I currently have an 07 Jetta that I bought in August 07 for aprx 28k @ 1.9% for 36 months (rolled aprox 5k from a 05 Chev Tahoe). That makes my paymets 790.00 per month. Back in December I attempted to finance a G37 for 60 months but was told that I couldnt get approved because of the amount of the payments.

Well I couldnt take it any longer and I submitted another app last night for a lease this time. I am not familiar with how to work out a good lease deal and thought some of you guys could help.

I owe $22,300 on my Jetta (2.5 Package 1) and I am interested in getting a G37S 6MT with premium package and iluminated kickplates. I can afford to put down $2,300.00. My "fico" score is 657 beause of my high utilization of credit cards(30k in outstanding cc debt) but I have no missed paymets at all. I've had a car payment since I was 19 and I am 27 now.(again never a missed payment) What do you think would be a fair lease payment based on this information, I am thinking $600-625? I make about 40k a year.

If I don't get approved this time I will wait for about a year and try paying down my Jetta some more.

 

You should work on paying down your debt before contemplating financing another vehicle.

 

Thats actually what I am working on. I want to get a lower car payment and figured a lease payment would be the way to go.

 

Be fiscally responsible. Pay off ALL your debts before taking on another one. Simple as that.

 

you really need to knock down that 30K in CC debt. Sooner than later.

 

Hey guys.

I really understand you guys are giving good advise re: getting rid of my cc debt. I already have a plan for that and its under control. I have cut up all my credit cards and living on my debit card only at this point.

What I am trying to do now is REDUCE my total monthly expenditure by reducing my car payment. I am not sure if I made it clear in the post but this is for trading in my Jetta for the G37.

The reason I included the Jetta's info was for advise on what I could expect on a trade in value and what I could expect in terms of my lease contract.

Basically I am looking to find out if my lease payments come out to 600-625 (which is the max I am willing to pay) would you consider that a good deal.

Thanks :-)

 

Don't trade in. Sell outright. According to your situation, you'll need all the money you can get.

 

Sorry to say it man, but I spent all last year catching up and paying off all my debts except for my house so that now I could afford to get it. Do the same, take the time to pay off those debts that are incurring interest against you. Who knows, maybe this time next year they may have Twin Turbo G37s. You'll be glad you waited.

 

I'm gonna have to reiterate what others are stating. You've got a lower FICO because of your outstanding debt tied to your income. The best thing you can do is stick with your Jetta until you own it outright. If you're smart you'll keep your car another 12 to 18 months after it's paid off and apply that $790 a month to your existing credit card debt. Continue to pay down all your credit card debts and don't apply for loans unless absolutely necessary. Every time you run your credit it affects your FICO score.