06-13-2012 11:26 AM - edited 06-13-2012 11:29 AM
Hello, I am looking to lease a luxury sport coupe in Dec. 2012. I have never lease before and have some questions to help me understand the whole entire process.
My background...I figured leasing will suit me best. I drive less than 15k miles per yr and I like to drive a new vechicle every 4yrs. I am trying to understand if the approval process for leasing is more difficult vs. buying the car itself. I do however want to get in and out of the car as cheaply as possible.
My score is in my sig, but my util % is really high right now. I am able to get my util from 75% down to under 10% by the 1st of Dec. 2012. My score should get a lil boost into the 720s I hope. I have no negs, missed payments, etc...my report is squeaky clean. Only drawback is the high util %. My oldest TL is 23yrs and AAoA is 6yrs. I have no IQs within the last 12 months but a total of 6 on TU, 4 on EX and 12 on EQ - half will fall off in Dec. 2012 and the other half will fall off in Feb. 2013.
Now...is there anything I need to do to make my approval process smoother? What tier would I be in if my fico score is 720+? I am not a member of any CU and really not looking to join one. I am trying to figure out if I should go straight to the dealer and fill out a leasing application or call Chase, Wells Fargo.
I currently don't have a mortgage or auto loan.
Any advice or feedback would be apreciated.
06-14-2012 01:40 AM
Most CU's don't do leases. I do not know if leasibg is harder then buying FICO score wise. It would be good to know which CRA they pull from.
I would deal with the dealer first unless the bank will do pre-approval for leases.
06-14-2012 06:45 AM
Leasing is much harder to qualify for than purchasing a car, but with scores above 700, shouldn't be an issue at all.
CU's typically don't offer leasing because they can't just accept the car back at the very end, like the dealer can.
December is a great month for buying, especially the last few days. Good luck.
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