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

[lambo003]

I agree with the previous posters, you should try another dealership and buy instead of leasing. You can look on this forum and find information why its best to buy instead of leasing. The dealer that told you you need a cosigner is a lier. I was approved for an auto loan for $26k and had about a year worth of credit history. You have seven years, good scores, and much higher income than I do so you shouldn't have a problem finding financing but than again you are trying to lease so it may be a little harder. Personally, I think its a waste of money to lease unless you enjoy giving money away lol. You should really reconsider buying. And plus you'll already have some prior knowledge of what kinks have and have not been worked out on the dodge chargers just from googling a little bit. Just something to think about.

[Sherie]

Thank you all for your help! My only concern with buying instead of leasing is the much larger payment since my husband and I are expecting twins so we trying to save as much as possible until their born in January. I do understand that with leasing your essentially just giving your money away with nothing to show for at the end of the lease but given my circumstances I guess I just assumed that leasing would help save me money every month and also help build my credit better since the dealer made it sound like I had bad credit. I will definitely be looking into buying now that everyone has said that it may be easier than trying to lease a new vehicle. 

[notfancy]

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@Sherie wrote:

Thank you all for your help! My only concern with buying instead of leasing is the much larger payment since my husband and I are expecting twins so we trying to save as much as possible until their born in January. I do understand that with leasing your essentially just giving your money away with nothing to show for at the end of the lease but given my circumstances I guess I just assumed that leasing would help save me money every month and also help build my credit better since the dealer made it sound like I had bad credit. I will definitely be looking into buying now that everyone has said that it may be easier than trying to lease a new vehicle. 

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First, congratulations! You're going to have your hands full!

Are you really sure you want that Charger? It is a beautiful vehicle, but one thing to consider with twins, that is twice the potential um, well... mess in the back seat from things falling out of their car seats! With a lease, you'll want that vehicle in as close to perfect condition as you can when you return it, because a buy out of the lease tends to be more expensive.

I'd suggest going to a local credit union to see what you can get approved for and THEN go to the dealership armed with as best of a deal as you can find. That way, if you don't like what they offer you, you can counter with what you already have in your hands. No matter what you do, you're going to have more inquiries. If you went shopping 2 months ago, even staying with the same dealer, the reports they pulled before are no longer any good. Perhaps it would be best to shop around for a better dealer. Good luck!

[SunriseEarth]

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@notfancy wrote:

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@Sherie wrote:

Thank you all for your help! My only concern with buying instead of leasing is the much larger payment since my husband and I are expecting twins so we trying to save as much as possible until their born in January. I do understand that with leasing your essentially just giving your money away with nothing to show for at the end of the lease but given my circumstances I guess I just assumed that leasing would help save me money every month and also help build my credit better since the dealer made it sound like I had bad credit. I will definitely be looking into buying now that everyone has said that it may be easier than trying to lease a new vehicle. 

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First, congratulations! You're going to have your hands full!

Are you really sure you want that Charger? It is a beautiful vehicle, but one thing to consider with twins, that is twice the potential um, well... mess in the back seat from things falling out of their car seats! With a lease, you'll want that vehicle in as close to perfect condition as you can when you return it, because a buy out of the lease tends to be more expensive.

I'd suggest going to a local credit union to see what you can get approved for and THEN go to the dealership armed with as best of a deal as you can find. That way, if you don't like what they offer you, you can counter with what you already have in your hands. No matter what you do, you're going to have more inquiries. If you went shopping 2 months ago, even staying with the same dealer, the reports they pulled before are no longer any good. Perhaps it would be best to shop around for a better dealer. Good luck!

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+1 to both points

[Anonymous]

Don't put anything down except first month, taxes, title, fees. You are not improving your chances to get approved for a lease by putting more money down. That only works in finance deals. Negotiate the price of the vehicle down (cap cost) and it'll lower the overall cost of the deal. I would definitely court different lenders as it seems you have the ability to pay this car from what you've told us.

[StartingOver10]

I am just going to say it:  Leasing is a bad idea especially when you are tight on funds like you are right now (from your post).

If you are choosing to lease because you can get a 'better car' for less money, then you are spending too much on the vehicle.

There are a ton of hidden fees when leasing. Most notably the charges when you return a vehicle that isn't perfect (milage, condition).

Do as suggested above: get your approval from a CU and then shop for a vehicle that will satisfy you within the confines of a payment that you can afford.

If you are buying the vehicle you can sell it if things get rough. If you are leasing you can't turn it back in without a severe penalty including paying the amount due under the lease anyway.

Disclosure here:  I have to admit, I am anti-leasing anyway because a lease works only under very rare circumstances and not for consumers in general. The lease concept was developed for business purposes and works in that arena. The dealerships started using it for vehicles because it is such a high profit item for the dealer because they have both the asset (the vehicle) AND the money AND they make you reponsible for the condition and the milage.  WIN-WIN for the dealer. LOSE-LOSE for the consumer.

[maiden_girl]

I agree with other posts. I would definitely buy over lease because if you drive a lot and go over the preset terms of your contract...you could be looking to pay more money at the end of your term than previously. Say your contract states you will only drive 10k a year and at 24 months of leasing...return the vehicle at 30k miles driven instead of 20k (which you would have agreed to) you'll end up paying for overages and fees begin racking. I would definitely buy.

And yes, I had trouble purchasing my first vehicle too. It was tough. I couldn't get anyone to take a chance on me. I had a full-time job--decent credit and a few credit cards with low limits but I had no negative info at all...everyone dealership wanted me to get a co-signer or be faced with 30% or more APR because I had never had a loan before or a credit card limit of that size...probably played the credit game for a good 2 years before I was finally able to purchase that car at the rate and price I wanted. There is hope!