need advice on options for leasing a vehicle.

[Anonymous]

Hello new to myfico, thinking this may be a great resource for some advice.

Looking for advice or options to look into to fix the following problem in the most efficient and factually possible way: recently purchased a new vehicle but also needing one for wife * she has no real income no to thin credit* were in our mid 20's.

Info:
Monthly income 5200-5600 *myself
Fixed expenses including recent car purchase = > 1000$ (truck payment is 520 a month + 140 for insurance) cell phone 150 utilities covered and home was inherited.
Credit score 620 's.
Score is low due to past charged off accounts six years ago for two accounts less than 2,000$
Previous auto loan 1 year old no missed or late payments.
1 credit card less than 30% utilization paid every month for the last year

Auto loan for truck is about 34,000 for a crew cab silverado financed through Ally.

I am looking for the best option in being to obtain another less expensive vehicle for my not legally married girlfriend/wife that has no reportable income and only 6 month credit profile of on time payments from a secured credit card I have opened and payed for.

I am looking to either lease another late model vehicle or take over a lease swap if either of those two options are realistic. I would have approx 2,000-3000 cash to put into a down payment. I am just wondering if it's even worth a shot since I have only just purchased and financed a 35,000$ loan.

[guydiver]

Hi.  Welcome to the forums. Are you a member of a credit union.  That is my best advice.  Join and sit down with a loan officer to see where you stand.  Cheap to get into, but good as gold once you establish a relationship.  I think you'll be OK with DTI.  The baddies could be a problem.  Are the charge offs paid?  They are still hurting your scores for sure either way , but would look better paid.  But, they aren't that far from falling off either if you can stand the wait.  Still won't be out of the woods. Some CA will come looking for you more than likely.  You could try a dealer, but they will end of shotgunning your app all over the place, lots of inquiries, which your scores don't need.  A CU will typically only pull one report.  You could try Cap1 auto, but they will pull all three.  I'm sticking to my guns.  Try a credit union first. 

[Anonymous]

The question when talking lease is really to talk about the car, some car's and circumstances don't really add up to a lease as a good strategy while others may.  If your girl just needs a good, safe and reliable vehicle and isn't looking for anyting luxury or sport it may make the most sense to go with a purchase.  There are lots of reasons I say this but perhaps the most significant is with your credit history your not going to qualify for great lease terms and will probably be in a more advantagous position to get conventional financing.  A dealer will almost always get you qualified but those with scores under 700-720 tend to get crappy lease terms.  With your score and DTI you can probably finance through a credit union for under 5% APR.  I a similar situation and was able to get 4.29% with NCFCU over 72 months on my wifes Honda Accord.