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> college student interested in lease
makeshift213
post Jul 26 2009, 04:08 PM
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Credit Application:

Your Age? 21

Your Equifax Credit Score? 744
Your Experian Credit Score? 735
Your TransUnion Credit Score? 744

How many years have you been on file with Equifax? 2yrs 7months
How many years have you been on file with Experian? 2yrs 7months
How many years have you been on file with TransUnion? 2yrs 7months

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? No
Will this open auto loan be a trade-in? No
How many late pays within the last 12 months on the currently open loan? None
How many late pays within the last 13-24 months on the currently open loan? None
Your current open auto loan is financed with? N/A
Your current open auto loan payment is? N/A
Estimated amount you may be upside down in this vehicle? N/A
Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) N/A


YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 4 (5 report says five)
Total percentage utilized overall? 17.92%
How many of your revolving accounts are store cards? None
How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 4
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) None

YOUR PERSONAL INFORMATION

How long at your current residence? 5 months
Do you Rent or have a Mortgage, or Live w/Relative or Other? Mortgage
Your Monthly Rent or Mortgage payment? 1200 (450 is mine)
How long have you held your current job? 2yrs 9months
Your total provable monthly gross income is? $1200
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) Paystub
Is there additional monthly income? What amount monthly? None
Describe the source. N/A
Is the additional monthly income provable? N/A
Spousal income is not applicable.

YOUR DOWNPAYMENT
Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) N/A
Does any credit repository contain any Public Record? None
If yes, please very briefly describe. N/A

Does any credit repository contain any Collection Account(s)? None
If yes, please very briefly describe. N/A

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 9
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 9

New or Used vehicle you are considering: Please very briefly describe.
Was looking to first maybe lease a vehicle until I had finished college and found a steady job. Was looking at the lease option for the Honda Accord, $2199 down + tax, title, license, and fees $199month/36 months. Didn't really want a Civic, more interested in knowing what would I qualify for.


This post has been edited by makeshift213: Jul 26 2009, 04:34 PM
 
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Googie
post Jul 26 2009, 04:08 PM
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MarvBear
post Jul 26 2009, 04:31 PM
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most likely, with your income level you will need a qualified co-applicant to qualfy.


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makeshift213
post Jul 26 2009, 04:34 PM
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marv,

i forgot about my recent b-day, and is there anyway to avoid the co-signer?
 
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MarvBear
post Jul 26 2009, 04:47 PM
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IMO no.

Based on the information you provided I can't see a reason that you would qualify on your own behalf.


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makeshift213
post Jul 29 2009, 08:47 AM
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what do i need to work on? other than getting older. my credit worthiness is at a low risk, but i am also a college student.
 
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MarvBear
post Jul 29 2009, 08:59 AM
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Generally speaking we look for 3-5 years of payment history that reflects well on your credit files.

One of those need to be an installment loan of from anywhere from 5K-10K.

And you generally need about 5 trade lines total to help you out.

In addition your credit files, need to demonstrate an ability, the stability, and the willingness to pay.


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Gaddi
post Jul 29 2009, 09:44 AM
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QUOTE (MarvBear @ Jul 29 2009, 09:59 AM) *
One of those need to be an installment loan of from anywhere from 5K-10K.

MarvBear, do student loans satisfy the installment loan 'requirement'?

I don't mean to hijack this tread, hopefully this question benefits the OP since he likely has student loans.

This post has been edited by Gaddi: Jul 29 2009, 09:45 AM
 
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MarvBear
post Jul 29 2009, 10:08 AM
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When I speak of installment loans for the purpose of qualifying, Student Loans are not given consideration.


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makeshift213
post Aug 5 2009, 03:29 PM
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marv,

would a phone bill count as an installment loan?
also, i have purchased a motorcycle before that i have paid for in full (6 months after purchase)
 
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MarvBear
post Aug 5 2009, 03:42 PM
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QUOTE (makeshift213 @ Aug 5 2009, 04:29 PM) *
marv,

would a phone bill count as an installment loan?
also, i have purchased a motorcycle before that i have paid for in full (6 months after purchase)



No the phone bill normally doesn't even report to your credit files, It would not be an installment loan even if it did.
This PIF motorcycle loan might improve your chances though.

Your biggest problem is your income IMO.


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Daddy
post Aug 5 2009, 04:46 PM
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You make $1200 a month and have a $1200 mortgage?


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Daddy
post Aug 5 2009, 04:47 PM
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QUOTE (Daddy @ Aug 5 2009, 04:46 PM) *
You make $1200 a month and have a $1200 mortgage?


Oh, $450.


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philly_mscl
post Aug 5 2009, 07:47 PM
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Age 21 and wanting to lease a vehicle?

What about finding someone who hasn't yet turned in a clunker and purchase a cheap FSBO in cash?

Leasing presents a problem here with your income when the balloon payment comes. That car better be in mint condition when you return it if you can't obtain financing for the purchase price of the car when the lease flips. For a lot of people who don't have an intention of returning the vehicle within 20 months, leasing usually works out as a raw deal.

I don't know anybody who has the time and is willing to put up with the hassle of a lease trade-in. They all hold on to their leases to the balloon date and then roll over to extended financing, which makes the car 30-40% more expensive had they just bought it and paid the 7% interest.


IPB

STOP USELESS PRE-EMPLOYMENT CREDIT SCREENING. Use my sample letter and write your state legislature today!

Save or debt attack or both? Read here-> Liquid Net Worth Slideshow!
Better living through Positive Liquid Net Worth.
  • WARNING: I care more about positive net worth than I care about credit (moreso now).
  • Liquid == all the cash/stock/bonds you can liquidate within 12 hours... NOW.
  • Repeat after me: a CLI is not an ESFI (E-Savings Fund Increase).
  • Your 401(k)/IRA/403(b)/437s are NOT liquid assets unless you're old enough to live at Shady Pines.
  • You can carry card balances, but what's the point if the balances add up to more than your liquid assets?
 
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MarvBear
post Aug 5 2009, 09:13 PM
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QUOTE (philly_mscl @ Aug 5 2009, 08:47 PM) *
Age 21 and wanting to lease a vehicle?

What about finding someone who hasn't yet turned in a clunker and purchase a cheap FSBO in cash?

Leasing presents a problem here with your income when the balloon payment comes. That car better be in mint condition when you return it if you can't obtain financing for the purchase price of the car when the lease flips. For a lot of people who don't have an intention of returning the vehicle within 20 months, leasing usually works out as a raw deal.

I don't know anybody who has the time and is willing to put up with the hassle of a lease trade-in. They all hold on to their leases to the balloon date and then roll over to extended financing, which makes the car 30-40% more expensive had they just bought it and paid the 7% interest.



Actually I would respond to this to correct some misconceptions about leasing, except that our accepted practice here on CreditBoards is to respond with help/advice for the question as posed by the original poster.

As such I will still say that with a $1200.00 monthly income procuring financing for any automobile, let alone leasing, will be a problem.


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philly_mscl
post Aug 5 2009, 10:28 PM
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QUOTE (MarvBear @ Aug 5 2009, 10:13 PM) *
QUOTE (philly_mscl @ Aug 5 2009, 08:47 PM) *
Age 21 and wanting to lease a vehicle?

What about finding someone who hasn't yet turned in a clunker and purchase a cheap FSBO in cash?

Leasing presents a problem here with your income when the balloon payment comes. That car better be in mint condition when you return it if you can't obtain financing for the purchase price of the car when the lease flips. For a lot of people who don't have an intention of returning the vehicle within 20 months, leasing usually works out as a raw deal.

I don't know anybody who has the time and is willing to put up with the hassle of a lease trade-in. They all hold on to their leases to the balloon date and then roll over to extended financing, which makes the car 30-40% more expensive had they just bought it and paid the 7% interest.



Actually I would respond to this to correct some misconceptions about leasing, except that our accepted practice here on CreditBoards is to respond with help/advice for the question as posed by the original poster.

As such I will still say that with a $1200.00 monthly income procuring financing for any automobile, let alone leasing, will be a problem.


Correct me if I'm wrong, but aren't most leases 2/3 yrs only and hit the balloon? I've never seen a 4/5 lease deal, but I assume they exist.

As you said before, $1,200/mo is not enough to live on at college WITH any kind of car payment.


OP: Is there a way you can get around school WITHOUT a car? Apartments or rental houses close to school and use public transit to get around? It would be a lot easier on your wallet if you didn't have to worry about a vehicle and still have a way to get from work/home/school.


IPB

STOP USELESS PRE-EMPLOYMENT CREDIT SCREENING. Use my sample letter and write your state legislature today!

Save or debt attack or both? Read here-> Liquid Net Worth Slideshow!
Better living through Positive Liquid Net Worth.
  • WARNING: I care more about positive net worth than I care about credit (moreso now).
  • Liquid == all the cash/stock/bonds you can liquidate within 12 hours... NOW.
  • Repeat after me: a CLI is not an ESFI (E-Savings Fund Increase).
  • Your 401(k)/IRA/403(b)/437s are NOT liquid assets unless you're old enough to live at Shady Pines.
  • You can carry card balances, but what's the point if the balances add up to more than your liquid assets?
 
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breeze
post Aug 5 2009, 10:51 PM
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QUOTE
our accepted practice here on CreditBoards is to respond with help/advice for the question as posed by the original poster.


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makeshift213
post Aug 6 2009, 12:04 AM
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thnx for all the input guys/gals

i am a college student working as many hours and still taking 18+ credits is not easy.
i went away from leasing a car, and more so looking @ scooters.

now marv,

you can't knock me on dat rite?
 
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MarvBear
post Aug 6 2009, 08:11 AM
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Although I don't understand you last question. I wish you the very best of luck in your decision.


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Daddy
post Aug 6 2009, 03:00 PM
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QUOTE (makeshift213 @ Aug 6 2009, 12:04 AM) *
thnx for all the input guys/gals

i am a college student working as many hours and still taking 18+ credits is not easy.
i went away from leasing a car, and more so looking @ scooters.

now marv,

you can't knock me on dat rite?


GREAT DECISION!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Very mature decision. I'm proud of you!


IPB

Finally performing my last plasectomy! These things have caused me nothing but misery!
 
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