Re-lease with bad credit

[Anonymous]

Hi guys,

I’m currently leasing a volvo and my contract will be up in couple of months. Even though im current on car payments I’m few months delinquent on my CC debt and therefore my score is around 380. What do you guys see my chances on leasing again through the same company?

[whocares]

If your current score is 380, I believe you would have a significant challenge finding anyone to lease to you.  If they do, most likely would be at an astronomical interest rate.  That being said, without understanding why your score is so low it is hard to tell you alternatives.

Here are some starter questions and we can go from there:

1) Is 380 your FICO score or Auto-Enhanced FICO score?  If so, what version? (i.e. FICO 8, FICO 9?)

2) Do you have a thin credit profile, meaning short credit history or only a couple tradelines?

3) What is contributing to your low score? (i.e. high utilization, bankruptcy, 30/60/90+ deliquencies, collections)

4) Are you looking to re-lease your existing vehicle/buyout or new lease?

5) What amount are you looking to finance? 

[Anonymous]

Hi thanks for getting back to me

I recently got denied trying to lease again through volvo with a credit score 535 and a cosigner. Im behind on around 80K in CC debt but i have 2 car leases that im current on.
Dealer mentioned that I’d need to be at 600 to lease again with them. Any suggestions on improving my score to that level in couple months?

[Appleman]

Are you needing a car as expensive as a Volvo?

If you are behind on $80K of CC debt, that is what is likely crushing your scores. If you could bring utilization down by a substantial amount and get caught up it should help your scores.

[nykos5000]

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@Anonymous wrote:
Hi thanks for getting back to me

I recently got denied trying to lease again through volvo with a credit score 535 and a cosigner. Im behind on around 80K in CC debt but i have 2 car leases that im current on.
Dealer mentioned that I’d need to be at 600 to lease again with them. Any suggestions on improving my score to that level in couple months?

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Volvo's financial arm is a bit more strict than a lot of other captive lenders. Even BMW and Merc go as low as the mid 500's IF you have had established credit with them over the years. TBH, most auto lenders care less about how you pay your other bills and far more about your auto loan history. If your auto loan history is indeed impeccable, you will def be able to lease again even with excessive CC debt. Maybe not the smartest idea but it is possible with the right car, finance manager, and lender. 

[Anonymous]

Thanks nykos5000 this is encouraging.
I’ve had 2 leases at a time since 2013 with no missed payments. I needed to stick with volvo as I’d be getting a better deal trading my current lease in.