topic Re: Kia Lease with 654 Fico Auto Score 8 in Auto Loans

Kia Lease with 654 Fico Auto Score 8

Anonymous — Mon, 17 Aug 2015 19:31:49 GMT

Apologies if this has been asked before. I have searched and found similar questions for scores much lower and much higher, but not really at my rates.

I'm looking to lease a new 2015 Kia Soul and wondering if anyone knows the likelyhood of securing a lease with Kia. My scores are:

TU: 653 / Auto Score 8 = 654 / Auto Score 4 = 614

EX: 639 / Auto Score 8 = 653 / Auto Score 2 = 653

EQ: 658 / Auto Score 8 = 666 / Auto Score 5 = 643

I have just recently paid off all but two of my credit cards (though not sure that is factoring into my scores yet and have no derogetory stuff when it comes to my previous auto loans, but I do have some negetative stuff like missed payments on credit cards from over 3 years ago that will not be coming off for a while.

The car is just under $25,000 and I do not want to put any money down. Does anyone have any recent experience with this and/or know what type of "rate" I would get from Kia with these scores on a lease?

Thank you in advance!

Re: Kia Lease with 654 Fico Auto Score 8

Creditaddict — Mon, 17 Aug 2015 19:49:41 GMT

I think Kia requires you to put minimum drive off down but that should be under $1k if they do want that... otherwise you shouldn't have any problems.

Re: Kia Lease with 654 Fico Auto Score 8

trant3 — Tue, 18 Aug 2015 01:35:40 GMT

Kia has $0 down lease specials on certain models (not sure specifically though). If the Soul is one of those then you're good with the $0 down. You will definatelly be able to secure a lease, but with scores low to mid 600s, your money factor on the lease may be higher (synonymous to an APR with financing, all depedant on creditworthiness) Hope that helps. If I'm not mistaken there "top tier" rates maybe be individuals with 675 FICO?

Re: Kia Lease with 654 Fico Auto Score 8

Anonymous — Tue, 18 Aug 2015 22:25:38 GMT

Thanks for your answers. I'm utterly nervous that they are going to try and demand a lot up front, which would not make it valuable to lease in my opinion - might as well own at that point.

They are running a $0 $0 $0 lease deal on 2015 Kia Souls right now at my dealership, but I'm sure I won't qualify for that. I guess all I can do now is go in and try.

Re: Kia Lease with 654 Fico Auto Score 8

Creditaddict — Tue, 18 Aug 2015 22:51:52 GMT

@Anonymous wrote:
Thanks for your answers. I'm utterly nervous that they are going to try and demand a lot up front, which would not make it valuable to lease in my opinion - might as well own at that point.

They are running a $0 $0 $0 lease deal on 2015 Kia Souls right now at my dealership, but I'm sure I won't qualify for that. I guess all I can do now is go in and try.

you probably will qualify and if you don't give any push back if they say you don't... they will run you over... the only thing that might change based on not qualifying for top tier is your money factor which will adjust car payment by $10-$40 most likely monthly but shouldn't change your down payment. They can tier bump you if they want the deal and if you don't take a bad offer from them.

If you are not getting the exact offer ask them what tier you are in and why.

don't let them tell you tier 1 is 720+ only because that is BS or at least usually most of these money factors are based on tier 1-3 but they want to try to sell you that tier 1 only at 720+

Re: Kia Lease with 654 Fico Auto Score 8

Anonymous — Wed, 19 Aug 2015 05:09:13 GMT

My local Kia dealership 75 percent of the down payment in 10 days and the rest of it by 30 days. Mine was for a purchase… ask if you can at least post dated check or something they are pretty flexible.

26 miles per gallon in bumper to bumper traffic, 105 degrees such a difference from my butt truck. Hope you get your soul!

Re: Kia Lease with 654 Fico Auto Score 8

Anonymous — Thu, 20 Aug 2015 22:26:59 GMT

Thank you again to everyone that replied and to Fico for giving me my real credit rates!

As of today I am the pround owner of a brand new 2015 Kia Soul with all the trimmings. Kia had me a little worried at first as they sad my 653 (they pulled from experian) auto enhanced score put me at tier 6. I was sure they weren't going to let me walk out of there with a lease... but after waiting overnight for the Kia-Gods in the sky to send approaval to the deal, I was able to drive away with only the first months payment down.

The only kind of sour thing I have about the transaction is that now two hard inquires have hit my credit from them. One from the dealership and one from Kia/Hyundai Finance. Sucks, but not the worse thing ever.

Thanks again. This board has been an amazing resource to finding out more about leasing v. financing as well as credit ratings help.

Re: Kia Lease with 654 Fico Auto Score 8

Creditaddict — Thu, 20 Aug 2015 22:29:51 GMT

Congrats and 2 pulls min for lease is pretty standard

Re: Kia Lease with 654 Fico Auto Score 8

Anonymous — Thu, 20 Aug 2015 22:30:20 GMT

*correction* I'm the proud new renter of a 2015 Kia Soul. LOL