welcome kemalo2002

can't help you on which reporting agencies they use

we just added a 2010 to our MINI stable and the lease 'MINI Select' is with BMW North American Bank or some such. Have not got any statements yet.

 

Mini does uses the lowest of the 3 bureaus.

 

MINI Finance only checks 1 (usually equifax) but your dealer can check all 3 and let MINI finance know if they've found a higher score and then MINI finance can use that one.

MINI finance will always be giving you better lease rates than a third party bank.

simply not true.

 

MINI FS will look at your Transunion score as a default, it is the only bureau that they will run in-house but your dealer can send them the other two. You must have at least a minimum of 575 Transunion to qualify for financing, zero exceptions.

If one of your other bureaus is higher, the dealer can send it to MINI FS so that you qualify for a higher credit tier... but it can not substitute for the 575 Transunion minimum.

 

Will they want to see a current pay stub? I'm working for "deferred payment" for a start-up right now, and as such wouldn't be able to produce a current paystub. My credit scores are all near 800 though, so no issue there.

 

if you have a high credit score and have some history with similar types of credit (mortgage or car loans) you will probably not need a pay stub.

 

You do need to produce a pay stub even with stellar credit. My dealer even asked for two. I told him I am shredding my stubs regularly and one was enough.

 

Not true.

Your dealer might be asking "just in case" they need it, but it is not normally required.

I worked for a BMW and MINI dealership for 7 years, the number of times that I had to ask a customer for a pay stub for a credit application was very small. If you have "average" credit or above (675+) with a history of some car loans or a mortgage, you will be ok. Unless BMW has some reason to believe that you are lying about your income (eg: your credit history/limits do not "match" with the level the income you list on your app) or unless you have very limited credit history, BMW won't ask for it.

 

Seems like all financial institutions are asking for paystubs at the very least these days with the credit crunch. I work for a very large nationwide bank and we ask EVERY time. Not sure what BMW requires, but there were way too many people out there blowing smoke up lenders behinds which is now becoming a burden on good, credit qualified, buyers like most of us on this site. Too bad really, but figure it to be common place in todays world!

 

What a concept! Lend money only to those who are likely to be able to pay it back.

Too bad nobody thought of that little detail a few years ago, before mortgages started getting handed out to people with little-to-no chance of being able to handle them long-term.

 

This is the exception, not the general rule. Dont make it sound absolute.

 

Yeah, i didn't have to give pay stubs for any car i have purchased/Leased.

 

I had to submit one month's worth (2) payroll direct deposit records when I recently took out a mortgage, but for a car? never. maybe if yr FICO is below 500, but that falls into "special financing."

both MINIs = never a stub. after all, it asks this info on the app.