@Anonymous wrote:
Credit Score: FICO - TU 743 EX 725
AAoA: 5 Years
# of positive trade lines: 11
# of negative trade lines: 1 (30 Day Late) 3 years old
Income: $11,000/month (individual) $16,000/month (combined household)
Lenght of Employment: 2 Years
Previous Loan Experience: 2 Prior Auto (1 Current Auto Lease) Both loans $30-$35k
Debt-to-Income (DTI): 10%
Year of Car: 2016 Range Rover Sport SC
Miles: >25
Purchase/Refinance: Lease/Purchase (leaning towards lease)
Requested loan term (XX Months): 36 months
Down payment amount: If leasing, looking at signing costs of $7500.
Co-borrower/Co-Signer: Partner (if applicable)
Other: This would be a second car for the household.
Yes. Apply together and use your combined income if you have an existing open (not traded) auto loan.
Land Rover Financial / Chase Auto will approve this at Tier 1
FYI, Land Rover Financial may use Equifax as their primary bureau depending on your region / zip code.
@Anonymous wrote:
Thank you for the feedback. Much appreciated. My individual monthly income is $16,666 (Gross), and $11,000 (Net). I'm assuming (based upon other threads I've read) that lenders look at gross income?
I would prefer to have this as an individual credit line, with this new information, does it sway your original response?
Also, to your last point, I reside in NYC, purchasing in CT. Are you familiar with primary bureaus in this region for LRFS as the captive lender?
Thank you again.
Your gross income is what they LRFS uses.
This will be sufficient for the amount requested.
They will use your Trans Union report for New York City residents.
Side note, this vehicle is difficult to negotiate and the money factors are not deeply subvented. Just wanted to give you a heads up.
@Anonymous wrote:
You are rally knowledgable. I'm going to assume you have worked in High End auto financing.
Thank you for the sage advice. Again, much appreciated.
I am excited Transunion is in my favor. The only bad thing, as you mentioned is the Money Factor. Current rates back in October were 0.0002927537679, equating to roughly 7% APR.
Your welcome..
Max rate currently is .00301 (7.24%) for 36 mos. and .00287 (6.88%) for 42 mos if the MSRP is below $90,700.
If the MSRP is higher, the rate will be higher as well.
Good luck!
@Anonymous wrote:
Thank you. Yes MSRP is roughly $96,500, tried to negotiate lower; but was only able to get $1000 off MSRP. High demand vehicle.
Supercharged Dynamic or Autobiography?
Rates change based on those two models.