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Hello,
I am thinking of leasing a BMW 5 Series. Due at signing would be $5,600 (No Security Deposit). Monthly payments would be $620. Current scores sitting around 640. Debt to income ratio would be 31% with this car payment included. 1 auto loan for 20k (Completed). Second auto loan for 45k (Final month charged off). Would paying a security deposit increase my chances of approval?
With your current score you will be paying a higher payment that's for sure. Of course there is ways to get higher approval chance like many do MSD. (multiple security deposits) What's your credit profile like ? Is there a need right now to get the new lease ?They pull auto score for me thru experian, I live in Arizona if that helps.