Lease Assumption Question

JDIRECTORJ · 04-24-2009, 01:37 PM

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

TheLegend · 04-24-2009, 01:39 PM

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.

Khurram · 04-24-2009, 01:48 PM

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.

Sedan_Clan · 04-24-2009, 01:49 PM

Quote:

Originally Posted by JDIRECTORJ

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!

JDIRECTORJ · 04-24-2009, 01:52 PM

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?

Sedan_Clan · 04-24-2009, 01:55 PM

Quote:

Originally Posted by JDIRECTORJ

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.

JDIRECTORJ · 04-24-2009, 02:13 PM

Just check my score.

Experian 707

Equifax 716

Looks good!

Again, just don't have much of a history.. But the score is ok

Sedan_Clan · 04-24-2009, 02:32 PM

Quote:

Originally Posted by JDIRECTORJ

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!

JDIRECTORJ · 04-24-2009, 02:50 PM

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?

JDIRECTORJ · 04-24-2009, 03:07 PM

What kind of info should I have for BMWFS when I apply for the lease assumption?

Sedan_Clan · 04-24-2009, 03:19 PM

Quote:

Originally Posted by JDIRECTORJ

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

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.

JDIRECTORJ · 04-24-2009, 04:09 PM

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?

Khurram · 04-24-2009, 08:30 PM

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

Khurram · 04-26-2009, 12:56 AM

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.

JDIRECTORJ · 04-29-2009, 12:06 PM

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

Social security?

edcvin · 04-29-2009, 12:15 PM

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

Buffalo · 04-29-2009, 12:15 PM

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.

Sedan_Clan · 04-29-2009, 12:38 PM

Quote:

Originally Posted by vinnycg

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!

Khurram · 04-29-2009, 12:38 PM

Quote:

Originally Posted by JDIRECTORJ

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.

Khurram · 04-29-2009, 12:39 PM

Quote:

Originally Posted by vinnycg

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.

Sedan_Clan · 04-29-2009, 12:39 PM

Quote:

Originally Posted by Khurram

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?

Khurram · 04-29-2009, 12:40 PM

Quote:

Originally Posted by JDIRECTORJ

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.

04-24-2009, 01:37 PM	#1
JDIRECTORJ Enlisted Member 4 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
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04-24-2009, 01:39 PM	#2
TheLegend First Lieutenant 76 Rep 306 Posts Drives: 2015 BMW M4 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.
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04-24-2009, 01:48 PM	#3
Khurram Lieutenant 49 Rep 409 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.
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04-24-2009, 01:52 PM	#5
JDIRECTORJ Enlisted Member 4 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?
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04-24-2009, 02:13 PM	#7
JDIRECTORJ Enlisted Member 4 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
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04-24-2009, 02:50 PM	#9
JDIRECTORJ Enlisted Member 4 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 Quote

04-24-2009, 03:07 PM	#10
JDIRECTORJ Enlisted Member 4 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?
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04-24-2009, 04:09 PM	#12
JDIRECTORJ Enlisted Member 4 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?
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04-24-2009, 08:30 PM	#13
Khurram Lieutenant 49 Rep 409 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
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04-26-2009, 12:56 AM	#14
Khurram Lieutenant 49 Rep 409 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.
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04-29-2009, 12:06 PM	#15
JDIRECTORJ Enlisted Member 4 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?
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04-29-2009, 12:15 PM	#16
edcvin Captain 126 Rep 880 Posts Drives: 2006 M5 \| 2011 M3 \| 2020 X3M 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
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04-29-2009, 12:15 PM	#17
Buffalo 10th Planet Jiu-Jitsu 9 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.
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