Anyone lease lately from GMAC? Whats the likelihood of getting approved for a 48 month lease with a 620 FICO on my EQ (which is what they pull). The low score is mainly due to high utilization on CCs (70%). Otherwise spotless report. Any help/experiences are appreciated.
If you have positive auto credit, your auto FICO may be higher. I know a 600 of higher will qualify you for a Toyota lease, and domestics are usually a little more relaxed, so I would give it a shot. Find the car, talk to the fleet manager, agree on a price (carsdirect.com is a good place to start) and then I would let them run your credit and show you some money factors.
Thanks Chipper! I do have a good 5 years auto credit-no lates. I've got the vehicle in mind already. One more question: does GMAC consider debt to income ratios for leases? Or do they just look at your score and auto credit?
Re: Re: GMAC Lease FICO requirement??? I have a current GMAC lease started in 8/02, high debt total at the time was 75%, no current lates (last one 4/99), 1 x 30 on the FMC that I had at the time, one perfect GKL (Gold Key Lease) Chrysler and I was approved before I could make it home from the dealer. Pick-up the car two days later. So I can say they didn't look at my debt. My scores were "elevated" due to disputing my FMC to 701, I think I was truly at about 660'sh. Hope it helps.
Re: Re: GMAC Lease FICO requirement??? I have a current GMAC lease started in 8/02, high debt total at the time was 75%, no current lates (last one 4/99), 1 x 30 on the FMC that I had at the time, one perfect GKL (Gold Key Lease) Chrysler and I was approved before I could make it home from the dealer. Pick-up the car two days later. So I can say they didn't look at my debt. My scores were "elevated" due to disputing my FMC to 701, I think I was truly at about 660'sh. Hope it helps.
Well I got approved for a GMAC loan at 4.9% for 60 months and I had 9 unpaid recent collections accounts, no credit cards or other revolving accounts, no mortgage, 1 paid off car loan through ford, 1 car loan in repayment and about 16 inquiries. That was all on my equifax.
