you need to build credit for at least 1 year before it.
To start, bring 10k to BoA and open a credit card.
Before that I think his options are limited to used cars
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Chile, H1B1 visa
Visa valid for rest of lease, or will have renewal?
Some brands have a foreign business program, where if they make X income, drivers license, SSN, and a visa for the term of the lease, they will get approved at tier 2 or 3 assuming they have no derogatory marks.
Also donāt forget to factor in insurance, which is going to be astronomical. If they canāt get approved for a lease, finance with a bank or credit union that reports to the credit bureaus. Keep the car cheap and the term short (under $15k, 36-48 months) and make payments for a year or so. Hopefully, they can then trade out of it and show their credit profile is worthy to lease.
Audiās program as an example:
Requirements
To be considered for this program, the dealer must provide the following information for each applicant prior to final approval and funding:*
- Letter from employer stating applicantās position, hire date, income and length of stay in the United States. And must provide a contact name and phone number for someone in the Payroll or Human Resources Department of the applicantās employer or future employer.
- A copy of the applicantās United States Social Security card or copy of a letter from the Social Security Administration including the assigned Social Security number. This must be provided at the time of application.
- Copy of Visa with expiration date (with picture blacked out).
- For applicants who plan to extend their stay beyond the date shown on their Visa, we will accept the length of stay in the U.S. shown on the applicantās employment letter, employment contract, Permanent Resident Card, or I-94 form in order to determine the specific finance terms.
- Three personal references from individuals residing in the United States.
- Monthly payment may not exceed 25% of the gross monthly income.
- Minimum gross income of $45,000 per year.
- Verification of residence and phone number.
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I wonder if there is such a thing and fits the requirement āas cheap as possibleā
Visa is valid for 18 months but the work certification from the dept of labor lasts 36 months. no limit on renewals
OP should define a payment range. Cheap as possible could mean under $250 or under $500. Seems like Toyota has one, so maybe a $300/mo Taco. Or a Nissan.
Also what is āgood incomeā? To me, a good income is six figures. Others might define good income as above the poverty line. It also changes what programs they could qualify for. Nissan wants a $75k/yr income. Audi wants $45k.
https://www.toyotapaloalto.com/clp-toyota-palo-alto-foreign-professional-finance-and-lease-program
https://www.kellynissanoflynnfield.com/nissan-foreign-professional-finance-program/
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He could finance a anything sub $30,000 GM product. GMF is pretty strong on fresh credit with good LTV but keep in mind nobody is getting a prime rate with 0 history or cosigner.
Isnāt the banks really not going to like this thin file now that interest rates are going through the roof?
and /wave Ethan, missed you at Premier!
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International executive with bmw might be possible if budget allows forā¦
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I agree that you canāt be in the middle of the market. Itās either
-
finance a brand new Toyota or Honda product if you can afford it. Or,
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Buy something fully depreciated from the sub-$10k thread.
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You mean I shouldnāt lease for $300 a month when Iām broke and can barely afford insurance ? [Sarcarsm]
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He should stick with Honda and Toyota
I got a Toyota with over 200K miles, aside from oil changes, tires, and brakes, didnāt need anything else.
Maybe sure to get a good
PPI.
You can include Mazda in that, as well. We were recently in the market, and, despite exhaustive searching, all I could find on the used market was moderately priced crap, expensive crap, and expensive but maybe okay otherwise. The cars that seems ācheapā to me all had 100K+ miles. It was really disheartening.
Yeah, I get that those cars might run fine. But, if they donāt, a person whoās new to this country and such might find it kind of overwhelming to deal w/.
Car and Driver coincidentally test at Jetta Sport manual recently and said that you could do far worse for the price. MFs on Jetta lease are pretty bad, though.
OP, does your colleague meet the income threshold?
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He must be the prime Alexis Sanchez 
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Subprime loan is only option if he wants to finance, SSN without credit history means nothing. If heās going to make good money, then just buy a used drivable car from facebook marketplace(Something at least with 2 wheels), drive couple month and buy a new car. It takes time to build credit history for foreigners/immigrants, I still couldnāt lease from many brands even with 10+yrs 800+ score.
Iām assuming the person will be on work visa with certain expiry currently, but that can be extended based on eligibility of the job role, etc.
There are certain captives like Honda, which wouldnāt even entertain. And there are others like TFS, which would be ready to deal with some markups.
Leasing options are very limited for such cases, but Toyota can be a good place to start.
Some credit unions are willing to loan to newer credits. My first auto loan in the US was with DCU. I had only 6 months on my credit file at that point but they was cool with giving me the lowest APR, provided I can prove a steady income.
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