First of all I’m sorry if this is in the wrong category or if I’m using this wrong in any way.
I am planning on leasing a car maybe a 2017 Audi A4. Just saying but the car doesn’t matter in this post. I need help and this is the best forum I’ve came across all day! Very active community and plan on being a daily member. Let me tell you a little about myself and why I need help.
I am 19 years old and I am from Decatur, Illinois. My first car when I was 16 was a 2010 Camaro. A year and a half later I got into an accident that totaled my car. (Not my fault) Then I bought a 2006 BMW 525i for $4,000 off of a friend. Drove it for 6 months or so and sold it for $5,300 on craigslist. 3 weeks ago I moved to Florida. From what I know I have 0 credit (I’ve paid a year of insurance on BMW with not late payments and 2 years of phone bills with no late payments I don’t know if this adds to credit or not. If not then I don’t have any credit), no one to co-sign for a lease, and since I just moved I haven’t had “proof of steady income job” I’ve been here for 3 weeks, I got a host job ($8.10 an hour), I have a second interview coming up for Aldi’s ($12 an hour) and if that doesn’t work out I’ll stay as a host and work 2 jobs. Money is not the issue so I don’t need a loan or anything. I have enough for a decent down payment, full coverage insurance, GAP insurance, and I’m putting a whole years worth of payments to the side, and a $2,000 brokerage account that I can withdrawal in case of emergency.
With all this information will I be able to still lease a car in general?
Will I be able to lease the 2017 Audi A4 I want?
Any help at all would be appreciated! Thank you in advance.
A4s do not lease well, but you probably wouldn’t qualify for a lease anyways. Considering your age and income, you should buy a cheap, reliable used car.
@Quentin maybe start by getting a credit card and pay off the balance in full every month. That shows “responsibility” to car companies and builds your credit score. Most companies are mainly concerned with the score and you don’t have one because you have no revolving credit accounts.
I would suggest buying a used Honda Civic or similar which hold value well, drive it for a year or so and then lease a car.
If you really want a to lease, you can probably do it in the form of a 1-pay lease where you pay all the payments upfront in a lump sum. Would be very pricy on an Audi, but not so bad on other cars. Go find a 2 yr lease, do a 1 pay and drive it while also getting a credit card. After the two years you should be good to go.
You have to understand, a car company isn’t really in the business giving young people a $40k+ car who have no credit score, no steady employment history, small income etc.
Personally I think it’s not a good idea even if you can get it given your current situation. You’d basically be working an extra job just to make the car payment. Also, insurance would be very high given the type of car and a lease requires you to carry a higher coverage which is more $.
You’d be better off buying a cheap used car and saving some money while you settle in to your new life in FL.
I would try looking at offleaseonly. It wouldn’t be a lease but you might be able to get a nicer car for cheaper. I personally check all the carfax reports to make sure the vehicle I’m looking at wasn’t involved in a accident. A lot of the vehicles they have are ones that have been in an accident. Be careful and let us know if you have any questions!
Your age is irrelevant. Whether you’re 19 or 49 doesn’t matter and you can’t be discriminated against for being “too young to lease”. However earning $24K a year ($12/hr annualized) and having no credit pretty much guarantees you will not get a lease from any lender. And if someone out there miraculously is willing to do it, the interest rate will be astronomical and not worth doing. You’re basically going to be ripped off. And since you will be sub-prime, you will get a lease for something like US Bank which will double fuck you on the lease return with all sorts of penalties and fees. Just don’t go there.
One of the factors of a credit score is age of credit. The longer you’ve had credit the better a score. Not much you can do about this other than let time pass. Patience young grasshopper!!
I’ll second the advice above…get a cheap, reliable Japanese used car, get a credit card or two, pay them off in full every month and wait a few years for the lease.
I leased my first car with a co-signer when I was 19. 2017 Lexus RC350 F-Sport (53k MSRP). A year later I leased a car fully under my name for my Mom, it was just a little A3.
Its definitely possible, you just have to show at least some sort of income. However, I do reside in California where leasing is a lot more widespread than in other parts of the country, from what I’ve learned.
If they are highly qualified then you are good. If they are like you then no difference.
You do not want to make a down payment on a lease. Read these forums carefully. Your insurance on a new Audi is going to be sky high. You need to realize that a vehicle is a tool and that there are way more expenses in life than transportation. Even if you could lease, it makes no sense to spend all your money on it.
Without any lines of credit on your file you’ll get auto bumped to the worst tier at all captives, if they decide to lease to you at all.
US Bank won’t touch you either so no need to worry about dealing with their turn in process.
It makes no financial sense any way you look at it. Do what 99% of 19 year olds do and pick up a used car in the 3-7 year range and build up a solid credit profile. In 3-4 years, if you don’t mess up your credit along the way, you’ll be able to lease the 2022MY A4 with the best tier MF.
@Quentin, I know it’s prob not the answer you were looking for but @RVguy makes a lot of sense. Go get another used 5 series like you had before or something you can live with while you build capital and credit. It’s the smart thing to do. You even made money on your last car, why not do that a couple of times and make some money in the process? Depending on your state, there are a certain number of times you can buy/sell cars per year without a dealer license.
In Florida with your age and 100/300/50(which audi requires on a lease) insurance will easily cost you at least $300 a month… and lets say you lease a A4 for $450 a month thats $750 a month minus gas cost and maintenance… can you afford it?
