So I have never leased a car but always bought them. How is leasing calculated in terms of approval? For example, BMW approved me for a max of 142k of car notes last November. I currently have $155k worth of car notes. Can I get another lease if I wanted to? I’ll probably sell one of the 2 cars I have after I lease another one. Is that possible? Can I do a 1 pay instead? Before you PF guys kill me, I do have the funds to purchase the car outright but just wanted to see my leasing options instead.
No one is looking at your actual credit bureaus, however
With the same income, if you are past the DTI ratio, unlikely.
If they quoted you a maximum amount of collateral, and you’re past it, a 1-pay doesn’t solve that.
Trading one of the cars when you lease is one solution. Buying out one of the existing leases first (and letting your bureau update before leasing a new one) is another.
Or you could ask them to pull your credit again and see if either the DTI ratio or their advance has changed since they looked at it last.
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Odd time to jump in, innit?
I see. So how does credit work on leases? Is it monthly payment or the whole car that gets applied to your DTI?
Whether it is a lease or finance, your monthly payment counts against your DTI. Your credit cards minimum balance also counts against DTI. Amex Charge cards dont add any weight for DTI.
Use this link to calculate your DTI: Debt-to-Income (DTI) Ratio Calculator