Ok, I totally fell in love with my sisters Acura MDX. I figure I'll be in the market for a new car in a few months. The only way I could swing this is to lease it. What are my chances of getting a lease with a 4 year old b/k (c-7) and mid 600's in scores? I know all the down sides to leases. I used to always lease vehicles before my b/k. My current vehicle I had to buy (couldn't qualify for a lease) 3 years ago. I still have another 2 years of payments and am still a couple thousand upside down. I figure I would have been better with a lease.
Maer, Try Honda Auto Finance and it may be easy to get. It dosesn't matter to lease or buy, they still check your credit. I called them the rate of auto fiancing from 8.5-16.99% and it depends on your credit history. Ron.
they'll do it with a reasonable chunk of cash down to cover their potential take-back and profits. ($4000 would be reasonable to offer). however I don't recommend putting any money down on a lease. Seems crazy. BUY BUY BUY
NICE choice!! 4 year old BK shouldn't be a problem - as long as your post -BK stuff is good and you have good income and ratios, it will likely be approved without explanations needed. That was my experience with Audi (VW) finance, anyway. Good luck! -mj
Do you know what kind of a debt ratio they are looking for? That and the b/k are the only things holding my score back now. I've searched the net for some sort of guidelines on what they are looking for and have found none. I hate to have to go in with cash because it is going to cost me a bit to get out of my car now. It just lost sooooo much value.
Maer, You went into Acura dealer and talked to them. They will find you a good lender for your condition. You may get higher rate because you get bk. Did you do trade in your vehicle? You may need to put down higher down payments. I'm sure they will work with you because they do want to sell the cars to you. Ron.
Ok, I figure C/D is maybe Consumer Debt. Is that right? What is D/P? For Consumer Debt does that include my house payment?
Ok, one last question. When you say 30% C/D does that include your house payment or is that just credit card and loan debt? Also, is the car payment factored in to that 30% or is it 30% before the car payment? Thanks
Maer, It depends on the criteria of the creditors. You asked them before you apply. I mean the terms and the qualification. Ron.
"what kind of a debt ratio they are looking for? That and the b/k are the only things holding my score back now" that is the funniest thing I have read in a long time The only thing holding me back from being an olympic skier is that I can't ski
