Quote:
Originally Posted by zerosum8
New member here... so here's the situation..
I'm a successful business owner and have very strong credit 750+, but according to BMW, I don't have enough "credit history" to be approved to lease.
They said I needed a co-signer, so my father jumped in and said no problem. He's also a successful business owner, owns several properties, several houses, over $3M in machinery, several cars, etc, etc... BMW financial said that although he has "elite credit" as well as I do, that he ALSO doesn't have enough credit history... my father, being as successful as he is, just pays for everything in cash, including his houses and properties, cars, etc. He doesn't finance, never leased, you get the idea...
I have several hundred thousand in the bank, and can easily buy the car outright, but I'd rather just lease. The best option they could come up with is a "one pay lease", meaning I pay ~$45k for the 3-year lease upfront.
I'm not worried about the money, but I'm more concerned because I'm at the age where I would like to start looking into purchasing a relatively expensive home/property soon. Every car I've ever owned has been gifted to me, my college has been paid-in-full upfront by my family, and I don't really have anything that I've ever paid through installments. I was told that a "one pay lease" of this size would essentially help me in the short future when it comes to future car and home purchases because it would show that I am capable of paying a substantial installment payment.
I know that the "one pay" for a 2019 M5 COMP would be roughly $45k, which is essentially about a down payment for a house, and I'm not sure if I'm being lied to about the credit bonuses since I'd be paying this upfront.
Like I said before, the money isn't the issue as much as whether or not it will actually help me build credit for future substantial purchases.
What do you guys think?
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I believe you still qualify for the lease incentives regardless of paying it all in one payment, also your Money Factor drops for paying all in 1. I had the same situation when I leased my M4, credit score was 800+ but did not get approved due to insufficient history. had a family member that leased a car before co-sign. Now I recently applied for an M5 and got approved since I do have the history on my credit report.