Subaru financial will I get approved

[Anonymous]

So I recent went into a subaru dealer and tried to lease a subaru wrx

I currently have a lease through Toyota financial and want to keep that as well if possible. The dealer wasn't able to get me instant approval and they were telling me they have to wait and call chase on Monday and I may have to trade in my current car.

26500 lease amount before tax and licensing

Credit situation:
Tu 632 ex 603
Income 35,000 a year

I currently have a lease through Toyota financial and I've had it for 6 months now with good payment history.

I have had a paid off car loan through chase and I was cosigner on a lease for 3 years as well

I want to see what you think my approval odds are and if they'll let me keep my current car as well
Btw the current lease I have is my only expenses I don't have rent or any other financial obligations

[Anonymous]

Hmm can't really help you however in am thinking about a Subaru maybe end of year so I'm gonna stalk this posting. Probably won't lease but finance so keep us posted. 😆

[Anonymous]

---

@Anonymous wrote:

So I recent went into a subaru dealer and tried to lease a subaru wrx

I currently have a lease through Toyota financial and want to keep that as well if possible. The dealer wasn't able to get me instant approval and they were telling me they have to wait and call chase on Monday and I may have to trade in my current car.

26500 lease amount before tax and licensing

Credit situation:
Tu 632 ex 603
Income 35,000 a year

I currently have a lease through Toyota financial and I've had it for 6 months now with good payment history.

I have had a paid off car loan through chase and I was cosigner on a lease for 3 years as well

I want to see what you think my approval odds are and if they'll let me keep my current car as well
Btw the current lease I have is my only expenses I don't have rent or any other financial obligations

---

Scores are a bit low and might need more income to have both.  With no rent/mtg, you should be able to pay both.  Is that your true Fico score?  

[Anonymous]

Yeah that's the score I got once I submitted the credit app at the dealer

[Anonymous]

---

@Anonymous wrote:
Yeah that's the score I got once I submitted the credit app at the dealer

---

Anyway to increase your score over a few months.  Then you would move leverage with them.  

[MarcPA]

Curious what Fico Score did they pull and what version, MY EX and EQ are over 700 but my TU is low since most of my CCS show a balance on the report. I can pay some down to boost scores but I dont think MY TU would get over 700 do they use TU or pull all three and go with middle. I have really good DTI, and I also have a mortgage and CC with Chase no issues on my credit report in over 4.5 years.

[Jeff532003]

Marc remember that the dealer is not going to look at the FICO that you have access to.  It will be auto enhanced and more often than not come out higher than your regular FICO unless you have repo's or past auto loan trouble.  I think you'd probably get in with the Chase loan but its impossible to say.  I'd pre apply for a loan through your local CU and also DCU before going in so the dealer has to beat it.  If you can get approved for DCU then I doubt subaru will be able to be the 0.9 rate.  When I bought mine in february it was 1.9 which my local CU was also offering so I went with them.  

[Anonymous]

Is your current lease for 36 or 48 mo? (I work at a dealership) 6 months is extremely quick & Subaru tends to have bad leases/rebates/incentives because they're so "popular" and typically want a higher score.
What are your current payments? It's usually required you make 4xs the amount of your payment so have two loans with a lower score won't work because you will automatically be stipped for proof of income where they would see you should only have one.

[MarcPA]

Jeff maybe I dont understand I thought for a lease you had to go through the dealer. I assume for a 36 mo lease credit requirements would be higher than a loan for the same vehicle.