Honda Finance Lease Approval Odds?

[Anonymous]

Credit Score: 718 EX FICO

AAoA: 11 months, oldest is AU 5 years

# of positive trade lines: 4

# of negative trade lines: 0

Income: $24k

Lenght of Employment: 1 month

Previous Loan Experience: No installment history 

Debt-to-Income (DTI): 2%

Year of Car: 2020 Honda Civic

Miles: 0

Purchase/Refinance: Lease

Requested loan term (XX Months): 36

Down payment amount: $1000

Co-borrower/Co-Signer: If needed, spouse with score of 705 FICO could co-sign. Spouse has previous paid off Honda Loan (2017) no lates, current Honda Loan started one year ago, no lates. 

Other: Only one tradeline reporting a balance, 30% utilization. Other 3 have been active in the last few months. My oldest TL is Capital One card, $5500 limit $0 balance and open 1.5 years. 

Lease payment would be $310 to $330

[Anonymous]

Other people will hopefully give you better feedback. The feedback I have for you is your credit file is relatively new/short. Income and Job history of 1 month will probably work against you. What's the MSRP of the Honda Civic your looking at? If you check out Leasehackr forum you can research better deals. On the credit side the Income, 1 month job history, and no prior loan history might hurt. 

[Anonymous]

Hi,

Thanks for the feedback. MSRP is $25,955 and "sale" price is $24,233. I should also note my housing costs are $0/month as my spouse pays these. 

Thanks!

[Anonymous]

As long as you are approved for credit. I believe you should be able to lower the sales price by another $1k.

[Anonymous]

Anybody know what version of FICO score AHFC uses in Connecticut for a lease? Last year they pulled Experian, but not sure which type of score (Auto 9?). 

thank you 

[donkort]

Good enough FICO score----not enough time on the job.

How long were you at your previous job?  Was there much of a gap between your previous job and your present job?

I would say that it's probably a "plus" if you were at your previous job 5 years, then immediately got this one,

[Anonymous]

Previously a full time student, four years undergrad and two years towards a graduate degree. Not sure if that helps. School was not in the US so can't get the Honda College Bonus. 

[donkort]

It might help, actually.  Can't make any promises, though. 

How much of a down payment do you have?  If you have a relatively large down payment, that would definitely help.

[Anonymous]

Thanks. Wouldn't be interested in more than $1k down on a lease. Could do $3k down on a loan. 

[donkort]

Usually, from my experience, they ask for at least a couple of thousand dollars down for leases.