@Anonymous wrote:
I have a bit of a complex situation. I am trading in a car that is payed off to pay for a 3 year lease. The trade in will pay for the whole lease outright and I have the money for the down payment. The problem is that even though I have good credit, I am a student with very low income. My father has very high income and is willing to cosign on the lease, but because of of high credit card debt his credit is low. I am wondering if I am primary with good credit, and he cosigns will it be approved because of his high income or does that not matter since he has bad credit.
Bad credit and good credit are relative terms, we would need to have actual autofico scores to provide any real opinions. I would caution against paying for an entire lease in advance like this, the reason is that if the car is stolen or totatled you will lose your entire investment. For this reason the experts reccomend never putting any money down on a lease and instead pay the licensing fees, security deposit and first months payment only.
As far as qualifying all manufactuers are going to have different standards, my guess is with dad's cosign you would get approved if he has the income to support the payment but the money factor (interest) may be higher than normal.
