Ok...I went to the car dealer specifically for the $299.00 / month x 39 months lease special. $2000 down plus the first month payment. THey pull my credit and say that I don't qualify for a lease (even though my last two cars have been leased and NO late payments.) BUT they have "great news! and some "good numbers". I do qualify to buy...for the SAME $2000 / down but $560 / month x 72 Months!!!!!
So to recap...
Don't qualify to lease at $299 / month x 39 months, BUT
Do qualify to BUY for $560 / month x 72 months!
Who can tell me WHAT IS UP WITH THAT??? I walked out!
2007-02-12 04:59:20 · 7 answers · asked by donnam4863 2 in Cars & Transportation ➔ Buying & Selling
I know that anymore you have to have better credit to lease than to purchase, but I don't see how they would be able to "qualify" you for a 72 month loan term, and not a 39 month lease.
And, to correct something a previous poster posted, it does not matter if a car is lease or finance, they report the same on the credit bureau: they both show as installment contracts, no difference is made between the two.
I would go to another dealer of the same make and see what they say, for all dealers in an area have the same programs, and then you'll know whether this dealer was telling the truth, or trying to make more money on the financing of the vehicle.
I would also call the General Manager of the dealer and ask how you would not qualify for the lease, but would qualify for extended term financing that generally is reserved for A and B tier credit customers.
Also, did the dealer submit your application for the lease, or did they decide that you did not qualify? Under Truth In Lending and various credit/privacy acts, the bank must notify you as to why you would not qualify, not the lender.
2007-02-12 15:00:05 · answer #1 · answered by Robert S 3 · 0⤊ 0⤋
#1, Car Leasing really does do a whole lot for your credit score because in all actuality, you aren't working to own something. Also, it sounds like they found something on your credit report. Red flag so to speak. You need to get a copy of your credit report and find out what it is. It doesn't have to be a late car payment for them to "red flag" you. Then, if there is nothing, go back, go over the salesperson's head and request and explanation.
2007-02-12 13:14:33 · answer #2 · answered by Angie 4 · 0⤊ 0⤋
Something doesn't sound right at all, I don't know how they can almost double the cost of the lease for the same vehicle. That doesn't make any sense at all.
2007-02-12 13:03:20 · answer #3 · answered by devast725 3 · 0⤊ 0⤋
I work at a dealer. Im sure the reason is dept to income, that brought your score down! That is why you did not qualify for the lease. Im sure...
2007-02-12 13:32:55 · answer #4 · answered by Anonymous · 0⤊ 1⤋
their trying to trick you into getting the longer lease. tell them that you want the original deal or you will walk away. if they dont agree walk away, theres other dealerships that will work with you. say you earn more money than you do. thats waht i did on my last car and i qualified.
2007-02-12 13:03:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You did the right thing by walking out. It's the old bait and switch game. I'd have told them to kiss my you know what.
2007-02-12 13:16:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
good for you
dealers are out to ripe you off
2007-02-12 13:03:53 · answer #7 · answered by blackrealty 3 · 0⤊ 0⤋