Im new to this forums and was hoping someone can help me out.
My brother is about to close on a deal today and I wanted to gather as much info as possible, to insure he isnt being ripped off.
The dealership he went to checked his personal credit, and business credit. They said his personal credit was denied by gm financial, but after taking a look at his inquiries; the bank never checked his credit, only the dealership did.
They did say his business was approved but at a low tier level (tier 4). What I wanted to know is, is there a way for us to know if the tier level approval is accurate? Also, can anyone help us by providing us the Residual and money factor for a business lease?
The vehicle in question is a 2017 escalade luxury trim 4wd. Hes looking to lease for 36 or 39 months and doesnt need more than 10k miles per year.
Would appreciate if someone can help me out, although I know this is cutting it really close. Thanks evceryone.
His personal fico are 715+ for all three and his myfico auto score are 700+ as well. Not sure why its that high though, since he has never leased or financed a vehicle before. He does have extensive history with credit cards, which spans 10+ years with no negatives at all. Some closed, most still open and with low balances and high limits.
I know the vehicle he is trying to lease is expensive, but the fact that the dealer didnt even try to get him approved with gm financial (personal credit) and telling him GM financial flat out denied him; is concerning to say the least.
I know from my own experience, with lesser credit and income; that I was approved for a 73k vehicle. His credit is better than mine, he has a better income and has less debt too. Just seems odd.
Tier 1 is generally above 720-ish and sometimes 800 (Toyota) which is odd because Lexus only wanted a 720 for my RC350 lease. Back in '03 when I bought my Corvette Teir 1 was only 700
Edited to correct misinformation
FICO auto is just a different formula that used to determine your credit worthiness for paying off a monthly loan versus say a CC or line of credit. You don’t necessarily have to have an extensive auto loan history.
My wife hasn’t had a auto loan in 15 years and yet her auto FICO is Tier 1.
The vehicle being leased is the 2017 version, as it still has programs available for it. Not sure how much longer they will continue to lease that model year though. Today may be the last day they do.
The part I found odd, and concerning is that they said GM checked his credit and denied him; but they never did. This is what led me to go online in the hopes of making sure i had as much info as possible to help him out.
I was able to get the numbers for a personal lease, but have yet to get the numbers for a business lease. Edmunds forum member said they do not have those numbers. Hoping someone here will, although its a long shot.
Also, does anyone know what the acquisition fee is on this vehicle? Im seeing 595 usd and 895 usd. Its kind of confusing. Thanks again
