Hey everyone,

I went to my local Infiniti dealer today since I was finally ready to lease a G. The dealer even had found the car I wanted and had it parked outside for me to see. My friend and his dad came with me to help since they have purchased a few cars from this dealer and thus, we were able to speak with the GM. She ran my credit and while my score is good (715) i'm "light" on credit since I only have history for 2.5 years. I'm 21 and I realistically don't think I could have history for much longer than I do. The GM thought I could at least get Tier 2 and she said she might be able to get a security deposit for Tier 1. We went to eat while they waited to hear back from the bank (which might have been closed).

We came back and they told me there was no way I could lease unless I had a co-signer. I'm wondering if they would just tell me this to get a cosigner even if IFS doesn't say I need one. She then told me that I should try and build my credit by opening more cards and getting higher limits. She mentioned the total amount of credit I have, but thinking back I think she under quoted that. I'm not sure if that is relevant or not.

I was really looking forward to getting this car, but it doesn't look like it's going to happen. What are my options? Is there anything I can do besides a cosigner (which I don't really have)? I talked to them about trading in my Audi for around 15k (ugh), so they know I have most of the money. I do realize it is up to IFS and not the dealer though. Thanks for your help, I'm really bummed, but I guess that's life.

 

The problem right now is the economy which is what is hurting you because banks are more stingy with their money. Also without a long standing credit history then that is going to hurt you too. I don't know if you do have any options. You might just need to find a co-signer or build up your credit.

 

I leased my G37s through infiniti financial about a month and a half ago. I am also 21 and when they ran my credit my score was about 740 and also light. they told me for the best deals with IFS i should have a cosigner. it wasnt a prob for me so i didnt have any problems with the lease. If its not hard just get a cosigner.

 

I have the similar background with you, I'm 22 and only a few years of credit history, my FICO score is about 720. I was able to get tier 1's 2.9% financing. It is also important to them that you have sufficient income to support you paying the car and everything else (daily expenses, rent/mortgage payment, credit limits on cards and open account on loans). You need to look into your "profile" to see what you should be able to do. Don't always trust on people who make money off of you, why? you must've figured now.

 

D,
That's really strange as my score was 700 on the nose and they wanted to put me in a G the same day...I was under the impression that once you scored a 700 or above, you were golden. Like Eiso said tho, they do want to know you can afford the car, so income and expenses do come into play somewhat.

 

I don't have anyone except for my mom and because of personal reasons and the economy, she doesn't think it's a good idea for her to do that.

You bought the car? I didn't think of that, i'd rather lease, but I guess if I want it bad enough... I'm under the impression that buying is a little easer to get approved for.

That's strange, how long have you been building credit? At first the GM was telling me that my credit history was short, and when we came back from lunch she was telling me that I need to build it up. We told them about my income from work and I believe that is enough to show that I can afford the car. They also know that i'm selling/trading in my Audi which should cover a good portion of my lease over the next few years. Lastly, there was even an offer for a security deposit, but again, when we came back from lunch that wasn't even an offer anymore.

I just get the feeling they are trying to get a co-signer even though I don't really need one. Maybe i'm wrong, but i'm getting a funny feeling.

 

FICO isn't everything. If you have a "light" credit history (especially no previous auto loan experience) despite a good FICO score, odds are you will be a Tier 2 in the end. Remember, the dealers aren't the banks and have to get the deal funded from a bank to get repaid for the vehicle you drove away with. If the banks turn you down, it's not that the dealer wasn't trying to help; it is bank's decision and a lot of it is based on income to debt, the economy, bank may feel that you're on too much vehicle for a first time buyer, past credit history repaying other loans, etc., etc., etc.

 

Well, I leased my G37S. I wanted to buy, but my salesperson told me that with the residual after two years is still high, I'm better off with lease since I'm usually tired of my car maybe after just one year. I was qualified for 2.9% @ Tier 1, so I leased with no problem.

 

One option is to pay one year's worth of lease payments..about $6000. It's against conventional wisdom, and if you want the car bad enough, you'd do it.

Others have paid the full term (24 months) that also reduced their MF.

 

At first that's what the GM told me and we were trying to see if I could get Tier 1 with a security deposit. After we came back from lunch, everything changed. I'd be happy with at least Tier 2!

Ok, got it.

Ok, well it looks like I have options. I guess i'm going to just give them a call tomorrow and tell them that I have no cosigner and see what options they give me. You'd think with the economy they would want to sell cars. I realize it's mostly up to the bank, but if the bank is losing them sales ...

 

I was in the same situation as you were, dh.

One would think they'd do more for their customers to get them into a car. I wonder then, how many people who couldn't afford the car defaulted on them. I bet that's ruining it for everyone else.

 

Yeah it's unfortunate. What did you end up doing? It bothers me because there is the money i'll get from selling the Audi and if need be, I know my family would help me out if I couldn't make a month's payment. I make enough were that shouldn't happen though.

More upsetting was the GM's solution that I should try and lease a Honda for a few years to build my history. I'm sure she didn't mean it in a negative way, but I don't think that's a great solution. I'm sure Honda's are great cars, but if I wanted a Honda, I would have went there instead of the Infiniti dealer.

 

You must be able to get batter deals when you buy cause I am rocking a 685 credit score and qualified for 2.9%. I did put down $10K though.

 

That's what I have heard as well. Thanks for every one's help. I'll let you know how it goes tonight.

 

I decided to wait. I don't NEED the car right now. I'll just stockpile my money for a large down payment. I may or may not get the G-coupe. I'll see what happens next year. I also might wait longer to get a Porsche Cayman S.

I did consider getting a used car - C5 Corvette, FX45...or a new Solstice or Sky for about $25,000 but then thought that would be wasting money even though that would build credit history.