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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > New & Preowned BMW Ordering / Pricing / Tracking Information Forum (including European Delivery) > Manuals, Invoice/MSRP Pricing, Buying Guides, Bulletins, etc. > if i need a cosigner does that person have to have an income?



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      11-03-2007, 10:41 AM   #1
SJNESH
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if i need a cosigner does that person have to have an income?

can my mom cosign if she doesn't work but has good credit?
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      11-03-2007, 10:53 AM   #2
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If she has a good credit rating and ownes a house you should be fine
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      11-03-2007, 10:59 AM   #3
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ok, ty. she owns a home and has a credit score in the 700s. she is a stay at home mom and my dad works overseas so its a hassle to get him to cosign although sending the paperwork or getting a power of attorney is still an option. thank you
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      12-03-2007, 05:23 PM   #4
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i have a question I have a credit score in the 760's and my only income every month is from my trust fund ($1500)... do you think id be approved for a lease with a large downpayment for a 335i?
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      01-07-2008, 01:38 PM   #5
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Quote:
Originally Posted by djrobroe View Post
i have a question I have a credit score in the 760's and my only income every month is from my trust fund ($1500)... do you think id be approved for a lease with a large downpayment for a 335i?
Why would you want to put down a large down payment on a lease. Just buy the car outright. Put a lot down and finance the rest.
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      01-07-2008, 02:16 PM   #6
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honestly I doubt that would work. There really isn't much reason to add a co signer if they don't have an income. Give it a whirl, but my prediction would be no.
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      01-10-2008, 05:57 PM   #7
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I am a CA and yes it would work. If she has established strong credit they know that chances are she will pay her bills. Dont listen to anyone else I do this everyday. If you need any help or personal information help pm me and I will advise you on what to do. I work with BMW Financial services everyday.

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      03-01-2008, 03:02 PM   #8
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I manage a bank and do some auto underwriting. It really depends on who's analyzing the application and thier credit policy.

If you can establish sufficient income and have a good rating and history, you shouldn't need a cosigner. Adding a cosigner who has no income but excellent credit certainly doesn't hurt, but it's a more subjective factor, as it won't make an impact on the overall debt to income ratio. I don't know what BMW's credit policy is or how stringent they are about it in a scenario like yours. If you parents have been married for years and your mother can prove that, while she doesn't earn her own income, she does have a source (i.e your father) they may take that "phantom income", so to speak, into consideration.

I would speak to someone at the dealership who will be working on your application and ask how your situation could work within thier credit policy.
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      03-03-2008, 07:47 PM   #9
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Did you speak with anyone, SJNESH? Any luck?
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      03-05-2008, 12:26 PM   #10
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It depends on why you need a co-x. If you need one because your income doesn't suport the loan/lease then NO your mom wouldn't work. If you need a co-x because you have no or limited credit but your income is okay, then yes your mom would work.
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