Great credit but high DTI

[Anonymous]

I would like to take over a Ford lease, but before I pay the application fee I am wondering what my odds are of getting approved.  I have an 812 credit score but the new car lease would take me up to 50% DTI ratio.  I have a 20 year credit history, never a late mortgage or auto payment, or any kind of payment for that matter, and very low revolving accounts.  I am self employed (12 years now) and most of my debt is consumed by student loans and a mortgage.  Will Ford credit accept a 50% DTI if the credit score excellent?

[JGGM]

I don't know how taking over a lease works exactly, but if you were just looking to lease a new one through FMC, you wouldn't have a problem.  Only issue might be if you already have an open auto loan, but even then with that score and 20 years history I would say you'd be fine. 

[Anonymous]

I don't know on the lease but I have recently learned about the advantages of income based payments for student loans, brought my payments from $1,200 a month to $500.  Perhaps going that route would free up some room for the truck payment.

[Anonymous]

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@Anonymous wrote:

I would like to take over a Ford lease, but before I pay the application fee I am wondering what my odds are of getting approved.  I have an 812 credit score but the new car lease would take me up to 50% DTI ratio.  I have a 20 year credit history, never a late mortgage or auto payment, or any kind of payment for that matter, and very low revolving accounts.  I am self employed (12 years now) and most of my debt is consumed by student loans and a mortgage.  Will Ford credit accept a 50% DTI if the credit score excellent?

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Welcome to your board.  With what you have described, a 50% DTI is enough to get you qualified.  Out of curiosity, how much is the lease per month and what percentage does that put your DTI?

[Anonymous]

Thanks for the response!  A payment of $300 would take me up to 50% DTI.