Anyone have more than 2 car leases on their credit?

[BMWCali]

Hey guys, so pretty much my whole family's credit sucks because we were all tied to the same contract that we had to break as a result of the downed economy, except for one person -- my sister. She still has excellent credit. Question is: Both myself and my mom need to lease a car in the next 9 months (both through BMW).

Does anyone know what would determine whether BMW will approve her for two leases, in addition to the lease for her own car that she already has on her credit (not from BMW)? Is that just a matter of having a 700+ credit score and then what her reported income is (and couldn't we just combine my income with hers on the sheet)?

Trying to figure out how one person's credit can support 3 car leases on it at the same time. Anyone have any data into this?

[Lowest_Frequency]

<going to be an ass>
lol @ "needing a lease". The days of spending money you actually have are long gone...
<done being an ass>
Just speaking out of gut feeling, either you or your mom better be making a ton of income for BMW to actually approve a 3 car lease. Sounds like a giant liability from the bank's standpoint.

[sameh]

To simplify;
If she makes 400K/year with no debts and has 2 leases that she pays 1500/month for, then she can have a third, forth and seventh Lease if she wanted.
If she makes 70K/year and pays 2 credit card debts, mortgage and 2 leases. Chances are less to get approved.
Can't combine both incomes. You can cosign with her however with your bad credit, that won't help much.

[Grail05]

it all depends on her income ratio....

[wdd1040]

You'll probably run into debt to income ratio issues unless your sister has a substantial amount of income.

[BMWCali]

Originally Posted by sameh

To simplify;
If she makes 400K/year with no debts and has 2 leases that she pays 1500/month for, then she can have a third, forth and seventh Lease if she wanted.
If she makes 70K/year and pays 2 credit card debts, mortgage and 2 leases. Chances are less to get approved.
Can't combine both incomes. You can cosign with her however with your bad credit, that won't help much.

Thanks! I appreciate it! Yeah, she's still living with my parents so she doesn't have anything on her credit except for a couple of credit cards and her $400/month lease. My lease will be $820/month and my mom's will be $700/month. Any idea what her income would have to be to support 3 car leases totaling $1,920/month?

[Wah]

Do your sister (and her family) a favor and leave her out of it.

[PKL]

Originally Posted by SehrSchnell

Oh for crying out loud! Please don't screw her like that.... so much fail here.

Agreed major fail. You can't afford an M3

[BMWCali]

Okay, I think I just learned I probably shouldn't ask a BMW board for credit advice.

With all do respect, you guys have no place telling me I can't afford an M3. Bad credit doesn't mean poor.

[chrischeung]

The OP has income - that's not the problem.

The problem is that he/she doesn't stick to agreements - that is the issue that BMW will likely have concerns about. What's saying that he/she won't walk out on the lease?

[Brosef]

give Barney Frank a call.

[BMWCali]

Originally Posted by chrischeung

The problem is that he/she doesn't stick to agreements - that is the issue that BMW will likely have concerns about. What's saying that he/she won't walk out on the lease?

When you're 80% upside down on your house because of the guys in banking and on Wall Street, you're right, I don't.

[Grail05]

Originally Posted by SehrSchnell

Oh for crying out loud! Please don't screw her like that.... so much fail here.

agreed.

better off not getting a BMW with that kind of monthly payment.

sorry not trying to be an AHOLE

[chrischeung]

Originally Posted by BMWCali

Okay, I think I just learned I probably shouldn't ask a BMW board for credit advice.

Did you consider going to a board that is financially focussed? I think the majority of folks here have good credit so won't be able to offer meaningful advice.

[sameh]

[/QUOTE]If you are not poor, buy the car outright, if you can't do that, or you can't get credit... you can't afford the M3. It's that simple.[/QUOTE]

Couldn't have said it better.
Think of the damage you're causing to your sister's credit history.

[chrischeung]

Originally Posted by BMWCali

When you're 80% upside down on your house because of the guys in banking and on Wall Street, you're right, I don't.

Yes, it's all their fault. And all credit to you if it had paid off. Nice.

So when the M3 is upside down, it'll be BMW's fault, and you'll just walk away from that? Are you hearing what others are saying DON'T GET THE CAR. What's next, you'll blame us for not being clear enough?

[Brosef]

Originally Posted by BMWCali

When you're 80% upside down on your house because of the guys in banking and on Wall Street, you're right, I don't.

it was/is a lack of accountability and reckless spending that has America in the mess that it's in right now. much like what you're doing now.

[SamS]

Originally Posted by BMWCali

Okay, I think I just learned I probably shouldn't ask a BMW board for credit advice.

With all do respect, you guys have no place telling me I can't afford an M3. Bad credit doesn't mean poor.

OP, it sounds harsh, but no one is trying to give you bad advice here... you'd be smart to just buy a $5K Honda and rebuild your credit for a few years. Yeah, it's not nearly as cool as rollin' in a new M3, but you do it long enough and you can walk into your dealer in a few years and write a check for a new M3.

[Grail05]

somtimes truth hurts.

we are actually here to give you advise and to be honest most of them are spot on.

practicallity wise... i say we are dead on.

[SFPunjabi]

Wow. Harsh.

This guy could have terrible credit, and be able to afford the car, and prefers to lease a car rather than buying (a lot of normal people prefer to lease than buy).

He could have a lot of unreported income, under the table, whatever not any of our business.

I would say just go and sit down with the BMW financier see what they can do. No harm in trying (except the minor penalty to your credit for the credit check)

[SFPunjabi]

And I'm under 25 and have 2 car leases on my credit (total of about 1300/month), prove you can afford it and it shouldn't be much of a problem, and I didn't have much of a credit history when I got the cars.

[OC3]

Originally Posted by SehrSchnell

We offered meaningful advice... the OP just doesn't like it.

He's not here looking for meaningful advice. He's here to get info to outsmart the finance/lease system.