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Hello everyone,
Ive been a long time lurker and am currently in the process of looking to lease a car.
Ive been "mooching" off my dad when it comes to using his credit (for a car). Ive been paying for it but for some reason, he still thinks im abusing him and I cant use his credit anymore; Ive used his credit for 6 years, 3 cars: Paid off, never late 2009 Honda accord, 2011 ML350 and 2013 TnC. The 2013 is a lease thats due to be returned in 32 days so with that in mind, I brought that up to my dad and he all of a sudden doesnt want me to lease anymore (I built his credit from nothing, did all the heavy lifting). Now, did I get something out of it, of course but Ive done nothing to take that privledge away and now I am in a bind.
In any case, in the process of extablishing my dads credit, I disregarded my own and after viewing it, Ive seen several lates from my student loans. Over 72 lates from my loans, which I made the stupid mistake of thinking that if I was still in school but not taking loans, that my lons would still be in defferment; turns out that wasnt the case. SO heres how my credit looks
All three have Fico scores from 600-630 range
72 lates from student loans only
3000 capital one secured card with 3 months history and 18% UTL
4000 citi card with 4 months history and 14% UTL
AAoA @ 5 years
No collections, charge offs or any other negatives
My income is $58k with 3 years with the company
Expenses are low as Im very frugal with my money; barely spending more than my typical expenses (rent/bills etc...)
Is there any chance that I could get a lease from say Ford, Nissan, GM or Chrysler?
Cars I am looking to get are one of the following: Ford Escape, Nissan Murano, Caddilac SRX, Dodge Durango; I understand the last two are almost certainly denials, with the first two being highly likely denials. Based on the above info however, has anyone out there had similar credit and been approved for a elase with one of the above companies? Ive spoken to a couple dealers and they seem to tell em that I will probably get the worst apprvals and it would be for cars like the Focus, Sentra, Dart, Cruze/Malibu. Obviously, I would like to avoid those cars like the plague and was hoping to see if I should even bother with trying.
I might have another option. I have another family member who might be willing to co-sign (only) if the car were a two year vehicle or if it were three year vehicle, it must have the option of lease transfer; those were her stipulations, which is better than no.
Her credit is 740s and up, with just 1 current auto lease (4 months young) but with perfect payment history and low UTL. If I do go with this option, which companies offer 2 year lease and/or lease transfer ability?
Thank you all for taking the time to read, even though I made it longer than I had to. Hoping to get someone input on this. Thanks again!
@Anonymous wrote:Hello everyone,
Ive been a long time lurker and am currently in the process of looking to lease a car.
Ive been "mooching" off my dad when it comes to using his credit (for a car). Ive been paying for it but for some reason, he still thinks im abusing him and I cant use his credit anymore; Ive used his credit for 6 years, 3 cars: Paid off, never late 2009 Honda accord, 2011 ML350 and 2013 TnC. The 2013 is a lease thats due to be returned in 32 days so with that in mind, I brought that up to my dad and he all of a sudden doesnt want me to lease anymore (I built his credit from nothing, did all the heavy lifting). Now, did I get something out of it, of course but Ive done nothing to take that privledge away and now I am in a bind.
In any case, in the process of extablishing my dads credit, I disregarded my own and after viewing it, Ive seen several lates from my student loans. Over 72 lates from my loans, which I made the stupid mistake of thinking that if I was still in school but not taking loans, that my lons would still be in defferment; turns out that wasnt the case. SO heres how my credit looks
All three have Fico scores from 600-630 range
72 lates from student loans only
3000 capital one secured card with 3 months history and 18% UTL
4000 citi card with 4 months history and 14% UTL@AAoA @ 5 years
No collections, charge offs or any other negatives
My income is $58k with 3 years with the company
Expenses are low as Im very frugal with my money; barely spending more than my typical expenses (rent/bills etc...)
Is there any chance that I could get a lease from say Ford, Nissan, GM or Chrysler?
Cars I am looking to get are one of the following: Ford Escape, Nissan Murano, Caddilac SRX, Dodge Durango; I understand the last two are almost certainly denials, with the first two being highly likely denials. Based on the above info however, has anyone out there had similar credit and been approved for a elase with one of the above companies? Ive spoken to a couple dealers and they seem to tell em that I will probably get the worst apprvals and it would be for cars like the Focus, Sentra, Dart, Cruze/Malibu. Obviously, I would like to avoid those cars like the plague and was hoping to see if I should even bother with trying.
I might have another option. I have another family member who might be willing to co-sign (only) if the car were a two year vehicle or if it were three year vehicle, it must have the option of lease transfer; those were her stipulations, which is better than no.
Her credit is 740s and up, with just 1 current auto lease (4 months young) but with perfect payment history and low UTL. If I do go with this option, which companies offer 2 year lease and/or lease transfer ability?
Thank you all for taking the time to read, even though I made it longer than I had to. Hoping to get someone input on this. Thanks again!
I do not have any advise for your car purchase. However, there may be help to solve your student loan problems. If you were in school at least part time, your educational loans were eligible for an in school deferment (it does not matter if your took out any additional loans). If you have proof of your school status, I would contact the student lender and request removal of the late entries. This will go a long way of improving your scores and you would not need to rely on anyone's credit.