topic Will Porsche approve my lease with a repossession on my report? in Auto Loans

Will Porsche approve my lease with a repossession on my report?

Anonymous — Tue, 17 Jul 2018 21:28:53 GMT

I had my car reposessed 4 years ago, but it is not listed on my credit report as "derogatory" or even in the public records section...nor is the word "reposession" even mentioned anywhere in the report. It is however listed as charged off and payed for less than the full amount.

I currently make $180k annually and have 690's across the board for my overall scores (not sure what my auto score would even be) and was wondering what my chances are of getting approved for a lease of a 2018 Porsche Macan S at $59k. All of my credit cards are current and below 10% use and have never had any other auto loans or any mortgage loans on my account. Willing to put any amount down to make it happen, if necessary, if anybody could offer any other advice that might help.

Or maybe I won't get approved! Either way would like to know here before I go in!

Re: Will Porsche approve my lease with a repossession on my report?

Loquat — Thu, 19 Jul 2018 12:33:26 GMT

Howdy and welcome to the forums!

Have you tried reaching out to the finance department at your local Porsche dealer? They'll be your best resouce and they're usually pretty upfront with information..especailly since you'll be seeking your financing with them. Give them a ring when you get a moment. I don't read much about Porsche financing here on the forums...a few people have bought them but not really discussed the financing of it all.

Re: Will Porsche approve my lease with a repossession on my report?

Kevin5974 — Fri, 20 Jul 2018 07:46:22 GMT

Usually manufacturer financing does not want to be the first after a repo/chargeoff. But cash talks and youre willing to put some chip down to make it happen. Unfamiliar with Porsche but most want reestablishment before a lease. I agree with post above, make a call to your local dealer and be upfront.

Re: Will Porsche approve my lease with a repossession on my report?

Anonymous — Fri, 20 Jul 2018 15:21:22 GMT

Spoke to Porsche financial and basically read this post/question out loud to them and they told me, "We wouldn't be able to tell you anything unless we pull a copy of your report and we'd pull it once then the bank will pull it another time but we can't really say until then"

Was hoping to get a better answer WITHOUT any hard inquiries so they're basically about as stumped as you guys lol THANK YOU THOUGH!!

Re: Will Porsche approve my lease with a repossession on my report?

Anonymous — Sun, 22 Jul 2018 15:38:48 GMT

I can tell you from a personal experience that it is really going to depend on what the DEALER will want to give you. Macan may start at 59k, but Porsche have options a la carte even for keyless entry just like the Mercedes.

If you're buying one off the lot then you have a better chance of getting one on lease than ordering one to be built. However, if you are custom ordering one you might want to check out financing options for the Macan because Porsche have terrible lease rates and even worst when you have bad marks on your report.

Re: Will Porsche approve my lease with a repossession on my report?

Anonymous — Sun, 22 Jul 2018 15:59:33 GMT

Oh wow good to know!! Thanks so much for the tip!!!

A heads up for anyone reading this with similar questions, got approved for financing with, SUPER high interest rates, but got denied leasing (they said specifically cuz my score isn’t high enough) unless I have a co-signer with a score of above 700.

So will be waiting til my score goes up to possibly finance instead.

Thanks everyone!