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I would like to lease but have a FICO Auto 8 of 645-663

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Member

I would like to lease but have a FICO Auto 8 of 645-663

My beacon 5 (FICO 5?) is worse (590s).  Can anyone suggest a finance company to go through?  TransUnion is the worst for me and Equifax is the best.  I am able to put a significant amount of money down and I'm looking to get a two year ultra low mileage lease just to build some auto tradeline credit while I continue to heal my credit.  Any tips/suggestions much appreciated!  Now, I know this sounds funny but I read Porsche will just let you pay a lump sum for an entire lease?  Do you think they would let me make payments on about 2-3 k just to have that tradeline?  I feel stupid walking into a Porsche dealership with subprime credit (depending on what FICO model they pull).  But also, I've heard a lot of doctors have horrible credit so I don't feel too bad!  While I'm not a doctor I'm in the same "boat" so to speak, great income, with mediocre credit!

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Regular Contributor

Re: I would like to lease but have a FICO Auto 8 of 645-663

Yes, Porsche Financial offers single pay lease, but your credit scores aren't bad. You would be approved with most lenders, ex: (bmw financial, Mercedes Benz financial, VW/Audi financial) 

 

porsche is a tough nut to crack, what current or previous lease/auto loans have you had? Also what are the monthly payments? Comparable auto is usually looked at.

Message 2 of 13
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Valued Contributor

Re: I would like to lease but have a FICO Auto 8 of 645-663

@roadto731  If you're not married to the brand of car you lease, I've heard good things about Toyota and Honda Financial for scores in your range.

 

There are some good YouTube videos about credit tiers. Here is a screenshot from one.

 

hqdefault.jpg

 

I've leased with VW since 2015 and your score range will = higher MF (interest charge) right now.

 

 

Message 3 of 13
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Established Contributor

Re: I would like to lease but have a FICO Auto 8 of 645-663

With Toyota/Lexus, they will pull all 3 auto 8 scores and use whichever is the highest. So as said above, if your not stuck on Porsche, look at a Lexus. 



Starting Fico Scores:November 2019

Current Fico Scores: September 2, 2020
Goal Scores: 700 across all three
Message 4 of 13
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Super Contributor

Re: I would like to lease but have a FICO Auto 8 of 645-663

First rule of leasing, don't put any money down towards cap cost reduction. Paying TT&L up front is ok and suggested though. Money down is completely lost god forbid the vehicle ends up being totalled. 

 

One pay lease really isn't that uncommon. Very rarely does it make more sense vs leasing 24-36 months. 

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 5 of 13
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Member

Re: I would like to lease but have a FICO Auto 8 of 645-663

I have a prior car loan where I had I cosigner this loan was closed a long time ago.  Seven years ago I entered a raffle and won a car so I haven't had an auto loan in ages!

Message 6 of 13
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Member

Re: I would like to lease but have a FICO Auto 8 of 645-663

Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?"  LOL that's how I feel after I read your post.  If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful Smiley Happy

Message 7 of 13
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Valued Contributor

Re: I would like to lease but have a FICO Auto 8 of 645-663


@roadto731 wrote:

Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?"  LOL that's how I feel after I read your post.  If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful Smiley Happy


Welcome to the Forums!

 

Who were you replying to with your post?

Message 8 of 13
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Valued Contributor

Re: I would like to lease but have a FICO Auto 8 of 645-663


@roadto731 wrote:

Have you seen finding Nemo where the cute turtle is talking and Nemo's Dad is like "you're really cute but I don't understand what you're saying?"  LOL that's how I feel after I read your post.  If you have time to educate a complete stranger on your acronyms or have any resources on how to negotiate leases like a boss I would be very grateful Smiley Happy


Spend some time reading through the LeaseHackr forums. It will pay off in spades

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $3,300, Kohls $3,000, BBVA $2,500

Closed CreditOne $800, Blaze MC $3,000, Waufair $5,000

Infiniti Financial lease
Subaru/Chase 1.99%

Message 9 of 13
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Member

FICO Auto 8 Score

Hoping someone can help me understand why my FICO AUTO 8 score is 80 points lower than my FICO 8?  I havent' had an auto loan in 7 years.  Experian FICO Auto 8 is 663, which is sctill lower than my FICO 8 but its not the abysmal FICO Auto 8 TU shows.  

 

Is there a way via buying tradeline or something that can increase my TU FICO Auto 8?  I've been working hard on my credit the last 6 months and I was saddened to see the score with this FICO model.  My credit utilization is 3%.  No late pays on TU.

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