What about NY and NJ?
Thanks for your help
Yeah, she won’t be able to cosign without a drivers license.
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That’s not a good news!
Thanks nyclife
Volvo needs two open credit lines and at least 2 years history with one of them, as well as a 600 FICO with Experian 8. A bankruptcy only needs to be discharged, and late history can be overcome with mitigating factors such as reestablishment of credit, down payment, and I’ve seen deposit(s). A high balance to limit ratio will run down a FICO score pretty hard, and it’s not bad credit per se, it’s too much debt. If you have two accounts totaling a $5,000 limit and balances totaling $4,800, I’ve seen low 600 FICOs with no derogatory credit (that was years ago, probably similar now). Pay down your debts to around 5% of your limits, and you’ll likely have a FICO 700-800 quickly if there’s no derogatory history. Ask your current lenders if they’ll raise your limits without doing a hard credit pull- that will lower your balance/limit ratio.
Volvo is not the most liberal lender by any stretch, but you do get the best tier with only a 600 FICO requirement. VW Credit is looser, I suspect BMW and MBZ are as well, as they are 100% captives. I think Mitsubishi’s claim to fame is financing people with a pulse. Ford used to be that way a long time ago- I don’t know about now. Credit Unions don’t do leases as far as I know. US Bank did a few years ago- don’t know about now.
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Thanks a lot, very useful information
To add on what KD6 said US Bank still does leases Some Credit Unions do leases its in certain states though.
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As I was reading through this and you initially mentioned 600 is tier 1 @ Volvo, I immediately thought of Mitsubishi. That didn’t work out so well for them, almost killed them, and I think they learned their lesson.
Some do. @rvguy is the pro regarding credit union leases. Dealership has to have relationship with the ones that do though.
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There are about 35-40 Credit Unions around the country that offer leasing. US Bank and Ally also lease nation-wide as well as a couple smaller regional banks like Northshore, Bank of the West and Bank of St. Louis.
The non-captive lessors need to have a signed dealer agreement in place so those dealers can offer heir lease program.
Audi no longer “bumps” tiers.
I remember you can’t get on car purchase or lease without a driver’s license. Makes no sense to sell to someone who can’t drive. Might be possible. It would help to understand why you have bad credit because you will need explanations on what is going on with you, so that means you want to go during the day when the banks/finance arm of the manufacturer are open for business so the dealer can talk to them directly.
Of course i have a driver license;
my wife doesn’t have a drive license and was wondering if she could be on the contract as a co-payer; some people say she can’t, some other suggest to verify with the Banks
Volvo wants both lessees to have licenses, but doesn’t require copies of the licenses. So, you can read between the lines.
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Check with the dealer if you want her name on the registration. But if you need her only to be a co-signer on the loan, then some dealers offer an option to sign as a guarantor. You need to ask them if someone (your wife in this instance) can sign a LOAN application and be bound by it’s term without their name appearing on registration. I believe it’s doable, though not sure about it.
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Although the lease papers ask for license, ssn and employment, the license can be left blank. It’s a good idea to have your wife be primary and you be secondary. On the insurance you can be sole driver and exclude her from policy (which is easy since she does not have DL)
I know this because I leased a car using an LLC as primary and myself as guarantor. Generally the registration is in the name of the bank anyway so they don’t really care who is on lease contract for those purposes.
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I’m doing a one-pay for a clarity -
Car is for dad who has bad credit.
My FICO is 720+ with no derogs.
Age : 24
No license.
I also have a LLC
I want to sign the lease under my name and have my father insure the car.
Do I have list him on the lease?
Do I have to list myself on the insurance?
Sounds kinda like a straw purchase, which is illegal. Legally, I think you just need to co-sign for him.
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Makes sense. hopefully honda goes with the higher of the two FICOS
I’m thinking of signing as main garantour and having father co-signing.
Then letting him insure the car as I don’t have a license
You should see some of the deals and commercials Mitsubishi runs via their dealers nowadays. They are one step above a “buy here, pay here” lot nowadays and will give anyone an Outlander Sport.
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