Leasing a vehicle?

[Schoolbuskid]

Im thinking about leasing an 08 Saturn Outlook and was wondering if anyone knew what type of credit is preferred when leasing, like score etc. Are cosigners allowed on leases?

Or has any of you ever leased a vehicle if so what was your credit like?

Any advice is appreciated, Thanks! SBC

[fishbjc]

Schoolbus:  Do you know anyone who works for gm?  Since they own saturn, they can sign you up for the *friends and family* discount.

Why don't you give the leasing guy a call and speak with him?  There's also this auto-enhanced fico people keep talking about.  Ask him what scores they use.

[cobra19]

sbk..........Toyota tells me for their best lease rate, a 780 is needed. Call or visit a GM dealer and see what they can offer you. Of course, you can lease with lower scores. Saturn is a good vehicle.

I have always leased my cars. My current RAV lease is up in May and I have already locked in my next lease. My understanding is co-signers are allowed, at least Toyota allows it.  Car dealers are starving for customers. Negotiate.

[jj15]

I don't think leasing is a good idea. Buy a 2 year old car w/ 25,000m or less and when you're done with the payments, you can put that money in a savings.

[WhirledPeasPlease]

I leased two 08 Saturn Vues over a period of about 4 weeks (long story) and my credit scores increased between the two pulls so I got a better rate on the 2nd lease.  Their AutoEnhFico the 2nd time showed me as a B or B+.  One thing I've been told on several occasions if you're good to GMAC they'll be REALLY good to you.  I must say the same thing.  I turned in an 05 Saturn Ion that I drove the 'heck' out of and I didn't get any charges -- even though I deserved them.  My ficos were low 600s, but I got the idea I could drive off the lot with whatever I wanted.  (I ended up with the 08 Vue XR w/ Nav, trailer pkg, and two other packages instead of the 08 XE.)

I'm a huge fan of leasing for quite a few reasons.  I like driving a new car with the bells and whistles, I don't like to deal with car repairs, every time I've paid off a car I end up getting a new one w/in 6 months and I drive 'em hard/give 'em back.

I do suggest you find someone so you can get the Friends and Family discount.  It's less on Saturns than it is on other GMC cars b/c of the lack of wiggle room and the no haggle pricing.  It saved me almost 2k on my total lease price.  I used the husband of a friend of mine to get the discount.  It's very easy, he makes a call, gives GM the info about the car I'm planning on driving, then calls me with an authorization number. 

Please let me know what you decide.  Yay Saturns!

[Schoolbuskid]

WhirledPeasPlease,

What were your scores when you signed the lease? Why did you lease Two Saturn Vue's?

 I dont think i am quite ready yet because the only credit report that is worth looking at is Equifax. I dont have bad credit just not enough credit. My grandfather was going to cosign for me! He leased a 2007 Cadillac Escalade in Jan 06. So he should have no problem of getting a lease on a Saturn right? We also have a cousin that owns a GMC, Pont, and Buick Dealership in TN. So i hope she could get me some discounts! 

Back to my credit i have one collection on Equifax which i am disputing because i was a minor when it was incurred, On Experian and Transunion i have a different collection than the one on Equifax. The CA has agreed to a PFD that i sent!

Message Edited by Schoolbuskid on 01-17-2008 07:08 PM

[WhirledPeasPlease]

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Schoolbuskid wrote:

WhirledPeasPlease,

What were your scores when you signed the lease? Somewhere between 594 and 609)

Why did you lease Two Saturn Vue's?  I leased one in Nov 07 and the other in Dec 07 because I originally leased the XE (a 4 cyl) then had an XR as a loaner car while I was having a battery recall issue fixed.  I fell in love with the handling and power of the V6 on the XR, not to mention the Nav system was just awesome.  (No more mapquest, ever!)  Saturn offers a 30 day/1500 mile exchange program, so I took advantage of that. 

 I dont think i am quite ready yet because the only credit report that is worth looking at is Equifax. I dont have bad credit just not enough credit. My grandfather was going to cosign for me! He leased a 2007 Cadillac Escalade in Jan 06. So he should have no problem of getting a lease on a Saturn right? We also have a cousin that owns a GMC, Pont, and Buick Dealership in TN. So i hope she could get me some discounts! 

You should definitely get some love from her!  You might get something better than the supplier discount I got.  GMAC pulled EQ ONLY for me -- both times.  When I leased my 05, my credit was so bad I had to have my mother sign my lease with me.  (Not a great feeling when you're 30!)

Back to my credit i have one collection on Equifax which i am disputing because i was a minor when it was incurred, On Experian and Transunion i have a different collection than the one on Equifax. The CA has agreed to a PFD that i sent!

I have two collections showing on EQ, both paid in 04, and a bad debt/placed for skip, $1 charge off ugly nasty thing (which is now fixed, but still waiting on the update).  I had 36 late payments showing on my report when they did my lease.  (Needless to say I had 'bad' credit, but my payment history with GMAC was spotless.)

I hope this helps!  Good luck -- a woman I work with just bought the 08 Outlook -- she loves it.

Message Edited by Schoolbuskid on 01-17-2008 07:08 PM

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[Schoolbuskid]

Man i feel alot better now, i feel like a may have a real chance but maybe i should go with something a little cheaper instead of going with the outlook first , so that i can start a history with GMAC! By the way if you dont mind me asking what is your payment?

Thanks

You are a big help!