipod, Sirius, Heated Seats
Appreciate 0
      04-24-2009, 01:48 PM   #3
Khurram
First Lieutenant
Khurram's Avatar
12
Rep
359
Posts

 
Drives: 2012 Panamera 4
Join Date: Jan 2009
Location: Stamford, Connecticut

iTrader: (0)

I just assumed a lease on an m3 vert.
My credit was 728 at the time and I use a cosigner.
I was approved within an hour.
Appreciate 0
      04-24-2009, 01:49 PM   #4
Sedan_Clan
Banned
Brazil
130
Rep
10,918
Posts

 
Drives: '14 335i(prev.IB,AW M3's & X5)
Join Date: Jun 2006
Location: On 2 wheels clipping an apex!

iTrader: (25)

Quote:
Originally Posted by JDIRECTORJ View Post
I'm going to be assuming a M3 lease (or hope to).

I don't have much of a credit history here in the US, I am originally from Canada.

My credit score is just about 700 (maybe just under) and I don't have a home loan or any other auto loans.

Does anyone think I will be approved?

If I require a co-signer, can that person be unlicensed?

Thanks

With a credit score of 650+, BMWFS should approve you. You should be fine!
Appreciate 0
      04-24-2009, 01:52 PM   #5
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

Where's the best place to get my credit score? I haven't checked in a couple months. My bank used to offer that service but no longer does.

And.. Which score does BMWFS check?
Appreciate 0
      04-24-2009, 01:55 PM   #6
Sedan_Clan
Banned
Brazil
130
Rep
10,918
Posts

 
Drives: '14 335i(prev.IB,AW M3's & X5)
Join Date: Jun 2006
Location: On 2 wheels clipping an apex!

iTrader: (25)

Quote:
Originally Posted by JDIRECTORJ View Post
Where's the best place to get my credit score? I haven't checked in a couple months. My bank used to offer that service but no longer does.

And.. Which score does BMWFS check?
www.freecreditreport.com


I believe BMWFS uses Experian or Equifax. TransUnion is rarely ever used.
Appreciate 0
      04-24-2009, 02:13 PM   #7
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

Just check my score.

Experian 707

Equifax 716

Looks good!

Again, just don't have much of a history.. But the score is ok
Appreciate 0
      04-24-2009, 02:32 PM   #8
Sedan_Clan
Banned
Brazil
130
Rep
10,918
Posts

 
Drives: '14 335i(prev.IB,AW M3's & X5)
Join Date: Jun 2006
Location: On 2 wheels clipping an apex!

iTrader: (25)

Quote:
Originally Posted by JDIRECTORJ View Post
Just check my score.

Experian 707

Equifax 716

Looks good!

Again, just don't have much of a history.. But the score is ok
It looks like you're in good shape!
Appreciate 0
      04-24-2009, 02:50 PM   #9
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

Thats good news. I really really can't wait to have that M3 key in my pocket.

Do you think I should apply for the car without a co-signer first?
Appreciate 0
      04-24-2009, 03:07 PM   #10
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

What kind of info should I have for BMWFS when I apply for the lease assumption?
Appreciate 0
      04-24-2009, 03:19 PM   #11
Sedan_Clan
Banned
Brazil
130
Rep
10,918
Posts

 
Drives: '14 335i(prev.IB,AW M3's & X5)
Join Date: Jun 2006
Location: On 2 wheels clipping an apex!

iTrader: (25)

Quote:
Originally Posted by JDIRECTORJ View Post
Thats good news. I really really can't wait to have that M3 key in my pocket.

Do you think I should apply for the car without a co-signer first?
I wouldn't utilize a co-signer unless it was absolutely necessary. There would be no point in doing so unless you were declined.


Quote:
Originally Posted by JDIRECTORJ View Post
What kind of info should I have for BMWFS when I apply for the lease assumption?
The owner of the vehicle needs to request the assumption paperwork from BMWFS. There is also a $450 assumption fee that must be paid regardless of whether the assumption is approved or not.
Appreciate 0
      04-24-2009, 04:09 PM   #12
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

What documents does BMWFS ask for? I will prob apply on the phone when the current lease holder puts me on the account. What should I have ready for the BMWFS call?
Appreciate 0
      04-24-2009, 08:30 PM   #13
Khurram
First Lieutenant
Khurram's Avatar
12
Rep
359
Posts

 
Drives: 2012 Panamera 4
Join Date: Jan 2009
Location: Stamford, Connecticut

iTrader: (0)

Having just completed a lease assumption a couple weeks ago I can tell you that it's not just about your score.

My score was 728 but I had no auto loan history. I was told by bmwfs that I needed to have a cosigner because I didn't have any auto loan/installment history.

So depending on if you do or not you will need a cosigner.

The procedure is exactly as follows:

1. The original owner contacts bmwfs to see if the car is eligible for lease assumption.

2. If approved for trasnfer by bmwfs- BMW contacts you via email with a credit application link.

3. You fill out the credit app and if approved (they let me know within 2 hours via email that I was approved) the original owner is notified upon which he will be mailed the lease transfer agreement papers.

4. Once they receive the papers from bmwfs they will have them signed and notarized and those same papers will then be sent to you by the original lessor.

5. Once you receive the papers you must have them signed and notarized. You must also have the car placed on your insurance policy (100/300/50 is the minimum required by bmwfs). You must mail proof of insurance on the m3 to them with the signed/notarized papers. You must also include a copy of your drivers license front and back.

6. In a couple days pending no issues- bmw will send you the full lease and let you know that the car is now in your name!

7. You will be overcome with joy and tears of happiness
Appreciate 0
      04-26-2009, 12:56 AM   #14
Khurram
First Lieutenant
Khurram's Avatar
12
Rep
359
Posts

 
Drives: 2012 Panamera 4
Join Date: Jan 2009
Location: Stamford, Connecticut

iTrader: (0)

If you have any further q's about the lease assumption process- let me know and i'll do my best to guide you through it.

I must say that bmwfs makes it very easy once your approved.
Appreciate 0
      04-29-2009, 12:06 PM   #15
JDIRECTORJ
Enlisted Member
0
Rep
31
Posts

 
Drives: M3
Join Date: Jan 2009
Location: New York

iTrader: (0)

What info should I have ready for the first BMWFS call?

Social security?
Appreciate 0
      04-29-2009, 12:15 PM   #16
vinnycg
Captain
11
Rep
710
Posts

 
Drives: 2005 Infiniti G35 Coupe
Join Date: Dec 2007
Location: New York

iTrader: (1)

I've heard that the orginal lessee is still on the lease when you transfer a lease to a new owner/lesee. Can anyone shed some light on whether this is true or I received wrong information and it is a full transfer.

Thanks,

Vin
Appreciate 0
      04-29-2009, 12:15 PM   #17
Buffalo
10th Planet Jiu-Jitsu
United_States
3
Rep
155
Posts

 
Drives: E92 M3
Join Date: Jun 2008
Location: SoCal/Hawaii

iTrader: (0)

go to annualcreditreport.com to check your credit, one free check endorsed by the gonvernment. Freecreditreport.com requires enrollment in one of their monitoring services to pull your credit report, basically not free.
Appreciate 0
      04-29-2009, 12:38 PM   #18
Sedan_Clan
Banned
Brazil
130
Rep
10,918
Posts

 
Drives: '14 335i(prev.IB,AW M3's & X5)
Join Date: Jun 2006
Location: On 2 wheels clipping an apex!

iTrader: (25)

Quote:
Originally Posted by vinnycg View Post
I've heard that the orginal lessee is still on the lease when you transfer a lease to a new owner/lesee. Can anyone shed some light on whether this is true or I received wrong information and it is a full transfer.

Thanks,

Vin

Not true!
Appreciate 0
      04-29-2009, 12:38 PM   #19
Khurram
First Lieutenant
Khurram's Avatar
12
Rep
359
Posts

 
Drives: 2012 Panamera 4
Join Date: Jan 2009
Location: Stamford, Connecticut

iTrader: (0)

Quote:
Originally Posted by JDIRECTORJ View Post
What info should I have ready for the first BMWFS call?

Social security?
You do not need to call bmwfs.

The original lessor needs to contact bmwfs first and they will send you the credit application link through your email. You do not need to call them. They will contact you themselves once the original lessor has contacted them and got approved for a transfer.
Appreciate 0
      04-29-2009, 12:39 PM   #20
Khurram
First Lieutenant
Khurram's Avatar
12
Rep
359
Posts

 
Drives: 2012 Panamera 4
Join Date: Jan 2009
Location: Stamford, Connecticut

iTrader: (0)

Quote:
Originally Posted by vinnycg View Post
I've heard that the orginal lessee is still on the lease when you transfer a lease to a new owner/lesee. Can anyone shed some light on whether this is true or I received wrong information and it is a full transfer.

Thanks,

Vin
Not true at all.
Once the assumption is complete the original lessor is not on the lease anymore and is not responsible for it.
Appreciate 0
      04-29-2009, 12:39 PM   #21
Sedan_Clan
Banned
Brazil
130
Rep
10,918
Posts

 
Drives: '14 335i(prev.IB,AW M3's & X5)
Join Date: Jun 2006
Location: On 2 wheels clipping an apex!

iTrader: (25)

Quote:
Originally Posted by Khurram View Post
You do not need to call bmwfs.

The original lessor needs to contact bmwfs first and they will send you the credit application link through your email. You do not need to call them. They will contact you themselves once the original lessor has contacted them and got approved for a transfer.
Does BMWFS still charge the lease assumption fee that I mentioned earlier within this thread?
Appreciate 0
      04-29-2009, 12:40 PM   #22
Khurram
First Lieutenant
Khurram's Avatar
12
Rep
359
Posts

 
Drives: 2012 Panamera 4
Join Date: Jan 2009
Location: Stamford, Connecticut

iTrader: (0)

Quote:
Originally Posted by JDIRECTORJ View Post
What info should I have ready for the first BMWFS call?

Social security?
When bmw sends you the credit application you will need your ss number.
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 08:32 AM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST