QUESTION for first time Range Rover Lease buyer!

[Mdowning30]

Im baffled after reading this how would their be any doubt getting a car with "Good" credit and almost half a million in income a year ? You should end up getting Tier 1 APR, also check your Fico auto scores.

[JackieChan28]

You would think that would be enough, but after speaking to one of the sales reps, the guy asks me "if I've ever leased or financed a vehicle under my name?" I have Not!

This will be my first time. 

I spoke with the finance manager

at the dealer and he said the same thing. If it's the first time buying a car, might have trouble getting approved. 🤔 

I might have to consider a less expensive vehicle. The 6 cylinder 2023 HST at $80k might be tough, even at a 729 score. They use Chase as a bank and they look at vehicle payment history and what not. 

Might have to end up getting the 4 Cylinder that looks the same that's less expensive just to have a vehicle lease on my credit. I understand credit is baby steps and I have to he patient with time.....

FINAL!

The finance manager just spoke to me over the phone and said my income is strong and I might have to put a little more Down.

He said "they might be able to make it happen"

They want me to fill out the credit app online so they can send it to the bank. 

Thanks to everyone that replied to my post. Thank you for all the input. I appreciate you guys. 

[cashorcharge]

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@JackieChan28 wrote:

You would think that would be enough, but after speaking to one of the sales reps, the guy asks me "if I've ever leased or financed a vehicle under my name?" I have Not!

This will be my first time. 

I spoke with the finance manager

at the dealer and he said the same thing. If it's the first time buying a car, might have trouble getting approved. 🤔 

I might have to consider a less expensive vehicle. The 6 cylinder 2023 HST at $80k might be tough, even at a 729 score. They use Chase as a bank and they look at vehicle payment history and what not. 

Might have to end up getting the 4 Cylinder that looks the same that's less expensive just to have a vehicle lease on my credit. I understand credit is baby steps and I have to he patient with time.....

FINAL!

The finance manager just spoke to me over the phone and said my income is strong and I might have to put a little more Down.

He said "they might be able to make it happen"

They want me to fill out the credit app online so they can send it to the bank. 

Thanks to everyone that replied to my post. Thank you for all the input. I appreciate you guys. 

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Best of luck.  Like others have stated, I don't really foresee an issue in getting the approval.  However, I do think you will be paying a higher money factor as a result of your credit.  Make sure you ask what your money factor is on the lease.  Then take that number...it'll be something like 0.0025 (made that up) and take that number and multiple by 2400.  IN my example 00.25 X 2400 = 6%.  That's your rate and while rates are going up....you may not have a lot of alternatives for leasing.  The dealer may be marking up the rate they give you so asking for a concession if it comes back to high is an option....but they may not budge as they make money on what they charge you over the buy rate.

[JackieChan28]

Yes, very true! Thank you for your reply and feedback. It is very much appreciated. 

The finance manager said to fill out an application to better know if I'm approved. 

Do you think I should even try? I really do not want to get a hard inquiry on my credit report. He said my income and score are great, but asked me the same thing. 

Have I leased or financed a vehicle before? I have not! 

The finance manager asked me "how much down are you willing to put?" 

I told him because it is a lease, as low as possible, but I am willing to put anywhere from 5k to 7k if it's going to get me approved and the bank wants to see a down payment due to me not having vehicle payment history. 

I'm thinking about it now before I fill out that online app. I really rather do it at the dealer. 

I guess I have to lower the price of the vehicle I want $50k to $60k and I should have a much better chance. 

Again thank you to everyone for the feedback. 

[CreditCuriosity]

Chase can be tough for vehicle loans/lases.  Had a friend who is best friend use to make about 250k, wanted to buy a car and was going to use chase to finance it, but value of new car went up like 40k although well within his budget was turned down for sticker shock and just ended up using a different bank.  Now said person makes over a million a year and has no issues having his CU finance exotic several hundred k cars for him.  Needless to say you certainly can be turned down having no auto loan history and leases are typically harder to get and you never really want to put money down on a lease other then first payment which is required.

Sometimes just like with FICO scores you got to slowly build up your score and credit limits.  Same applies for car get a 30k car goto a 50k car, etc...  eventually will get there as income, fico isnt by any means all that is considered.  Surprised no F&I people have weighed in on this yet.

[JackieChan28]

Thank you for your input. I appreciate your time. 

[Mdowning30]

I bet they wouldnt give you a hard time if you wrote them a check for the whole price of the car. 

[JackieChan28]

Haha!!! 

You know, I've bought more then 4 cars like that. My E46 M3. My Porsche Panamera 4s and so on...

I haven't used my credit much. It's really been this past 5 years that I've started using it as after getting engaged, thinking about the future and possibly buying a house and so on, I've been told to stop using the cash I have in the bank that much and instead start building my credit. So that's what I did. I got a couple credit cards. Now looking to put a vehicle on it amongst other things. Then for future plans want to use it under my business to get business credit and so on. I knew this time was coming lol, so now I just have to go with the flow. 

[JackieChan28]

Thank you. I will definitely make sure to ask them. 

I'm kind of holding off now. Talking to my accountant and thinking about it. I just don't want to put hard pulls on my credit for no reason. 

When I spoke with the finance manager he said with Chase bank, they really want to see a car payment history or a car paid off.

He said he can push it through with his finance guys at Chase as he is good with them (I suppose he is) lol 😆  then he asked me if he does, you willing to put more Down? Between $5k to $10k? Hum 🤔 I can, but....

Can you show last 3 months payment stubs to verify income? Of course! No problem. 

Even after agreeing to do those things if he can "Push it through" he still said that he is not sure that he can get it 100% approved. 

You know, I'm just at the point where I'm thinking about it and doing the numbers and laying out my options. 

I'll get back to you guys with what I choose to do. 

In conclusion, thank you to everyone that replied, posted and gave me your input. I honestly appreciate all your time. I got some great knowledge from all of you. I'm still fairly new to the credit game but I want to be cautious and conservative because I want to be like some of you guys on here with all those nice credit cards, reward credit cards, cash back and miles cards. I also want the same but under my business so will take everyone's input and take everything into consideration. 

Again thank you to everyone that posted a reply with feedback. 

Thank you! 👍🏼 👌🏽 🙏 

Very much appreciate it. 

N

[Gladius]

Why are you putting money down on a lease?