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violette123

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  1. +100000000000000! Read up on lease structure prior to going into ANY dealership, and don't "take their word for it". Get it spelled out and in writing. There are a lot of F&I guys who aren't as forthcoming as our Bear. There are 2 Edmunds forums, one called prices paid & buying experiences and the other on leasing, each split by model type. Once you read up about the terminology of leasing so you are familiar with the lexicon, head over there and they can assist with seeing how much others are paying for the model you are looking at, and what the current best available lease terms are. This will give you some excellent ammo before you head into any dealer. We've received our lease quotes utilizing Edmunds. But I haven't been to these forums -- Thank you!
  2. No offense taken. That is the reason I posted here (your advice, and that of others). I purchased every single car (--sedan--) I've ever had. But-- I need more space--now. Since driving a truck is new to me, I would prefer to be conversation and not commit beyond 2-3 years, I figured a crossover (SAV) for a lease could be a good bargain. There's also the component to hoping to punch a bit higher than my weight with respect to the vehicle itself, in terms of luxury...Bigger car = bigger price tag. Who knew? I won't be walking into the dealership alone. As I mentioned previously, we've spent the past couple of months researching (Edmunds pricing, local taxes and requirements/cost for registration, freight--if relevant, etc.) Every offer I have received is in writing--and outlines the number of miles per year, length of term, etc. and all fees that particular dealership adds (they differ from place to place.) If I am committed to doing a lease - will I get approved by a manufacturer in your opinion with these numbers? Thank you, Marv.
  3. We cover negative equity all the time in a lease, One of the best way to do it. Makes for a YUGE payment. Bigly!!! OMG, you two are hilarious. I looked into an SUV rental for the time frame we'd need (Memorial Day through Labor Day). Quotes were $5,600 for a small Ford Edge, to more than $15,000 for the Mercedes (!) The truth is, we've been looking at cars for a long time, and are prepared to pull the trigger. What I really am trying to determine is if the 20+ point bump on my score with the balance paydown will really make that much difference (to Lincoln or Jaguar Motor credit) if I opt to lease. My current Bank of America rate for a not-late-model used (6-y.o.) BMW was 6.94% at Tier 2. I don't think I will get to Tier 1 anytime in the next 6 weeks, and I definitely need to do something before the Summer kicks into gear...
  4. I understand entirely...I've purchased for the past 30 years (and had my last vehicle for 15 years). But because I am considering such a different kind of car (than is typical for me, at least...) I thought a lease might be a good way to dip my toe in that pool. There are plenty of tempting offers out there. That's for sure. We have been carefully examining offers from Edmunds and KBB with the dealerships --plus getting in writing up front-- the various and sundry dealer fees (in addition to tax, title and registration). It's staggering, truly. I'm prepared to pay more up front to eliminate the underwater portion of this, if need be. My primary question is trying to determine how likely it is I will be approved for the wonderful (super-low) manufacturer financing available with my current scores and existing financial and employment situation. I've paid some balances down which will likely help with score due to utilization factor; however, I need to purchase before the end of the month (a family trip on June 2); and am unsure reports will update in time to help. Does it matter? Should I just look at a purchase? Thanks again! I am really not a fan of making a huge financial decision under the gun, as it usually leads to bad decision making. Why don't you just rent a car for the family trip? It's much better to pay a few hundred extra dollars now than make a bad financial decision that will likely cost you many times that in the future. I agree with this completely, but I fear I misspoke. I have a series of family obligations that require a larger vehicle over the summer, the first of which is June 2. My husband and I discussed exactly what you propose, and it makes a lot of sense --were this a 7-day beach trip (or perhaps even two)...but not as much when it is that same beach trip, plus weekend drives to camp--for the rest of the Summer. Oof.
  5. My apologies...I don't understand your response. :-/
  6. I understand entirely...I've purchased for the past 30 years (and had my last vehicle for 15 years). But because I am considering such a different kind of car (than is typical for me, at least...) I thought a lease might be a good way to dip my toe in that pool. There are plenty of tempting offers out there. That's for sure. We have been carefully examining offers from Edmunds and KBB with the dealerships --plus getting in writing up front-- the various and sundry dealer fees (in addition to tax, title and registration). It's staggering, truly. I'm prepared to pay more up front to eliminate the underwater portion of this, if need be. My primary question is trying to determine how likely it is I will be approved for the wonderful (super-low) manufacturer financing available with my current scores and existing financial and employment situation. I've paid some balances down which will likely help with score due to utilization factor; however, I need to purchase before the end of the month (a family trip on June 2); and am unsure reports will update in time to help. Does it matter? Should I just look at a purchase? Thanks again!
  7. Thank you, Marv. May I ask, how do you feel about leases, generally? (I've never leased before.) Do you think my (relatively low) current scores are likely to be an impediment to automaker lease financing? Would sale be easier? Your low scores are due to the 80% utilization your scores are being hammered by it u would get more favorable lease terms or loan terms if u lowered your utilization. Of course. My question was whether an outright purchase would be easier with these numbers? OR is an automaker lease deal possible? What score is generally required for the latter? Thanks for your input.
  8. Thank you, Marv. May I ask, how do you feel about leases, generally? (I've never leased before.) Do you think my (relatively low) current scores are likely to be an impediment to automaker lease financing? Would sale be easier?
  9. Your Age? 49 Your Equifax Credit Score? 652 Your Experian Credit Score? 660 Your TransUnion Credit Score? 667 How many years have you been on file with Equifax? More than 20, but AAOA is currently 5 yrs. How many years have you been on file with Experian? More than 20, but AAOA is currently 5 yrs. How many years have you been on file with TransUnion? More than 20, but AAOA is currently 5 yrs. YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? Yes Will this open auto loan be a trade-in? Could be, but doesn't need to be. Prepared to see outright 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? Bank of America Your current open auto loan payment is? $439.20 Estimated amount you may be upside down in this vehicle? $4K? Payoff is $22.K Have a Carmax offer for existing auto for $15.5K. Will receive $2.5K from BMW for refund of unused Platinum Warranty. Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10. Direct debit since loan origination through dealership. Also have previous paid in full auto loan with CapitalOne on reports, no problems. YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 14 Total percentage utilized overall? 80% How many of your revolving accounts are store cards? 4 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 8 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 3 years Do you Rent or have a Mortgage, or Live w/Relative or Other? Own Your Monthly Rent or Mortgage payment? $0 How long have you held your current job? Just shy of 7 years Your total provable monthly gross income is? $5,800.00 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paystubs/Bank statements / Employment verification letter Is there additional monthly income? No What amount monthly? Describe the source. Is the additional monthly income provable? 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.) $2,500. Does any credit repository contain any Public Record? None whatsoever If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? No If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 10 No negatives, just high utilization, which I can afford. Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 As noted above Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10 New or Used vehicle you are considering: Please very briefly describe. Need a crossover or small SUV. Long drives, so prefer luxury. Have owned 5 BMWs. Looking at Lexus, Lincoln and F-Pace. Down payment could be greater, depending whether I buy, lease, and/or trade in existing vehicle and recapitalize the amount underwater. Strongly considering swallowing whatever loss is there from sale, and starting from scratch with the best lease deal I can cut. Need 11-12K mileage annually for 3 years, minimum. I have a very small sedan, and need a more practical vehicle for family and other reasons. Thank you.
  10. Looks like somebody already had that idea (or something similar). The site has definitely encountered a lot more problems of late than in the past.
  11. Indeed. I'm turning to the wisdom of these boards to see if anyone here has had success specifically in this District with large-scale consumer action (I have, but not in this District). We have researched others here (also Virginia and North Carolina); the amount in question is outside the realm of Small Claims. It is not related to a reposession, or an argument about arbitration. My partner is a lawyer (unfortunately, not consumer law) he suggests this is more than viable as a class action. If you are aware of the legal challenges confronting Santander now in the U.S. alone (Google: Department of Justice; CFPB, etc.) than you know whereof I speak. The web is literally awash in complaints against the company, particulary as pertains to billing fees and practices. It's the reason CFPB has now jumped onto the pile. To answer your other questions: Yes, I have all documentation and records (down to the original solicitation letter from Citifinancial and all payments). I am preparing the complaints to CFPB and my SAG; however, these may need to be part of the larger complaint.
  12. Sought - Highly-rated consumer attorney. State of Maryland, District (or 4th Circuit). A search of this board (or just Google) produces literally hundreds of identical complaints to mine: Not a Santander customer (originally Citifinancial); no contract with the former Paid monthly online to ensure appropriate credit - staggering 'convenience fees' Payments still not credited appropriately Loan has matured - ALL payments made per loan terms. Account listed as 'Current.' Somehow, more than $8,000.00 in fees, various and sundry, show on account Never signed arbitration agreement. Auto was never repossessed at any time. Credit history is flawless. Class underway in Massachusetts. Wish to initiate same here. Please contact via CB. Lurkers or non-identifiable individuals will not be responded to.
  13. Is this so? They never sell at all, or they simply hold accounts for a long time (waiting to package together and sell) --sometimes assigning to CA's in the interim for collection attempts? Wondering if there is authoritative information available about this somewhere...?

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