New to lease hacker community

New to the hacker community. I’ve been looking at the forum for quite while and made a account recently.
I was hoping to get some answer from the community members.
I’m a 19 year old student with - credit rating TU 661 EQ 690 pulled them from credit karma I know these are not the most accurate but it gives you guys a idea. I have a job which pays around $9000 a year, but my dad is financing the entire education and personal expenses. He sends me around $3500-$4000 every month. I was looking into getting a car leased for 36 months new or used( demo/loaner) nothing very expensive like $250-$300/mo.

Do you guys have any experience or idea if I can get a car leased at this age with my current situation described above or will I need a co-signer. My dad will never support the idea of getting a car, but my uncle is ready to co-sign a car. What kind of MF/Interest I’ll be looking at if I lease it on my own ? Or at this age nobody is going to lease !
I haven’t visited a dealer yet or have car in mind, just a one with proper heat, no engine problems and works well for next 36 months through brutal winters of Chicago will do fine.

Welcome @syedhasan ! Thanks for being a part of this community and a Happy New Year to you!

A 661 and 690 score is on the lower side of the spectrum and you will find yourself making slightly higher payments on all types of loan products. Some places want to see 700+ and at times 720+ in order to be qualified as tier 1 credit. Not saying you can’t lease or get a car at your current credit scores (Tier 2), but would not be worth it since you’re only a couple dozen points away from Tier 1. Not to mention when the dealers pull your score - it will lower your score a couple points.

I am not going to tell you or judge you on how you should live your life- but I am more than happy to share some advice with you on your current situation. Some folks on this forum can get a $35,000 MSRP car (or a $57,000 BMW i3) with the “$250-$300/mo” payment you mentioned. In my opinion, that’s a fairly expensive whip not just for a 19- year old student. You sound like pretty humble since you did not say you wanted something European. Instead you listed that you would just like a car “with proper heat, no engine problems and works well for next 36 months through brutal winters of Chicago will do fine.” Good for you sport- I totally agree that those are necessities when living in the Eastern side, spent over a decade there myself. And I raise my glass to you for working while in school- bravo!

$3,500-$4,000 a month is more than what most people make after taxes- hope you called your dad, wished him a Happy New Year, and thanked him for the tuition money. Then ask him- “hey dad, why don’t you support the idea of me getting a car?” Hear the man out - maybe it goes beyond financial reasons. Share with him why you would like your own car and the things you will be able to do versus if you didn’t have a car. Be detailed about the benefits of having a car- the time you can save? The dangers of Chicago when trying to reach public transportation? The money you can make from the job that’s a little further and/or requires car? If you really believe that you need a car- make every effort to sell the idea of getting one.

Unless your dad says it’s ok to co-sign with your uncle, don’t do it if your old man says NO. It’s like a stab in the back- why would you want to break the bond between father and son(/daughter?) The guy is already giving you $3-4k a month- seems like a pretty decent dad to me.

Now to really answer your question. I think you should get a 2017 Chevy Equinox. You will benefit from a bigger car in those weather conditions and right now- the deals are super hot for this car. Even if you don’t end up getting a car or the incentives are over for this particular vehicle; I highly recommend you read through this thread http://bit.ly/2iFomxG. Really take a look at that thread- you will learn how other fellow LH members saved money through negitiations and incentives.

Good luck to you and Happy New Year!

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As a 19 year old with full comprehensive insurance your premiums are going to be easily 2 to 3 k a year. That’s a significant cost. Have you checked that?

Get a decent used car. You should learn about how to negotiate and maintain a used car at 19 years and gain a good understanding of how cars work. Leasing new cars is boring in terms of enjoying those cars :slight_smile: You always have to be careful, pay high insurance premium, etc etc etc. That can come later in life when your insurance will be lower and you have other things to worry about.

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I agree broadly with what Alex and Vhooloo have said…specifically I would recommend getting a CPO Toyota/Hyundai/Kia/etc with at least 36m of warranty left (budget $10-12K), and regardless of your credit score and APR get a loan with no pre-payment penalties and pay it off as fast as you can! Like within a couple/few months, to save on the interest payments from a high APR due to a less-than-stellar credit score.

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It’s not too long ago I was 19, no really I’m 20 and I leased my second car when I was 19… and I have two car leases and I own one, if your dad says it’s ok I would get an equinox or something. Depending on what manufacturer you go to to lease your car, and depending on what credit bureau they pull, for example for BMW a 675+ Experian score will get you tier one rates… Keep in mind to watch your mileage and the condition of the car… Good luck!

Edit: this all was with NO cosigner…

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I said $3500-$4000k is what most people make after taxes… correction- BEFORE taxes.

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Thanks everyone,

Equinox deal is a bargain if I get the same deal. I don’t have to worry about insurance, I’m insured on my dad’s plan. I don’t know my Experian score I’ll have to check. But according to what I understood is I should wait till I have good credit score and then see for a bargain lease like the equinox deal. I was kind of looking into cars like Chevy spark and thought that it would set me back

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I think it’ll be a good idea taking to my dad before taking such a big financial decisions thanks for reminding.
Happy new year to you too!

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See

If you don’t have a current lease, you don’t get the Conquest incentive for the Equinox ($2,000 IIRC). If you don’t have Costco that’s another XXX rebate out the window. So Equinox might not be the deal you have seen here.

Have you priced the cost of parking in your area of Chicago?