Will a high credit utilization 55% affect the chance of an auto lease?

[Anonymous]

My current lease is ending soon, and I am planning to get another lease again.

I am looking to lease a MSRP around $46k car.

I have around $31,000 in revolving debt which is about 55% utilization, it have been carried for around a year, but I am making around $2,500 payment each months. My current FICO score around 690s.I am assuming that my high utilization will affect my new lease.

My question is that does anyone think that I am still could qualify for a lease, with FICO score 690s and utilization 55%? In my credit report, it shows I have leased with BMW and Toyota; however, this time I am looking for Infiniti. By switching brand, do the new creditor would still offer me a better rate?

Thanks in advance.

[Loquat]

Anything is possible OP.  While a 690 score isn't terrible, the 55% utilization may cost you some in regards to interest rate.  But I'm telling you from a person who use to spin paper in the box, a nice down payment will overcome a multitude of credit sins in regards to auto financing. 

[Appleman]

How is your DTI as compared to your current credit card utilization?

[sccredit]

If your Auto FICOs are in that same 690 range Infiniti will buy.  Most dealers can get that bumped to Tier 1 and get the lowest MF.

[Anonymous]

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@Loquat wrote:

Anything is possible OP.  While a 690 score isn't terrible, the 55% utilization may cost you some in regards to interest rate.  But I'm telling you from a person who use to spin paper in the box, a nice down payment will overcome a multitude of credit sins in regards to auto financing. 

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But when I lease car, I would like to put $0 or really small amount of down payment.

I am choosing Infiniti because the interest rate (when leasing car they call it money factor) is most likely 0%.  So, I am wondering that if I lease car with my score right now, will the interest rate increase?

[Anonymous]

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@sccredit wrote:

If your Auto FICOs are in that same 690 range Infiniti will buy.  Most dealers can get that bumped to Tier 1 and get the lowest MF.

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Oh... really?

But my utilization is around 55% though....

Good to know..

[sccredit]

Personally I think you'll be fine with Infiniti.  I completely agree on a lease you should put zero to mininal down.