Maybe maybe maybe with FaceTime verification if the dealer is really willing to go tot he trouble? 
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It’s basically a straw deal. I’ve seen them stretch for immediate family who either do or can convincingly appear to live in the same household. Unless @MaxRips friend wants to get hitched, doubtful.
Yeah, I can see your point. I can fly him out to me for one day. Do you think it’s possible to prepare everything and check if we will get approved before he comes and then just come to the dealer to sign?
Oh of course
Whenever doing an out of state deal, you definitely need to have credit approved ahead of time
I think I found the solution then. Thanks for the info!
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Not totally true.
Some manufacturers have programs specifically for expats. There are caveats/requirements and you may not necessarily meet them but it’s worth a look. Take a look at VWs program below. VW also used to have a program for canadian national awhile ago, too. They would pull Canadian bureau and base your approval off of that but not sure if that is still running Sorry if I was too late to help!
https://mydigimag.rrd.com/publication/?i=489950#{"issue_id":489950,"page":0}
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You weren’t too late, thanks for the info! Not interested in VWs but I’ll look around for a similar program.
Just called MBFS to start a lease transfer process and they told me that co-signer doesn’t have to be present. Documents will be mailed to him for signing. Go figure.
Lease transfer?
Or, signing a new lease?
If transfer that makes complete sense.
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lots of good info in this thread, thanks.
I currently have my credit frozen with all three bureaus (I did that a while back with the whole Equifax data breach).
when shopping around for a lease, if you settle on a particular car make do you guys try to find out what bureau that dealer pulls from and just unfreeze that particular bureau? or is there some other process i should be doing. thanks
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Exactly. If you know you’re score is A-Tier, first make your best deal. When it’s locked in, I’ll say something like “I’m glad to submit a credit app online before I come in and sign - can you ask finance which credit bureau I need to unfreeze to run that?” If the sales person guesses, make them ask.
Make sure to leave it unfrozen from the time you run the online credit app until you sign. It only counts as one inquiry (wouldn’t count against you anyway it it counter as 2) but if it’s been some duration of time between the online app and signing, sometimes it will recheck and get blocked if frozen the second time. As soon as you sign you can lock it up like Paul Manafort.
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“For example, you may have a 620 credit score but a lot of cash in the bank,” he says. “You can imagine that person might be more creditworthy than a person with the same score with not much in the bank.”
LOL. This is one of the dumbest things I’ve read in a while. Having a lot of cash in the bank means you enjoy getting 0.05% interest on your cash.
None of my high-liquidity/cash-equivalents are earning less than 2%, some are almost 3.5%.
Where? I’m not aware of any cash accounts offering that to consumers
Probably not on Bankrate but look around. My credit union has CDs in that range, and the Money Market with my brokerage is like 2.2%.
Can’t say about lease, but when I came to US (with absolutely no credit history), NMAC did finance my car purchase at arounr 5% APR. The local credit union was offering 9%. I bit in and moved to DCU in 6 months at around 2.5%.
They did look for income statement and job letters.
Yes, but you’re financially savvy. Someone with a 620 score and a lot of cash, is not likely near as savvy as you are about maximizing interest on liquid holdings. More often then not, they’re the type that had credit issues in the past and assume the problem is the system not the fact that they overextended themselves and couldn’t pay it back (but given the 620, maybe out of the woods now?). Often saying things like ‘well they shouldn’t have given me all that credit line then’ or ‘the whole credit thing is a sham, this is why I pay cash / debit card for everything’ or ‘I have enough money, I don’t need credit’.
I would argue if they’re smart enough to have cash, they’re smart enough to know they want it to grow not stay the same value over time.
You don’t need a Bloomberg terminal to ladder CDs. Many of the military credit unions have 2-3% rates on 18 months or less.
This hypothetical 620 with 6-18 months salary banked (how I read your scenario) can open the same money market account I have that’s over 2%.
I’m in the process of disputing a negative claim on my Report (Late Payment). Do I need to dispute with all 3 Credit Unions or will one suffice? And does it matter which reason you choose to dispute? (Obviously I was in the wrong with the late payment).
Thank You
You’d have to dispute with all 3 but if it was legitimate you would likely be better served with a Goodwill letter to the creditor.
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