I'm looking at getting out of my traditionaly financed car and getting into a lease. I have alot of negative equity (about 8-10k) and they are doing huge rebates on the focus's right now and they suggested I go with one of those. My credit score is in about 606 according to the 3 burearu credit scores and i've never ever missed a payment. I have stable income and have been at my job for almost 2 years. My husband has our car thru ford credit (my name is not on the loan) would it be possible you think for me to get approved? I was approved last month when we bought our second car thru another company (traditional financing)
2007-11-20 00:40:40 · 3 answers · asked by ♥Kempa♥ 4 in Cars & Transportation ➔ Buying & Selling
Based on the information that you have supplied, i don't think that "credit approval" will be a problem.
However getting an approval for the amount of 'negative equity' that you mention WILL be a problem.
Even taking the huge rebate into consideration, FMCC is not going to let you roll $5500-$8500 into a new lease on a Focus.
FMCC & the dealer will definitely "work with you" on that but (I would bet my right arm that) they will require a big chunk of money out of your pocket.
I am sorry ;'-( to be the bearer of bad news, but I have had a lot of experiance in this area & I'm just telling you the truth.
2007-11-22 09:52:24 · answer #1 · answered by Vicky 7 · 2⤊ 0⤋
Definitely go for it. I got approved two weeks ago for a 2008 Explorer and I have it directly through Ford and your credit is a little higher than mine and I got approved. Your score is good enough to be approved on your own (no co-signer). Sounds like the dealership is going to take in the other car with the negative equity? Be prepared to have that amount on top of your lease which will affect your car payment and/or lease agreement, if you decide to keep the Focus after the lease term. I went through the same thing. Also, this time of year of year is good to catch good deals on automobiles. Make sure you see if there are any rebates and/or incentives for the Focus also. Good luck!
2007-11-21 15:00:06 · answer #2 · answered by rwiamhere 3 · 0⤊ 0⤋
Go with the motions and apply. The worst case is that they will say no. What you have to loose? Nothing I would say ;-)
2007-11-20 08:56:58 · answer #3 · answered by spammer 6 · 0⤊ 0⤋