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Posted in Auto Loans
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Question By
zwmack

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Will I be approved for a new lease
So I recently started my new job after graduating from residency training and I'm looking to lease a brand new BMW (MSRP $67,000). My current annual salary is $220,000 but my scores are low 600's because of high utilization. I'm paying off the credit cards but I noticed that a tax lien is on my report. I paid it in full but I'm curious to know if this will hinder me from getting my new car? Of note I own an infiniti outright, bought it with Chase financing, never had a late payment and paid it off in full in 24 months. Any help you guys can give would be great! Thanks

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This isn't the magic 8 ball, only BMW will know for sure.   It depends on how they view your credit profile.   The tax lien can be a problem, depending upon how long it has been since it was filed.  You may have to show proof if it is not reflected as paid on your report.  The prior auto loan with Chase will help you greatly as auto dealers like to see prior auto payments as an indication of how they can expect payments.  

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May I suggest you wait until you pay down your credit card debt before you taking on more debt... Even tho 220k isn't what once was, but high credit card utilizations while having 220k annual salary is bit concerning. Paid tax lien shouldn't be much of hurdle when comes to leasing a car, to moratage yes. If it's a Federal tax lien? You can request IRS to withdrawn it from your credit report, go to IRS site and search "Form 12277".

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Are you F

" graduating from residency training"

College should teach People how to manage money.

Young and ready to **** $$$$ away on something bright and shiny.  LOL

How would you like to work for 10 to 20 years and then retire?

How Much Debt do you Have in Student Loans?   that crap needs to be paid off before getting a 67K car. 

Google Dave Ramsey

Google 7 baby Steps

Start Reading and READ and READ and READ

Call up your College up and yell at them for not teaching you how to manage money.

Do you have a budget?  ( does not sound like it )

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