Reply
Regular Contributor
LindaLu
Posts: 191
Registered: ‎06-13-2008
0

Is it easier to get approved for a lease?

I'm weighing my options..I really don't want to lease but if it is easier to get approved and all I can get approved for I will do it...I just feel if you keep leasing you will alweays have a car payment ..verses buying the car and paying it off in 4 years and then driving it for another few more without a payment...but right now I'm just concerned about the approval process

thanks

Established Contributor
Chris123nTx
Posts: 500
Registered: ‎05-11-2007
0

Re: Is it easier to get approved for a lease?

No, you typicaly need better credit for a lease.
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Is it easier to get approved for a lease?

+1, Leasing has a lot of good perks like not having to worry about expensive maintenance after the car ages, aways being able to drive a late model car, and lower monthly payments but you need to be more financially stable for leasing and you typically need a 700 score or above. I found out that Acura Leases are all or nothing. Either you are a "well qualified lessee" or you are not. If you are not, you get denied.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
unixman
Posts: 34
Registered: ‎03-14-2013
0

Re: Is it easier to get approved for a lease?

[ Edited ]

I was approved for a new BMW lease on my own back in 2011 -- a year out of college -- with a less-than-desirable salary and a pretty crappy credit score (mid-600s I guess)... My lower score increased my money factor a bit (interest).

 

Not sure if this is a typical scenario though... I was pretty good buddies with the salesman, who I know pushed to help make it work.


Starting Score: 756
Current Score: 756
Goal Score: 800


Take the myFICO Fitness Challenge
Member
minnieamy1025
Posts: 8
Registered: ‎11-27-2012
0

Re: Is it easier to get approved for a lease?

Hi There,

 

Would you be able to tell me more about your acura leasing experience? I am looking to lease the TSX and have never leased before. My FICO is 773, I make about 50 k per year. I have very minimal debt now which I am happy about! I would consider myself financially stable. My issue is justifying rent. I don't pay the rent, my spouse covers this expense. I don't want to add him as an applicant because he is still cleaning up his credit and I don't think it would help the application. Do you know, or does anyone know how I can apply as an individual and still justify the rent? 

 

Hope that makes some sense. Any info would be helpful. My biggest fear is walking into the dealership and getting excited than turned down. 

 

Thanks! 

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: Is it easier to get approved for a lease?


minnieamy1025 wrote:

Hi There,

 

Would you be able to tell me more about your acura leasing experience? I am looking to lease the TSX and have never leased before. My FICO is 773, I make about 50 k per year. I have very minimal debt now which I am happy about! I would consider myself financially stable. My issue is justifying rent. I don't pay the rent, my spouse covers this expense. I don't want to add him as an applicant because he is still cleaning up his credit and I don't think it would help the application. Do you know, or does anyone know how I can apply as an individual and still justify the rent? 

 

Hope that makes some sense. Any info would be helpful. My biggest fear is walking into the dealership and getting excited than turned down. 

 

Thanks! 


Just say you don't pay rent. Are you on the lease as a financially responsible party?

 

You should be good to go, your income should be enough even with the rent.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Member
minnieamy1025
Posts: 8
Registered: ‎11-27-2012
0

Re: Is it easier to get approved for a lease?

Thanks for that. I am on the lease. But I have never paid towards rent. It's actually really high. So my income would basically support rent and nothing else if I did contribute. We will see what happens, I will try to speak to someone with the dealership. Maybe I am not the first lease applicant with this type of deal? Otherwise I will just need to be patient, save up and buy something with cash down the road. 

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: Is it easier to get approved for a lease?

[ Edited ]

Somebody else pays for rent at my house. The dealer didn't even ask about it. I just put down $0 for the rent amount. My income would also not support the rent where I live.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Member
minnieamy1025
Posts: 8
Registered: ‎11-27-2012
0

Re: Is it easier to get approved for a lease?

Well I just did the online pre-approval for acura and got approved. I have read that you shouldn't do that, but I felt like I was asking a lot of basic questions and should just bite the bullet. Does this mean I just go in and shop for the car now?

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: Is it easier to get approved for a lease?

What were the terms of your pre-approval?

 

Acura is offering 0.9% for 36 months. That is a pretty good offer. Aim for that.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}