Any lease specialists out here in FICO world?
I found a co-signer who has the most amazing credit and we are now in tier 1+ credit. I got the dealer to come down $5k off MSRP plus $1K Audi loyalty but the money factor they quoted me is ridiculous and equates to 4.9%!
I feel this is too high for a tier1 rating?
I saw Audi tiers and their tier 1 says 1.2% APR - is that just for financing or leases too? Should we look into getting financing through another bank and not the dealership? If so who would you recommend?
You could try leasehackr forums, they have a ton of information on current leases.
Please do not get upset with me but I have to ask.
Why do you need a cosignor?
If it's because you have bad credit have you learned your lesson and how to be responsible with credit?
If you need a cosignor should you be leasing a luxury car?
Asking someone to cosign is a major obligatiion to them.
Even if they are willing there are unforseen factors that could end up hurting them.
For example in an economic downturn having another car lease could possibly effect their ability to get credit as it is listed as an obligation in their debt to income ratio.
No matter how unlikely it may seem isn't there a scenario where it could hurt them having cosigned for you? I am not infering you would not make the payments. I am rather suggesting it could limit their ability to get credit. What if they were furloughed would they regret this obligation?
Many of us here have worked hard to rebuild and those that have been sucessful are the ones that have had to deal with the consequences to their bad credit mistakes of the past. We are the ones who think twice before charging something, before openiing a new card, before buying a new car.
I don't know you or your circumstances but just because someone is very willing to cosign doesn't mean you should burdeon them with that obligatiion.
What can you get qualified for on your own?
What will it take for you to get your credit to a tier 1 Audi lease?
Why can't you get approved on your own.
I am sorry but the S5 is a luxury. It's not like you are asking someone to help you get good reliable basic transportation. You are asking someone to cosign on a luxury car that costs over $50,000 likely closer to $60,000.
Agreed with @Scupra
Also, not uncommon for dealers to increase MF to get a profit OR increase MF if they are giving reduction off MSRP.