8 replies to this topic

[mp11477]

Question for Marv, with a bit of a brief background...

I was divorced last year from my ex-wife. Prior to that, I was separated 1/21/2009. Before my separation, I had no credit blemishes, a mortgage, 3 prior GMAC leases all in good standing. However, at the time of separation, my ex-wife wanted to keep the house, so I left. Long story short, she purposely caused the mortgage to go into a 120 day late status to attempt to do a loan modification, consequently ruining my credit in the process. She was supposed to refinance immediately per our divorce agreement in June, 2011. However, as of February, 2012, she still had not done so. Because of months of late payment history as a result of her purposely defaulting, and my fear it would continue longer, I decided to file CH7 to cut the bleeding. By bankruptcy was discharged at the end of May this year.

I have opened up a few toy cards since then and have paid all as agreed, and have no late history once again. With that said, I also have a black mark on my credit report that I need to heal over time, and I thought since I needed a new car, I MAY qualify for a lease through Ally, since I had a good history with them before. My father had purchased a Nissan recently, and the finance manager told him at the time, that as long as you paid Nissan on time, you'd ALWAYS qualify for a new lease, even if you let all of your other bills go by the wayside...so I thought maybe the same would hold true with GMAC/Ally.

Chevy has some Cruze models available on a short 24 month lease, with very reasonable lease payments right now. I would not be looking to put any money down, and would not have a co-signer.

What is the likelihood Ally would approve me for a lease under the circumstances? Or I guess I should say...what's the likelihood a Finance manager could convince Ally I'm a good risk?

[MarvBear]

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[MarvBear]

I would suspect given your prior history with the lender, that if their prime department will not approve you, then their subprime division would. I think you would need an auto enhanced score of at least 680 to be considered for a lease contract.

[mp11477]

Well, I did get approval through GM Financial on my own for a Tier 4 lease. The rate was too high though, and consequently raised the payment 70 bucks a month, so I declined. Now, they keep telling me that if I get a co-signer that I could qualify for top tier status. Before I have my fiancee run her report, are they just trying to sell a car, or would this be an accurate statement? She currently has an 800 FICO with 2% util on CC and a perfect payment history, but did just lease a Nissan Rogue 4 months ago. Combined, we make 100k/yr.

[MarvBear]

That's Americredit. Might make a difference if you flip flop the order of signing and qualify for a better tier. That's not a good lease product IMO

[mp11477]

That's Americredit. Might make a difference if you flip flop the order of signing and qualify for a better tier. That's not a good lease product IMO

Stupid question....but why do you feel it's not a good lease product? Obviously I've never leased through them, as I leased my vehicles before through GMAC, so I have no idea how to interpret that. BTW, thanks for your insight thus far!

[mp11477]

And one more question...

I believe I saw something you posted at some point referencing NMAC, so I'm going to assume you have history with working with them as well. Based on my situation, and knowing I got approved for a loan through GM Financial/Americredit, would would the F+I's chances at a Nissan dealer be to get me approved for a NMAC lease? The fiancee leased a 2012 Rogue a few months ago, and my dad had an Altima that he just turned in and leased a Rogue as well. This is my first experience with Nissan, but I'm pretty satisfied with the Rogue and would consider an Altima? Or....am I just pressing my luck at this point?

[MarvBear]

That's Americredit. Might make a difference if you flip flop the order of signing and qualify for a better tier. That's not a good lease product IMO

Stupid question....but why do you feel it's not a good lease product? Obviously I've never leased through them, as I leased my vehicles before through GMAC, so I have no idea how to interpret that. BTW, thanks for your insight thus far!

Americredit is a subprime lender. Do you really want to do a lease with a subprime lender?

At a dealership, NMAC decision are near instantaneous.

Why do you want to lease a vehicle?

[mk_378]

With imperfect credit if anyone makes a lease at all it's going to be expensive. You would usually be better off with a sale contract.