Minimum credit score for auto lease?

[RW3]

Hi,

 

I know it may be a silly question, but what is the minimum credit score required for an auto lease? Does the amount of the down payment figure in to it at all? I was discharged from a Chp. 7 back in 2009.

 

 

[Clydesmom]

Depends on what you want to lease.

 

If it is a two door, super compact, made from recycled aluminum cans, built by elves in a former Soviet Republic that retails for $9995: probably mid 500s.

 

If it is the new Porches 911 turbo engine with sterling silver paint that runs on Kleenex: probably 815.

 

 

More information about the lease, car, etc, would be helpful.

[hrguy]

Toyota requires a 650 for promotional finance or leases

[calichick]

Toyota requires a 650 for promotional finance or leases

 

650 Credit Score for which CRA?

[hrguy]

whichever one they decide to pull and use for approval.

Edited April 15, 2013 by hrguy

[MarvBear]

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

[calichick]

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

 

Marv,

 

I talked to a salesman at a local Toyota dealer about their finances. He states that he will use the best credit scores out of the EQ, EX, and TU to get the best deal. My EX score is the worst but TU is the best because I got rid of most of the baddies on there easily.

 

Even with a great score with TU and no down payment will they usually charge me the high interest rate?

[hrguy]

 

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

 

Marv,

 

I talked to a salesman at a local Toyota dealer about their finances. He states that he will use the best credit scores out of the EQ, EX, and TU to get the best deal. My EX score is the worst but TU is the best because I got rid of most of the baddies on there easily.

 

Even with a great score with TU and no down payment will they usually charge me the high interest rate?

Marv can offer expertise to that question. I will say, the same thing happened to me with Toyota about 6 months ago.

 

He pulled all three and said they will use the best out of three which was my TU. I was approved @ 0%. He said if I got 650 I was in, I came right in at 650 on TU - right on the nose.

[calichick]

 

 

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

 

Marv,

 

I talked to a salesman at a local Toyota dealer about their finances. He states that he will use the best credit scores out of the EQ, EX, and TU to get the best deal. My EX score is the worst but TU is the best because I got rid of most of the baddies on there easily.

 

Even with a great score with TU and no down payment will they usually charge me the high interest rate?

Marv can offer expertise to that question. I will say, the same thing happened to me with Toyota about 6 months ago.

 

He pulled all three and said they will use the best out of three which was my TU. I was approved @ 0%. He said if I got 650 I was in, I came right in at 650 on TU - right on the nose.

Other than the credit score, do they look at the other stuff on your credit report? I'm asking, cause I got 3 judgments, 1 paid off and the 2 others showing a balance but I'm making monthly payments on those.

 

Also, is it better to report if I pay rent? Because I don't at the moment.

[MarvBear]

FWIW leases do not have an APR. However most to have money factor tiered pricing. Your entire creditworthiness would be evaluated.

[PennyPinching]

I'm hoping to lease with Hyundai (Elantra GLS), Honda (Civic LX), Nissan (Sentra SV), or Subaru (Impreza 2.0i). I'm almost one year out and am hoping to take advantage of one of the advertised lease promos. I'm at 670 FAKO with around $2500 down. I'm hoping to keep my monthly payments down while my wife is in nursing school... I'm leaning toward Hyundai and their advertised $169/mo. with $2199 down at 24 months. I'll post as to my experience when I put the app in.

Edited May 13, 2013 by emtownsend

[hrguy]

@emtownsend

 

Best thing I can say: Call a high-volume dealer for each of those brands in your area and ask the finance manager. High-volume dealers can usually persuade the captive to take you since they drum up big business. Reports are that Honda is not that BK-friendly before two years if you have never used them before, the rest I do not know....For what it is worth; Subaru and Hyundai are run under Chase I believe.

 

I do know Toyota requires a 650 to get a lease or higher, I met that requirement 3 months post-discharge.

 

Marv will probably know more. Good luck!

Edited May 13, 2013 by hrguy

[PennyPinching]

@emtownsend

 

Best thing I can say: Call a high-volume dealer for each of those brands in your area and ask the finance manager. High-volume dealers can usually persuade the captive to take you since they drum up big business. Reports are that Honda is not that BK-friendly before two years if you have never used them before, the rest I do not know....For what it is worth; Subaru and Hyundai are run under Chase I believe.

 

I do know Toyota requires a 650 to get a lease or higher, I met that requirement 3 months post-discharge.

 

Marv will probably know more. Good luck!

Just curious what the Captive is? Would I benefit to go through a program like Costco? I thought I would present them with the Costco pricing which is about $1300 under invoice and then try the lease from there....

 

EDIT! Sorry, it is $697 under on the Hyndai ($1300 under on the Sentra)

Edited May 13, 2013 by emtownsend

[hrguy]

 

@emtownsend

 

Best thing I can say: Call a high-volume dealer for each of those brands in your area and ask the finance manager. High-volume dealers can usually persuade the captive to take you since they drum up big business. Reports are that Honda is not that BK-friendly before two years if you have never used them before, the rest I do not know....For what it is worth; Subaru and Hyundai are run under Chase I believe.

 

I do know Toyota requires a 650 to get a lease or higher, I met that requirement 3 months post-discharge.

 

Marv will probably know more. Good luck!

Just curious what the Captive is? Would I benefit to go through a program like Costco? I thought I would present them with the Costco pricing which is about $1300 under invoice and then try the lease from there....

 

EDIT! Sorry, it is $697 under on the Hyndai ($1300 under on the Sentra)

The captive finance company is the manufacturer's finance company (i.e. Honda Finance...etc.) which is more than likely who you will go through for a lease, I would avoid those third-party leasing companies that may be offered.

 

Last I knew Subaru and Hyundai used Chase as the captive underwriter for their finance, whereas Honda and Nissan (NMAC) is their own company.

 

Yes, you can still use the Costco or other car buying program - you still want to negotiate the price as the lease is based off of that. You want to get the best price possible, I saw Marv say before, and when I calculated my lease he was right; a 36 month lease is the equivalent of financing the car to own over 72 months.

[PennyPinching]

OK, thanks. I did IIB a couple Chase Visas (that used to be Washington Mutual). Think that will hinder me??

I guess a question more suited for Marv, but in the past, when things were better... I financed two (2005 & 2006) vehicles through Nissan at 2% and paid them off. Will Nissan favor that or will that even matter? The dealership I am shopping at owns both Hyundai and Nissan...

Edited May 13, 2013 by emtownsend

[hrguy]

OK, thanks. I did IIB a couple Chase Visas (that used to be Washington Mutual). Think that will hinder me??

I guess a question more suited for Marv, but in the past, when things were better... I financed two (2005 & 2006) vehicles through Nissan at 2% and paid them off. Will Nissan favor that or will that even matter? The dealership I am shopping at owns both Hyundai and Nissan...

The auto loans are usually treated differently. They should not take into account the IIB cards as far as blacklisting you from an auto loan. Yes, Nissan should take into account that you paid them well before the bankruptcy and if that is still on your credit, that should raise your auto-enhanced fico.

[jflora80]

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

 

MarvBear

 

Can you explain if there is a way to get out of an upside down loan? Have an 03 Saturn Vue paying almost $400 a month and still owe between 7-8 K? Am I screwed lol?

 

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[hrguy]

 

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

MarvBear

 

Can you explain if there is a way to get out of an upside down loan? Have an 03 Saturn Vue paying almost $400 a month and still owe between 7-8 K? Am I screwed lol?

 

Sent from my SCH-I605 using Tapatalk 2

you didn't iib that?

[MarvBear]

OK, thanks. I did IIB a couple Chase Visas (that used to be Washington Mutual). Think that will hinder me??

I guess a question more suited for Marv, but in the past, when things were better... I financed two (2005 & 2006) vehicles through Nissan at 2% and paid them off. Will Nissan favor that or will that even matter? The dealership I am shopping at owns both Hyundai and Nissan...

I would think that Nissan would give at least some weight to your previous experience with them. They will also score you internally.

[MarvBear]

 

FWIW............Leases are always limited to a certain % for downpayment. Usually around 20-25% max cash. This would not include the upfronts.

MarvBear

 

Can you explain if there is a way to get out of an upside down loan? Have an 03 Saturn Vue paying almost $400 a month and still owe between 7-8 K? Am I screwed lol?

 

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Not if it's got a gold brick in the trunk. Please start your own thread for more helpful advice. The original poster along with myself may get confused with thread hijacking. TY.

[PennyPinching]

I am so disheartened. My score came back at 594. It's like a sucker punch. I truly thought I would be in the mid 600's. My USAA scores are 670 for all three. I had 635, 594, and 6-something (620?). So the lease is a no go for sure. I'm not sure Hyundai uses auto enhanced scores maybe... We're looking at traditional financing at our local CU. Won't know until tomorrow. So frustrated. My wife's scores were 654 and she doesn't have any credit cards out income !

 

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[MarvBear]

The dealership with which you are dealing does not have credit union affiliations?

[PennyPinching]

The dealership with which you are dealing does not have credit union affiliations?

So they say... They were able to get approval from Wells Fargo but for $100 more per month than or goal. So not soooo hopeless.

 

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[hrguy]

 

The dealership with which you are dealing does not have credit union affiliations?

So they say... They were able to get approval from Wells Fargo but for $100 more per month than or goal. So not soooo hopeless.

 

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What are the terms? Is it for a lease?

[PennyPinching]

The dealership with which you are dealing does not have credit union affiliations?

 

So they say... They were able to get approval from Wells Fargo but for $100 more per month than or goal. So not soooo hopeless.

Sent from my SCH-I535 using Tapatalk 2

What are the terms? Is it for a lease?

No lease. :-( but that's OK. I'm going in tomorrow to talk terms. I did also get a CU approval for a 5% loan for use anywhere so that's my trump card. Boy what a battle it's been so far..

 

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