Dealer won't approve me without a cosigner because I've never made a big purchase before??? WTH??

[Sherie]

So I have been working very hard to get my credit/FICO scores up and when I did I went to the dealer and they said because I have never made a big purchase (i.e. Home, Car, etc.) that I would still need a co-signer....This sounds absolutely absurd to me, so I was curious if this runs true for other first time car buyers/leasers? 

This happened at a local Dodge dealership since I would love to lease a new Dodge Charger but since I refuse to ask anyone to cosign for me (I'm 28yo and have a good job so I guess it's a pride thing) I was wondering if this is a common thing or if there is any way around the whole cosigner thing? I only went to that one dealer since I figured they all the same but I need some suggestions if possible please! 

[Anonymous]

Im 19 and I have a loan with Huntington for 30k at 60 Months @ 6.44%. Ask the dealership to check with multiple lenders; if they can't help you move on to the next. Especially at your age as long as you have established credit and income to prove you should be more than ok, How much are you looking to finance and put down?

[Sherie]

I'm looking to just lease but the cars price was $32k I believe, and at that time I was going to put only $1,500 down even though they were advertising 0 down. The weird thing is, is that I do have a big loan on my credit for $30k but it's a student loan so I don't think they even looked at that account but I wish they did because it's paid every month with never being late. Plus Ive been paying on it for 7 years! Maybe I should go to another dealer but I would hate to have another ding on my credit report since the first dealer was about 2 months ago. 

[Anonymous]

@Sherie wrote:

I'm looking to just lease but the cars price was $32k I believe, and at that time I was going to put only $1,500 down even though they were advertising 0 down. The weird thing is, is that I do have a big loan on my credit for $30k but it's a student loan so I don't think they even looked at that account but I wish they did because it's paid every month with never being late. Plus Ive been paying on it for 7 years! Maybe I should go to another dealer but I would hate to have another ding on my credit report since the first dealer was about 2 months ago. 

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Well:

Putting more down will definitly help 

Do you have any negs?

Regardless at this point if you are getting the car you will still need new credit pulled since it is passed X days. May not hurt to try again because the new inquiries should be grouped together

[Sherie]

Nope, nothing too negative on my credit report. I think I had 2 late payments from roughly 5 years ago but no collections, or similar. How much is a good amount to put down on a lease since that money doesn't carry over when I go to get a new lease once this one is up? I know it lowers your payment putting more down but since it is a lease I was thinking $2,000 at most but then this is all new to me. 

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@Anonymous wrote:

@Sherie wrote:

I'm looking to just lease but the cars price was $32k I believe, and at that time I was going to put only $1,500 down even though they were advertising 0 down. The weird thing is, is that I do have a big loan on my credit for $30k but it's a student loan so I don't think they even looked at that account but I wish they did because it's paid every month with never being late. Plus Ive been paying on it for 7 years! Maybe I should go to another dealer but I would hate to have another ding on my credit report since the first dealer was about 2 months ago. 

---

Well:

Putting more down will definitly help 

Do you have any negs?

Regardless at this point if you are getting the car you will still need new credit pulled since it is passed X days. May not hurt to try again because the new inquiries should be grouped together

---

[Anonymous]

Maybe I am misunderstanding, are you looking to lease or finance?

[StartingOver10]

It really isn't possible to know what you can qualify for as you would need to provide a little more info:  income, debt, credit scores.

Is there a reason you are looking to lease rather than buy?

[Sherie]

I'm just looking to lease for right now.

[Sherie]

Income is $80k/year, debt is $1200 in credit cards, and $20k in a federal student loan. FICO's are all in the low 700's and I'm looking to lease right now just to have a lower monthly payment since I'm expecting twins in January 2015 and to also see how much I really enjoy driving the Charger. If all goes well with the car than I would plan to buy my next time around. 

[fishbjc]

Leasing seems to be more difficult than buying.  Try to purchase.