In the market for a 3-row SUV and have narrowed down my choice between the Volvo xc90 and Land Rover Discovery Sport S trim. Trying to get a lease.
With the trims and configurations I’m looking at, I’m estimating being in the low to mid-40k range for the final selling price post dealer MSRP discount. I’ve done my research on the Edmunds forums and fully educated on the incentives, RV’s, and tier 1 money factors for each vehicle.
I have a tricky credit profile with a dismissed chapter 13 on my record from 2017. Been building my credit up since, but not a whole lot of open revolving credit at the moment - just 3 accounts with only a 2k credit limit combined and low balances - under 20% utilization. Was actually able to finance a vehicle via Capital One (13% APR ouch) which is my only open installment account at the moment and have a perfect payment history for 2 years now.
My experian Fico Score 8 is 638 at the moment and the highest of the 3 bureaus. Obviously, the Chapter 13 history is still weighing my score down. I have zero debt outside of the car I’m financing with Cap One and 3 paid off revolving auto loans/leases on my credit. All were paid off with a perfect payment record but last one was in 2016. Income is solid where ~ $500 payment puts me at about a 5% lease payment to net monthly income ratio.
So the question is twofold:
- Does Volvo and Land Rover/Chase pull from Experian? That would be my best shot as my other two scores are hovering in the very low 600’s.
- Any feedback on which option (Volvo or Land Rover) would give me the best shot at lease approval at a decent rate? I’m expecting a lease approval scenario will bump up my money factor given the bank’s perception of risk, but hoping that’s capped at a 2x-3x vs. tier 1 current MF rates.