R56 MINI financing
#27
Hi Everyone,
I just joined the forum. There is a ton of information here and what a community!
I'm planning to get myself a 2010 Cooper S Hardtop. I'll most likely lease but I have one question. Does anyone know if the dealer will get my credit score from all 3 bureaus or anyone in particular? For some reason there is a huge difference between my credit scores from difference bureaus which would probably affect the tier i'll qualify for the lease.
Also, do the lease deals just come from MINI Financial or do dealers work with different banks?
I just joined the forum. There is a ton of information here and what a community!
I'm planning to get myself a 2010 Cooper S Hardtop. I'll most likely lease but I have one question. Does anyone know if the dealer will get my credit score from all 3 bureaus or anyone in particular? For some reason there is a huge difference between my credit scores from difference bureaus which would probably affect the tier i'll qualify for the lease.
Also, do the lease deals just come from MINI Financial or do dealers work with different banks?
#28
MINI finance will always be giving you better lease rates than a third party bank.
simply not true.
#29
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If one of your other bureaus is higher, the dealer can send it to MINI FS so that you qualify for a higher credit tier... but it can not substitute for the 575 Transunion minimum.
#30
#33
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Your dealer might be asking "just in case" they need it, but it is not normally required.
I worked for a BMW and MINI dealership for 7 years, the number of times that I had to ask a customer for a pay stub for a credit application was very small. If you have "average" credit or above (675+) with a history of some car loans or a mortgage, you will be ok. Unless BMW has some reason to believe that you are lying about your income (eg: your credit history/limits do not "match" with the level the income you list on your app) or unless you have very limited credit history, BMW won't ask for it.
#34
Seems like all financial institutions are asking for paystubs at the very least these days with the credit crunch. I work for a very large nationwide bank and we ask EVERY time. Not sure what BMW requires, but there were way too many people out there blowing smoke up lenders behinds which is now becoming a burden on good, credit qualified, buyers like most of us on this site. Too bad really, but figure it to be common place in todays world!
#35
Seems like all financial institutions are asking for paystubs at the very least these days with the credit crunch. I work for a very large nationwide bank and we ask EVERY time. Not sure what BMW requires, but there were way too many people out there blowing smoke up lenders behinds which is now becoming a burden on good, credit qualified, buyers like most of us on this site.
Too bad nobody thought of that little detail a few years ago, before mortgages started getting handed out to people with little-to-no chance of being able to handle them long-term.
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