topic Re: First lease in Auto Loans

First lease

Anonymous — Mon, 09 Jul 2018 05:06:04 GMT

So i am shopping around for deals with Chevrolet. Specifically, i am looking at a 24 month lease on a Colorado. I have limited credit history, with my oldest credit card being 2 years old. I hear that GM financial pulls from TU, and that FICO score according to Discover is 619. Only thing that is dragging my scores down is high utilization and lack of age (i plan on bringing utilization down below 70% within the month i know thats still too high but I finally got a decent job to start paying off, hoping this drop in utilization brings me up some, although with 620 i will be in their A3 tier). No bad marks, and no other types of credit. What are my chances of getting the deal as advertised without a cosigner considering i have no auto loan history? (159/mo for 24 months, 1650 at signing)

Re: First lease

JGGM — Tue, 10 Jul 2018 20:50:20 GMT

Not sure as far as the odds go - given your limited credit. Not sure where you live, but where I'm at, GMF uses Equifax, and most dealers down here submit EQ5 (auto enhanced score). Most likely will not be the same as the score Discover is showing you

Re: First lease

Anonymous — Sun, 29 Jul 2018 04:42:05 GMT

What is your biggest piece of credit? Keep in mind the advertised leases are plus plus plus. Plus taxes tags acquisition tax on cash down tax on payment plus first payment. So $1600 down plus $650 acquisition, first months payment, $340 tags, plus your monthly tax rate on the payment.

Re: First lease

jd403 — Wed, 08 Aug 2018 00:46:34 GMT

I'm in North Carolina and applied through GM Financial over the weekend and they pulled Equifax. Good luck!

Re: First lease

jberg — Wed, 08 Aug 2018 06:04:58 GMT

not good chances unless you have top tier scores.

whenever i lease, i usually pay multiple security deposits or just recently, did a "one-pay". Paid the entire 3 year lease upfront and saved $2K over 3 years.