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Credit Score for Lease

kenyasm3

New Member
Mar 10, 2021
3
0
31602
What was your credit score (and any other pertinent details) when you were APPROVED or REJECTED for a Tesla Lease?

Right now my score between the 3 bureaus is between 670 and 690. I just paid off a lot of debt and it will go up to about 739 in about 3 weeks once the credit card companies report updated balances.

I'm trying to see if I could apply now with my currrent lower scores for the lease and be approved OR if I should just wait for it to go up then do the credit check for the tesla lease

I called a Tesla SC and the lady told me all I need is 600 score (i find this a bit too good to be true)

Im self employed and have low DTI rations
 

kenyasm3

New Member
Mar 10, 2021
3
0
31602
I also have never had an auto lease before or a car payment. Parents bought and paid off my first and up to this point only car... will that be an issue?
 

jjrandorin

Moderator, Model 3, Tesla Energy Forums
Nov 28, 2018
11,421
13,285
Riverside Co. CA
This is like asking other people what they pay for insurance. What happened for someone else does not matter in the slightest on what might or might not happen for YOU, and credit scores are personal information. There is no purpose at all in attempting to gather this information.


Since your money factor (read, interest rate) is dependent on your credit score, there is no other answer other than "wait for your credit score to rise if you think its going to, and then apply".

Its credit score, debt to income ratio, payment history, etc. Since you have never leased or bought a car under your own credit, and have a credit score in the 600s currently, you may or may not be approved. In general, with car loans and leases, you can generally get approved if you put enough money down.

On a lease, it makes zero sense to do a large down payment because you are just pre paying a larger portion of the car rental. On a loan, at least you are putting money down on something you will own, and reducing the amount of interest you will pay.

BTW, it may or may not go up as fast, or as much as you think it will. As you may know, there are 3 different credit bureaus and they do not all update at the same speed, and you have no control over which one the company tesla will send you to will use.

Nothing wrong with leasing (I have a leased BMW in my garage right now, and BMWs for the last 15 years), but its not really designed for people with "lower" credit scores who dont have a large car credit history.

TL ; DR, gathering this information will not help you determine whether YOU will get approved or not, and credit scores are personal. Wait until your score is higher, and yes, not having history in leasing or purchasing a car will likely require a larger cap cost reduction (down payment). Your lower credit score will require a higher money factor (interest rate).
 

kenyasm3

New Member
Mar 10, 2021
3
0
31602
This is like asking other people what they pay for insurance. What happened for someone else does not matter in the slightest on what might or might not happen for YOU, and credit scores are personal information. There is no purpose at all in attempting to gather this information.


Since your money factor (read, interest rate) is dependent on your credit score, there is no other answer other than "wait for your credit score to rise if you think its going to, and then apply".

Its credit score, debt to income ratio, payment history, etc. Since you have never leased or bought a car under your own credit, and have a credit score in the 600s currently, you may or may not be approved. In general, with car loans and leases, you can generally get approved if you put enough money down.

On a lease, it makes zero sense to do a large down payment because you are just pre paying a larger portion of the car rental. On a loan, at least you are putting money down on something you will own, and reducing the amount of interest you will pay.

BTW, it may or may not go up as fast, or as much as you think it will. As you may know, there are 3 different credit bureaus and they do not all update at the same speed, and you have no control over which one the company tesla will send you to will use.

Nothing wrong with leasing (I have a leased BMW in my garage right now, and BMWs for the last 15 years), but its not really designed for people with "lower" credit scores who dont have a large car credit history.

TL ; DR, gathering this information will not help you determine whether YOU will get approved or not, and credit scores are personal. Wait until your score is higher, and yes, not having history in leasing or purchasing a car will likely require a larger cap cost reduction (down payment. Your lower credit score will require a higher money factor (interest rate). L
Thank you!
 

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