Car lease

Discussion in 'Credit Talk' started by Lisa, May 9, 2000.

  1. Lisa

    Lisa Guest

    Can a person with damaged (not bad) credit lease a car???
  2. Meredith

    Meredith Guest

    My parents filed bankruptcy in 1993 and leased a new minivan in 1996. I think it depends on the amount of money you want to put down, and your debt to income ratio. Lenders generally want to see 10 to 20% down for good credit you should have about 25% for bad credit.

    On this subject does anyone know about Ford Credit? I am looking to lease through them myself I have 5 open accounts 2 with balances of 1500 and 2100, the other 2 are paid monthly and one not used at all. I do not want a co-signer again and do currently have 2 years loan history.
  3. Mo

    Mo Guest

    As with most answers, it depends on the nature of the dings and the risk tolerance (which also changes with market conditions) of the lessor. In general, it is eaiser to get a loan to purchase than one to lease.
  4. Meredith

    Meredith Guest

    I know I can get the loan but I thought leasing would be more intelligent because I was going to be getting rid of it in 2 years when my suspension drops off of my ins. When that lil black mark drops off I am going to get a bmw, right now its time for a ford focus. if i had only known when my foot hit the accelerator i'd have hit the brakes instead :)
  5. James

    James Guest

    Your best bet for a lease with damaged or bad credit is with chrystler credit. Jeep will lease a cherokee sport or grand cherokee to all credit levels A, B, C and D. I have bad credit (charge-off's, collections and judgements) and qualified at a D level with a 6.9% interest rate on a 3 year lease with only 1000 down.

    Good luck.
  6. LIsa

    LIsa Guest

    Thanks guys!!!
  7. Lisa

    Lisa Guest

    Are there any other leasing companies that anyone know of that will lease to people with damaged credit besides Chrysler?
  8. marilyn

    marilyn Guest

    I filed Banruptcy in 1997. At that time, I had a Ford Motor lease and I kept paying the payments on time. I have since gotton 2 more leases with Ford. I have found them easy to deal with. One note though: I went to my local small town Ford dealer and they told me they couldn't help me so I went to West Palm Beach and the dealer there got me the leases with no problem.
  9. Meredith

    Meredith Guest

    I can't even get a small time ford dealer to email me, but thats ok I would just be price shopping through them anyways, my friend owns a dealershipp about 70 miles away.
  10. Michelle

    Michelle Guest

    Is there a place to apply and get approved on line? I have a chrysler dealer within stone throwing distance of my house. (any idea of what kind of FICO score Chrysler or Ford looks for?) I would like to know what I am approved for before I start negotiating. It seems they take you for a ride if they get to set the financing up for you.
  11. Meredith

    Meredith Guest

    I have no clue. i know that when i could get my score at eloan it was 676, for being 20 thats damn good i think, since their scores have been found to be about 100 points on the low side.
  12. Jim

    Jim Well-Known Member

    I leased a economy car from Ford Motor Credit a year following a BK7. They were very fair.
  13. Michelle

    Michelle Guest

    Any clue what kind of FICO scores you had when you first started the lease?
  14. Jim

    Jim Well-Known Member

    No sorry I had no clue what a credit score was back then. I had just filed BK and had about 8 or 9 included chareoffs that were included. Previoulsy, I had all absolutely perfect, never late credit and within about six months that went to pot. Before my troubles,I was conisdered the "credit king," so I am sure my score started among the ranks of the higest.

    A lease is much easier to get than a loan. They look at your debt to income ratio more than your credit rating from what I gather. A discharged BK with no other outstanding debts other than monthly living expenses is what I had to work with.

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