I'm depressed as hell. I have more than enough money to lease a g37x and have even gotten an offer for 339 a month x 39 months/30k miles with 0 down. But my goddamn credit scares everyone away. No one will deal with me. The issue is student loans which was a while back but will take years to fix. What are my options? It kills me to know that I'm missing out on a deal like that...

 

If you got that offer, just take the offer. In order for them to actually make an offer, they would have to be ready for you to sign. Otherwise, they're blowing smoke up your backside trying to get you to go there so they can upsell you. An offer "with approved credit" isn't an offer, it's an invite for you to go talk with someone and find out what they can do.

Don't believe every "offer" you get. But if you do, I'd like to offer you some ocean front property down in Arizona. It's cheap, just $50,000 and it includes your own boat launch!

Unfortunately, there isn't a quick fix for your credit. I learned that the hard way, but am happy to now have 780ish at 29 years old. First thing you can do is dispute any late payments and anything else negative that's over 3 years old. Most places don't keep records that long so they can't prove their case. Next thing, is join a credit union and take out a 1,000 signature loan with the longest payout they'll let you have, then just pay it. Steady payments make you look great. Don't pay it off early, that doesn't help you at all.

 

You're not really missing out on the deal because it never applied to you, those deals are only for people with pristine credit in the first place. They just want everyone else to believe that they might qualify too to get them in and see how badly they can make them pay.

For you to get the car with crappy credit you will have to make a very substantial down payment.

 

Your best bet is to not lease and come up with a down payment. We do through out there on approved credit because 80% of the time we can get it done (where I work at least) If you make more then enough money to lease maybe try going for IFS financing (tier 3 still gets you special apr and if your tier 4 you can get a bump, again depends on your finance guy) put some down payment and you will have a higher payment, but what you will have is a great thing on your record for your credit. I just got a person done the other day with 580 credit and going through a foreclosure 1.9% financing so as long as it is structured right and you get the right dealership you can get it done.

 

And that right there my friends is a microcosm of why this country's economy is in the toilet and swirling down quickly. Because some institutions will lend that guy money. I wouldn't lend him $1 to buy a candy bar without a $5 security deposit because I know he's not going to pay me back. But he got financed, and with the same interest rate I got back in '07 with my 803. I'm dumbfounded.

 

Hah well there are always reasons why it can be done. There were conditions on why the credit was what it was. Take my credit for instance. Not that good had a divorce and it screwed some stuff up credit card wise but yet my car payments have been perfect yet my credit is low. 3 years ago he would never get approved but these days they NEED customers and through the hard economics that happened in the last 2 years they are more forgiving, especially in the Bay area where peoples homes went from 800k to 400k

 

Thanks guys. The deal I got was from legend leasing but I guess they really do just cater to people with 750's, which I simply do not have. Anybody know of any dealership in NY that can give me the best offer for bad credit? I would greatly, greatly appreciate it...

 

you could talk to Da Mayor see if he can help you out. leases are much more difficult to get though then a purchase.

 

Yeah man credit is tough on leases more than finances...

 

Don't be totally dumbfounded. Pay sticker price for a vehicle and they'll give you 0% financing because the interest is essentially just rolled into the purchase price.

I do however agree with you in that I wouldn't have loaned that guy $1.00. 580 and going through foreclosure is insane. Buying a new car when you're letting the house go? Ok, I was wrong, you can be totally dumbfounded.

 

How bad is your credit? Hopefully, it's not terrible. Keep in mind it's not just based on credit score, but on each individual application. If you want to lease a G37 its not up to the dealership, but NMAC/IFS that gets you approved. It's harder to get approved for a lease than finance. Don't deal with these leasing companies in NY. Try to get a good co-signer and also you will need money down, the more the better. Your best bet is to contact Da Mayor and see if he can help get you an approval from IFS. There are also different tier levels of approval, 0 & 1 are the best of course. Good luck.

 

I'm at a 580 right now but I'm only 22 years old. It all ****ed up because of a student loan I took out in which the terms were to be deferred until I graduate pharmacy school but the company wanted it right away. I'm just waiting till i graduate in 1.5 years to kill it. I have no prior leasing experience, so anything would have to be through a friend or relative, but all I have is my dad and his credit is about 680. I have enough in the bank to lease...

I contacted da mayor hopefully he responds. This sucks. One of the leasing companies even told me it doesn't matter if I give him the entire lease up front, he still can't approve me. Knowing that you have enough money to get something you so desperately Want but no one will give it to you...

 

why you against purchasing if I might ask?

 

With bad credit I heard that they charge you much more. So say I agree on a price of 36k for a g37x, with the credit it comes out to like 43k. This is just what I've heard. And Paying 43k is crazy because I'm losing 7,000. It would also destroy my bank account, cuz I'm 22. I have that much, but I'm not about to spend EVERYTHING on a buy.

That's why I think leasing is better cause I can get the car, make payments and not think twice about it. Hell I'd even be ok with financing it but I heard they increase your monthly payments like crazy..

 

Why are you getting a car of this caliber while you're still in school? I'd go with a Hyundai for 24 months until, like you say, you "kill it" when you come out, or get a Camry LE for $139 month with $1500 down like I did for my dad.

All in all, you're young bro, step your game up when you're out of school and actually into a decent salary...