Hey everyone… not sure if this is the appropriate place to post this. I’m looking into getting a new car but unfortunately have poor credit. Around mid-500’s. Any finance people, would it be unheard of for me to get a Jeep lease with $8,000 or $10,000 down to make up for my poor credit?
Hi @Capecod
Chrysler capital is pretty open to that type of score. Just depends on what makes up the history. i.e previous repo etc.
I’ve gotten alot of leases done with then in the low 500’s tier 5. Which is still a fairly respectable rate, especially if you have equity in the deal.
PM me directly or apply at https://dsrleasing.com/apply and i’ll get it into chrysler for you. But lets have a quick chat first when time permits.
thanks!
Don’t lease a car with that credit. You’re going to get royally spanked by the interest rate, and you’ll be putting a significant amount of money down on a lease that you’ll never see again if that car gets totaled. If you have a super low credit score, I’m guessing you probably aren’t in a position to forfeit $10k in the event of an accident (even if you are, who in their right mind wants to gamble $10k?).
You’re not at all a good candidate for leasing. Buy a cheap car, spend the next 6 months working your credit up to 700, and then revisit this in late 2019 or early 2020. Any dealer or broker that offers to work with you is going to screw you.
It really isn’t hard to improve your credit score by 100 points if you don’t have any delinquencies.
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No offense but you should be posting on creditboards or myfico forums instead of this one.
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Even on a purchase you’d get spanked on the rate. At least with a lease the rate is broken up monthly versus all front loaded into the first 12 to 18 payments so he won’t be as upside down on a lease than a purchase.
As far as total losses are concerned, just have good coverage.
People seem to forget a lease contract is simply another instrument of finance. you’re still buying a car. a lease isn’t a rental. just another form of finance.
plus a lease on the credit report versus a finance is a better credit score booster too!
With that amount of equity in the deal along with making it a high mileage lease ( even if you don’t drive alot of miles) will be a better financial situation down the road when you want to sell or buy it out or refinance it.
typical APR for a purchase with a mid 500 score is 15% or higher versus a .00350 MF is 8.5% !
If you can get approved for a lease, do a high mile option for a lower residual and have decent insurance.
The idea is to buy a cheap car without financing. He said he had $8-10k to put down, so he may as well use some of that to buy a used car and then revisit this once his credit has improved. The more economical and sensible way to improve his credit score is to manage his utilization and payments appropriately with his liquid funds, rather than eating fatty interest on a lease for a few years.
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yeah but who here wants to drive a $8k POS? right? Merica !
What’s causing the low credit score? High debt-to-income ratio? Too much credit usage? There’s gotta be a better way of using 10k to better credit score than buying a car…
You totally missed the point. No one suggested that he or she finance a $35k Jeep instead of lease it. He or she said that she had $8-10k for a down payment. The suggestion was to buy a car with her $10k, improve the credit score, then revisit this in a few months to save THOUSANDS of dollars that otherwise would go to high finance charges.
You sure called that one! 
This, exactly. Buying or leasing an expensive car is not the solution to digging yourself out of a bad situation.
OP, if you want to PM me, I’m open to giving you pointers on ways to improve your credit score. Managing credit is an area of expertise for me and I’m happy to offer some guidance.
You gonna screw him by putting him into ridiculously bad lease. And by charging him $595. There is a reason you jumped to “help” him - easy target with 10k cash for down payment.
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In comparison to him financing a $30k + vehicle at a 15% or higher APR.
A lease is still a better way to go, the rate is less and isn’t front loaded like a finance contract,
See my previous comment. I broke it down.
Sorry for the poor phrasing; you offered bad advice in an attempt to make $595 off of him/her.
Spend that $10k on a gently used Lexus ES and run it trouble free until your credit improves You’ll still have a bit of cash left in it when you want to move on from it and slide into a sexy but totally unreliable JL
Thats actually a pretty good idea to. I call those cheater cars. looks like a $40k + luxury ride on the cheap!
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Not talking about financing, no one here does, but you. I’m pretty sure any dealer would give him the same deal as you are with 10k down.
any dealer is going to see him as low hanging fruit with a target on his back. I don’t work like that.
Thats where they make all their $$$ is in special finance.
This is called a strawman argument. Nobody anywhere suggested financing a $30k+ vehicle rather than leasing it.
Instead of asking the OP to take this to PM and a phone call out of the forum’s view, why don’t you just post an example lease deal with a 550 credit score? Then we’d all shut up.
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