Chances at Auto lease with Lates...

[smittyb]

Auto Question... I have never leased a car before… And the last time I bought one and financed it was 2007. I have to say I been sloppy with my credit. Not because I can’t make payments, but cause I am lazy. I have a house, cars, a decent job and sadly I am just lazy/sloppy. So I am looking at leasing a 35k vehicle. And with a bunch of special offers out there I am thinking about applying for a “Honda” or another auto compnay lease deal if I can get accepted. ($0 down and .9%)

So here are my stats:

734 Auto Score 2

710 Auto Score 8

706 FICO 8

My DTI ratio is 20%

Income is over 100K.  same employer 20+ years

I have about 23% utilization on my credit cards.  So not completely empty.]

AAoA: 7years

I am pre-qualified with Cap one up to 60K... but for financing not a lease.

Auto 2020  35k

And here is my sloppy part… In the past 7 years I have had about 20  30-day lates. With my most recent one being Jan 2020. On 3 accounts out of 11. The other 8 accounts are perfect. I know, I know.. not smart.

So you think it is worth applying for a lease or should I wait a bit longer… I know the lates will be with me for years to come… but when will they be less of a factor?  Anyone have a similar experience.... Thanks for the input…

[Shooting-For-800]

You have 20 late payments including one a few months ago and you scores are above 700???

Might as well fill out an application. It’s just a HP.

The world is your oyster.

Cash is king, so I am sure you can negotiate a lease with some cash down or higher APR if they lowest terms are not available.

What APR was you $60k prequal for From Cap One?

(pick a new Honda and put $20k as down payment to see lowest APR)

[smittyb]

APR is variable.... but at 60 months 3.16% with $1000 down... is typical.  48 Months 2.91%

[Shooting-For-800]

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@smittyb wrote:

APR is variable.... but at 60 months 3.16% with $1000 down... is typical.  48 Months 2.91%

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So you got preapproval from Cap One for $60k at 2.91% - 3.16% with 20 late car payments on your credit report one of which is 4 months old?

Please confirm ASAP since I only got $50k @ 4.4%

Thanks!

[Brian_Earl_Spilner]

I'm surprised you're over 700 as well. Regardless, a 30 day late will fade in strength over time. Don't know exactly when, but I would assume starting at about a year from when you get it.

[smittyb]

Just went to their site and looked up a Honda PIlot Black $50,840

48 Months APR 2.93%.   60 Months 3.18%

it quotes every car differently with a few points, and the % changes with loan length.