I currently have a 651 EQ MyFico score with three baddie accounts. My only auto history is a 72 month loan from BoA with a single 30 day baddie in 11/08. Then I have a closed Chase CC with a 2k balance with 9 baddies DOLD 2/11 and a Cap 1 CC with 2 baddies DOLD in 1/06.
Do I even have a shot for a lease at this point?
It is looking iffy, is a cosigner available?
Although I'm no expert, from reading in these forums you should be able to qualify for a purchase with some down payment. But a lease seems to have much more stringent credit requirements. The truth is the auto companies are changing policies all the time and obviously they want to move cars off the lot. So go pick out the car and see what magic the dealer might work. Just be sure you understand the terms of whatever loan product they find for you.
It is my understanding (and I could be incorrect), you have to have a score of 640+, have no collections or charge offs (or at least showing paid for over a year), and a perfect payment history for 12 months. Even then, a score under 700 (if approved) may require a larger down payment.
Best thing to do (as it varies from dealer to dealer) is call the dealership that you are interested in leasing from and explain your situation. They should be able to tell you if you will qualify for their leasing program.
The other thing that you have to remember and consider is that the 651 FICO score that you get from here will likely be different (could be + or -) from an auto enhanced FICO score, which is likely what the dealership will pull.
I think it all depends on the dealership. I can't remember which one, but one of the dealerships around me wouldn't even look at you unless you have 720. Call and ask them - they will tell you.
Ive been looking for deals on cars as well. In most of the commercials the fine print reads must have fico scores of 680++ I know this for Hynundai for sure.