Leasing a Tesla: 720 Credit Score, $70,000 Income, Only 2 Credit Cards w/low balances

[Anonymous]

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@Zharper wrote:

And if they loved the music that much they would find a way to get the piano they know they will enjoy considering a Steinway could be passed down to future generations so its more of an investment. Life isnt about racing to the end with the highest amount of money its about having fun along the way.

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And what do you think the Tesla will be worth to future generations?

Life may not be about racing to the end with the highest amount of money, but it's just plain dumb to go into so much debt beyond your means for a non-income producing, depreciating asset. We're not talking about a guy who makes $120k a year buying a $40k boat here. We're talking a guy taking out a lease for more than what he makes in a year for a depriciating asset. He's not going to pass it down to future generations because he's not going to own it. No matter how much pleasure he gets out of it, it's a bad idea that will handicap him financially if anything goes wrong in the future.

[Anonymous]

I think something may be being overlooked here...If you are making 70k a year and your only expense is 450 a month in rent, that leaves 67k minus taxes, do you have significant savings? If not that 1200 a month lease is a problem. If you are saving 20k a year I dont think the lease is an issue, if thats what you want to do. But a 14k a year expense if youare paycheck to paycheck on that salary, it seems a bit absurd.

[Anonymous]

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@Anonymous wrote:

I wanted to get the opinions of folks who have leased or finance, to see what you're experiences are.

The specs of my Model S would be: $92320 before tacking on fees and taxes. When i take my Net income ($4972) against the monthly payment $1136, the ratio is only 22% of my income

So I am trying to find out if i would be a approved for a lease with these credentials. I am working my way up to the 720 credit score, should be there in about 2 months. I havent bought anything on credit for quite sometime, 2004ish..

I have since opened 2 credit cards with very low balances owed.

Would i be able to make it happen?

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I'm really interested in finding out the aftermath of this forum  Did you get it? Did your income actually increase that much? Do you happen to work in information security? lol i'm kind of in a similar situation as far as income and potential income.  I also absolutely love the Model S, but i definitely agree with a lot of the comments here. I would never buy or lease a car that's worth my yearly income.  I'm a lot more interested in investing in real estate. 

[Anonymous]

There are 4 pages of replies so I'll say it anyway:  live within your means.

You are seeking a car that is greater than your annual income.  EVEN if you had a paid off home this would be a foolish thing to do, let alone you'd have a hard time getting financed outside of a very large down payment.

[Anonymous]

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@Anonymous wrote:

I'll get the car now or in an another year when I'm making $90,000 to $100,000. One way or the other it will happen. 

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With this mindset you will be working in your 70's and beyond so good luck with that.

[Anonymous]

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@Anonymous wrote:

umm because of the fact that i have a the required credit score they are looking for along with the income and Debt to Income ratio.

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At this point I believe your OP is nothing more than a level, trying to get a rise out of folks.

That said, IF this is legit, there is no way you are north of 30.  If you happen to be so then best of luck in your future bankruptcy.

[Anonymous]

I haven't looked in awhile, but last time I did check out their lease offer, the money factor sucked. They don't lease very well......

[settleordelete]

I don't believe in leasing but I did finance my last 2 new cars in 2010 and 2011 with a 700+ fico scores with no money down and a $76k/year income. One was paid off last year and the other will be paid in full next January. I paid out $826/ month on two cars for 4 years not including insurance, gas, tires and other maintenance. Also with a mortgage, 2 young children and a at home mom(my wife). But this is America and you can buy whatever you want in this economy. So enjoy your new ride.

[cartwrna]

Looking through his thread history, in August of 15' he was denied a 25k loan through US Bank for a thin credit file. He ended up leasing a Ford I believe. He was waiting for an underwriter to look at it and never updated. Assuming that may of fell through as well :-p

[cartwrna]

He hasn't been on the forum since Sep 15. Maybe everything fell apart, his last posts were about being denied quite a few credit cards due to a delinquency/delinquencies and a ton of inquiries.