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GM Financial Lease Approval

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Frequent Contributor

GM Financial Lease Approval

Just wanted to share some stats on my new truck lease. With used car values soaring (at least where I live), I decided to sell my 7 year old truck with 50k miles. I sold it for $9k less than what I paid for it when it was brand new - so that was a win. 

Now - in the interest of full disclosure - I work at a new car dealership. For my new vehicle, I decided to lease a 2020 Chevy Silverado LTZ 4wd. For 36 months at 15k miles/year, it had a 59% residual. I had the finance manager directly send my info (without the dealership pulling my credit) to GMF only - resulting in only one inquiry and it was on TU. I don't know what GMF pulled as a score, but my auto enhanced TU is 782 on here. My app was auto-approved in about 30 seconds. 

With my GM dealer employee discount, a 59% residual, and a money factor of .00052 (buy rate), I got a new $57k truck for $570/month! No money down and first payment waived. The icing on the cake: I'm getting a check back for the full value of the paid off truck that I sold. 

Current Score 6-11-20: TU: 821 EX: 837 EQ: 813
Goal Score:ACHIEVED - 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 1 of 10
9 REPLIES 9
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Super Contributor

Re: GM Financial Lease Approval

Congratulations on your approval and new truck!
Message 2 of 10
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Established Contributor

Re: GM Financial Lease Approval

Awesome deal, congrats. 



Starting Fico Scores:November 2019

Current Fico Scores: September 2, 2020
Goal Scores: 700 across all three
Message 3 of 10
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Frequent Contributor

Re: GM Financial Lease Approval

Thanks guys!

Current Score 6-11-20: TU: 821 EX: 837 EQ: 813
Goal Score:ACHIEVED - 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 4 of 10
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Epic Contributor

Re: GM Financial Lease Approval

Congratulations!!!

Message 5 of 10
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Valued Contributor

Re: GM Financial Lease Approval


@JGGM wrote:

Just wanted to share some stats on my new truck lease. With used car values soaring (at least where I live), I decided to sell my 7 year old truck with 50k miles. I sold it for $9k less than what I paid for it when it was brand new - so that was a win. 

Now - in the interest of full disclosure - I work at a new car dealership. For my new vehicle, I decided to lease a 2020 Chevy Silverado LTZ 4wd. For 36 months at 15k miles/year, it had a 59% residual. I had the finance manager directly send my info (without the dealership pulling my credit) to GMF only - resulting in only one inquiry and it was on TU. I don't know what GMF pulled as a score, but my auto enhanced TU is 782 on here. My app was auto-approved in about 30 seconds. 

With my GM dealer employee discount, a 59% residual, and a money factor of .00052 (buy rate), I got a new $57k truck for $570/month! No money down and first payment waived. The icing on the cake: I'm getting a check back for the full value of the paid off truck that I sold. 


Nicely done. What state are you located in?

Message 6 of 10
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Frequent Contributor

Re: GM Financial Lease Approval

@randomguy1  Texas

Current Score 6-11-20: TU: 821 EX: 837 EQ: 813
Goal Score:ACHIEVED - 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 7 of 10
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New Member

Re: GM Financial Lease Approval

Where are you located ? 


@JGGM wrote:

Just wanted to share some stats on my new truck lease. With used car values soaring (at least where I live), I decided to sell my 7 year old truck with 50k miles. I sold it for $9k less than what I paid for it when it was brand new - so that was a win. 

Now - in the interest of full disclosure - I work at a new car dealership. For my new vehicle, I decided to lease a 2020 Chevy Silverado LTZ 4wd. For 36 months at 15k miles/year, it had a 59% residual. I had the finance manager directly send my info (without the dealership pulling my credit) to GMF only - resulting in only one inquiry and it was on TU. I don't know what GMF pulled as a score, but my auto enhanced TU is 782 on here. My app was auto-approved in about 30 seconds. 

With my GM dealer employee discount, a 59% residual, and a money factor of .00052 (buy rate), I got a new $57k truck for $570/month! No money down and first payment waived. The icing on the cake: I'm getting a check back for the full value of the paid off truck that I sold. 


 

Message 8 of 10
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Community Leader
Super Contributor

Re: GM Financial Lease Approval

Nice, congrats!


Last App: 8/24/2020
NFCU Secured Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 9 of 10
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New Contributor

Re: GM Financial Lease Approval

Wow! Wow! Wow! Congratulations 

Message 10 of 10
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