Lease Approval?

[storeycreative]

Hi everyone! New here.

I'm 2 months away from being done with my BMW i3 lease and eager to put an order down for the Model 3 - also as a lease. My credit score is great (730+) and I have a clean auto history on both loans and leases. Anybody can give me information of what to expect with the lease approval?

 

[sahs12]

Hi everyone! New here.

I'm 2 months away from being done with my BMW i3 lease and eager to put an order down for the Model 3 - also as a lease. My credit score is great (730+) and I have a clean auto history on both loans and leases. Anybody can give me information of what to expect with the lease approval?

I haven't yet seen if Tesla pulls FICO Auto 9 for leases, if they do, then your credit score is probably much higher. My FICO score is 730-740 Experian but my FA9 was 780-790. As long as you've had a lease that costs at or near the same, you should be fine. No different than getting any other car.

 

[storeycreative]

I haven't yet seen if Tesla pulls FICO Auto 9 for leases, if they do, then your credit score is probably much higher. My FICO score is 730-740 Experian but my FA9 was 780-790. As long as you've had a lease that costs at or near the same, you should be fine. No different than getting any other car.

The Tesla should actually be right around the same price as the i3. And that's great to hear.

 

[sahs12]

The Tesla should actually be right around the same price as the i3. And that's great to hear.

Yeah I had no issues getting approved for a loan and the P3D was $30k more expensive than my Grand Cherokee lease. So I don't see how you'd have an issue given your auto history. Good luck! What specs are you looking at?

 

[storeycreative]

Yeah I had no issues getting approved for a loan and the P3D was $30k more expensive than my Grand Cherokee lease. So I don't see how you'd have an issue given your auto history. Good luck! What specs are you looking at?

I'm looking at the Long Range AWD. Upgraded wheels. Blue with black interior. Jury is out on the FSD, my i3 can park itself and I've done it twice - both as I was being taught how to use it. I find it a little bit scary.

 

[storeycreative]

Yeah I had no issues getting approved for a loan and the P3D was $30k more expensive than my Grand Cherokee lease. So I don't see how you'd have an issue given your auto history. Good luck! What specs are you looking at?

Shoot, I forgot to say. I am self employed. Will that matter?

 

[sahs12]

Shoot, I forgot to say. I am self employed. Will that matter?

Can't say for sure. I have heard that in some instances of those being self-employed that banks have asked for two years of tax returns to verify income. They want to see that your business has been stable.

 

[sahs12]

I'm looking at the Long Range AWD. Upgraded wheels. Blue with black interior. Jury is out on the FSD, my i3 can park itself and I've done it twice - both as I was being taught how to use it. I find it a little bit scary.

I opted out of FSD. I figure that Tesla is generally behind or slightly behind on delivery of tech advances that they promise. But outside of that, I don't want a $6k add-on that legislation will need to catch up to. It also only truly works on the highway. I loved it when I test drove the car but I've made it two decades without a car that drives itself, I think I can continue to manage until FSD is truly worth purchasing.

 

[storeycreative]

Can't say for sure. I have heard that in some instances of those being self-employed that banks have asked for two years of tax returns to verify income. They want to see that your business has been stable.

I do have plenty of tax returns to back it up, thankfully.

 

[EVRD]

Lease approval process was pretty seamless for me (basic information and decision was quick). Only thing I'd note is if vehicle delivery is beyond 30 days from the approval (i.e. credit check), they may need to run another credit check.

 

[Dan203]

Happened for me almost instantly. I entered the information on Sunday night when I ordered the car and by the next day it was approved.

 

[dhart001]

Yeah lease was approved next day...they pulled Transunion.