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GM Financial Lease Approval Odds

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djromo
Member

GM Financial Lease Approval Odds

Hello all - I'm looking to get a 2021 Esclelade Sport and was hoping to Lease through GM Financial.

 

Wondering what my odds are with the below stats:

TU - 739

EX - 725

EQ - 708

 

Have one auto loan paid off for about $10,000 then currently have one for $52,000 that has been paid down to $45,000.

No deorgatory marks other than 2 from 2018.

3 Inquiries on each report.

At the most will have 5% Credit Utilization at time of pull

No other monthly debt other than my $850 truck note.

 

Income of $185,000 - Willing to put $10,000 down but don't want to since it will essentially go to waste.

 

Don't want to waste a hard pull if my odds aren't good. 

 

Thank you all in advance

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: GM Financial Lease Approval Odds

DTI and scores both look good. I would say you are very likely to get approved, down payment will likely not be needed as well. 

Message 2 of 6
djromo
Member

Re: GM Financial Lease Approval Odds

Thank you. I dont know why but I get super nervous when it comes to applying for credit. Going to apply Friday - Will update you then. 

Message 3 of 6
djromo
Member

Re: GM Financial Lease Approval Odds

I actually see now that GM has a Pre Qualification with no hard pull. Going to do that first. 

Message 4 of 6
4sallypat
Valued Contributor

Re: GM Financial Lease Approval Odds

Have you considered doing a lease ?

 

The depreciation hit is huge on GM cars so unless you are planning on keeping the Escalade for over 5 years, a depreciating asset can hurt if it's a short term buy...

Message 5 of 6
djromo
Member

Re: GM Financial Lease Approval Odds

Yes a Lease is the only option I'm considering. Escalade's depreciate way too fast for me to justify financing or paying cash. 

 

I also have a high cash based revenue business so the lease note writeoff is more than enough to convince me. 

Message 6 of 6
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