Co-signer with one missed payment but very good score

[wendyh17]

Hello all,

I need to lease a new car but my score is not the best. I have exceptional payment history, it's the credit utilization that's killing me. Current scores are EX: 671 TU: 657 EQ: 651. Due to the likelihood of getting a bad rate, I'd like to use my grandfather as a co-signer, but I just found out he had missed a payment on his credit card back in august. Not because he couldn't pay it, but he was under the impression that he paid it off. That's the only negative remark on his report – current scores EX: 739 TU: 743 EQ: 698.

im looking to finance through GM financial. Will this make it impossible to get a good quote? Thanks

[blindambition]

If you're leasing, those scores might be good enough by yourself. Your grandfathers late might be considered too recent.

If you would consider buying, might get decent rate with CU.

[JGGM]

I think you should try on your own first. Based on your score alone, you most likely would be scored as an A3 tier. You'd probably still get approved with a slight rate bump. But to me, a rate bump is better than involving a relative. Where I work, we submit Equifax to GMF, so your relative would only bump you to an A2 tier, not A+/A1 - again based on score alone. 

If the finance manager has a good relationship with their GMF rep, they might be able to make a phone call and get a tier bump for you too.