Lease with Ford or purchase with NFCU?

Anonymous · ‎08-27-2017

Hi there! This is my first time posting so I hope I'm explaining my situation well. We currently have a lease with Honda ending on 10/16. We are looking at a Ford Explorer for our family. The great debate is do we attempt to go for a lease with Ford or would our chances be better with a loan from NFCU? Currently my FICO scores are EQ 715, TU 708 and EX 680. My husband's are just over the 680 mark. We are nine years past BK. Husband has one items in collections two years old. Our DTI is good and our combined income is over $100k. The issue is... during our 36 months of leasing with Honda, we have 6-9 30 day late dings (depending on the CB). This was all exactly one year ago when we had our third baby and we're down to one income. The last year has been all current. I'm extremely nervous about how this will be looked at and I'm grateful for any insight.

Raiderguy8 · ‎08-27-2017

I was looking for some Ford deals for the upcoming Labor Day weekend. I had read that there might be some $0 down lease specials for the Fusion which is my preference. I found a few deals that are offering that deal right now. One dealer in Albany, NY has this disclaimer for the lease:

*Fusion lease offer: With approved credit plus tax, title & MV fees. *Closed end lease, auto,4Cyl. Price includes $3,250 Cap Cost Reduction. Ford rebates retained by dealer. †Lease payment subject to primary lender approval. Must have a minimum Fico® credit score of 680 to qualify. Ttl pymt: $8,225. Purch opt: $11,097.50. Incl 10.5K mi/yr, $0.15 each add’l mi. Lessee resp for maint & excess wear & tear. Prices and incentives based on current manufacturer’s programs which are subject to change. See dealer for details. Offers cannot be combined. Expires 8/31/17 https://www.depaulaford.com/new-lease-specials/

So it would seem that your low score of 680 would still be ok for this lease program if this is what is coming to most markets.

Anonymous · ‎08-28-2017

Ford Motor Credit usually pulls TU.

Good for you too getting rid of Honduh and getting a Ford

Anonymous · ‎08-28-2017

I am sure you can get approved either for the lease or a purchase with NFCU, it boils down to your goals and the costs. Nearly always you can lease a car for less per month than you can buy a car for but as you are well aware this means you never have any ownership stake in the vehicle and you are forced to get a new car every 3 years. If that works for you than there is certainly nothing wrong with going that route. NFCU is fantastic to deal with and regardless of if you finance a car with them they are in my opinion the best bank/credit union on the planet. We do all of our banking through them even though the closest branch is 100 miles away because they are simply great. If you decide to buy then doing a application with NFCU is very easy and the process goes quickly. Those 30 days lates are not ideal but I don't think they will hurt you a whole lot. Welcome to Myfico, this is a fantastic place to learn about all things credit.