Mercedes-Benz Lease approval odds

[Ace6]

Hello,

I am currently thinking about taking out a lease, what do you guys think my odds would be for a Mercedes benz lease in PA, my fico scores are as follows:

EQ:

Fico8 683, Auto8: 687, Auto5: 657, Fico 9 668, Auto9 671

TU:

Fico8 695, Auto8 672, Auto4 656, Fico9 660, Auto9 651

EX:

Fico8 683, Auto8 656, Auto2 625, Fico9 659, Auto9 654

My monthly income is 12k. My credit cards are at 2% utilization. Only other think I have on my credit is student loans which currently are on deferment due to the pandemic, and my mortgage is 750 a month. Thank you for any feedback.

[CreditCuriosity]

fairly good imho.. won't get the best lease, but have the income to support a MB and credit shouldnt be an issue as yours isnt in that bad of shape.  How much of a car you looking at leasing be purchase price if bought?  Any $ down, etc?  MBFS at least where i live used TU so assume that would hold true in PA.. Not sure what version of FICO they use but guessing auto enhanced either 8 or 9 at time of my approval although a purchase vs. approval i was in the 800's, but higher 600's still acceptable especially with low DTI which you appear to have and a higher income

[Ace6]

@CreditCuriosity  I am not sure which vehicle possibly an E class which I saw is 60k, I do have up to 30k I can put down, but unsure how much I will place down. I know the higher the vehicle price the more difficult and the more unfavorable the terms.

[rostrow416]

If you have 30k you're willing to put down, why not just finance it?

[CYBERSAM]

30K is alot of cash for 3-5 year lease!

Your probably better off just financing it at this point.

I do 3 year lease with 0 down but have to pay 3K fees and registration and all...

Also you can try AZEO for next couple of months to boost your score.

[Ace6]

Yeah I don't think I would put 30k down, but I have up to that amount I would feel comfortable putting down depending on the car and terms. I would preferably like to lease something with putting the minimal I have to down.

[Anonymous]

Whoa,

Correct me if I am wrong but anything you put down on a lease is gone forever if the car is totalled?

So if you lease a car for $500 a month with $5,000 down to get Tier 1 and you total that car you have nothing and have to start over.

IMHO it doesn't make sense to put anything down on a lease and I try to not even put down taxes and fees.

[Ace6]

I did not know this, thank you for letting me know. I was under the impression we have to put something down on a lease.

[Scupra]

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@Anonymous wrote:

Whoa,

Correct me if I am wrong but anything you put down on a lease is gone forever if the car is totalled?

So if you lease a car for $500 a month with $5,000 down to get Tier 1 and you total that car you have nothing and have to start over.

IMHO it doesn't make sense to put anything down on a lease and I try to not even put down taxes and fees.

---

This a million times over. Never put any cash down (cap cost reduction) unless you are pre-paying TT&L. Money down won't get you a tier bump and is literally a reduction of money down divided by lease term ($5k down divided by 36 months nets you about $139/mo). If you put $5k down and total the vehicle in a month or two, you just lose the down payment and have to find a new lease. MB don't lease as well as, say BMW, but you can lower the MF by putting multiple security deposits down Good luck! 

[JGGM]

10+ years retail automotive employee here - just want to echo what others have said. Don't put significant money down on a lease. If you total it 3 months down the road, you could be out some serious money. I just leased a truck recently and traded in a paid off truck. I got a check back for 100% of my trade value for this very reason.