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Will I get approved for lease

Jmessineo1
New Visitor

Will I get approved for lease

I'm looking to lease a new c63 amg the msrp is 69 cap cost is 64. I'm going to put 2k down. Have a tu score of over 680. I have a current lien on my bmw that I plan to trade to clear note. Revolving debit of 500 and monthly income of 6k gross. Cc utilization of around 35%. Do you think they'll approve me?
Message 1 of 10
9 REPLIES 9
Jmessineo1
New Visitor

Re: Will I get approved for lease

Also, I am 24 and have a credit history of 4 yrs?
Message 2 of 10
Remember0
Valued Contributor

Re: Will I get approved for lease

Personally, yes, I think the loan is approvable depending on DTI. But I think you'll get a higher than standard APR (or in the case of a lease MF).

 

How much credit card debt are we talking about here? And what's your mortgage/rent payment?

Message 3 of 10
Jmessineo1
New Visitor

Re: Will I get approved for lease

Limit is 3900 debt is 1175. No rent, or mortgage.
Message 4 of 10
Remember0
Valued Contributor

Re: Will I get approved for lease

I'd pay that debt off and wait for it to report (shortly after you get the next 0 bal. statement after paying off), it'll really help your FICO imo. Also you only have 1 credit card?! After buying this next car, maybe get one or two more.

 

How can that be... You own your home outright? And what's this revolving debt? Is that seperate from your credit card that you just paid off?

Message 5 of 10
Jmessineo1
New Visitor

Re: Will I get approved for lease

I have 3 cards a chase 700 limit 325 used cap 1 2000 limit 400 used and best buy 900 limit 450 used. I live at home and have 500 revolving debt of student loans
Message 6 of 10
Remember0
Valued Contributor

Re: Will I get approved for lease

Gotcha. I'd pay off those cards, and wait for them to report 0 balance BEFORE shopping. It'll really help your FICO.

 

Don't know what a C63 AMG lease payment looks like, but I'll go ahead and assume 1100.

 

1100+500+600 (the bank will impute rent even though you don't have any) = 2200/6000=~37% DTI

 

Seems fine to me. The only thing the bank might want to see is history on a similar auto note. But you said you had a BMW auto loan and I assume that was for at least 20-30k too so you should be good imo.

Message 7 of 10
Creditaddict
Legendary Contributor

Re: Will I get approved for lease

Hope you get a shiny new Mercedes Amex with the car!

you need some more and better credit cards if you have that kind of income.

Message 8 of 10
Remember0
Valued Contributor

Re: Will I get approved for lease

Get the card AFTER. You don't need more INQs before.

Message 9 of 10
Creditaddict
Legendary Contributor

Re: Will I get approved for lease


@Remember0 wrote:

Get the card AFTER. You don't need more INQs before.


yes, after i agree.

Message 10 of 10
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