If your credit score is above 720, then you are in good shape IMO.
The better your credit score, the better of a money factor (MF) you will get in principle. Think of MF as your finance rate for a portion of the car you are leasing (Leasing 101 has a more detailed explanation of all the lease terms). However, dealers can mark up the MF for profit even if you have a good credit score.
Hence, once you have narrowed down the model you are looking to lease, post your lease terms (number of years and mileage) in the Edmunds forum (you will have to sign up for a free account) requesting numbers for the MF buy rate and whether there are any applicable incentives.
Also different manufactures/finance pull different credit scores. Make sure your actually checking your true fico scores and not Fako scores from credit Karma and other sources. Here is some more info
@ChocBeauty - One more thing. There are several factors that could help land a great lease deal. At the end of the day, you need to do research ( it seems like you are already doing that) and figure out what type of pre-incentive discount is possible on the car you are looking at.
You did not say what type of MB vehicle you were thinking of leasing. You can use the search function to see what type of deals others have gotten on a similar car. Wanted to also mention that just because “Joe” got 15% off MSRP before incentives on a new car at dealership X does not mean you can get the same deal at the same dealership on the same model.
If you are not in a rush to lease, keep reading and doing research. There is a ton of useful info here and lots of very knowledgeable folks who can provide some great advice.
If at the end of the day you don’t feel like directly negotiating with a dealer, you can always hire a broker (for a fee).
I am most def taking this time to gain knowledge! I want to go in prepared! I don’t want to get jerked around at the dealership! I prob wont even step into dealership until its time to finalize if possible! I’m specifically wanting a Mercedes c300 sedan. Id like to be able to make the deal on my own but not completely opposed to using a broker.
I got approved for an i8 with a 720…you’re not buying a house. Although the payment might be more than yours…of course bc you paid it off early, instead of investing that money and taking the interest on the mortgage as a deduction. A regular suze orman…
I get the point you are trying to make however surly this is an exaggeration? Yes it isn’t based solely on score but a 500 getting tier one? I find that very hard to believe.
, we’re about to get Milton Berle’ed by Suze Orman.