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Car Buying Q & A
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Have bad credit - Working to rebuild credit to qualify for lease

Currently, my credit score is a 548. I realize that I have work to do to get my credit score up. I am taking the necessary steps with my creditors and plan to continue this over the next 6 - 7 months. I am interested in leasing a new vehicle by Summer 2011. Can you give me any pointers on where my credit score needs to be to qualify for a lease given the specified time frame?

Re: Have bad credit - Working to rebuild credit to qualify for lease

Without seeing what is driving your credit score down to the 548 club but I can tell you that generally speaking you would need to be above 600 ish although as the score gets lower...whats on your credit becomes more and more important...have great auto credit but never paid anyone else in your whole life? Even so someone with good auto credit history gives the finance manager something to talk about with the banks.

There isn a lease provider called "Sport Leasing" which has no requirements (like income or job) and will finance anyone who has enough monery to take the hair off the deal by having enough skin in the game. This is where drug king pins lease those ferrari's and H1 Hummers even though they have no legal source of income. Check outn their website.

Other than that find a car or truck at one of the big 3 automakers that has a huge rebate attached to it (Make sure it applies to a lease) the Big 3 and especially FMCC (Ford) all have their own financing arms and it used to be that anyone with a pulse and a job could lease a Ford Ranger... how? The financing arms of the big 3 are 'equity/tiering' banks... if you had 50% down you could have a 480 beacon score and you would probably be a tier 4 and approvable. When used to use the rebates and discount the vehicle to a price that was a pure bleeder for the store in order to get the deal to 'tier' (0-4) but after FMCC let us writye the rate up by 5 pts we could sell a car at a price after rebates that was 1000 and more than we paid for iot and still find a way to make 3k on the deal ... The real question you should be asking yourself Steph is why would you want to basically 'rent' a car instead of using all of those payments to buy and own something?
It is much easier to lease from Ford Motor Credit Company that just about anywhere else....