lease??? yay or nay?

[eddiei]

First let me give a little background on my financial situation.

Filed for CH13 BK in 9/07. Asked for it to be dismissed in 3/08 because the ex was not on board with the plan. Had a number of past due and charge offs. House was foreclosed as well.

Fast forward to now.

Remarried with a 2 1/2 yr old little girl. Built the DW's credit up to 703 TU FICO. $52K open credit lines, 24% util. She does not work.

My TU FICO is 642 per Barclaycard. $40K open credit lines, 25% util. Many as AU on DW cards. 1 chargeoff from 2009 for $900+ but has continued to grow to $1690 (is that normal after write off?). Working on getting this resolved. Also, for some reason the BK has not dropped off EQ but fell off the others 6 months ago. Income is $87K

Looking to lease a 2016 Mazda CX-5 Grand Touring in both names. Have been negotiating price with 3 dealership via email. Looks like I can get a better lease deal on a 2016 than a 2015 due to the higher residual on the 2016 per TrueCar.

Should I even bother going for the lease at this point? Is it even possible with the 6 yr old charge off?

Thanks in advance

[Anonymous]

Well I guess it depends on the lease terms they offer. If IIRC Subaru uses Chase for their leases-- maybe difficult terms. Those cx 5 are popular and will holw thier value well. I think you be better off buying---unless you get excellent terms which probably wont happend with those scores  best of luck

[guydiver]

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@eddiei wrote:

First let me give a little background on my financial situation.

Filed for CH13 BK in 9/07. Asked for it to be dismissed in 3/08 because the ex was not on board with the plan. Had a number of past due and charge offs. House was foreclosed as well.

Fast forward to now.

Remarried with a 2 1/2 yr old little girl. Built the DW's credit up to 703 TU FICO. $52K open credit lines, 24% util. She does not work.

My TU FICO is 642 per Barclaycard. $40K open credit lines, 25% util. Many as AU on DW cards. 1 chargeoff from 2009 for $900+ but has continued to grow to $1690 (is that normal after write off?). Working on getting this resolved. Also, for some reason the BK has not dropped off EQ but fell off the others 6 months ago. Income is $87K

Looking to lease a 2016 Mazda CX-5 Grand Touring in both names. Have been negotiating price with 3 dealership via email. Looks like I can get a better lease deal on a 2016 than a 2015 due to the higher residual on the 2016 per TrueCar.

Should I even bother going for the lease at this point? Is it even possible with the 6 yr old charge off?

Thanks in advance

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LLeases can be more difficult to qualify for than a purchase.  Baddies on your report generally don't go over well.  To get terms that are favorable, you will likely need higher scores.  Otherwise, you''ll be digging a hole by leasing on less than favorable terms, and likely will not qualify for the "advertised" leases you see from the manufacturer.  However, you won't know for sure until you sit down with them and see what they offer.  But my educated guess is you'll be better off buying considering your current situation.