Lease approval with 630 credit score

[Anonymous]

Hi, what are my chances of being approved for a lease with a 630 credit score, a satisfied car loan, and income at 40,000.

[darwin_wins]

I am not an expert on auto loans but with that kinda score more than likely you won't be able to, but I hope I am wrong.

Also out of curiosity why lease? If 40K is the income leasing a car makes no sense (of course I believe no one should be spending a lot of money on cars so there is always that bias)

[Anonymous]

What bureau and model are you using for that score?

What car are you trying to lease? 

How much money can you put down?

[Anonymous]

Correction $49,000 . 630 credit score. Car 2016 435xi. $5000 down

[darwin_wins]

Don't you think you will be paying a ton of money for 49K car with 40K income? If I were you, I would sit down and see if I can actually afford it (more than likely a bad choice if you go with it, it's up to you).

[Anonymous]

It's a lease. Income is $49000. Lease comes out to 17000 for 36 months.

[jeffm4688]

$17,000 for 36 months is kind of low no ? I'm showing ~21K residual on a 435xi which is more like $30,000 for 36 months.

Regardless of how much it costs leasing is going to be more $$ especially if you can't qualify for top tier. I got approved for 2 leases in the 630 range and one was an obnoxious 11% and I don't recall the other. Even when I went to buy my audi in December I only qualified for B tier which was $450 a month vs $400. Big jump for only one tier. In both cases I ended up purchasing for a much lower % instead of leasing.

[sccredit]

My bet would be that you could get approved but not at top tier rates, making that lease much more expensive.  

[Anonymous]

the cutoff for top tier rates is 675, so you won't get that......


and IMHO (not that you asked) I would never get a car w/ a MSRP that approached, mcuh less exceeded, my annual income (even leased)