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Contributor
retroAction
Posts: 91
Registered: ‎04-24-2012
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Will I Qualify For A Lease?

[ Edited ]

I currently have a 651 EQ MyFico score with three baddie accounts. My only auto history is a 72 month loan from BoA with a single 30 day baddie in 11/08. Then I have a closed Chase CC with a 2k balance with 9 baddies DOLD 2/11 and a Cap 1 CC with 2 baddies DOLD in 1/06.

 

Do I even have a shot for a lease at this point?


Current Score: EQ Fico 651 (5/22/2012)
Goal Score: 720


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Regular Contributor
dpechal
Posts: 148
Registered: ‎05-15-2012
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Re: Will I Qualify For A Lease?

It is looking iffy, is a cosigner available?

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retroAction
Posts: 91
Registered: ‎04-24-2012
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Re: Will I Qualify For A Lease?

No cosigner is available unfortunately. Is there a specific score minimum that lease applications are typically rejected at?


Current Score: EQ Fico 651 (5/22/2012)
Goal Score: 720


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dpechal
Posts: 148
Registered: ‎05-15-2012
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Re: Will I Qualify For A Lease?

590-630's

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Contributor
retroAction
Posts: 91
Registered: ‎04-24-2012
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Re: Will I Qualify For A Lease?


dpechal wrote:

590-630's



So with a 651 I should qualify for a decent rate right?


Current Score: EQ Fico 651 (5/22/2012)
Goal Score: 720


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HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
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Re: Will I Qualify For A Lease?

Although I'm no expert, from reading in these forums you should be able to qualify for a purchase with some down payment. But a lease seems to have much more stringent credit requirements. The truth is the auto companies are changing policies all the time and obviously they want to move cars off the lot. So go pick out the car and see what magic the dealer might work. Just be sure you understand the terms of whatever loan product they find for you.

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AZHeather
Posts: 304
Registered: ‎04-26-2012
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Re: Will I Qualify For A Lease?

[ Edited ]

It is my understanding (and I could be incorrect), you have to have a score of 640+, have no collections or charge offs (or at least showing paid for over a year), and a perfect payment history for 12 months.  Even then, a score under 700 (if approved) may require a larger down payment.  

 

Best thing to do (as it varies from dealer to dealer) is call the dealership that you are interested in leasing from and explain your situation.  They should be able to tell you if you will qualify for their leasing program.  

 

The other thing that you have to remember and consider is that the 651 FICO score that you get from here will likely be different (could be + or -) from an auto enhanced FICO score, which is likely what the dealership will pull.


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
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kimmiller112
Posts: 472
Registered: ‎04-09-2012
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Re: Will I Qualify For A Lease?

I think it all depends on the dealership.  I can't remember which one, but one of the dealerships around me wouldn't even look at you unless you have 720.  Call and ask them - they will tell you.

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annielorie
Posts: 1,206
Registered: ‎02-19-2012
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Re: Will I Qualify For A Lease?

Ive been looking for deals on cars as well.  In most of the commercials the fine print reads must have fico scores of 680++  I know this for Hynundai for sure.


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