First time leasing/buying a car so no car history on my credit. The oldest credit card I have is probably about 3 years old. I have a credit score of about 750. What MSRP range should I be looking for that would get me approved to lease the car?
I think you missed the whole point.
You need to figure out what’s range price you could afford (don’t forget, gas, insurance, ticket and the kind), then ask yourself what type of vehicle you want that match, of course one that is doable, and then try to hack it.
But to answer your question, it doesn’t matter much the “no car history” more important will be proof of income, and credit score.
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Your choices:
Spend $250= Frontier
Spend $350=4xE
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If you have good credit and hard proof of income with some employment history then you shouldn’t have much problem getting approved from the mainstream brands for a car in the sub 50k range. Luxury brands, BMW, Mercedes, etc may require a cosigner with good auto history, especially for more expensive cars. There’s no formula that’s really readily available to most of us, they keep those things pretty close to the vest. When it comes to luxury brands in particular keep in mind that it’s not all about whether they think you’ll pay. A thin or nonexistent auto credit file mixed with an expensive first time purchase could set off flags regarding gray market exporting, which is a big no-no.
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Are you a fry cook at Wendy’s or a CEO at an international conglomerate? Do you have millions in provable savings or nothing more than a jar of pennies on your nightstand?
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350$ 4XE ?? Tell me where to sign please.
Lol dont worries I already read the whole first part, and half of the second.
My point is that today’s it’s more of 450$/m +/- !
Maybe with a 1 pay you will be lower, but that’s not an option for most people.
Lower msrp Rubicon will be a good bit better than that if you have a dealer willing to discount nearby and aren’t in a state with a painful tax situation
A base Sahara with soft top no other options will get you in the $380-$410 range. It also depends on where you live and how sales taxes are treated.
You get approved based on the payment. MSRP has very little to do with it. Two cars of similar MSRP can have wildly different payments.
Aside from the Nissan Frontier and Jeep Wrangler 4XE there’s almost nothing that’s leasing well these days.
You’re probably better off buying & financing something if those two don’t work for you.
Exactly my point. And I am in FL …
Mall of GA in Atlanta is probably the closest. There may even be a dealer in LA who’s discounting.
Thank you all for your replies! Helped me understand better. In regards to employment, I don’t have a history of that either. I’m a full-time college student, usually have extra scholarship money refunded to me every semester and I just sell things on OfferUp and such. I make about 2-3K a month. Are bank statements enough “proof of income”?
Thin credit history + No documented steady source of income (ie: a W2 Job) = Look into getting a co-signer.
Nope… assets are not income.
Put yourself in the bank’s shoes for a second. I do not see how you are going to get approved for a lease/loan on your own.
Probably the “best” option right now.
My advice to you: If you don’t need a car now, work on building an employment history.
How do you plan to make monthly payments? Do you have a bunch of $$$ saved up or will someone else be making your car payments?
EDIT: Overlooked the part where you mentioned your main source of income is through refunded scholarship money and selling things online.
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