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End of lease refinancing denied, now what?!? I have a 2005 Mini Cooper that I leased through BMW Financial 4 years ago with an Owner's Choice Lease. This type of lease would allow me to refinance the remaining payoff amount at the end of the lease and keep the car. Over the years my credit score has decreased and I was actually DENIED when I applied for financing at the end of the lease just a month ago. Now what? Does this mean that I cannot make payments on the car as I was doing? Are there any options? I need answers from people who are experienced and knowledgeable in this.

By: Guest
Date: Thu-May-20-2010-
Response
0

Answer 1

Your credit has taken some hits over the past four years. If most were in the past year, that's the reason you were turned down. Your recent credit history shows you're having trouble meeting all your obligations.

Or you may have some late pays on your lease. Even one late pay is enough to get you denied for a financed buy out. Lenders judge a person's worthiness with a more critical eye when applying for a lease. And during the term too.

What it comes down to is this ... it's more than just a lower credit score that got you T.D.'d. It's the reasons that caused the drop that's weighing on their decision. Whatever happened to cause your credit to decline is the source of this problem.

You might try an outside lender, like your bank. But depending on how bad your credit is now, that may not work for you either. Your best bet is to get a cosigner with strong credit and hope that that will get you approved on the lease buy out.

Answer 2

Thats the down side 2 leasing..the finance company can tell u anything..If u had a Tahoe or a Durango they would gladly let u keep it and finance the balance, they would actually make more off of u instead of incurring the cost of having it shipped 2 a auction and being sold for way below its wholesale value. But you have a fuel efficient desire able car that can be re sold at higher retail value than its worth and more than u would have paid if they had let u keep it..It was a simple money decision for them unless ur credit dropped significantly..Think about financing a used car is lot easier than leasing a new...

Answer 3

Pretty simple. No financing approval, no financing. The car goes back, you pay any overages or damage and you are done.

[d] By: Guest
Date: Unknown---
Response
What is 1 + 100



Helpfulbox Now Offers Free POS Software

for restaurants, kiosk, and any other retails business completely free. It can be used as windows cashier system or as full blown POS. You will able to print to kitchen, display orders on the kitchen screen, manage inventory, employee, report, customer loyalty offers, employee management, delivery address track and much more, all for free.

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