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violette123

Application for Marv

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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. :wave:

 

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predict approval.

 

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?

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predict approval.

 

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.

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predict approval.

 

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.

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Leases generally take a better credit file. If you always want a car payment leasing is ok. I've leased many times in the past. But I would not now. I prefer to own.

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If you have never leased before I would STRONGLY suggest you learn the ins and outs of leasing and become VERY familiar with the terms and concepts before even stepping into the dealership. There are a lot of ways for dealers to add markups in a lease deal and can very easily take advantage of the uninformed consumer.

 

Also, be aware that rolling $4,000 into a lease is going to probably add $125-$150 a month onto your payment, and the lease payments you see advertised on websites/tv ads usually have a down payment component and required dealer contribution (reduction in sale price).

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Leases generally take a better credit file. If you always want a car payment leasing is ok. I've leased many times in the past. But I would not now. I prefer to own.

 

 

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.

 

 

If you have never leased before I would STRONGLY suggest you learn the ins and outs of leasing and become VERY familiar with the terms and concepts before even stepping into the dealership. There are a lot of ways for dealers to add markups in a lease deal and can very easily take advantage of the uninformed consumer.

 

Also, be aware that rolling $4,000 into a lease is going to probably add $125-$150 a month onto your payment, and the lease payments you see advertised on websites/tv ads usually have a down payment component and required dealer contribution (reduction in sale price).

 

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!

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Yes. A lease is a future appoint in time to deal with your negative equity.

 

Sent from my SM-P580 using Tapatalk

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Leases generally take a better credit file. If you always want a car payment leasing is ok. I've leased many times in the past. But I would not now. I prefer to own.

 

 

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.

 

 

If you have never leased before I would STRONGLY suggest you learn the ins and outs of leasing and become VERY familiar with the terms and concepts before even stepping into the dealership. There are a lot of ways for dealers to add markups in a lease deal and can very easily take advantage of the uninformed consumer.

 

Also, be aware that rolling $4,000 into a lease is going to probably add $125-$150 a month onto your payment, and the lease payments you see advertised on websites/tv ads usually have a down payment component and required dealer contribution (reduction in sale price).

 

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.

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Yes. A lease is a future appoint in time to deal with your negative equity.

 

Sent from my SM-P580 using Tapatalk

 

My apologies...I don't understand your response. :-/

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Leases generally take a better credit file. If you always want a car payment leasing is ok. I've leased many times in the past. But I would not now. I prefer to own.

 

 

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.

 

 

If you have never leased before I would STRONGLY suggest you learn the ins and outs of leasing and become VERY familiar with the terms and concepts before even stepping into the dealership. There are a lot of ways for dealers to add markups in a lease deal and can very easily take advantage of the uninformed consumer.

 

Also, be aware that rolling $4,000 into a lease is going to probably add $125-$150 a month onto your payment, and the lease payments you see advertised on websites/tv ads usually have a down payment component and required dealer contribution (reduction in sale price).

 

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.

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Leases generally take a better credit file. If you always want a car payment leasing is ok. I've leased many times in the past. But I would not now. I prefer to own.

 

 

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.

 

 

If you have never leased before I would STRONGLY suggest you learn the ins and outs of leasing and become VERY familiar with the terms and concepts before even stepping into the dealership. There are a lot of ways for dealers to add markups in a lease deal and can very easily take advantage of the uninformed consumer.

 

Also, be aware that rolling $4,000 into a lease is going to probably add $125-$150 a month onto your payment, and the lease payments you see advertised on websites/tv ads usually have a down payment component and required dealer contribution (reduction in sale price).

 

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.

 

 

You can get long term rentals for the same price as a new car payment but with less of a headache.

 

Agree that rushing into something as big as this takes time and no one should be under the gun.

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Yes. A lease is a future appoint in time to deal with your negative equity.

 

Sent from my SM-P580 using Tapatalk

 

My apologies...I don't understand your response. :-/

 

When the lease is up, you can then decided how to deal with your negative equity.

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Yes. A lease is a future appoint in time to deal with your negative equity.

 

Sent from my SM-P580 using Tapatalk

 

My apologies...I don't understand your response. :-/

 

When the lease is up, you can then decided how to deal with your negative equity.

 

 

Marv - I think you mis-read here. OP has negative equity in her current vehicle, which is financed. That balance will either have to be satisfied at lease inception (when she trades car in or sells to CarMax) or amortized over the life of the lease, thus adding to the payment (and interest paid). Unless of course you were referring to the actual value of the newly leased vehicle at maturity vs. market value? In that case, I would agree with your assessment that the end of the lease is when this comes to fruition.

 

OP - Something to consider as well. It is very hard to get out of a lease early, save for finding someone to take over the lease (only some finance companies allow this). If you roll negative equity in, that will make it almost certain you will need to keep this car until lease maturity. Just be sure that this car will meet your needs for the next 3 years. You should really consider tmkats advice about a long term rental for the summer. I can recall renting for about 6 weeks while I awaited re-delivery of my vehicle and it was only around 600-700 for a SUV similar to what you are looking at (from Enterprise utilizing their month or more program).

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Marv - I think you mis-read here. OP has negative equity in her current vehicle, which is financed. That balance will either have to be satisfied at lease inception (when she trades car in or sells to CarMax) or amortized over the life of the lease, thus adding to the payment (

 

We cover negative equity all the time in a lease, One of the best way to do it. Makes for a YUGE payment.

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Marv - I think you mis-read here. OP has negative equity in her current vehicle, which is financed. That balance will either have to be satisfied at lease inception (when she trades car in or sells to CarMax) or amortized over the life of the lease, thus adding to the payment (

 

We cover negative equity all the time in a lease, One of the best way to do it. Makes for a YUGE payment.

 

 

Bigly!!!

 

:wave:

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Marv - I think you mis-read here. OP has negative equity in her current vehicle, which is financed. That balance will either have to be satisfied at lease inception (when she trades car in or sells to CarMax) or amortized over the life of the lease, thus adding to the payment (

 

We cover negative equity all the time in a lease, One of the best way to do it. Makes for a YUGE payment.

 

 

Bigly!!!

 

:wave:

 

 

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...

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If you lease, make sure the contract has an itemization of the capitalized costs. Make them explain every cent. I certainly don't mean to offend you, but you sound like a perfect candidate to be taken to the prom on a lease. From my opinion buy it.

 

I care or otherwise, I would ignore instead of offer advice.

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If you lease, make sure the contract has an itemization of the capitalized costs. Make them explain every cent. I certainly don't mean to offend you, but you sound like a perfect candidate to be taken to the prom on a lease. From my opinion buy it.

 

I care or otherwise, I would ignore instead of offer advice.

+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.

Edited by CTSoxFan

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If you lease, make sure the contract has an itemization of the capitalized costs. Make them explain every cent. I certainly don't mean to offend you, but you sound like a perfect candidate to be taken to the prom on a lease. From my opinion buy it.

 

I care or otherwise, I would ignore instead of offer advice.

 

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. :wave:

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If you lease, make sure the contract has an itemization of the capitalized costs. Make them explain every cent. I certainly don't mean to offend you, but you sound like a perfect candidate to be taken to the prom on a lease. From my opinion buy it.

 

I care or otherwise, I would ignore instead of offer advice.

+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! :wave:

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