I’d be happy to one pay but what I’m reading is the bank doesn’t care if you pay it upfront with no prior auto history.
Nah, all good. You’ve been making financial decisions that didn’t involve digging holes for yourself. Just that the lease will be a tough one… like @max_g said, a one-pay may be your best bet then. Never know till you give it a shot.
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If that’s all it takes I’ll be super happy. My research here has led me to believe the bank will treat me the same as someone with bad credit. I’ve read many of the loans go through chase and I have investment accounts with them so maybe that will help? No idea.
Not all lessors are the same when it comes to the details.
GMF is considerably more lenient with Onepays per previous posts.
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Thanks! If that is the silver bullet I should be set. If this gives you any idea my credit has been locked for years because I never borrow money but had lots of attempted identity theft so I’ll need to unlock that. I considered looking for a co-signer but I don’t know anyone that could get approved on a 160k lease (I wouldn’t lease it without a hefty discount however). I appreciate everyone here!
Those cards will probably help a bit where you’re at least on the bureaus’ maps albeit without auto history. @IAC_Scott would BMW FS let him lease either conventional (with or without MSD’s) or one-pay assuming there’s a BMW he’d consider? If yes to the first question and maybe to a second, get something acceptable from BMW for about 6 months to establish yourself and then flip at +/- your cost.
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Forgive my ignorance. What does MSD stand for?
Multiple security deposits. BMW now allows up to 10 deposits max to bring money factor (interest on a lease) down. Each deposit is a pre-discounted monthly payment rounded up to the nearest 50. Shouldn’t be a problem given your strong cash position. Most dealers will allow 5–6K on a CC for points, some will charge processing fees, some won’t, some will let you put more on a CC. Talk to Scott, he’s a broker and a great resource (not to mention a good dude) and also in NY.
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Ok thanks! I just started looking at leasing a few weeks ago and am a total neophyte and feeling overwhelmed. It’s just not something I ever considered. I can put whatever cash is needed upfront. I just don’t want to experience another huge drop in depreciation on an ev. If I wasn’t so wedded to the idea of getting an ev I’d just purchase a gas car.
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Completely understandable! You’re on the right track and definitely on the best platform to learn about leasing. You will absolutely need to use a broker at first unless you’re ready, willing and able to spend a lot of time to learn the intricacies of leasing of which there are many. Scott is a perfect guy for just that.
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I’m definitely willing to pay for a broker because I am out of my depth. I am really thankful for this community because I can see what the baseline should be.
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I was rereading the thread and I should perhaps clarify I’m not planning on trying to do anything with the model s I lost a bunch of money on. I own it outright and That will be my stupid tax.
You might consider unlocking your bureaus (I keep mine locked too), taking a used car loan on the Model S, and paying it off in a few months. Then you have a satisfied auto trade-line on your bureau.
I’d be curious what your FICO v8/9 (Equifax) AND your Auto Enhanced Equifax are. No doubt your non-auto scores are fine but without any open/closed trade lines for auto/home you may have trouble leasing something like an Escalade - your bureau doesn’t sound like it demonstrates you can carry the collateral risk even if you can pay cash for the stupid thing.
Tough to say.
It really depends on the credit profile.
I’ve always been told one-pay doesn’t increase approval odds necessarily. 10 MSD’s may make them comfortable.
All one can do is give it a try!
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Would they ever allow SDs with one-pay as long as MF is greater than zero?
While I’ll let Scott answer, historically I thought the only system we’ve seen set up to do it was Nissan / Infiniti though I’m curious as well.
Not that I’m aware of, you already get a MF reduction for doing a one-pay, I don’t think you can do MSD’s on top of that. There isn’t even a monthly payment by which to base the MSD on (I guess technically there is, depending on how you look at it, but you get the idea).
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we had never leased, and car payment history was 15 years, and we had no problem leasing with 800+ credit score.
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I’ve always known auto loan lenders won’t give you a loan on a car you already own outright. They help you either buy or refi. Has that changed?
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Some credit unions do, from a quick search: CU West, Member’s First CU, Keypoint CU
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