GMF lease

[Anonymous]

Hello all!

I’ve been considering leasing a 2018 Terrian SLE from a dealership close by (if possible). They have some left adversited for $139 mo. I do know that is for qualified buyers. What would you consider a score to be accepted for a lease?

I currently have an auto loan with roughly $3k left on it. I will be switching jobs soon so that should be paid off before this all takes place. Other than that I have around 8 CC with 0%UTL. Score across the board are 695-705 I just checked them and are fico. Not sure what auto enhance is atm. Income would be roughly 30k once my job switch happens so that is a bump from 16k annually.

I also live in mixhigan so if anyone has any inputs on what scores are pulled would be nice. If I left anything else out please ask and I will answer!

[JGGM]

For GMF, where I live, they use Equifax 5. I've seen them approve leases in the 580s....but the rate isn't favorable of course. Typically, for those advertised as "well-qualified", probably need a 740 score with substance to it (meaning not just 2 credit cards with a $500 limit). I'd also check the fine print for money down, taxes due at signing, and lease mileage allowance. Keep in mind, I could lease a Range Rover for $139 a month - I'd just have to put down $50,000, or something like that. Also, in Michican a lot of dealers advertise new vehicles with "Employee Pricing", as many of the people up there work for GM, or have a family member that does. Lease incentives are different throughout the regions in the US, but an SLE Terrain where I am, with no money down and 15k miles a year would be around $360/month.

[Anonymous]

Thanks for your input! I have a car loan always paid on one but through my credit union. Several credit cards of $5,000 plus limits. Overall file is decent as I bounced back from stuff several years ago. I will keep what you have said in mind!

[Anonymous]

I would definately read the fine print as mentioned above, a lease payment that low sound's awful convincing but I am sure there are some hidden requirements, ie down payment, incentives, etc. It must be a low mileage/term lease as well I am sure. Good luck and keep us posted, if it's true that would be a great deal for many people.

[bigpoppa09]

Where i live GMF uses TU Fico Auto 9 tell them to dump EQ Auto 5 lol.