Friend is looking to lease a car but has very short credit history (less than a year) but credit is over 700. Is a lease possible?
Speaking from personal experience- depends on the captive. For example: When I financed my first car (2018), I just turned 18 and was an authorized user on a credit card for about 6 months LOL. Anyways, BMWFS financed my car 100% with 6 month credit history with an okay APR. after that, NMAC gave me a lease with 1 year credit history but at the time I had a 680. Your friend should be good to go- worst case scenario they will need a co-signer.
Credit history alone isn’t all that goes into it. What kind of job/income do they have, and what is the longevity at that job? Are they willing to put money down, as some captives may require it on a first time lessee?
Long story short…it will depend on several factors, in addition to leniency of the captive. Some are more lenient than others. A good F+I manager, who knows what to do to get a questionable file pushed through, doesn’t hurt either.