topic Re: Possible for me to lease a Model 3? in Auto Loans

Possible for me to lease a Model 3?

Creditfortesla — Wed, 15 Nov 2023 20:37:18 GMT

I have paid off all my cards after recently selling a family home. So far 2 have reported the new 0 balances. I was at 46% utilization before now I am below 10%. I am at 684 Experian with just the one card reported so far and the credit simulator expects me to be around 750 when all the balances report in. I make $50,000 a year and would like to lease a Model 3. I do have more than enough for a down payment I just know Tesla does a hard pull and I don't want a hard pull if I will not get approved. What are my odds of approval? Also wanted to add I have never missed a payment ever so my on time payments is 100%. I have 8 cards and they have all been paid on time. Experian says my overall average credit age is 2.2 years. $28,000 or so in credit with maybe $1000 in debt on the cards combined.

Re: Possible for me to lease a Model 3?

pizzadude — Wed, 15 Nov 2023 22:20:50 GMT

@Creditfortesla wrote:
I have paid off all my cards after recently selling a family home. So far 2 have reported the new 0 balances. I was at 46% utilization before now I am below 10%. I am at 684 Experian with just the one card reported so far and the credit simulator expects me to be around 750 when all the balances report in. I make $50,000 a year and would like to lease a Model 3. I do have more than enough for a down payment I just know Tesla does a hard pull and I don't want a hard pull if I will not get approved. What are my odds of approval? Also wanted to add I have never missed a payment ever so my on time payments is 100%. I have 8 cards and they have all been paid on time. Experian says my overall average credit age is 2.2 years. $28,000 or so in credit with maybe $1000 in debt on the cards combined.

Putting aside credit - can you afford this car payment based on your DTI ? What are your other monthly expenses ? Also do you have any previous auto loans or leases ?

Re: Possible for me to lease a Model 3?

Creditfortesla — Wed, 15 Nov 2023 22:27:53 GMT

Yes, I believe so. The main reason it got so high is due to the fact I was buying supplies and paying people to repair said family home. I have over $25,000 in a high yield savings, around $10,000 in digital currencies and about $35,000 in cash. I pay $400 a month to split rent with my wife. I have a cellphone and internet that's $100. Outside of that I have no other expenses. I WFH so don't even have travel expenses. Also no previous auto loans or leases.

Re: Possible for me to lease a Model 3?

sccredit — Wed, 15 Nov 2023 22:35:42 GMT

Once your balances update it seems like you should be fine.

Re: Possible for me to lease a Model 3?

Creditfortesla — Wed, 15 Nov 2023 22:37:52 GMT

@sccredit wrote:
Once your balances update it seems like you should be fine.

Thats what I am hoping as well. From browsing this forum it looks like Tesla Financing uses US Bank for the leases and they pull from TransUnion. I don't know how current that is or if that applies for every state but it lets me kind of know what credit agency I need to focus on improving the most.

Re: Possible for me to lease a Model 3?

sccredit — Wed, 15 Nov 2023 23:17:47 GMT

Leasing is all done through Tesla Finance LLC

Re: Possible for me to lease a Model 3?

Creditfortesla — Wed, 15 Nov 2023 23:21:11 GMT

@sccredit wrote:
Leasing is all done through Tesla Finance LLC

That's what the website made it out to sound like as well but then I read posts that said otherwise so I wasn't sure. Could of just been what Tesla did back then. That's why I want to lease. I love the car and the concept but right now electric cars are changing faster than ever and just a few model year difference between cars and you lose a lot of new features. Plus the prices keep dropping all the time and I don't want to get underwater. Especially with highland coming.

Re: Possible for me to lease a Model 3?

Mdowning30 — Thu, 16 Nov 2023 17:45:14 GMT

@Creditfortesla I would suggest 6 months of monthly expenses in the HYSA, or if you feel more comfortable 1 year's worth, the rest of that money should be invested in the market making more money !

Re: Possible for me to lease a Model 3?

Creditfortesla — Thu, 16 Nov 2023 17:47:07 GMT

@Mdowning30 wrote:
@Creditfortesla I would suggest 6 months of monthly expenses in the HYSA, or if you feel more comfortable 1 year's worth, the rest of that money should be in the market making more money !

Excuse my ignorance but was is HYSA? I do not know a lot about traditional finance but know digital currencies for almost 10 years. I've done well with those but I want to expand out more into traditional finance like I am doing with the saving account but a higher then 5% yield.

Re: Possible for me to lease a Model 3?

Adkins — Sat, 09 Dec 2023 08:37:08 GMT

@Creditfortesla wrote:
@Mdowning30 wrote:
@Creditfortesla I would suggest 6 months of monthly expenses in the HYSA, or if you feel more comfortable 1 year's worth, the rest of that money should be in the market making more money !
Excuse my ignorance but was is HYSA? I do not know a lot about traditional finance but know digital currencies for almost 10 years. I've done well with those but I want to expand out more into traditional finance like I am doing with the saving account but a higher then 5% yield.

HYSA - High Yield Savings Account

Re: Possible for me to lease a Model 3?

ShreksBFF — Fri, 29 Dec 2023 21:33:18 GMT

DP for if you're still looking, I did a Tesla lease this week -- the two banks they currently use for Tesla leasing are Santander and US Bank

Santander pulled first and there was no response for a few days so they pushed through US Bank which came back with an approval same day (no docs requested, no existing USB relationship), seems they favor Santander but fall back to US Bank

Santander was an EX HP, USB was TU

Re: Possible for me to lease a Model 3?

dera — Thu, 04 Jan 2024 04:39:06 GMT

You can also do a soft pull preapproval and it gives you an idea whether you'll be approved or not. I got my approval from Santander while I was sitting at the dealership going through the app to place an order. Santander pulled Experian.

Re: Possible for me to lease a Model 3?

Gladius — Thu, 04 Jan 2024 19:47:30 GMT

@dera wrote:
You can also do a soft pull preapproval and it gives you an idea whether you'll be approved or not. I got my approval from Santander while I was sitting at the dealership going through the app to place an order. Santander pulled Experian.

Is Santander out of the "sub-prime" business now? I was recently at a Tesla center with my wife picking up her new Tesla and overheard a couple talking with their salesguy about their terms with Santander Financing.

Re: Possible for me to lease a Model 3?

Creditfortesla — Thu, 04 Jan 2024 22:30:48 GMT

I got approval through Santander. It got approved before I got the email saying I submitted it. Got a text saying your application has been approved first

Re: Possible for me to lease a Model 3?

WTL1 — Sun, 07 Jan 2024 00:24:22 GMT

Congratualtions, you will love driving it! I love my Model Y, will never go back to a gasser for a daily driver.