Auto Lease for Range Rover

[Anonymous]

Ok, so I have a credit card with NFCU ($3k limit) 0% UTL - opened in 2012 - never a late payment 

3 closed cards (pays as agreed) - SyncBank Macy's, TJC, PaypalSmartConnect - not high limits

2 Auto Loans (pays as agreed) - VW Credit , NFCU $20,893 (refinanced) 

My income is $350k/yr - we verify through The Work Number and TrueWork - so employment and income is verifiable easily online by banks.

I have no other debt, no mortgages ever.  I'm trying to lease my first car since I just moved to a smaller beach town where I wont be driving much.  I want to get a Range Rover full size and it's going to be a $120k vehicle.  I know lease payments will be like $2k monthly with $5k down but I don't care because I love the car and I'm sure women will love it too. 

I'm worried they may deny because of thin credit file.  I'm young, work for a software company and make lots of $$ now so I want to enjoy it.

Will they approve or deny or will they look at my income and say "ok. done".  I don't want to put more than $5k on a lease... thats foolish. In fact I'd like to put NOTHING down if possible.

[CreditCuriosity]

Do yourself a favor and DONT lease a range rover.  My best friend has one now in a lease about to be out of it has been nothing but problems since day once.  Read up some reviews on them.  He is buying alot of expensive different car or just did, but i have had a few friends with them and nightmares.  Sorry I didn't answer your question, just gave you a warning is all.  His car has been in the shop about as much as out.. Funny thing was a 36 month lease I believe and he has only put 5k miles on it if that shows you how much he dislikes it or how much it has been in the shop

Although high income they might think you will have sticker shock.  Meaning usually you work your way up from say a 500 car payment to 800 then 1500 and so on..  Others will be able to answer this question better than myself, but if you have strong ficos and income most likely they will being a lease although leases are a bit more tough to get approved for than purchases.  

Look at a BMW or Mercedes or similar imo something alot ore reliable.  Just my humble opinion from first hand experience from very close friends.

[DoctorManhattan]

Yeah a lease won’t be that much. Financing yes. Not a lease....

[Creditplz]

I leased a HSE RR years back, they look into previous auto-loan history with comparable payment or any installment loan in that matter.


They lease not too bad, residual rate is decent, MF isn’t sitting too bad last time I looked.

Mine did has some issues that needed to be fixed overall probably spent 1-2 months in their shop while I was driving a sport. (36m 12k)

[Anonymous]

Even though your income may support the purchase, the leasing company will look for past payments near the payment amount you are looking to pay. Example: have you SUCCESSFULLY made installments similar to the one you are trying to get, $1,500 +/- monthly payments X time(how many months). If you've made such sizeable payments in the past by way of a previous sizable lease, mortgage, car finance then you'll be fine. Otherwise, it may take more of a "down payment" to mitigate the risk. Credit scores over 720 will help as well. Good luck. I'm also looking at the same full size Range Rover (yes, well aware of the potential reliability issues and it won't be my first).  

[MrsAngelo]

I am on my 3rd Range Rover. The value depreciation SIGNIFICANTLY over the life of the lease. I leased my last (in a pinch-old RR died) got the RR Evoque for 3 yrs. I got extra miles in advance bc I drive a lot. When I went to either turn it in or finance it, I would have owed more $10k of the KBBV. I would recommend NEVER EVER (remember these words) buy a Range Rover not under warranty. These vehicles are problematic and always need expensive repairs. Basic maintenance is a about $3-4K a year. Wipers, $250...oil change $200ish, etc.Tires up to $2k, if you want a lot of mileage. It is a nice ride and the features are awesome. I am a creature of habit. This recent purchase was pre-owned certified. 2 yr warranty....after that I’m getting something that won’t have me on the side of the road and draining my bank account. I would highly recommend certified pre-owned with the extended warranty if you can’t live without it. Then trade it in or sell and buy something else when the warranty is up. The service dept is an entirely different thread lol 🙄. Good luck! You’re young...bank that money away. Travel and make memories...just me talking to my younger self! I traveled and so did my $😭😭😭. Good luck! You’re in good shape and you sound like you have a head on your shoulders.

[elixerin]

money talks, bull**bleep** walks. my grandpa always used to tell me... my family and i use the full-size 2015 Range Rover and have had ZERO problems with it, and we never do maintenance with 100k+ miles as of almost 2020. We traveled all over the U.S. with it and the drive is amazing, treat yourself.. he financed it, but as other said the depreciation value is a LOT so if you want to lease it wouldn't be too shabby of an idea. Personally, the "depreciation" is severely underweighed by the enjoyment of the car itself. you don't buy these cars for resale value... my dad got the auto loan at 0 down with low-mid 500 scores with a 6%/60mo rate. this was offered by the bank in which he concluded most of his transactions to and from. Cash is and always will be king in any situation

Hope the DP's help

[Indianaguy]

Like one said money talks, why wouldnt you want to put more money down? 20k 25k ? this shows how bad you really want it. You do have a thin credit file , what about another model thats cheaper?purchase outright and try a credit union with 20k or so down? making that kind of money that should be no problem.

good luck!

[ridgebackpilot]

According to Consumer Reports auto testing division, you'd be far better off with a Porsche Cayenne, which topped their ratings for mid-sized luxury SUVs. The Range Rover comes in near the bottom of their rankings...

I love my Mercedes GLE, even though it doesn't rate much better than the Range Rover. And I agree with the advice here regarding leasing. Instead, consider purchasing a CPO car. They're nearly new, with terrific warranties and you can often get manufacturer financing at very low rates. Mercedes Financial Services gave me a 1.9% loan on my CPO Mercedes.

Your high income will help. Mine is higher than yours; many manufacturer finance companies seem to care more about DTI than credit scores. Good luck!

[Anonymous]

Got approved yesterday!

So it was getting auto denied because I had a fraud alert on my profile. Made a stink with the finance manager and he called in and chase (Land Rover Financial) called me to get permission to run credit.

I gave them permission and they got back right away with options of 0 down sign and drive. Ended up putting some down but got the full size v8 supercharged and I’m super excited!