 college student interested in lease |
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 Jul 26 2009, 04:08 PM
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#1
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Group: Newbies
Posts: 5 Joined: 26-July 09 Member No.: 97,399  |
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 |
Jul 26 2009, 04:08 PM
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The MoneyMaker
Group: Accounting
Posts: One in Every Topic Joined: 1-February 03 From: Mountain Home, CA Member No.: 1 |
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Jul 26 2009, 04:31 PM
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#2
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Automotive Forum Lead
 Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
most likely, with your income level you will need a qualified co-applicant to qualfy.
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Jul 26 2009, 04:34 PM
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#3
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Group: Newbies
Posts: 5 Joined: 26-July 09 Member No.: 97,399 |
marv,
i forgot about my recent b-day, and is there anyway to avoid the co-signer? |
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Jul 26 2009, 04:47 PM
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#4
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Automotive Forum Lead
Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
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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Jul 29 2009, 08:47 AM
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#5
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Group: Newbies
Posts: 5 Joined: 26-July 09 Member No.: 97,399 |
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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Jul 29 2009, 08:59 AM
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#6
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Automotive Forum Lead
Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
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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Jul 29 2009, 09:44 AM
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#7
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Group: Members
Posts: 141 Joined: 8-June 09 Member No.: 95,512 |
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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Jul 29 2009, 10:08 AM
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#8
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Automotive Forum Lead
Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
When I speak of installment loans for the purpose of qualifying, Student Loans are not given consideration.
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Aug 5 2009, 03:29 PM
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#9
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Group: Newbies
Posts: 5 Joined: 26-July 09 Member No.: 97,399 |
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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Aug 5 2009, 03:42 PM
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#10
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Automotive Forum Lead
Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
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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Aug 5 2009, 04:46 PM
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#11
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Group: Members
Posts: 1,518 Joined: 11-September 06 From: Fort Worth Member No.: 37,941 |
You make $1200 a month and have a $1200 mortgage?
Finally performing my last plasectomy! These things have caused me nothing but misery!
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Aug 5 2009, 04:47 PM
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#12
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Group: Members
Posts: 1,518 Joined: 11-September 06 From: Fort Worth Member No.: 37,941 |
QUOTE (Daddy @ Aug 5 2009, 04:46 PM) You make $1200 a month and have a $1200 mortgage? Oh, $450. Finally performing my last plasectomy! These things have caused me nothing but misery!
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Aug 5 2009, 07:47 PM
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#13
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Group: Members.
Posts: 1,177 Joined: 17-April 08 Member No.: 73,354 |
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. 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.
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Aug 5 2009, 09:13 PM
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#14
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Automotive Forum Lead
Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
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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Aug 5 2009, 10:28 PM
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#15
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Group: Members.
Posts: 1,177 Joined: 17-April 08 Member No.: 73,354 |
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. 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.
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Aug 5 2009, 10:51 PM
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#16
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Site Owners
 Group: Admin
Posts: 35,293 Joined: 31-January 03 From: at the beach..... Member No.: 3 |
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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Aug 6 2009, 12:04 AM
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#17
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Group: Newbies
Posts: 5 Joined: 26-July 09 Member No.: 97,399 |
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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Aug 6 2009, 08:11 AM
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#18
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Automotive Forum Lead
Group: Mod Squad
Posts: 37,204 Joined: 11-November 03 From: Sleeping in the Sun! Member No.: 2,377 |
Although I don't understand you last question. I wish you the very best of luck in your decision.
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Aug 6 2009, 03:00 PM
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#19
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Group: Members
Posts: 1,518 Joined: 11-September 06 From: Fort Worth Member No.: 37,941 |
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! Finally performing my last plasectomy! These things have caused me nothing but misery!
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