Have been lurking here and trying to get a vibe of the lease game. Obviously, I am thrilled to see snowflakes like the hellcat and so on, but I am doubtful I could even qualify for a lease at all, leave alone a tier 1. so here is my picture:
moved here a year+ ago, have a clean credit profile with fico 8 at around 720-740 with a 0% dti, but have no auto loan/lease record. I tried the online pre-qualification for auto loan from capital one and got denied - this was recent. Funny enough, I got a giant mortgage approval but not a puny car loan. Holding a 6 figure income.
So what will this translate to in auto scores? can I expect to get qualified? what tier should I expect? I am basically eyeing Jaguar XE/some bmw/dodge, and perhaps nissan as a last (but more sensible resort!). By the way, I am in NOVA area. I also wonder why there aren’t too many posts about deals with NOVA dealers?
I think I could have searched the forums a bit more to get my answers, or just called up the dealerships next door, but decided to be a fool here with the experts than elsewhere!
Are you not American? If you are international -Sounds like you might qualify for Volkswagen / Audi Group “international Buisiness Person” plan that gets you too tier credit.
I had a similar issue. Good income, good score, but not much in the way of credit history. I had to open a secured card with my bank using my own money and use it to establish more of a credit history. It was a pain in the butt, but now I have zero problems with credit.
I am past that stage, have more than 5 unsecured cards. no car loan though. I guess one needs to get one each of very high cost loans of each type to look good to the entire underwriter community.
Just emailed local jaguar dealer, telling him my fico 8 instead of agreeing to a credit pull - the email went silent.
just learnt from capone - auto finance credit score is 702, and they denied because of insufficient credit history. does the 702 matter? or me no get no bacon?
Hi RPM. I was in a similar position but slightly weaker one than you are (only 6 months history). I went through a dealership and provided a lot of information to back up my application such as salary, employment history, length of contract remaining, letter from my employer confirm all that also. This resulted in GM Financing giving me a tier 1 rating more based on my safe salary and letter from my employer rather than my pure score. I could not liaise directly with underwriter but I was told that the dealership was able to once they had made the credit application (I suspect they initially came back with a rejection but then the dealership talked them round.
Just a thought if you can find a friendly dealership.
