OP’s credit score and financial situation may not necessarily reflect each other. If he can afford an expensive new car comfortably - for example lease payment is less than 3%-4% of his regular net income - I don’t see any reason why not.
@Dsa If you are trying to simply be approved and ok with tier 3 rates, you will need to apply and see. Some of the LH dealers and brokers may be able to chime in but everyone’s situation is different unless there is a hard rule about your score does not qualify no matter what.
Nobody does but if it is the best alternative? I have a friend who swore off buying used cars after being stranded multiple times. Many people don’t even know what most of the warning lights mean in their dashboards and rush to their dealers. It sounds atrocious for car guys like us but there are probably other conveniences we overpay from time to time too.
So I’m looking to lease a car, but my credit is low (500s) and I don’t show a ton of income either.
That being said, I could prepay the entire lease and/or find a co-signer, but I’ve been told some companies won’t accept me regardless.
This seems a bit ridiculous, but I guess I’ll have to deal with it. Does anyone know what manufacturers will lease to me? Ideally, they won’t give a damn about credit and just let me pre-pay the lease as I’d prefer to avoid having to have a co-signer. I don’t even mind if I need to pre-pay and put up additional security deposits.
And no, I don’t want to buy a used car.
Do you know what is causing the low credit score? And do you know your auto 08/09 fico scores? I’d say the odds of a lender approving you on a lease is less than 5% if your auto-specific ficos are that low. It doesn’t matter to a lender that you can prepay the lease when you are in the lowest tiers that exist.
If you’ve had a prior repo you’ll need to wait until that drops off.
I don’t recommend anyone with challenged credit and low proof of income to attempt to lease a new car. Save yourself the brain damage and time spent trying to find a lender that will buy your current paper and take the time to build up your credit. You’ll save a ton of money.
If you have the liquidity to prepay a lease, have you considered financing a cheaper used and reliable car? You can always put a very large down payment on it and make low monthly payments over a short period to quickly build your credit.
I’d recommend three year old camrys or accords. Those are well below the 20k range and shouldn’t be too hard to secure financing with a large down payment.
Have you considered reaching out to VW regarding a lease extension, provided that your current payments are manageable? I believe the Atlas has an excellent warranty, at least when it first was released. That may have changed since but that wouldn’t have any impact on you. Depending on the length of the extension they will offer that could buy you some time to fix some credit issues as well as ride out the current market conditions.
Do you have a car now? If yes, what make and model.
How much cash are we talking? $15k?
No clue, but if I were in your shoes I would not be looking at leasing a new car. Given current market conditions and your low credit score, leasing might end up being more expensive than financing a car through a credit union.
Don’t have a car as I’ve been living in NYC. Had a loaded 3 series lease prior and financed a 135i before that. In terms of cash I have the funds to buy a car if I wanted, even at $50k or more, but that’s not going to work for a variety of reasons.