Newcomer here, hello everyone and thanks for your help in advance.
I have bad credit (below 630) but solid paycheck. Wife doesn’t have a driver license and wondering if she could be a co-payer, she has good credit (698) and solid paycheck.
Willing to add Security Payment but only if could make a difference.
I also have Solid, no flaws, 5 years payment history with Audi financials.
Do I have a chance to get a lease around the $400/month? (Any car would do).
Any chance to get approved for both money down?
698 still wont qualify for top tier with many lenders. If you don’t care what you drive, then you can definitely get something for under $400 a month. See if Audi can bump you up to a higher tier because you already have a history with them. I’d recommend using Credit Karma to work on bringing your score up (and spending less on a car so you can pay down debt)
Volvo has only 1 tier and it requires only a 600 FICO. I’m 99% sure your wife can go on the lease without having a driver’s license, too. If you’ve got something bad like a repo or a recent bankruptcy, they will probably turn you down. I think you’re looking at an S60 or a V60 unless you’re putting a lot down. An S90 might not take a lot down, especially if you qualify for A-Plan.
Since you have good history with Audi, I’d also try VW, might get you where you want payment wise easier than Audi. Just keep in mind that dealers will try to take advantage of you in your situation, ie marked up everything, little discount, etc. Stick to your guns and act indifferent about it.
If you have 1 or 3, even volvo wont be able to do anything. The 600 fico score is to help people who have fresh credit or people who have a low score due to debt. If they see 1) or 2) mentioned above then its going to be hard. You also mentioned you had an SC90 for 10 years. If it financed with them and you have any bad record with them then just wipe volvo off. @max_g gave you the best advice. Its best that you try to get a loan from a local credit union or bank of america and finance a loan for a cheap under 10k car which you can pay off quicker. That will help you boost your credit in less than 12 months and also leave extra income to pay off other stuff thats hurting your credit.
Going to audi for a lease is in my opinion a bad idea. They already lease so bad, ur credit will make it even worse. Again my opinion.
Thanks for your insights.
I am definitely down due to credit cards debts so no delinquencies or bankruptcy or repository, none of that.
XC90 was purchased (better times!) So I will definitely try them out again.
I come from two audis back to back and I have some sort of relationship with the sales manager, still I do think Audi is bad, so my idea is to pick his brain anyway.
Thanks again. Your opinion was very valuable to me
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.
Thanks for your input