Hello Everyone,
I am a newbie here so I hope I am asking this in the correct section. I have been waiting for the 2021 AMG GT 53 or 63 in order to lease one. I currently have a credit score of EQ: 683, TU: 695, EX: 683. My monthly income is 12k and the only thing on my credit is my mortgage which is 785 a month. Do you guys think I would qualify or are there specific requirements? Apologies if this question was asked incorrectly.
You can always lease one if you throw enough money at it, whether it’s a good deal or a good financial decision is another question.
If you’re referring to 2021 GT63 4 door coupe, it’s going to run you about $1300+ (Don’t know exact going rate). Hell of a lot of money for your income.
My honest opinion is you’ll have a tough time, I’ve squeezed really low 700s past Chase for cars of this MSRP like once. I don’t think you that much of a leg to stand on.
Not to mention the tire, brake wear, more frequent oil changes. Not sure what it’s like for street sporty cars since I only track my car but it adds up quick.
So would it help if I put some down? I do have about 15k I can put down if need be, I really want the car, but even though I have the money I don’t think putting more than 15k down is a good direction to go in. Would the 53 be easier to lease?
What do you currently drive? Is it a lease or do you own it outright? More details needed. More importantly you need to ask yourself is why is your credit score below 700 with only a mortgage payment? Do you have credit cards? How long is your credit history?
I currently have a 2019 Mazda 6 and I own it outright. I previously added myself as a cosigner on a family members credit card so they could start build long story short those were taking to collections. I have 3 credit cards all at 1% utilization one with a 11k line, one with 1k and one with 3k. Oldest credit line would be my credit card which is 7 years old. The mortgage is 13 years old and I took over last year my parent passed away.
There’s no published requirement per se that says you must have a score of XXX in order to be approved to lease a car that stickers at $ZZZ, or anything like that.
Other than that, all we can provide is just internet stranger speculation.
If you truly have no other monthly exposure save for a $785 mortgage, then you should be ok from a DTI perspective. At the very least I would work to get your scores above 700, this will help. However your relatively young credit profile with only credit cards and a (new) mortgage will not help.
None of your options will be “easy” to lease, Mercedes don’t lease well in general compared to some other brands, and AMG’s in particular are especially bad.
An AMG GT63 is $175k+ MSRP, so this will be in the neighborhood of $2500/mo and up. $1300 would be a complete unicorn. A GT53 is $120k+ so you’re probably looking at $1800/mo at least.
So it really comes down to how much you want to spend. I would never put $15k down.
Wait couple months to get your scores up. I think 720 is the tier1 threshold for most captives in terms of leases.
I have recently ready about one pay leases, in which someone can pay for their lease up front. I would like to know if anyone here knows does this help people qualify for leases or improve the terms? Also would you be able to pay for part of the lease up front for example two year lease but you pay for one year up front?
It’s either all upfront or nothing.
As valek has said, all upfront or nothing. As for the car, any specifc reason you’re wanting the 2021 model vs. let’s say a 2019 model? I’m sure there are plenty of these beasts used in the country that you could finance and resell when you’re ready for a new one.
Must be nice to have no kids!
And that’s a hell of a bill for your income.
more like $2K+. I would recommend buying a pre-owned E63 instead.
The value on AMG cars sink like a rock. So as @Splattered said, a pre owned may be the way to go.
167k MSRP with 136k listing price and only 2k miles. I’m sure you can find better deals but this was just a quick search that popped up.
I wanted the MBUX system, I saw in another thread someone had a deal on a 2020 gt53 for a little over 1300 a month but I know that’s all dependent on security deposits, location, etc. Maybe I will look into a used GT53 or E53 instead