Leasing with Mazda- what score do I need to get good lease rates?

[Anonymous]

So long story I'll try to summarize. I've been slowly rebuilding my credit for years. A few years ago, through a little bad luck and a lot of stupidity my credit scores tanked, low 500s. But somehow, when my car broke down, I managed to get approved for a very expensive lease of $299 a month for a little Hyundai Accent. Now...I have no regrets because it has allowed me to begun rebuilding credit slowly. Since then, I leased another car for my wife, and we have refinanced our mortgage. 

Bill payment history has been strong for the last 3-4 years. Havent missed a single lease payment o these two cars. Multiple credit cards, all current, and total utilization is less than 30%. All told, I've managed to claw my score into the mid to high 600's depending on the bureau. (677 TU, 672 EQ, 648 EX)...I know that my EX auto score is 660.Not sure of the other auto scores.

I am likely not leasing for a few months. Later this summer, an old judgement from 2008 will be falling off my credit reports. How much of a difference can I expect it to make? Will this get me to a level where I can get a good lease rate from mazda for a 2016 CX-5? 

Thanks

[Creditaddict]

at 660 i would think you would be in tier 1-3 which should get you the good rates.

[Anonymous]

Thanks. I just realized I have a CC through Chase so hoping that will help. 

[dabrian]

Why not buy? Just curious.

[Anonymous]

i have my heart set on a fully loaded Mazda CX-5. Working some numbers, seems like it would be a long shot I could afford the payments if I financed. But lease payments would likely be lower. 

Not ruling anything out, but just keeping it real.

[ylekiot1]

You should look into the CX3 coming out in a month or two.  It may have a package that appeals to you and not be as expensive as a loaded cx5.  It amy be cheaper to buy outright.   Word is that a backup camera and items will be on the standard base model with Automatic trans at 20k.

[Anonymous]

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@dabrian wrote:
Why not buy? Just curious.

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If I didnt have my reliable car that was problem free and paid for, I would lease.

If you like to drive a new car every 2-4 years, want peace of mind for warranty, don't drive over 20k miles/yr, etc, then leasing is the way to go.  Even with leasing people have taken a leased vehicle and traded it in at the dealer (yes, its possible, as the actual value was significantly higher than the residual value due to low mileage/condition) took that profit towards their next lease, and avoided a down payment.  That is of course one scenario and doesn't fit everyone.

I would NOT be going to a car dealer to lease though unless there were some bangin' incentives (like the hybrids had in california for residents). I would instead go to swap a lease dot com and find some rich person that has 5 or 6 cars and has already made that big down payment capital cost reduction, and is offering to PAY ME to take their car.  Sometimes the mileage allowance is over 2k miles a month! $500 to have a car shipped isnt too bad either. I'd want a mechanic to inspect of course before.

Now, you can get a newISH car every SIX months to 2 years for even less.  And still have the option to buy or trade or return at the end. That is flexibility!

[Anonymous]

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@Anonymous wrote:

Thanks. I just realized I have a CC through Chase so hoping that will help. 

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Is there any reason why you want to lease directly through the dealer?  I only lease and I get the best deals through a broker. So check the prices of the car through a broker as at the end it will go through whoever Mazda uses for their financing anyway.

Also, educate yourself properly before leasing if you haven't done so already.  I always refresh my skills everytime reading www.leaseguide.com.  Helped me not put any money down for my leases and used their calculator.  So when they come back and are trying to pull a wool over your eyes, you tell them to get lost and come back with a better deal...