topic Re: FIRST TIME LEASING.....COSIGNER NEEDED??? in Auto Loans

FIRST TIME LEASING.....COSIGNER NEEDED???

Anonymous — Sun, 08 Apr 2012 04:06:49 GMT

I am a 21 year old from new jersey looking to lease a new vehicle, preferably a 2012 Nissan Altima. I have never had a previous auto loan. My Transunion credit score is 739 My Equifax score is 748 and my Experian score is 745. I do not have a cosigner and would like some insight on how i could go about leasing the car, or if I even can without a cosigner. I also have heard about first time buyer programs for Volkswaagen, Ford, and Hyundai and would like to know if anyone has more information on any of these programs. I need as much information as possible, because i will be doing the car shopping by myself.

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

pizzadude — Sun, 08 Apr 2012 04:13:12 GMT

@Anonymous wrote:

I am a 21 year old from new jersey looking to lease a new vehicle, preferably a 2012 Nissan Altima. I have never had a previous auto loan. My Transunion credit score is 739 My Equifax score is 748 and my Experian score is 745. I do not have a cosigner and would like some insight on how i could go about leasing the car, or if I even can without a cosigner. I also have heard about first time buyer programs for Volkswaagen, Ford, and Hyundai and would like to know if anyone has more information on any of these programs. I need as much information as possible, because i will be doing the car shopping by myself.

Welcome to the forums !

First, where did you get these scores from, have you pulled your FICO scores to know where you stand ? That would be a good first step.

My first auto transaction years ago was a lease, and I didn't need a co~signer. Assuming that your credit is good, I don't think approval would likely be an issue. Are there any negatives or issues on your credit reports ?

Another factor that will be important is your income and your current debts. What are your monthly obligations roughly, and your ballpark monthly salary/wages ?

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

Anonymous — Sun, 08 Apr 2012 04:36:12 GMT

My Transunion FICO score is 739.

I do have 2 revolving accounts with negative information on them. (Hasn't drastically brought my credit score down)

And as far as my obligations....I do not pay rent, or have any student loans, I pay roughly $200 a month on credit cards. And my monthly income is about $1,400

What does NMAC take into consideration. Just the score, or do they pull the entire credit report?

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

pizzadude — Sun, 08 Apr 2012 15:50:11 GMT

They will pull a score, which to a large extent will dictate the terms of your lease ~ however every creditor pretty much will look into the details of your CR. It's not just a score, but also the information on your report that determines where you stand.

If your income is ~17K annually, and your FICO is around 740, then it will likely be an income issue IMO. Any idea what the ballpark monthly payments might be for leasing this type of car ?

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

Anonymous — Mon, 09 Apr 2012 20:36:07 GMT

the monthly payments are about $200 monthly

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

Anonymous — Tue, 10 Apr 2012 01:44:40 GMT

Hi akagudelo,

I was in your exact position around August last year. I was 21 years old with scores and income right around your point, and I was approved for a lease for a new car without a cosigner.

For reference, my Transunion score and Equifax score was 750 ( pulled directly by the dealership ). Although I don't know anything about any first time buyer programs, feel free to ask me any questions about my own experience.

Good luck auto hunting!

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

Anonymous — Wed, 11 Apr 2012 16:19:33 GMT

Your income is fairly low for a lease. Not paying rent is a bad thing when it comes to financing a car. They will have to assume that any day, you could be forced out of your current rent-free situation and have to start paying a normal rate. On that income, a normal rent payment with significantly mess up your ratios.

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

webhopper — Thu, 12 Apr 2012 20:59:05 GMT

@Anonymous wrote:

I am a 21 year old from new jersey looking to lease a new vehicle, preferably a 2012 Nissan Altima. I have never had a previous auto loan. My Transunion credit score is 739 My Equifax score is 748 and my Experian score is 745. I do not have a cosigner and would like some insight on how i could go about leasing the car, or if I even can without a cosigner. I also have heard about first time buyer programs for Volkswaagen, Ford, and Hyundai and would like to know if anyone has more information on any of these programs. I need as much information as possible, because i will be doing the car shopping by myself.

Why not save up and buy something?

Re: FIRST TIME LEASING.....COSIGNER NEEDED???

Anonymous — Mon, 07 May 2012 21:38:59 GMT

NMAC works on TU only

they are both Score and history driven

currnetly tho you socre tier 0 form them wich is great

i am willing to bet if you get a dealer ship to sale the car at 500 over invoice - the current lease cash incentive of 1330 on altima and put down 1000-1500 you will be approved no problem for a payment about 189-200 a month 39 months 15K a year

money factor of about 0.00059 and a resd of 52 - 51 percent

small bump is income but done right nmac wont ask for poi on this score

is a way aggresive lease from nissan with their 2013 laning in two months they have to move current modle