Hey all, I’ve been learning a lot here and am very grateful for it, so thanks everyone. I had a question that hopefully I can get some insight on. Both my wife and I have zero auto history because we have never owned a car nor made a payment, which is crazy since I am 44 and she is 41.
We had a fleet vehicle for an organization that we worked for from 2001-2012 then in 2012 our nonprofit had a nice Lexus LS 430 donated to it that we currently drive, which is owned by the nonprofit.
We are wanting to lease but wondering because of our lack of auto history if that is going to be possible? Anyone else ran into this issue before? Thanks for any help!
I’m assuming at 44 you have some additional credit history (mortgage, credit cards, loans, etc). Provided everything else on your credit report is fine, and your income is good, you shouldn’t have an issue.
Now, if you were 21 with no auto history, that would be a different story.
FWIW, I’m 23 and have very minimal credit history (l’ve only had a credit card solely in my name for 2 months, but was added by my parents on two small store credit cards about 6 years ago) and I was approved at Tier 1 rate with Chase in April. My dad was co-signing just to be safe but they said even if I was on my own I would have been fine. So, I think you’ll be just fine!
I wouldn’t bet anything on what “they said”…if anything I would bet that if you were alone that day, they would have tried to raise the MF on you. If you were 23F I think that would be even more likely.
I had a deal with buy rate MF in writing from the dealership, so if they had tried to play games I would have walked. As @28firefighter said below, this particular dealership is very straightforward. The salesperson showed me the credit report he pulled. And yes, I’m a female.
Your credit history and rating doesn’t really take in to account the nature of your borrowing (e.g. car loan vs home loan), the bureaus calculate a score using debt-to-income ratio, length of credit history, and any public credit events like bankruptcy, etc.
If you managed to get a mortgage, you will be fine.
As a side note, I’d recommend you go and request a freeze with all three agencies to ensure that no new lines of credit are taken out in your name. You can unfreeze temporally when you need to buy something on credit. In the case of a car, the dealership or bank will tell you which agency they use to verify your score. This is the best way to have a real financial defense against identity theft.
Isn’t that pure age discrimination? They are not suppose to base decision on race, age! I know 22 year olds making 60-120k a year, while many 30 year olds struggle to get there. So what difference does it make?
Discrimination will always be there regardless of what’s viewed as right or wrong. I’m sure most of us can give examples of being discriminated against whether it’s based on looks, outfit, gender, etc.
