Bad credit / credit tiers

A relative of mine has bad credit (590) and his existing lease is ending. Getting information out of him is like prying teeth, but I don’t think his current lease is through a captive. Can he actually get a captive lease at that credit score? He has a decent income but is very irresponsible with money. Is there any publicly available information on lease credit tiers?

I am already planning on talking to local credit unions to see if they’ll finance a loan on a used car.

Ford finances anyone for example. The CU might want something better than a 590 though

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Really? That is good to know. Just for purchase?

For ford its purchase 84m at a bad apr

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This isn’t the information you’re looking for, but I think the relative needs coaching on how to get that credit score where it needs to be. We have a more pertinent underlying issue here, other than simply trying to finance/lease another vehicle.

This relative is very resistant to coaching. Actually, he’ll accept the coaching, tell you he’ll follow it, and then continue to do whatever he feels like. :expressionless: So I am just trying to help with the immediate problem. If he can’t get to work, his credit is only going to get worse…

Understood. :grin: True about getting to work, but lets think about all of the money wasted because of this horrible credit score… across the board. The vehicle is obviously only one area.

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You are preaching to the choir, believe me!

I haven’t seen paperwork first hand, but I think he pays ~$400 per week on his current lease. :dizzy_face: (Yes, I think he has weekly payments somehow)

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Ford no longer uses a minimum credit score as an automatic rejection criterion for some loans.

That’s very different from approving everyone.

So does removing its minimum FICO requirement enable anyone to get financed, including buyers who may not be qualified to take out an 84-month loan on a brand-new car? The answer is no, at least based on a statement CarsDirect received from Ford Credit spokesperson Margaret Mellott via email this morning.

“Our proprietary scoring models do an excellent job of assessing the probability that an applicant will be able to pay. FICO is one input. Eliminating the separate FICO requirement opens the prospect of financing to more customers who would qualify for 84-month financing within our models regardless of their FICO score.”


This makes a lot more sense :slight_smile:

You’re wasting everyone’s time, including ours, yours and his.

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A 590 is a non-starter without a co-signer. Their best bet is to get a Credit Union loan to buy out this lease, pay it off, and try to get that score up.

But they will continue to do whatever they want that led to their sloppy 590.


Thanks, that is basically what I wanted to know. I’m definitely not co-signing. I’ll try to help him find a used car loan.

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Send relative here

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What are the tiers when it comes to the break down of one’s credit score??

So what level of credit score do you need to obtain tier 1? Tier 2 and so on???

There are captives that are more lenient. GM, Ford, Hyundai, Chrysler Capital as a few examples. That said, credit score alone isn’t the driving factor. If, by chance, he would be approved, the lease is going to be terrible with a high MF, especially with an MSRP deal and minimum incentives right now. His best chance is to sign a lease with his existing bank, whoever that is, assuming he made all payments on time. If he didn’t, he should probably resign himself to the fact a lease isn’t worth it, and buy a beater and work on fixing his credit in the meantime.

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Unfortunately this describes half of our country. Most people have a spending problem not an income problem.


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