Auto Lease Requirements

[Anonymous]

I have been working on raising my credit score for the last year and my current scores (per TrueCredit) are:

TU 653

EX 669

EQ 674

All collections paid except one for $299 which was originally attached to a school loan which is now paid, and although I have disputed multiple times, it is still there. One credit card $300 limit with $145 balance (just paid it off but not reflected) and I just opened a secured credit card (Cap One) with $500 that is not reflected.  There is a bankruptcy in 05 only on EX and a satisified judgement on all 3 from 09.  No other debts (we rent).

My question is, will I be able to qualify for an auto lease (for a brand new car)?  We have been using a single car (financed by hubby only so not on my report) and really need a another one.  I can afford it, but am afraid I won't be able to get financing.

The second hiccup on top of credit, I am a contractor and my income fluxuates.  My 09 income was almost six figures, but my 10 income was just over $55k.  I am paid a steady draw of $4k month/but then receive quarterly bonuses.

Way back in 2005 we did hand over two cars to FMC during our bankruptcy, so I am pretty sure that is out.

Any recommendations are appreciated!

[Anonymous]

Leases trend to look for better credit then purchases. You may easily qualify for a favorable purchase rate (except FMC) , but I think you will have lease problems.

If you are attempting to lease a Ford from a Dealership, you ...should not bother.

You are probably blacklisted from Ford Motor Credit, especially if you left them with monies owed.

That means no Ford dealer lease specials, interest rate specials, leasing and purchase financing through Ford. Mazda may also be impacted

If you were looking to lease a Ford, they could get you a BANK LEASE, that is run a lease through a specific bank:  I never recommend anyone lease a car through a bank lease, usually the end of lease fees and/or early term fees are extremely onerous.

In all probability you need to look at a car purchase.

[MarineVietVet]

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@Anonymous wrote:

I have been working on raising my credit score for the last year and my current scores (per TrueCredit) are:

TU 653

EX 669

EQ 674

All collections paid except one for $299 which was originally attached to a school loan which is now paid, and although I have disputed multiple times, it is still there. One credit card $300 limit with $145 balance (just paid it off but not reflected) and I just opened a secured credit card (Cap One) with $500 that is not reflected.  There is a bankruptcy in 05 only on EX and a satisified judgement on all 3 from 09.  No other debts (we rent).

My question is, will I be able to qualify for an auto lease (for a brand new car)?  We have been using a single car (financed by hubby only so not on my report) and really need a another one.  I can afford it, but am afraid I won't be able to get financing.

The second hiccup on top of credit, I am a contractor and my income fluxuates.  My 09 income was almost six figures, but my 10 income was just over $55k.  I am paid a steady draw of $4k month/but then receive quarterly bonuses.

Way back in 2005 we did hand over two cars to FMC during our bankruptcy, so I am pretty sure that is out.

Any recommendations are appreciated!

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Hello and welcome to myFICO.

Unfortunately none of those scores you get from TrueCredit are FICO scores. In fact there is no 3 in 1 monitoring service that sells FICO scores.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at www.transunioncs.com but that site seems to have stopped doing that. At www.equifax.com EQ will still sell you an EQ FICO score but you have to look very hard to find it.

So unless you get a lender to pull your FICO's or you buy them here or your EQ FICO (being very careful what you buy there) from the EQ website you don't really know where you stand. Your real FICO scores could be higher or lower than what TC sells you.

In fact what TU sells now is called a VantageScore. Not only does VS use different scoring formulas than FICO but the score ranges differ.The range for VS is 501-990 while FICO ranges from 300-850. So there is no way to compare the scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Yeah, I figured FMC was out.  Wondering if any of the other big brands (GMC, Toyota, etc) were more lenient than the others in terms of credit requirements for a lease.  My husband was a salesman at a dealership for GMC so even though his credit was pretty rough, we leased a vehicle from them while he worked there and the low payment/new car was so nice.  We made all the payments on time, but after we turned it after the lease was complete and we purchased a used vehicle with his credit.  So now we are hoping to use mine for a second vehicle.  I would like to have a new vehicle again, but I was suspecting what you said, purchase is going to be about my only option as my scores are just not high enough for a lease.