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Posts: 58
Registered: ‎09-23-2016
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Lexus Financial Approval

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I am now 5 months post Ch 7 BK DC and Lexus Financial approved me for a 2017 IS350 F sport lease at a MF of .00160 (3.84%). I did not reaffirm both of my loans with BMW Finance and VW Credit and bought a used car right after my discharge through Consumer Portfolio Services. This helped enough to where I am now in a 2017. There is definitely light at the end of the tunnel! 

BK7 08/2016 DC 12/2016
Cap1 Quicksilver $3000 | Merrick Bank $1400 | Credit One $450 I CFNA $1200 (Survived BK7)
I Starting Score 10/2016 Fico8: TU 597 I EX(LP) 607 I EQ 592
I Current Score 9/2017: TU 651 | EX 658 | EQ 665
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Posts: 1,616
Registered: ‎12-16-2014
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Re: Lexus Financial Approval


nykos5000 wrote:

I am now 5 months post Ch 7 BK DC and Lexus Financial approved me for a 2017 IS350 F sport lease at a MF of .00160 (3.84%). I did not reaffirm both of my loans with BMW Finance and VW Credit and bought a used car right after my discharge through Consumer Portfolio Services. This helped enough to where I am now in a 2017. There is definitely light at the end of the tunnel! 


Congrats,  keep working your rebuild and you will have good credit soon enough and excellent credit in a few years.  I am always amazed at how quickly folks bounce back from BK.  If you haven't already visited the rebuilding section I would do so, plenty of folks who have built solid credit after a BK there.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
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Super Contributor
Posts: 14,744
Registered: ‎11-11-2014
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Re: Lexus Financial Approval

Thanks for sharing and congrats...

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Registered: ‎06-15-2017
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Re: Lexus Financial Approval

 

 

May I ask what the terms are of your lease?

 

 

Valued Member
Posts: 58
Registered: ‎09-23-2016
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Re: Lexus Financial Approval


wendyfacecloth wrote:

 

 

May I ask what the terms are of your lease?

 

 


36 months 15k miles/year

BK7 08/2016 DC 12/2016
Cap1 Quicksilver $3000 | Merrick Bank $1400 | Credit One $450 I CFNA $1200 (Survived BK7)
I Starting Score 10/2016 Fico8: TU 597 I EX(LP) 607 I EQ 592
I Current Score 9/2017: TU 651 | EX 658 | EQ 665
New Visitor
Posts: 2
Registered: ‎06-15-2017
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Re: Lexus Financial Approval

 

 

My Bk was discharged in Sept of 2015,   

 

Credit Karma shows my scores at  682 and 683,   but I was told these are not my true scores.

 

I am interested in the same car as trying to decide where I can get a true fico score, before I go an apply for a loan for a lease

 

I am considering Swap A Lease where you go thru Lexus Fin just take over someone's lease but there is not down payment and shorter lease terms

 

 

Where did you get your true Fico score and do you know what credit bureau Lexus uses to get the score.     

 

 

Thank you for any help    

Valued Member
Posts: 58
Registered: ‎09-23-2016
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Re: Lexus Financial Approval


wendyfacecloth wrote:

 

 

My Bk was discharged in Sept of 2015,   

 

Credit Karma shows my scores at  682 and 683,   but I was told these are not my true scores.

 

I am interested in the same car as trying to decide where I can get a true fico score, before I go an apply for a loan for a lease

 

I am considering Swap A Lease where you go thru Lexus Fin just take over someone's lease but there is not down payment and shorter lease terms

 

 

Where did you get your true Fico score and do you know what credit bureau Lexus uses to get the score.     

 

 

Thank you for any help    


You can get your true FICO score here through MyFico.Com. Lexus Financial uses the same underwritting rules as Toyota Finance since they are the same bank. Toyota is pretty leninet with BKs and being that you were dc almost 2 years ago, you should be fine. Depending on the state, Toyota usually pulls EQ but the dealer I went to pulled all three and submitted the highest score. They do use auto enhanced scores as well. I have heard Toyota approving leases as low as 585 depending on your auto loan history pre and post bk. 

BK7 08/2016 DC 12/2016
Cap1 Quicksilver $3000 | Merrick Bank $1400 | Credit One $450 I CFNA $1200 (Survived BK7)
I Starting Score 10/2016 Fico8: TU 597 I EX(LP) 607 I EQ 592
I Current Score 9/2017: TU 651 | EX 658 | EQ 665

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