What credit bureau does bmw useI am in the process of trying to lease a 07 550i or assume a lease of a 06. On Friday night I decided to go ahead and bite the bullet and try for an online application. To my surprise I was denied and was hoping to get some advice from those who better understand BMW leasing. Here is my scenario:
- Income - $175k /year with stable experience for past 7 years. This results in over $14k month which I think is sufficient to justify this lease
- Mortgage - $2300 (1st) + $900 (2nd) which started in July 06
- Credit card utilization is less then 30%
- 1 installment loan of 14k
- No other auto loans
- 8 credit cards all current with balance on only 2
- Equifax score 660 which I think is a result of the new mortgage, credit pulls when I was closing on the house and setting up new utilities, and
high utilization of 75% on 1 CC which I just paid down but not reflected yet.
- No derogatoriness, no bankruptcy, no collections, 1 late from 2 years ago
- Applied for 07 550i w/sport and other options totaling $65k with 2500 down
1. Which credit bureau does BMWFS pull from?
2. Should I call BMWFS and find out what happened as all I received was an email with no details.
3. I am also considering a leasetrader assumption for a 06 with low payments (775 /month) which is also held with BMWFS, are the credit requirements for lease assumption different then online new lease?
I took out a 07 550 and fell in love, this credit situation is killing me.
Thanks to you all in advance!Source: www.bimmerfest.com