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Porsche lease approval odds

dev1791
New Member

Porsche lease approval odds

Hi,

I am looking to lease the Porsche Taycan RWD which costs 100k, sometime this month. I wanted to lease it for 36 months with 10k miles a year.

 

My current FICO scores are:

General FICO score 8:

Equifax: 716

Transunion: 730

Experian: 725

 

Auto score 8:

Equifax: 695

Transunion: 715

Experian: 700

 

The auto score 9 is above 750 for all credit bureaus.

 

My salary is around 270k and I have had two leases from Mercedes in the past 3 years, and both cars have been paid off. I have no late payments or any negative thing on my credit. Just that my credit is relatively new - oldest account is 3 years old.

 

Since my FICO 8 scores are not above 750, I wanted to understand what are the odds for my lease to be approved.

 

 

 

7 REPLIES 7
ImTheDevil
Community Leader
Super Contributor

Re: Porsche lease approval odds

With cars, most people will be approved. Approval isn't the question, the rate is. Your scores and income should be fine as long as DTI is in check. From what I've learned here, the bigger factor will be the dollar value of the loan compared to that of your prior vehicle loans. Were either of your Mercedes approvals for upper-level cars with high sticker prices? If so, you should be fine. If it was for a couple of mid-30k C-class cars, maybe not so much.

 

As @Loquat tends to tell people, a large down payment can mitigate many other factors. If you've had approvals for, say, $70k or so, you'll probably be approved without issue. If they're hesitant, you can likely overcome it with a bigger down payment.

 

I'm sure others with more nuts and bolts knowledge will chime in but hopefully this will help.



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Message 2 of 8
dev1791
New Member

Re: Porsche lease approval odds

My previous cars from Mercedes were leases. I had a C class(50k) and an E class(70k). The lease for the E class ended a couple of months back and the C class lease ended this month.

 

I had been planning on putting down only 5 to 10% for the car.


Also, I only have around 1% utilization on my credit cards and one personal loan. The DTI should be less than 5%.

Message 3 of 8
ImTheDevil
Community Leader
Super Contributor

Re: Porsche lease approval odds

Personally I think you'd be good to go but I will defer to those with more experience.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | FNBO Evergreen | PenFed PCR | PenFed Gold | Navy cashRewards | Navy Platinum | Apple | Wells Fargo Active Cash | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 4 of 8
aj2121
Frequent Contributor

Re: Porsche lease approval odds

You should be fine for getting an approval, and you should qualify for top tier rates. Porsche financial is a subsidiary of VW Financial, who uses TU Auto 8 scores, but can use a different bureau if your score with that bureau is higher. Anything over 700 will qualify you for top tier. You have demonstrated good payment history, so you should be solid.

 

As an aside, I highly recommend putting no money down on a lease. Pay he first payment due at signing and if Multiple Security Deposits are allowed that is usually worthwhile.

FICO8 as of 4/9/21:
Message 5 of 8
Prit
Member

Re: Porsche lease approval odds

Hey there,

 

I am looking to finance through PFS too. Checking back to hear your experience. Were you approved?

Message 6 of 8
nykos5000
Regular Contributor

Re: Porsche lease approval odds

 


@aj2121 wrote:

You should be fine for getting an approval, and you should qualify for top tier rates. Porsche financial is a subsidiary of VW Financial, who uses TU Auto 8 scores, but can use a different bureau if your score with that bureau is higher. Anything over 700 will qualify you for top tier. You have demonstrated good payment history, so you should be solid.

 

As an aside, I highly recommend putting no money down on a lease. Pay he first payment due at signing and if Multiple Security Deposits are allowed that is usually worthwhile.


Resurecting an old thread but I would like to clarify a few things here....though Porsche is part of the VW Group...Porsche Cars North America and Porsche Financial operate as an independent subsidary away from the VW Group in the US. Thus, Porsche Financial has seperate underwriting rules compared to VW Credit/Audi Financial, which is to say, much more strict. In California, Porsche usually pulls Experian Auto 8 and requries a score of 750+ to qualify for their top tier rates (VW/Audi require 680ish). They are not as lenient as the other captive lenders with courtesy tier bumps, etc. However, they will approve folks with a lower score if the income/down payment is a right fit for the deal. Porsche Financial also does not allow dealers to pad in higher rates like most other captive lenders, though their rates are always higher than the competition. Porsche Financial is not in the buisness of gaining volume and their underwritting rules are geared towards high priced vehicles (Not just Porsche but they also cover financing for Bentley, Lamborghini, and Bugatti). 

BK7 08/2016 | DC 12/2016

Message 7 of 8
Loquat
Moderator

Re: Porsche lease approval odds

@Prit This thread is rather old.  If you're seeking new data points I'd suggest starting a new thread.

Message 8 of 8
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