@Anonymous wrote:
@Anonymous wrote:
So this may be a dumb question but I haven't leased in the past and my 11-year old Impala is not going to last forever. I currently have EX:740 TU:734 EQ:756. I want to lease a 2017 Dodge truck which runs $51,275 for model/packages I'm interested in. Will a 740 get me the best rates(?) or should I wait a few months when my scores should be around 770 according to simulation when I pay off some cards? Appreciate any help. Oh and salary is a little over 95k annually.
740 is plenty to get the best lease rates on a Chrysler product. Understand that they wll use your Fico 8 Auto scores which are not the same as the Fico 8 most report. If you are a subscriber here you can see your auto scores. I am sure you will be fine but if you can down the credit cards all the better. I always suggest folks research leasing closely and understand the elements that go into a lease before you go to the dealer. Some will play with the money factor which is the interest and some will resist discounting from MSRP which impacts the capitilized cost and raises the payments. Best way to go is to find one of the published lease specials and make them mirror that deal. Since you have an 11 year old car it sounds like you generally keep your cars a long time, it that is the case you might want to consider buying over leasing. All of the truck manufactuers are offering huge incentives to sell trucks right now so you might find buying more affordable. Just a thought. I have a buddy who went from long term ownership to a lease and regretted it because he realized he was always going to have a car payment and was used to paying for 5 years and enjoying another 5 years of payment free ownership.
Thank you so much for the reply. My FICO 8 auto scores range from 731-776. Not sure why the huge gap tho. The older auto scores are all in the 800 range but I assume they aren't used anymore? As for my current car, I financed it used 8 years ago and ended up paying almost 22k on a 11.5k capital one loan due to my 377 score. Just finished paying off my condo, so don't have any other big bills currently. I probably would have looked at a newer car (with lease) sooner if I wasn't focused on mortgage and bringing up my score. Do you happen to know which company Chrysler usually pulls for auto score?
