Hi all - I recently tried to get approaved for a no-$ down car lease, tried Audi first and it seems like being approved for a house rather than a car, they want bank statements, W2's, my scores are 630-670, but they ignore that and are just going through the derogs wanting explanations - any ideas what this is all about? Anyone know or have an idea where its easier to be approved? GM maybe? Appreciate any help! Plus I make 7-figures a year and the mo. payments are only $500, so I can't figure this out.
7 figures a year? Was that a typo? Because people pulling in a million plus pay people to keep their credit clean. You could just buy the car outright if you have that much money. I'm guessing you meant 70K per year. I know that they're more stingy when it comes to leases, although I'm not sure why. Guessing again, it's because they'd lose more money with a lease repo if you default since you don't pay as much principle as you would a straight buy. I've heard the quick talking guy on commercials state that they want FICO's 660 or above or something like that before. Maybe they want all three scores above that. Did you ask the finance manager why they needed all that and what the guidelines for approval were? Not sure how much info they'll divulge. In my experience, they're as bad as salesmen....I don't trust them. I always get pre-approval with my Credit Union for specific amounts/payments and then negotiate sticker price instead of financing options. I doubt private lenders would do leases though.
Is it a used car or a new one. The general rule is a 600 Auto Enhanced score to go 100%. I doubt that you have that (you're FICO's and AE Scores vary) or they'd approve it. Auto's are the easiest loans to get insofar as they can just drive up and pull it away. Article 9 never really imposes a burden.
Well it wasn;t a typo - and with 7 figs a year salary I have dug a terrbile hole, by paying cash for everything for the past 4 years. I have no open tradelines save a few secure cc's i opened to try and fix the problem, and an old tax lien that has been paid but is holding my scores around 650. My auto scores were all above 600 - thats what I don;t get, and I have given the dealer everything, including bank statements, w2's, etc - but they are still dragging on a decision. I would just buy it outright, but I would like to buy a more expensive home in a few months also and need a mortgage, and need the car on my credit file so I can build it.
It doesn't make sense to me either. Based on your scores and income, they should be approving you in a second. I suggest you talk directly with the financial manager and tell him you already spoke to the next Audi dealership down the road and they are more than happy to have your business. Then make a slow walk for the door...they won't let you leave.
Can I have your job??? LOL. Instead of leasing, why don't just just get a regular auto loan? I assume that either way, it's building positive credit. Like I said before, from my experience they want better credit scores for leasing than they do a regular auto loan. My FICO scores are a little less than 600 and I had no problem qualifying for a regular auto loan. No way would I have qualified for a lease. Any ad I've ever seen has said 'premium credit scores' required. Good luck!
