Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

[ah32]

A home is a better investment than an expensive car that will depreciate. I doubt your rent will stay that low over time. Buy the house now and the car later. You never know when the bottom will drop and you're out a job. At least you would have the house to fall back on. You could get roommates, sell, etc. Just my two cents. 

[Creditaddict]

since you are renting, have you covered with your landlord charging a car? and having that charger installed, etc.?

I was not looking at a Tesla but other electric cars and we do not have ability in our apartment garage to add charging and I spoke with management and they said no!

My partner doesn't have charging ability at work either and can't be added either.

make sure you cover those bases first.

[disdreamin]

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@Anonymous wrote:

And that's my thing as well.. I don't really care about owning a home right now..If I rent forever.. I can and most definitely will.. There are so many " hidden costs," in buying a home.. That I personally think its more of death trap than a 3 year lease.. 15 year or 30 year mortgage seems overrated to me.. 

Im 2 certifications away from $90,000 and 3 certifications from $100,000. 

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As far as mortgages and homes, I definitely hear what you are saying.  Making low 6 figures doesn't necessitate buying a spendy car, though, any more than it necessitates buying a house.

Regarding your current salary and future salary increases - it's a nice paycheck and all, but when you do want something more (whatever more might mean to you) it isn't a whole lot of money when you come right down to it.  If you tell me you'll hit mid-6 figures shortly, I'd say go for that Tesla and have fun with it.  At $100K, that's a big car payment.

[Anonymous]

With 100,000.. that gives me an additional $2000+ a month after taxes. Thats more than enough money to handle that.

Hell even an extra 10,000 grand gives me enough breathing room.

[Anonymous]

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@Anonymous wrote:

With 100,000.. that gives me an additional $2000+ a month after taxes. Thats more than enough money to handle that.

Hell even an extra 10,000 grand gives me enough breathing room.

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It's not just about income.  You also have to have the credit to justify the lease approval.  You said in your initial post that you haven't purchased anything on credit since 2004.  Why do you think they are going to lease you an expensive car all of a sudden when your credit file doesn't justify it?

[Anonymous]

umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

[disdreamin]

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@Anonymous wrote:

umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

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Then why did you even ask the question in the first place?  If you are that certain it's a slam-dunk, just go buy your car...oh, excuse me...go lease your car. 

Seriously?  Why waste the time posting here?

FWIW, as your salary goes up, so does your tax bracket.  So that $20K won't really be $2K extra in your pocket each month (and $20K per year =/= $2K per month even pre-tax).  And if someone gives me 10,000 GRAND, as you said in your previous post ("Hell even an extra 10,000 grand gives me enough breathing room."), I am quitting my job.  Right then and there. 

[Anonymous]

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@Anonymous wrote:

umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

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Hey if you think that's all that is required more power to you.  Good luck.

[sccredit]

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@disdreamin wrote:

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@Anonymous wrote:

umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

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Then why did you even ask the question in the first place?  If you are that certain it's a slam-dunk, just go buy your car...oh, excuse me...go lease your car. 

Seriously?  Why waste the time posting here?

FWIW, as your salary goes up, so does your tax bracket.  So that $20K won't really be $2K extra in your pocket each month (and $20K per year =/= $2K per month even pre-tax).  And if someone gives me 10,000 GRAND, as you said in your previous post ("Hell even an extra 10,000 grand gives me enough breathing room."), I am quitting my job.  Right then and there. 

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x2!

OP - IMO (which is what you get on a public forum) you are making a foolish decision.  A $100k car, even on a $100k income is foolish. Life changes very very fast.  For example when my wife and I started dating I lived in a condo at the beach in San Clemente CA and worked in a high rise in Newport Beach making extremely good money managing an investment fund.  in 2008-2009 the condo was sold (even though I put 20% down I came out break even), the Saleen (S281/Mustang)was sold and I was driving my truck around UNEMPLOYED.  

A year later, I was driving a crappy Chevy Trailblazer around, a married man, preparing for a kid and making less than half of what I was previously.  You never know what will happen and you are not thinking ahead enough, you are setting yourself up for failure.

Again, just my opinion, take it for what you want.

[Anonymous]

i would for a volt ! lol 

Good luck