Leasing with Bad Credit

I’m in Atlanta, looking for a 36 month, 30k mile deal. Trim level can be basic.I’d like to lease a truck, like a Ram or Silverado, though my credit is 630. I do have $20,000 saved up though don’t want to buy a car right now. I’m curious how this bad credit will affect my options, I saw the Silverado deal listed here, and a similar Tundra deal on Toyota.com. I’m guessing I will have to put more down, if so, will it make it such a bad deal its a no go? Thank you for any feedback.

Could you offer to pay the entire lease amount up front with your savings? I’m sure the total for 36 months can’t be more than $20k for a reasonably priced car.

You could try and talk them into putting you in a higher credit tier. Offer to show your bank statement as proof that you have the funds available.

Thank you for the replies. I’ve read that one shouldn’t put more down on a lease than a few thousand dollars in case the car is wrecked. I understand with bad credit though I may have to put more down than normal, however the entire balance may not be a safe bet. I haven’t thought of showing my bank balance, thank you for the suggestion.

Yeah I wouldn’t put any money as a cap reduction, because you are screwed if the car is totaled. Security deposits are fine though, because you get those back no matter what.

The debt you owe that shows up on your credit report should be paid with some of the 20k you have saved. That will bring up your score. Usually domestic brands are pretty lenient with leases and lower credit scores, yours isnt that bad. If your income is high enough your score may not matter that much.

Thank you for the reply. The low credit rating is from a foreclosure and discharged credit card debt.

Work to get that cc debt taken care of. If the debt has been sold to a 3rd party, im sure you can set up a payment plan with them. Or just get a co signer for your lease.