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Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012

score and process to qualify for a lease? help please...

....been searching the boards for an answer. soooooo now that my scores are remarkably higher than they were 6 months ago, I am thinking of leasing a car. (I do have a current auto loan paid perfectly) Hyundai Genesis is my first choice! they have a terrific promo right now-no money down, no security deposit, no first month payment. Only registration and fees (whatever that means) I have always purchased my cars, paid ridiculous interest rates and bit the bullet. But no more! Now that I am in a position to get the most for my dollar and matching credit, leasing sounds great. So how does the process work and what scores do you need. I need help please...:smileywink:  

 

thank you!

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Moderator
Shogun
Posts: 11,100
Registered: ‎04-15-2011

Re: score and process to qualify for a lease? help please...

Scores look OK.  I would go in and talk to them.  Tell them what you want and have them work to match it.   Big difference from having to take what they will give you!


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Going for Wade64's RUDY Spade!
New Member
fourthirty
Posts: 4
Registered: ‎09-03-2012

Re: score and process to qualify for a lease? help please...

I may be of some help as I just leased a Hyundai Sonata! Now, I am only 22 and have a small credit history. They didn't say for sure which score you needed, but at the dealership I went to, they pulled Equifax and TransUnion and said they approve you based on your highest score (which for me was TU). I was able to be approved with no problem and no cosigner. I also didn't need to put any money down. Good luck!

EXP: 739 (PSECU) TU: 729 (auto) 730 (myFICO) EQ: 718 (myFICO)
Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012

Re: score and process to qualify for a lease? help please...

thank you! did you have to provide any documentation or they go strictly off your score?? I am so interested in this process. Do you pay for insurance or is that all included in your payment? This has never been an option so any insight you can give I appreciate...

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Senior Contributor
youngandcreditwrthy
Posts: 5,997
Registered: ‎08-16-2012

Re: score and process to qualify for a lease? help please...

Hm... I'm 23 and would like to lease a car soon..
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | CSP $10k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k | Express $3.05K | Myponts.com Visa $3.5k | Freedom Visa $1k| Amex Surpass $1k
New Member
fourthirty
Posts: 4
Registered: ‎09-03-2012

Re: score and process to qualify for a lease? help please...


beautybrainsbooty wrote:

thank you! did you have to provide any documentation or they go strictly off your score?? I am so interested in this process. Do you pay for insurance or is that all included in your payment? This has never been an option so any insight you can give I appreciate...


Sorry it took me a couple days to respond! Basically this was my process. I walked in interested in the Elantra. The lady helping just asked what preferences I was interested in (color, interior, etc) and then she found one on the lot and I test drove it. After we got back to the dealership, she ran my credit and said I was approved and then we started talking numbers. She went to the finance manager and came back with a high payment and high out of pocket cost. I gave her the payment that would work for me a month and said she couldn't go that low on the Elantra but could on the Sonata (which didn't make sense, but I wasn't going to question) so once more she goes back to the finance manager this time for the Sonata and comes back with a much better payment and no money out of pocket. After that I signed all the contracts and went over what's covered under the warranty and whatnot. I think they offered me extended coverage, but I declined it because the standard warranty itself will be good for the entire lease of the car and I'm not sure if I'm going to purchase this car after the lease is up. He did say that gap insurance was included in my monthly payments, but I don't know if that was a Hyundai thing or a dealer specific thing. As far as documentation, no, they only thing I needed was proof of insurance and my driver's license.

 

Sorry that was so detailed haha.

 

EXP: 739 (PSECU) TU: 729 (auto) 730 (myFICO) EQ: 718 (myFICO)
Valued Contributor
creditnocash
Posts: 2,164
Registered: ‎07-23-2012

Re: score and process to qualify for a lease? help please...

ok guys. 

my mother has been leasing for over 6 years and just got her 3rd lease on august 20th. 

and i just got mine august 30th.(first one) (i turned 21 in july)

 

i called up the dealership and told him what i wanted and that i was really motivated. 

told him that i was busy but could come down in a couple days. (august 29th) 

i pulled my reports from here that morning. 

i wasnt sure if i would need a co signer or not. 

but went anyways for laughs. 

 

got into the car test drove it everything was good. 

then sat down and talked numbers. 

 

i approved him running my credit. and said that i qualiffied for tier one financing (toyota financial) with a score of 709. (pulled that morning and tu said 689.) wasnt going to argue. 

but asked for my report he got and he wouldnt budge. 

anyways i told him didnt want to put anything down. (the promo for a base camry was 2k down for 179/month something like that msrp was like 22k) 

but i didnt want the base model. 

i opted for the sport edition, leather, convience package, nav, and smart key system. 

i didnt need any of that becuase my only wish was leather and bluetooth audio for my iphone. 

he came back with a payment of 340. i was like no way.  msrp on the car was 28900 (so its not like it was cheap) 

i told him i wanted no more then 200 becuase i wanted the payment between car and insurance under 500.

he came back with 315.

so i said i would trade in my clunker that i was going to sell anyway. 

he said he can give me 1600 for it. and i ended up putting 1k in cash down (which im fine with.) 

signed all the paperwork. called the insurance and set everything up. if i didnt have to be at work that day i could have taken it home. 

anyways all in all picked up the car next morning. 

 

in total with trade in and down was 2600. and payment worked out to be 250/month without gap insurance which i got. is an extra 15/month.  insurance worked out to be 182/month. so all in all i think i stayed under my 500 budget. 

now im putting away 100/ week to buy this car at the end of lease or put down 15k on a new acura and finance the rest(with the history i build of this loan) 

 

all in all went in thursday morning 9-12 and was given the car next morning no paperwork. 

 

keep in mind from what ive read every 1k you finance is 30/month payment. 

 

good luck on your journey. 

Current: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: 31k+

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
creditnocash
Posts: 2,164
Registered: ‎07-23-2012

Re: score and process to qualify for a lease? help please...

oh btw. 

my mother lease. 

she traded in her old one before it ran out (due in november) 

brand new 2012 vs 2010 she was in. 

no money down nothing paid. just 35 more payments. 

plus insurance was higher since car was newer. 

 

her score was 670 but since she leased her previous car there the guy fought for her tier one financing never missing a payment in 3 years with them. 

Current: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: 31k+

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Regular Contributor
beautybrainsbooty
Posts: 212
Registered: ‎08-02-2012

Re: score and process to qualify for a lease? help please...

oh this is such good info. Thanks guys!!! :smileywink:

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Valued Contributor
tooleman694
Posts: 2,260
Registered: ‎08-25-2011

Re: score and process to qualify for a lease? help please...

I have 2 Honda leases right now, I think they said the min score needed was either a 670 or 680.

 

Very easy to do and way less crap to sign.


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