Debt to Income Ratio Factor

[Anonymous]

Hey Everyone!  I need some input.  My wife and I will be leasing a car soon (factory ordered a vehicle).  She has the better credit so she will be applicant and I will be co applicant.  Most of the cc debt is on my credit account.  Her credit is around 730 FICO 8 and mine is 680 FICO 8.  Our Debt to Income Ratio is around 45% and with that we have about $4500-5000 left after the mortgage, cars, and credit cards.  I'm concerned that the DTI could cause us to not get approved.  I did a preapproval on Capitol One and we got approved for up to $50,000 and the rates look typical from what I can see.  They do not run credit until the vehicle arrives and I just want to make sure I do what I can in the next 6-8 weeks to make sure we do not get denied or some awful lease rate and have to turn down car.  I just don't know how heavy the lenders dealers use look at the DTI ratio.   Thanks for any insight.

[KLEXH25]

If you have $4,000 - $5,000 left over every month, can you use some of that to pay the cards down and lower your DTI?

[Anonymous]

Thanks for the reply!  I have been making pretty good progress with paying things down.  And will continue to do so.  Just won't have it paid down a ton by the time the new vehicle arrives.  The amount left over is with the new car factored in.  Just wondering how heavily the DTI comes into account.

[ridgebackpilot]

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@Anonymous wrote:

Thanks for the reply!  I have been making pretty good progress with paying things down.  And will continue to do so.  Just won't have it paid down a ton by the time the new vehicle arrives.  The amount left over is with the new car factored in.  Just wondering how heavily the DTI comes into account.

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In my experience, many auto finance companies look more closely at DTI ratio than credit scores. Ford Motor Credit, for example, seemed more concerned about DTI than my scores. They gave me zero percent financing when my DTI was around 20%. But my income is high, too, and that probably helps.

[Anonymous]

Thanks for the reply!  I tried the Capitol One Auto Navigator and was approved (joint app) for $50,000 and the APRs look pretty good.  Not sure if that is a good sign or not.