VWconvert

I am busting my butt these days to get my car non-upside down so I can trade for a TSX. But, I have some questions related to leasing. I know my credit aint that hot (tech layoffs begat credit card issues..but my car loan was fine throughout), but my sister has already said she would cosign for me (graduation present). My question is this...is there anything I can do to better help myself get approved for a lease? I guess I dont really understand how lenders make their decisions. I know its a function of income and credit history and score...but I mean, hmm, cant they see that whatever credit problems I had..its because when bad things went down...my car is what was higheset priority? I mean, wouldnt that logically make me a good risk for another car?

Just wondering, any input you guys/gals have would be great, any assistance would be even better

dabuda

it's good that you kept up your car payments but credit history is 'all inclusive'. meaning if you kept up your car payments but failed to pay your credit card bills, your credit will still be negatively impacted. dealers look at your overall credit score, which is computed from your car loan, credit cards, mortgages, etc. they do not take into account that "bad things went down and that your car was your highest priority". depending on which region you are from, the dealers get your credit score from www.experian.com, www.equifax.com, or www.transunion.com. you can check out these sites to get a free credit report and advice/tips on improving your credit.

kurt_bradley

Just go into the dealer you've been working with and fill out an app. You'll find out in 5 minutes if you're okay or not. If you are worried about it beating up your score, it won't. Every 6 inquiries only deducts half a point from your beacon score. It's aggregate. You can also just have your salesperson fax you an app to do it. Take your chances. You'll get it over with. Why make yourself sit and suffer? You'll find out and get it off your chest.

tmvsm

Credit Score vs. Interest Rate?

Anyone know how they relate. I know my score but was just wondering if I should be looking for a cosigner or just go it alone...

Thanks,

kurt_bradley

There are a lot of factors between score to rate ratios. Your credit history also has a lot to do with your status in a lender's eyes, not just your beacon score. As for the part about co-applicants, it really depends on both of your reports. For example, if you have one person that is co-X-ing for you that has great credit and your's is not so pleasant, you may not get that wonderful of approval from the lender. If you've go decent credit, but no car credit, you're going to hope that your co-X is going to have a good history. Just because there are 2 people on the app doesn't necessarily mean that you're going to be better off. There are a lot of factors that go into play. You have the option to decide whether or not you want to use a co-applicant once the numbers are in place if the lender will permit. It's all up to their descretion. A co may help, but they may not. Just go to your local dealer and spend some time with their finance manager if they have the time to go over your options with yourself and your possible co-applicant.

EmuMessenger

816 when I bought my 03 TLS-Navi.

I think the F&I guys are looking for 625+.

drgchino

Educate yourself regarding auto-leasing vs auto-financing by visiting carbuyingtips.com. It has useful info regarding all aspect in buying or leasing a car. Goodluck.