03-17-2017 11:47 AM
My credit scores are not the greatest but I have been trying to rebuild my credit since Jan. 2016. I started with score of 430 which is now EQ: 598 TU: 611 EQ: 613. I know I still have a ways to go but it makes me feel good seeing the numbers go up. I have (4) credit cards:
Cap Platinum credit 1000 credit limit; credit card was 750 and I ask for CLI last wk and was given $250.00. (1,000 credit limit) owe 300.00 I know it's not alot but it's a start.
Cap Journey: 500 credit limit; CLI was given $250.00 now credit limit is ($750.00) (owe 350.00)
Cap Platinum: account restricted 300.00 balance.
Credit Union secured card limit 300.00
I have been on time with paying all my bills, thankfully. I would like to lease a vehicle sometime this year.
What type of score do I need to lease? I have an income of $70,000
Thanks for your help
03-17-2017 11:53 AM
I been having modest sucess with Chase, and my scores are around 660-670. But YMMV and every bank is different.
Chase gave us a car loan around 7% in 2014 when my husband's scores were around 660-670.
03-17-2017 07:41 PM
I think your results will depend greatly on the vehicle you are wanting to lease. Last year when Chevrolet was trying to get rid of the old body style Malibu sedans, I saw GM Financial do leases down the the 560s. Even now, I still see people in 590s lease modest vehicles. Now, if you're wanting a BMW 7 series, then I'd say you won't be too successful.
03-17-2017 09:06 PM
I'm interested in the Ford Edge (2016) since I figured you might get a better deal since they are trying to make room for the 2017. If I have to, I will wait until my scores improved in order to receive a better APR
03-18-2017 04:23 AM
At this point in 2017, I'd be surprised if a 2016 would be cheaper to lease. Let's say hypothetically that a 2017 has a 36 month residual of 47%. The same vehicle in a 2016 model at this point would have a residual lower than the 17 (it's a model year older). If the residual is less, your payment is more. Also, I would think Ford Credit would be just about done with leasing 2016 models.
Now on if you want to buy one then sure you can probably get a better deal on a 16. Also if you g to a dealer, please don't mention "low apr" with leasing! The sales person might say something like "oh yes very low,my he rate is .00125"....leases do not have an apr, rather something called a money factor. It's the same affect as an apr, but just wanted to give you that advice.
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