Need some advice! Lease vs Finance!

[southfloridalease]

i have had 2 leases with VW Credit in the past, the first one did not miss a payment at all.  The second one, I missed 10 payments/30days, the last one was from December 2009, late due to an illness that I had.  Currently, my FICO scores are EX 711, EQ 713, TU 702, with a DTI ratio of 5%.  I have 1 Credit Card with a $0 balance/$500 limit, and a student loan with $76.40 which will be paid up at the end of this month.  I was looking at Toyota or Mini, but after reading alot of the posts on here, was afraid that I would be turned down with the late payments.  I have read that a lease is more difficult to achieve with late payments, but shouldn't a financed car be the same?

[blondy250]

Your going to have a problem , your auto-enhanced score will most probably be much lower then scores your posting now because of your lates. I think you'd be able to secure financing but will be looking at a ridiculous rate, and yes it's more difficult to lease then finance.

[boomhower]

You auto score is certainly going to be impacted by the lates.  Leasing may be more difficult but it's really hard to say as there isn't any way to get a solid estimate of what your score is.  That said, not every lender uses auto enhanced FICO.  With your current scores you'd qualify for the lowest rate at DCU, around 2%. 

[southfloridalease]

May I ask what is DCU?  That is something that I haven't heard of!  Do you think that even though the last late payment was from December 2009, I am still going to have a problem....All my other payments have been on time!

[Luscher]

i dont see any possible way of you being approved without a cosginer with above average credit...........dcu is a credit union known to giving good rates for auto loans and might also be more willing to give you one since you have late payments.