Required credit score from IFS for leasing?
#16
I'd like to know this as well. I figure I better stop drooling over this car and look for something else if I'm not gonna be approved for a lease. Ive never had a late payment and have about 10 years of credit card history.. also student loans.. but no car payment history as i paid cash for my first used car right out of college
Last edited by SeanMac23; 04-18-2008 at 09:08 AM.
#18
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The finance manager I spoke to when I bought my G37 said that Tier 1 was 720+, Tier 2 was 650-720, and Tier 3 was 'somewhere lower'. But he said at the time that Tier 1 and Tier 2 were both getting the same financing rates.
So you may not have to be in the top tier to get the best rates.
So you may not have to be in the top tier to get the best rates.
#22
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Do you mind if I ask how old your credit history is?
#23
Teir one approved
I just got approved for Teir one today at 650 credit score and my brother in law got the same and his score was 640. He is paying 480 a month after taxes with only first month and tax and tag (about 1300). It took him a week of negotiating and several dealers before he got the price. the last deal they offered me was 525 a month with 1500 down. Im going for my second round of negotiations tomorrow. Wish me luck
#24
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I just got approved for Teir one today at 650 credit score and my brother in law got the same and his score was 640. He is paying 480 a month after taxes with only first month and tax and tag (about 1300). It took him a week of negotiating and several dealers before he got the price. the last deal they offered me was 525 a month with 1500 down. Im going for my second round of negotiations tomorrow. Wish me luck
#26
10 years of credit history but I've probably owned 10 different vehicles in that time, all financed .. all show paid in full. Except the new G of course.
#27
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So not qualifying for top teir rates on a lease will cause your money factor to go up?... And if you do qualify for teir 0 or 1 do you automatically recieve the money factor that IFS is giving for the month or can they raise it?
#28
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I am going through this right now guys. Vehicle history is very important! I used to love being the 17 year old kid with a BMW (got hit by a car and took a beating by it at 15) and then bought a brand new one when he was 20 with the insurance check + cash after the first one was totaled and so I have never owed anyone anything for a car in history.
Well after graduating college I was given a company vehicle so I just sold my 330 out right and kept the cash. Well now when I go for a new G37 I pull a score of 724-750 on my own credit report (high limit credit cards with excellent payment record) but IFS pulled a 650 for me on Transunion Auto which I guess rates your auto payment history. Since I have never technically financed a vehicle I am screwed.
Luckily I am still within the 2 years of graduating college and they are gonna let me know what the rate is soon (which I will probably say is just garbage and see what my bank has to say), but it is just a real pisser to take care of my credit that well and only be rejected for tier 01 from walking in the door.
To all you 17-19 year old kids buying their first cars, buy something you can afford with a part time job at McDonalds, then enjoy your dedication and strong will when you get out of college and are still hitting on those same 19 year old girls just with a really sick G37!!!! You will thank me later.
Well after graduating college I was given a company vehicle so I just sold my 330 out right and kept the cash. Well now when I go for a new G37 I pull a score of 724-750 on my own credit report (high limit credit cards with excellent payment record) but IFS pulled a 650 for me on Transunion Auto which I guess rates your auto payment history. Since I have never technically financed a vehicle I am screwed.
Luckily I am still within the 2 years of graduating college and they are gonna let me know what the rate is soon (which I will probably say is just garbage and see what my bank has to say), but it is just a real pisser to take care of my credit that well and only be rejected for tier 01 from walking in the door.
To all you 17-19 year old kids buying their first cars, buy something you can afford with a part time job at McDonalds, then enjoy your dedication and strong will when you get out of college and are still hitting on those same 19 year old girls just with a really sick G37!!!! You will thank me later.
#30
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Oh man, don't get me started.
As a furryner I've had all kinds of problems getting credit over the years, but it is finally getting easier. In the seven years I've been in the States I've managed to work my way up to a FICO somewhere north of 760, never missed a single payment, never gone over a limit - no credit issues at all.
So I go to my own bank, where I have my checking and savings and credit cards, where I've been a good customer for 7 years, with no overdraft or overspending or over-anything, and ask for a car loan for 50% of the price of a new G (the other 50% would be a cash downpayment).
I was DENIED.
So, Bank of America, you can go **** yourselves royally, you selfish, arrogant, reprehensible, vindictive, venereal-diseased, puss-sac of a bitch-*****.
And y'all got me started, you *******s!
Edit:
Oh! And TODAY they sent me a letter trying to get me to apply for a mortgage!!! WTF!
As a furryner I've had all kinds of problems getting credit over the years, but it is finally getting easier. In the seven years I've been in the States I've managed to work my way up to a FICO somewhere north of 760, never missed a single payment, never gone over a limit - no credit issues at all.
So I go to my own bank, where I have my checking and savings and credit cards, where I've been a good customer for 7 years, with no overdraft or overspending or over-anything, and ask for a car loan for 50% of the price of a new G (the other 50% would be a cash downpayment).
I was DENIED.
So, Bank of America, you can go **** yourselves royally, you selfish, arrogant, reprehensible, vindictive, venereal-diseased, puss-sac of a bitch-*****.
And y'all got me started, you *******s!
Edit:
Oh! And TODAY they sent me a letter trying to get me to apply for a mortgage!!! WTF!
Last edited by britishmutt; 04-07-2010 at 11:08 PM.