Can first-time car buyers lease?

Can first-time car buyers lease? I have 5+ years of credit history, 10+ credit cards, 740+ FICO score, but never own a car before. Can I lease a Wrangler 4xe from Chrysler Capital and resale it?


I mean, I guess, yes

Yes 10char

Every bank is going to vary. With good credit the general answer is yes but depending on the vehicle you may run into certain conditions. It’s not unheard of for Chrysler Capital to come back with an approval at a lower credit tier and/or higher acquisition fee for customers with thin Auto loan history. Some other brands/banks may even require a co-signer, especially for more expensive vehicles. Know your Tier 1 rates and be prepared for anything out of the ordinary. Make sure you get to personally see the documents that come back from the finance company that detail your approval. Don’t just take the dealer’s word for it. It’s quite possible that they may be telling the truth about what the bank is asking for but they could also be trying to squeeze some more money out of you with an interest rate markup, or some other charges.


Is it possible? Yes. Is it difficult? Also yes. A down payment or co-signer helps with an approval and if you qualify for any special programs, like recent college grad or foreign business. Also helps if you have tangible assets, like a house or mortgage rather than rent.


I heard Toyota does some sub tier loans and Ford is famous for them.


My sister had great credit, not quite as lengthy as yours, but was bumped to tier 2 from CCAP due to no auto history. She got a co-signer and that brought her back to tier 1.

I have heard of a few others running into these issues as well. A friend of a friend was able to get a loan for a car, but with some insane interest rate. He always had inexpensive cars he paid cash for. Same thing happened, a co-signer brought down the interest rate significantly.


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