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(3inq)Equifax 745 (2inq) TU 744 (6inq)EXP 726
AAOA (1yr5mos)
Avail credit: 49k
util: 8%
oldest account 2yr3mos
income 36k
never took a loan on a car thats why he said i would probably not qualify for a lease, which is odd because i am borrowing less money. but ok.
I am trying to lease a mazda through chase which i have checking and saving account with (balance>25k) for over a year.
so that might help me chances
car selling price around 21k
loan amount is around 8k after taxes and fees for the lease.
Also can i app as many times as i want within 30 days and it will count as 1 inq?
We haven't even ran my credit he just asked over the phone if i had ever had a car loan, i said no and he said oh well you probably wont qualify.
Lease financing has always been tougher than straight credit. I don't really understand why. But you don't have to lease through the dealer. Check out http://www.leasecompare.com. You might also talk to your bank or credit union and see if they'll finance a lease.
@Techno wrote:(3inq)Equifax 745 (2inq) TU 744 (6inq)EXP 726
Also can i app as many times as i want within 30 days and it will count as 1 inq?
We haven't even ran my credit he just asked over the phone if i had ever had a car loan, i said no and he said oh well you probably wont qualify.
Any car financing inquiry in a 2 week period will count as 1 for FICO scoring but still will show as multiple inquiries on your credit report. If you apply for a credit card for example they will see the total number of inquiries. That's why it's important to make intelligent decisions about your potential financing options ahead of time and narrow down the places where you intend to apply. If you just go off and have your credit run at 15 places, you are going to do your credit file harm, score or not.
The credit manager SUCKS at this dealership if he pulls MID 700's and can't get you a lease on a Mazda 3.... Mazda is pretty easy financing/leasing ANYWAY so find another dealership if you have issue but you should just go in and apply and see what happens...
@Creditaddict wrote:The credit manager SUCKS at this dealership if he pulls MID 700's and can't get you a lease on a Mazda 3.... Mazda is pretty easy financing/leasing ANYWAY so find another dealership if you have issue but you should just go in and apply and see what happens...
x2 lol manager is definitely trolling you, go to another dealership. Your FICO score is good.
That is absurd and ridiculous. I got a lease 2014 and your scores where higher than mine. They were all around 720 and only had 2 inquiries for the car. I leased a 2014 Infiniti Q50 AWD premium & loaded and it was all done online with a leasing company in New Jersey (I live in CT). It took about a week and then they drove the car down to my house for me to sign all paperwork. Very easy and breezy. I did my research well before starting the process as I don't have patience for crooks.
That sales manager doesn't know what he is talking about. The leasing company was very honest and got me the car I wanted. Sent me a preview of paperwork for me to read and changed whatever was in before the driver showed up with the car and document for me to sign. Do your research well before you do anything. I ended up getting a brand new car, no down payment (when all the dealers in CT wanted at least $5k down) and very low payment considering the car was close to 50k.
Thank you guys i went to another dealer and got approved with the best money ratio 0.00013.
got a deal for the lease for 250$ including tax with 530(first month registration + doc fee) down.
car msrp was 23395 and selling price was 20995 residual 60%
first time leasing/getting a loan on a car, but with my avail credit of over 50k it was a breeze.
thanks to all the hard work with the credit cards finally i have a loan showing so this should bring it up in a few months too
Find a different dealer
@Techno wrote:Thank you guys i went to another dealer and got approved with the best money ratio 0.00013.
got a deal for the lease for 250$ including tax with 530(first month registration + doc fee) down.
car msrp was 23395 and selling price was 20995 residual 60%
first time leasing/getting a loan on a car, but with my avail credit of over 50k it was a breeze.
thanks to all the hard work with the credit cards finally i have a loan showing so this should bring it up in a few months too
Id call the other guy back and be like PS. I leased from another dealer at TIER 1+. Have a great day!
@Anonymous wrote:Any car financing inquiry in a 2 week period will count as 1 for FICO scoring but still will show as multiple inquiries on your credit report. If you apply for a credit card for example they will see the total number of inquiries. That's why it's important to make intelligent decisions about your potential financing options ahead of time and narrow down the places where you intend to apply. If you just go off and have your credit run at 15 places, you are going to do your credit file harm, score or not.
Also note that in my experience, dealer financing has resulted in a double pull, once from the dealership and once from the financing company.
And to address the original question, I got a lease from VW with low 600s credit, and a lease from Honda with mid 600s.