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Member
minnieamy1025
Posts: 8
Registered: ‎11-27-2012
0

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

Even though I applied for a lease, there were no terms like you are mentioning. I got a certificate that said I was pre-approved for credit up to 37,150. When I called to make an appointment, they said that this meant I qualifed for top tier offers. We will see, I am going to go check things out in a couple of days. Definitely want to ensure I get a good deal!

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

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

[ Edited ]

Oh okay, yeah sorry. I was thinking purchase offer of 0.9%.

 

These are general 36 month lease amounts:

RLX $499

ILX $209

TSX $299

RDX $379

TL $349

MDX $439

 

Work on negotiating the cost of the vehicle down. Don't agree to what they offer you the first few times. They will keep saying "your monthly amount will be this". Try to also look at the initial cost of the vehicle vs how much it will be worth at the end of the lease. The shorter the spread between those numbers, the lower your lease cost. So, getting the initial cost down will lower your lease cost.

 

What model are you looking to lease?

 

I like the AWD TL with tech package. 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

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

You should check out some other makes. You might like Inifiti or Audi.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Member
minnieamy1025
Posts: 8
Registered: ‎11-27-2012
0

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

I love both those cars. I have been looking at all the lease offers around town. In my area though the acura seems to have the best lease offer, 0 down, 350 a month. I live in IL, does anyone what to expect on top the 350 monthly payment? taxes etc?

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

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


minnieamy1025 wrote:

I love both those cars. I have been looking at all the lease offers around town. In my area though the acura seems to have the best lease offer, 0 down, 350 a month. I live in IL, does anyone what to expect on top the 350 monthly payment? taxes etc?


Which model of Acura?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

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


minnieamy1025 wrote:

I love both those cars. I have been looking at all the lease offers around town. In my area though the acura seems to have the best lease offer, 0 down, 350 a month. I live in IL, does anyone what to expect on top the 350 monthly payment? taxes etc?


All of those makes will have cars available in the $350 per month range.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Member
minnieamy1025
Posts: 8
Registered: ‎11-27-2012
0

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

The one I am looking at is the Acura TSX. Thanks for all your response today by the way! I have been nervous about the whole process. This info is great!

Frequent Contributor
sarkell
Posts: 345
Registered: ‎02-27-2013
0

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

I recently approved with a terrible score 535 Audi lease however I was putting 10k down due to trade and I have had 6 loans with vw credit including a lease with perfect history.
Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

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

With Acura, GAP coverage is standard. You don't have to pay extra for it. I leased a 2012 Acura TL. My score was a 724. Tier 1 cutoff is 720. The lease offer they had during the Christmas season was $400 per month for the TL but you have to remember that is usually based upon $2999 due at lease signing. I put down the first month's payment plus $1000 so $1467 total to get my payment lower. Next I added the premium maintenance plan that covers all oil changes and tire rotations plus it covers dings, scratches, cracked windshields, damaged tires due to running over a nail, etc. I HIGHLY recommend doing this otherwise Acura will charge you to fix the scratches, etc. when your lease is over. While I strategically park my car away from danger, somehow a scratch or ding appears months down the road. Additionally, I paid for window tint, mag chloride protectant, clear coat protectant that helps prevent scratches if someone's button or belt grazes the surface of one of the car doors. I also had them include a clear bra on the front to prevent damage from rock chips, they also added clear bra to the side mirrors and underneath the door handles. Additionally, I had the leather stain mastered since it is a light beige color. So after all of that, my lease payment is $536 per month for the FWD Acura TL model. I don't pay any maintenance costs and if someone dings or scratches my car door, I bring it in and it is fixed for free and I'm not charged for it at the end of the lease. To finance the Acura TL, they wanted $642 per month and that didn't include tinted windows, etc. The dealer should show you your monthly payment for leasing and financing, then you choose what you want to do.

I look forward to driving the new TLX that will be coming out as well as the RDX to get a feel for the car I might want to drive long term. Don't get me wrong. I love my Acura TL but I may like the TLX or RDX better.

The reliability of Honda/Acura is superior to BMW and Audi. If you want a BMW or Audi, I highly recommend leasing them as they are notorious for breaking down once the warranty ends and the repair costs are astronomical. So I would only drive one under the protection of the lease. If you got it like that and can afford the repair bills for a BMW or Audi, then go for it.

And who knows, I still might buy out my lease for the $18K remaining after 3 years. 3 year old Acura TLs sell on the lot for $25K, so $18K is a stellar deal. Acura leases are closed ended which means your buy out price is locked at the beginning of the lease which protects you against inflation. Plus Acura rolls any unused miles into your next lease. And Acura forgives 50% of your mileage overage up to 7500 miles. As they say, Acura leases are very attractive. :smileyhappy: I drive in a lot of snow and the FWD model does fantastic. So don't assume you need to pay extra for the SHAWD if you drive in the snow. And even though the FWD model has 25 HP less than the SHAWD, you would probably not notice unless you are a race car driver. The price differential between FWD and SHAWD is about $10K, which is not trivial.

Hope that helps and good luck on whatever you choose!
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
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

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


MovingForward_2012 wrote:
With Acura, GAP coverage is standard. You don't have to pay extra for it. I leased a 2012 Acura TL. My score was a 724. Tier 1 cutoff is 720. The lease offer they had during the Christmas season was $400 per month for the TL but you have to remember that is usually based upon $2999 due at lease signing. I put down the first month's payment plus $1000 so $1467 total to get my payment lower. Next I added the premium maintenance plan that covers all oil changes and tire rotations plus it covers dings, scratches, cracked windshields, damaged tires due to running over a nail, etc. I HIGHLY recommend doing this otherwise Acura will charge you to fix the scratches, etc. when your lease is over. While I strategically park my car away from danger, somehow a scratch or ding appears months down the road. Additionally, I paid for window tint, mag chloride protectant, clear coat protectant that helps prevent scratches if someone's button or belt grazes the surface of one of the car doors. I also had them include a clear bra on the front to prevent damage from rock chips, they also added clear bra to the side mirrors and underneath the door handles. Additionally, I had the leather stain mastered since it is a light beige color. So after all of that, my lease payment is $536 per month for the FWD Acura TL model. I don't pay any maintenance costs and if someone dings or scratches my car door, I bring it in and it is fixed for free and I'm not charged for it at the end of the lease. To finance the Acura TL, they wanted $642 per month and that didn't include tinted windows, etc. The dealer should show you your monthly payment for leasing and financing, then you choose what you want to do.

I look forward to driving the new TLX that will be coming out as well as the RDX to get a feel for the car I might want to drive long term. Don't get me wrong. I love my Acura TL but I may like the TLX or RDX better.

The reliability of Honda/Acura is superior to BMW and Audi. If you want a BMW or Audi, I highly recommend leasing them as they are notorious for breaking down once the warranty ends and the repair costs are astronomical. So I would only drive one under the protection of the lease. If you got it like that and can afford the repair bills for a BMW or Audi, then go for it.

And who knows, I still might buy out my lease for the $18K remaining after 3 years. 3 year old Acura TLs sell on the lot for $25K, so $18K is a stellar deal. Acura leases are closed ended which means your buy out price is locked at the beginning of the lease which protects you against inflation. Plus Acura rolls any unused miles into your next lease. And Acura forgives 50% of your mileage overage up to 7500 miles. As they say, Acura leases are very attractive. :smileyhappy: I drive in a lot of snow and the FWD model does fantastic. So don't assume you need to pay extra for the SHAWD if you drive in the snow. And even though the FWD model has 25 HP less than the SHAWD, you would probably not notice unless you are a race car driver. The price differential between FWD and SHAWD is about $10K, which is not trivial.

Hope that helps and good luck on whatever you choose!

Don't just buy a car based off payments. Purchase a vehicle based off the bigger picture.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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