I am currently, looking for a car - essentially, that can help me save money and keep cash for couple of years, hence I thought leasing would be good option rather than buying and paying more on a monthly basis.
I am in this situation where we are closing on buying a home and I have been advised not to go for credit pull or buy anything, but the new construction is getting delayed and I am taking car from rental company on a month to month basis, this is proving expensive than expected. Hence, we are planing to lease car in my Wife’s name as she won’t be included as a borrower. But, she is a stay at home at Mom at the moment,
can someone suggest how we can lease a car for stay at home Mom’s name ?She used to work but taking a break now due to some personal reasons.
Any suggestion here would be helpful. We are looking for a EV at the moment.
This is just generic advice that will be true for some but useless for others. You need to understand your income, credit, and DTI in relation to the new house and potential new car.
As long as the new car lease doesn’t cause you to go over your lender’s DTI threshold, and the temporary few point drop of a credit pull and new account don’t cause your score to dip below whatever tier you’re approved on, then in reality you shouldn’t have any issue.
That said, in many years of buying and leasing cars I’ve never had a dealer do an income verification. Obviously YMMV, but if you want to keep it in your wife’s name just have her apply, list her occupation as “retired” or something like that with whatver income is needed. That of course assumes her credit is good and an otherwise normal profile.
Thanks ! This is very helpful.
I understand the DTI ratio. Just, I don’t want to get dinged.
Also, for short term I want to save cash and hence leasing, or until my wife gets back to work again.
