topic Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances in Auto Loans

Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Tue, 20 Jan 2015 21:41:16 GMT

I wanted to get the opinions of folks who have leased or finance, to see what you're experiences are.

The specs of my Model S would be: $92320 before tacking on fees and taxes. When i take my Net income ($4972) against the monthly payment $1136, the ratio is only 22% of my income

So I am trying to find out if i would be a approved for a lease with these credentials. I am working my way up to the 720 credit score, should be there in about 2 months. I havent bought anything on credit for quite sometime, 2004ish..

I have since opened 2 credit cards with very low balances owed.

Would i be able to make it happen?

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Creditaddict — Tue, 20 Jan 2015 22:39:22 GMT

my vote would be no... i have heard they don't work with any easy lenders and do you not have rent or anything? is your home owned outright?

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Tue, 20 Jan 2015 23:04:19 GMT

I just have $450 rent. No othe open accounts other than my 2 credit cards.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

disdreamin — Wed, 21 Jan 2015 00:07:36 GMT

When the cost of your proposed ride exceeds your annual gross income, it might be time to reexamine your priorities. I'd be very surprised if you could get that financed.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

StartingOver10 — Wed, 21 Jan 2015 00:09:59 GMT

@disdreamin wrote:
When the cost of your proposed ride exceeds your annual gross income, it might be time to reexamine your priorities. I'd be very surprised if you could get that financed.

^^^Yes, X1000.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 06:43:56 GMT

I'll get the car now or in an another year when I'm making $90,000 to $100,000. One way or the other it will happen.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Revelate — Wed, 21 Jan 2015 06:58:00 GMT

@Anonymous wrote:
I'll get the car now or in an another year when I'm making $90,000 to $100,000. One way or the other it will happen.

While I definitely like your style, that's one helluva payment to assume on that salary. Not saying it couldn't be done as when I was first making decent money around what you're making now I put away far more than the lease cost of the vehicle in question... and if money didn't matter I'd be buying a Model S tomorrow but even on my salary base, I couldn't justify that payment but admittedly my priorities when I was younger and at 100K were way different than they are now.

Will ask what do you expect to have for the 40K over 3 years when the lease duration is over? Course my being purely selfish, go lease it, treat it well, and then maybe I can make it work for me as a used car 3 years from now .

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 07:14:59 GMT

I like the idea of leasing it because I don't have to worry about retaining residual value, and after the 36 term if I want to buy it I can..

By all means I may end up waiting it out for another year to make $90,000 grand or more.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Revelate — Wed, 21 Jan 2015 07:22:35 GMT

@Anonymous wrote:
I like the idea of leasing it because I don't have to worry about retaining residual value, and after the 36 term if I want to buy it I can..

By all means I may end up waiting it out for another year to make $90,000 grand or more.

Yeah, just my point is that payment equates to a quarter of a million dollar mortgage at a 4% interest rate and if you are renting now at <$500 you can likely get a really nice house for that.

Expensive cars are not a good use of money for the vast majority of people; I truly get the desire as I consider the Model S to be an absolutely stunning and brilliant car, but unless I get a $5M windfall I don't see myself likely owning one, maybe ever.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 07:34:45 GMT

And that's my thing as well.. I don't really care about owning a home right now..If I rent forever.. I can and most definitely will.. There are so many " hidden costs," in buying a home.. That I personally think its more of death trap than a 3 year lease.. 15 year or 30 year mortgage seems overrated to me..

Im 2 certifications away from $90,000 and 3 certifications from $100,000.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

ah32 — Wed, 21 Jan 2015 16:59:05 GMT

A home is a better investment than an expensive car that will depreciate. I doubt your rent will stay that low over time. Buy the house now and the car later. You never know when the bottom will drop and you're out a job. At least you would have the house to fall back on. You could get roommates, sell, etc. Just my two cents.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Creditaddict — Wed, 21 Jan 2015 17:01:24 GMT

since you are renting, have you covered with your landlord charging a car? and having that charger installed, etc.?

I was not looking at a Tesla but other electric cars and we do not have ability in our apartment garage to add charging and I spoke with management and they said no!

My partner doesn't have charging ability at work either and can't be added either.

make sure you cover those bases first.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

disdreamin — Wed, 21 Jan 2015 17:17:49 GMT

@Anonymous wrote:
And that's my thing as well.. I don't really care about owning a home right now..If I rent forever.. I can and most definitely will.. There are so many " hidden costs," in buying a home.. That I personally think its more of death trap than a 3 year lease.. 15 year or 30 year mortgage seems overrated to me..

Im 2 certifications away from $90,000 and 3 certifications from $100,000.

As far as mortgages and homes, I definitely hear what you are saying. Making low 6 figures doesn't necessitate buying a spendy car, though, any more than it necessitates buying a house.

Regarding your current salary and future salary increases - it's a nice paycheck and all, but when you do want something more (whatever more might mean to you) it isn't a whole lot of money when you come right down to it. If you tell me you'll hit mid-6 figures shortly, I'd say go for that Tesla and have fun with it. At $100K, that's a big car payment.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 17:33:49 GMT

With 100,000.. that gives me an additional $2000+ a month after taxes. Thats more than enough money to handle that.

Hell even an extra 10,000 grand gives me enough breathing room.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 18:36:05 GMT

@Anonymous wrote:
With 100,000.. that gives me an additional $2000+ a month after taxes. Thats more than enough money to handle that.

Hell even an extra 10,000 grand gives me enough breathing room.

It's not just about income. You also have to have the credit to justify the lease approval. You said in your initial post that you haven't purchased anything on credit since 2004. Why do you think they are going to lease you an expensive car all of a sudden when your credit file doesn't justify it?

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 19:03:07 GMT

umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

disdreamin — Wed, 21 Jan 2015 21:07:56 GMT

@Anonymous wrote:
umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

Then why did you even ask the question in the first place? If you are that certain it's a slam-dunk, just go buy your car...oh, excuse me...go lease your car.

Seriously? Why waste the time posting here?

FWIW, as your salary goes up, so does your tax bracket. So that $20K won't really be $2K extra in your pocket each month (and $20K per year =/= $2K per month even pre-tax). And if someone gives me 10,000 GRAND, as you said in your previous post ("Hell even an extra 10,000 grand gives me enough breathing room."), I am quitting my job. Right then and there.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 20:30:17 GMT

@Anonymous wrote:
umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

Hey if you think that's all that is required more power to you. Good luck.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

sccredit — Wed, 21 Jan 2015 21:21:31 GMT

@disdreamin wrote:
@Anonymous wrote:
umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.
Then why did you even ask the question in the first place? If you are that certain it's a slam-dunk, just go buy your car...oh, excuse me...go lease your car.

Seriously? Why waste the time posting here?

FWIW, as your salary goes up, so does your tax bracket. So that $20K won't really be $2K extra in your pocket each month (and $20K per year =/= $2K per month even pre-tax). And if someone gives me 10,000 GRAND, as you said in your previous post ("Hell even an extra 10,000 grand gives me enough breathing room."), I am quitting my job. Right then and there.

x2!

OP - IMO (which is what you get on a public forum) you are making a foolish decision. A $100k car, even on a $100k income is foolish. Life changes very very fast. For example when my wife and I started dating I lived in a condo at the beach in San Clemente CA and worked in a high rise in Newport Beach making extremely good money managing an investment fund. in 2008-2009 the condo was sold (even though I put 20% down I came out break even), the Saleen (S281/Mustang)was sold and I was driving my truck around UNEMPLOYED.

A year later, I was driving a crappy Chevy Trailblazer around, a married man, preparing for a kid and making less than half of what I was previously. You never know what will happen and you are not thinking ahead enough, you are setting yourself up for failure.

Again, just my opinion, take it for what you want.

Re: Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

Anonymous — Wed, 21 Jan 2015 22:29:01 GMT

i would for a volt ! lol

Good luck