High Income, not so great credit Car lease

Anonymous · ‎06-05-2016

I have an estimated credit score of 640-680. I have no collections, and only owe $100 on a credit card, that I could pay off instantly if needed. My income last year was $200k+ I had to give up a car I bought from Chevy dealer about 10 years ago when I was laid off, it negatively affected my credit for a very long time. Will I be denied a car lease from Chevy due to my low credit rating, and previous repossession, even though I can easily afford it?

Sbrooks1 · ‎06-05-2016

There are a lot of finance options besides Chevy. Have you checked your auto scores? Cap one has a navigator pre approval you can do online , max is 40 grand or try a local credit unions . I don't think you will have a problem at all, auto loans are pretty easy these days

Pway · ‎06-05-2016

10 years is over the SOL, and it should be gone from your credit reports. Yes it is possible. ~~I mean what are your current scores?~~

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

Thomas_Thumb · ‎06-05-2016

@Anonymous wrote:
I have an estimated credit score of 640-680. I have no collections, and only owe $100 on a credit card, that I could pay off instantly if needed. My income last year was $200k+ I had to give up a car I bought from Chevy dealer about 10 years ago when I was laid off, it negatively affected my credit for a very long time. Will I be denied a car lease from Chevy due to my low credit rating, and previous repossession, even though I can easily afford it?

You are entitled to free copies of your credit reports from all 3 CBs on an annual basis. Do you have any recent credit reports? Is the repo still listed?

Regardless, you should be able to get a car lease with a + 640 score and there are alternative options for leasing.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950

RobertEG · ‎06-05-2016

I agree that a repo that occured 10 years ago would no longer be included in your credit report.

If the vehicle resulted in a charge-off, it would have become excluded no later than 7 years plus 180 days from your date of first delinquency on the lease.

Otherwise, the repo would have become excluded from your credit report no later than 7 years from the date of the repo.

There are apparently other major adverse items affecting your score. As suggested, you need a full credit report to evaluate the cause of your reduced score.

Anonymous · ‎06-06-2016

Thanks to all for the responses.

RobertEG.. I believe the only other adverse items affecting my score are the lack of available credit, and I have one payment was 30 days late. I have always been the type to only buy what I can afford to pay for upfront, so I only have one credit card with a low limit, ($1k) that I usually just use for small purchases, and then pay it off.

Anonymous · ‎06-07-2016

@Anonymous wrote:
Thanks to all for the responses.

RobertEG.. I believe the only other adverse items affecting my score are the lack of available credit, and I have one payment was 30 days late. I have always been the type to only buy what I can afford to pay for upfront, so I only have one credit card with a low limit, ($1k) that I usually just use for small purchases, and then pay it off.

With a 200k income ur take home is close to 12k or so a month can buy lots of things. 1k in CL is really low for ur 200k income. Suprise u didn't put money in for a secured card to build credit too

StartingOver10 · ‎06-07-2016

@Anonymous wrote:
I have an estimated credit score of 640-680. I have no collections, and only owe $100 on a credit card, that I could pay off instantly if needed. My income last year was $200k+ I had to give up a car I bought from Chevy dealer about 10 years ago when I was laid off, it negatively affected my credit for a very long time. Will I be denied a car lease from Chevy due to my low credit rating, and previous repossession, even though I can easily afford it?

^^^Are these FICO scores or are they something else like Credit Karma or some other vendor's scores?

It makes a difference. The score model that counts is the one that the lender that you are using to finance your loan uses. Most lenders use some form of FICO model so if you haven't pulled your scores already, then do so. That way you will know where you are now. If you have to do some work to get your score up you can measure your progress on the appropriate scale. Remember a consumer pull won't ding your credit report.

Do you have significant savings to put down on a vehicle? You can overcome a low score with a large down payment.

Anonymous · ‎06-07-2016

These are scores from Capitol ones credit tracker, and credit karma. I agree I should pull up my fico scores to equip myself with that knowledge. As for significant savings, I mean I have enough to just go buy the car outright with cash. But I really just wanted to lease, I didn't want to deal with the depreciation of $50k vehicle. I'd rather have a payment every month and get to drive a brand new vehicle every few years.

Anonymous · ‎06-07-2016

Rott - the reason I have a low credit limit is because of the repo. It really hurt my credit, and it became hard to obtain a credit card. Now I fear applying for credit cards because of previous denials which hurt my credit even more with hard inquiries. That led me to only buy what I could afford to pay for in cash.