My wife and I are looking at looking to lease a Jeep Wrangler Rubicon - Our lease is up on my 2014 Denali truck in December so we are thinking about end of October. This will be a $120/ month savings. We are at about 85% in card utilization but that will drop to 60% by the end of September. Our Fico 8 Auto score from myFICO are 676, 642, 670 (hers) and 684, 616, 698 (mine). FICO 8 Similator says high low 700s by the time we pay down some debt, so I'm assuming 715-720 for Auto score by September. Our Debt to Income is with current cars, credit card payments house etc is 33% What are the odds of 1) Even getting a lease for a Jeep ($40k MSRP) 2) Getting a decent Tier/ APR 3) Using UsBank (who our Denali Lease is through) or go through Chrysler?
Going from 85% utilization to 60% utilization only crosses 1 threshold as far as we can tell, which to mean wouldn't be enough to put your scores above the 700 mark generally. If you could get your utilization to 49% or less, perhaps low 700's would be more realistic. The difference between low 700's and mid-high 600's likely wouldn't mean the difference between a loan approval or denial, but no doubt it could mean a difference in interest rate. Simulators can never be trusted, as they don't look at nearly enough profile data to result in accurate predictions.
The best lease programs are with Ally on Jeep Wranglers...You can go through US Bank or Chrysler Capital but the residuals aren't as strong with those lenders. I leased a 2017 Jeep Wrangler last month through Ally and the residual was 75% for 36 months @ 15,000 miles per year. The Rubicon and the Sahara don't have nearly as strong of a residual as the Sport does...anywhere from 62% - 68% depending on model and if it's a 4 door Unlimited. Ally is probably the best lender for you based on your scores because both S and A Tier qualify for their best money factor. If you decide to go through Chrysler Capital make sure to remember that they pull Experian when qualifying a customer but will pull Equifax and Experian if the finance manager makes a phone call and asks them to. Depending on where you live in the country if you would like to contact me I can put you in touch with a dealership that will give you a great deal. I'm contracted with many dealerships across the country and can get you a great deal on a Wrangler!