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Member
cadesertcredit
Posts: 8
Registered: ‎03-08-2012
0

Re: I can help, I manage a car dealership.

 


UpNComing wrote:

cadesertcredit wrote:

Hi upncoming,

 

i would like your opinion. i am looking to lease and was curious what sort of  financing "tier" i'd be in with a TU of 722 and EQ @703. i'm looking to lease an Acura or BMW and notice that they always say "prefered" tier or some such for the rates that they normal advertise. at what point would a person qualify for a "Top tier"sort of rate?

 

thanks

 

 


700 is a good benchmark.  However I've seen plenty in the upper 600's get top tier rates as well.  If you have any previous auto history you're golden with your scores.


Thanks that's good news. I had a bk in 2003, paid off my Ford motor credit loan in '05, then financed 20k @11.75% with chase in '09, then refied the remaining 11k in january with my cu @3.5% and now i'm looking to lease. Any advice on when the best time to hit the dealerships mihgt be? end of the month, etc.....thanks

New Member
ray916
Posts: 3
Registered: ‎10-22-2011
0

Re: I can help, I manage a car dealership.

i dont have the returns . did not file .


Starting Score: 607
Current Score: 664
Goal Score: 777


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Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
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Re: I can help, I manage a car dealership.


cadesertcredit wrote:

 


UpNComing wrote:

cadesertcredit wrote:

Hi upncoming,

 

i would like your opinion. i am looking to lease and was curious what sort of  financing "tier" i'd be in with a TU of 722 and EQ @703. i'm looking to lease an Acura or BMW and notice that they always say "prefered" tier or some such for the rates that they normal advertise. at what point would a person qualify for a "Top tier"sort of rate?

 

thanks

 

 


700 is a good benchmark.  However I've seen plenty in the upper 600's get top tier rates as well.  If you have any previous auto history you're golden with your scores.


Thanks that's good news. I had a bk in 2003, paid off my Ford motor credit loan in '05, then financed 20k @11.75% with chase in '09, then refied the remaining 11k in january with my cu @3.5% and now i'm looking to lease. Any advice on when the best time to hit the dealerships mihgt be? end of the month, etc.....thanks



Last day of the month, latter half of the day.  If the month end falls on a weekend then wait until Monday since the manufacturer will push the close till then.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

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Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


ray916 wrote:

i dont have the returns . did not file .



Tough situation.  Banks may red flag you.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Member
bschmidt
Posts: 33
Registered: ‎07-17-2009
0

Re: I can help, I manage a car dealership.

Hey UpNComing,

 

Being a GM at a VW dealer, maybe you can help me out...  I'm looking at leasing a new Passat.  I drove the 3.6SE this past weekend and loved it.  Problem is, there's next to no lease information on it out on the web for the V6 and I didn't get too far into it with the sales guy.  Is the money factor and residual on that model pretty similar to the 2.5?  I'd be looking to lease for 3 years and 15K miles.  Also, my score is around 700 if that would affect anything.  Thanks in advance!

Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.

[ Edited ]

bschmidt wrote:

Hey UpNComing,

 

Being a GM at a VW dealer, maybe you can help me out...  I'm looking at leasing a new Passat.  I drove the 3.6SE this past weekend and loved it.  Problem is, there's next to no lease information on it out on the web for the V6 and I didn't get too far into it with the sales guy.  Is the money factor and residual on that model pretty similar to the 2.5?  I'd be looking to lease for 3 years and 15K miles.  Also, my score is around 700 if that would affect anything.  Thanks in advance!



Money factor is .00050 (1.2% apr) and residual is 51%.  Currently there is no incentive for the VR6.  700 score will get you an automatic tier a approval as long as you have previous paid auto history.

 

*Edited for calculation on apr.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Contributor
Mandazoid
Posts: 86
Registered: ‎08-23-2011
0

Re: I can help, I manage a car dealership.


UpNComing wrote:

Mandazoid wrote:

Just over 161K. The rest of the car is in pretty good condition - no rust, dents, etc., and it runs just fine. I also have a two-way remote start system installed in it, but I'm not sure how much that would help.



Aftermarket equipment isn't factored in.  Tell the dealer you want $1500 for you trade.  My money says you'll get it.


Hey, UpNComing.

 

Apologies for taking you back a few days, but I completely missed your response. That $1500 for the trade-in - is that with or without paying for the $900 worth of repairs first? Just want to make sure I understand.

 

Thanks!


Starting Score: 609 (8/23/11)
Current Score: TU: 799 (7/31/14) EX PLUS: 770 (5/7/14)
Goal Score: 820
Established Contributor
UpNComing
Posts: 684
Registered: ‎05-02-2008
0

Re: I can help, I manage a car dealership.


Mandazoid wrote:

UpNComing wrote:

Mandazoid wrote:

Just over 161K. The rest of the car is in pretty good condition - no rust, dents, etc., and it runs just fine. I also have a two-way remote start system installed in it, but I'm not sure how much that would help.



Aftermarket equipment isn't factored in.  Tell the dealer you want $1500 for you trade.  My money says you'll get it.


Hey, UpNComing.

 

Apologies for taking you back a few days, but I completely missed your response. That $1500 for the trade-in - is that with or without paying for the $900 worth of repairs first? Just want to make sure I understand.

 

Thanks!


As is.

CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Established Member
bschmidt
Posts: 33
Registered: ‎07-17-2009
0

Re: I can help, I manage a car dealership.

Thanks for your help UpNComing!  I appreciate it!

Contributor
Mandazoid
Posts: 86
Registered: ‎08-23-2011
0

Re: I can help, I manage a car dealership.


UpNComing wrote:

Mandazoid wrote:
Hey, UpNComing.

   Apologies for taking you back a few days, but I completely missed your response. That $1500 for the trade-in - is that with or without paying for the $900 worth   of repairs first? Just want to make sure I understand.

 

Thanks!


As is.



That. Is. Awesome.

Thanks again for being such a rockstar (and a patient one at that) and answering all these gazillion questions. It's been incredibly informative!


Starting Score: 609 (8/23/11)
Current Score: TU: 799 (7/31/14) EX PLUS: 770 (5/7/14)
Goal Score: 820

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