Hello all, I'm in the process of turning in my leased vehicle (Jeep) and I need to get another vehicle in it's place. I've been leasing with Chrysler Financial for years (5 leases) and GMAC for 3 leases. Each one of them now go through a third part bank to do their leases...both GM and Chrysler both flat out rejected me for a low score (about 500). Yeah, I know my score is really low...but I have good income, been actively employed and own my own home...still can't get a lease. I guess the only thing they look at is the number and not all the other positives. I'm wondering if any of the foreign car dealers are more loose with credit restrictions and may possibly lease to me. Maybe Toyota, Kia, VW, etc....Anyone have any insight on who may lease me a car? Thanks.
Why is your credit scpre only 500 have you had problems in the past?First thing is to pull a credit report!
Honestly, you need to work on your score before entertaining the notion of even trying to get a new car. The rates will be unaffordable if you can get approved at all.
It's my experience that Hyundai will finance anyone, at any time, with any credit. The problem, as others have suggested, is that with a low credit score, you're likely to get something absurd like a 60-month term at 19.99% for a 2004 Accent. I'll echo their advice -- try to get your credit cleaned up before purchasing a car. Have you pulled a report to see what's up? There might be a lot of information on there that can be made to vanish. (or there might not)
On another random note - I saw a TV Ad for Hyundai. They have some sort of program called Assurance. If you lose your job, you can miss 3 payments, and if that doesn't get you back in shape, you can return the car "with no impact to your credit report". I've not heard the details of what that means though.
That program seems crazy to me and just shows how bad companies need to move product. We're in a depression.
The program is somewhat iffy. They will give you the blue book value of your car, not necessarily the full payoff. So if you just bought your car three months ago and owe $18k, but the trade value is only $12k, what happens to that remaining $6k? Anyone want to take one for the team and find out?
