Possible for me to lease a Model 3?

[Creditfortesla]

I have paid off all my cards after recently selling a family home. So far 2 have reported the new 0 balances. I was at 46% utilization before now I am below 10%. I am at 684 Experian with just the one card reported so far and the credit simulator expects me to be around 750 when all the balances report in. I make $50,000 a year and would like to lease a Model 3. I do have more than enough for a down payment I just know Tesla does a hard pull and I don't want a hard pull if I will not get approved. What are my odds of approval? Also wanted to add I have never missed a payment ever so my on time payments is 100%. I have 8 cards and they have all been paid on time. Experian says my overall average credit age is 2.2 years. $28,000 or so in credit with maybe $1000 in debt on the cards combined. 

[pizzadude]

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@Creditfortesla wrote:

I have paid off all my cards after recently selling a family home. So far 2 have reported the new 0 balances. I was at 46% utilization before now I am below 10%. I am at 684 Experian with just the one card reported so far and the credit simulator expects me to be around 750 when all the balances report in. I make $50,000 a year and would like to lease a Model 3. I do have more than enough for a down payment I just know Tesla does a hard pull and I don't want a hard pull if I will not get approved. What are my odds of approval? Also wanted to add I have never missed a payment ever so my on time payments is 100%. I have 8 cards and they have all been paid on time. Experian says my overall average credit age is 2.2 years. $28,000 or so in credit with maybe $1000 in debt on the cards combined. 

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Putting aside credit - can you afford this car payment based on your DTI ?  What are your other monthly expenses ?  Also do you have any previous auto loans or leases ?

[Creditfortesla]

Yes, I believe so. The main reason it got so high is due to the fact I was buying supplies and paying people to repair said family home. I have over $25,000 in a high yield savings, around $10,000 in digital currencies and about $35,000 in cash. I pay $400 a month to split rent with my wife. I have a cellphone and internet that's $100. Outside of that I have no other expenses. I WFH so don't even have travel expenses. Also no previous auto loans or leases. 

[sccredit]

Once your balances update it seems like you should be fine.

[Creditfortesla]

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@sccredit wrote:

Once your balances update it seems like you should be fine.

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Thats what I am hoping as well. From browsing this forum it looks like Tesla Financing uses US Bank for the leases and they pull from TransUnion. I don't know how current that is or if that applies for every state but it lets me kind of know what credit agency I need to focus on improving the most. 

[sccredit]

Leasing is all done through Tesla Finance LLC

[Creditfortesla]

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@sccredit wrote:

Leasing is all done through Tesla Finance LLC

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That's what the website made it out to sound like as well but then I read posts that said otherwise so I wasn't sure. Could of just been what Tesla did back then.  That's why I want to lease. I love the car and the concept but right now electric cars are changing faster than ever and just a few model year difference between cars and you lose a lot of new features. Plus the prices keep dropping all the time and I don't want to get underwater. Especially with highland coming. 

[Mdowning30]

@Creditfortesla I would suggest 6 months of monthly expenses in the HYSA, or if you feel more comfortable 1 year's worth, the rest of that money should be invested in the market making more money !

[Creditfortesla]

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@Mdowning30 wrote:

@Creditfortesla I would suggest 6 months of monthly expenses in the HYSA, or if you feel more comfortable 1 year's worth, the rest of that money should be in the market making more money !

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Excuse my ignorance but was is HYSA? I do not know a lot about traditional finance but know digital currencies for almost 10 years. I've done well with those but I want to expand out more into traditional finance like I am doing with the saving account but a higher then 5% yield.  

[Adkins]

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@Creditfortesla wrote:

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@Mdowning30 wrote:

@Creditfortesla I would suggest 6 months of monthly expenses in the HYSA, or if you feel more comfortable 1 year's worth, the rest of that money should be in the market making more money !

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Excuse my ignorance but was is HYSA? I do not know a lot about traditional finance but know digital currencies for almost 10 years. I've done well with those but I want to expand out more into traditional finance like I am doing with the saving account but a higher then 5% yield.  

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HYSA - High Yield Savings Account