I’m about to sign a lease on an Alfa. I do have a few blemishes on my credit and have a cosigner. When I put the application in, I both of our names on the paperwork. I received a phone call from the finance guy yesterday, he said that I qualified for Tier 2 by myself and that increases the monthly payment by $50. He also said that having a cosigner doesn’t change anything with Ally, and the only way to get to Tier 1 would be to have him on credit app by himself (that’s a straw purchase if I’m not mistaken). Frankly, I was surprised that I qualified for Tier 2 by myself.
2 questions:
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Is it true that having a cosigner with a much better credit score than mine (he has 750) won’t bump me up to Tier 1, with Ally?
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Does it make sense that the payment went up $50 going from 1 Tier to another? I’m waiting for them to provide me with the #'s so that I can plug them into the calculator