Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 8 months ago

Can I Lease a Car without a job?

Hi, I’m am international student recently graduated from college, and applying for a job, it may take months or half year to get hired. However, I want to lease a car right away, I’m planning to lease a BMW X5 about 60k, my credit score on credit karma is 714 now, and my family will cover the monthly payment and costs before I find a job, I’m wondering what’s the chance I can get approved by the bmw dealer for the leasing? Really appreciate your explanations!

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  • 8 months ago

    Your first hurdle is getting your visa redone so you are eligible to take a job. With out some form of "naturalization" or valid work Visa I honestly don't think any banking institution would consider you a good risk. You just happen to fit into a group of people that the immigration system has targeted.

    Secondly with out an "income" there is no way to qualify for a lease.

    Thirdly leasing a BMW X5 is a poor financial move! The deprecation on a X5 the first year is 20,000 dollars. On a five year lease that is 43,000 dollars. There are a lot of nice used cars out there in the 20,000 dollar range. If your family is going to make sure the "lease" is paid- just buy a 20,000 dollar used car to start with. The way a lease works is you finance depreciation (for five years 43,000 dollars) add in interest (11,000 dollars) and make payments. So that BMW if leased will have a total cost of 54,000 dollars. At the end of five years, you turn the car in and have nothing to show for it. Not even a trade in, just a empty parking stall.

  • 8 months ago

    Not without a cosigner you can't. 

  • Anonymous
    8 months ago

    Sure. And you never have to pay for it either. SMH

    You could possible finance a modest car on a new grad program, but leasing without a job is NOT happening. And you do not need a $60k car.

  • Niko
    Lv 5
    8 months ago

    No. You need to prove you can make the payments. 

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  • Scott
    Lv 7
    8 months ago

    Between zero and none. Your family isn't applying to lease the car, you are. You have no income. It's not going to happen.

  • 8 months ago

    You have expensive taste...way too expensive for one starting out.  No chance you will get approved.  Consider taking over a lease of a practical vehicle.  Visit www.swapalease.com or www.leasetrader.com.  Millions of people are trying to get out of leases.  It is the most expensive way to acquire a vehicle.

  • Jay P
    Lv 7
    8 months ago

    You alone applying = somewhere between not a chance in hell and 0.00% chance.

    If you have a co-signor with very good or better credit rating, and a good income, your chances improve.

  • Anonymous
    8 months ago

    If you're that rich, why not just outright buy the car yourself?

  • Peter
    Lv 7
    8 months ago

    In my country, depending on your age, it would be pretty easy, I don't know about your country.

  • 8 months ago

    Btw, I went to some local dealers, many of them just lured me to apply, since I know each inquiry will affect my credit score, so I haven’t apply at dealership yet.

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