Question on Leasing a car and credit scores

369
14
Joined Jul 7, 2005
I'm interested in leasing 2011 Maxima and the guy at the dealership quoted me a $350 monthly payment with $3,000 down. He based this quote of me telling him i have a 730 credit score, which I really do.

He hasn't run my credit yet, but my question is I have been building my credit for about a year and a half now and my oldest card i've only had for about two years now. all my other cards I've only had for no more than a year. I have no loans just credit cards but my score across the board is 730 on average.

Is the rate he quoted me unrealistic?
 
16,775
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Joined Jan 8, 2005
$3000 down. For a lease and your score is good. Seems off but I may be wrong. Personally with cars, I'd buy. Especially at $3000 down and $350 a month.
 

oh you mad

Supporter
12,773
4,524
Joined Oct 28, 2007
Aren't you limited to like 12k miles a year on a lease? I drive at least 35-40k a year.. I would never lease a car.
 
113
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Joined Jul 16, 2011
See what an autobroker can do for you when it comes to payment and downpayment for a lease. My father for example leased a 2012 Altima 2.5S for 1200 down 220 a month after taxes. His credit score wasn't much higher then yours.

Leasing is a respectable option if you want a car that is always under warranty.
 

phen0m

Banned
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Joined Feb 27, 2009
You have good credit.  Takeout a loan via your credit union(if you have one), or seek out vendors online.  Walk in with your finances already intact, and purchase a car outright.  You'll get a much better rate on your own, and likely a better deal on a vehicle.  My opinion is, donot lease right now(ever).
 
369
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Joined Jul 7, 2005
Originally Posted by TransAm


See what an autobroker can do for you when it comes to payment and downpayment for a lease. My father for example leased a 2012 Altima 2.5S for 1200 down 220 a month after taxes. His credit score wasn't much higher then yours.

Leasing is a respectable option if you want a car that is always under warranty.

How can I find an autobroker? and I got good credit but I'm not established long enough
 
369
14
Joined Jul 7, 2005
Originally Posted by Phen0m

You have good credit.  Takeout a loan via your credit union(if you have one), or seek out vendors online.  Walk in with your finances already intact, and purchase a car outright.  You'll get a much better rate on your own, and likely a better deal on a vehicle.  My opinion is, donot lease right now(ever).

My thing with the purchase is that the monthly payment would be high especially if I do like a 36 month term, or even a 48. And I live in the Brooklyn so 12,000 a year is enough plus I can still use my mom's beater if I need to do a longer drive
 
113
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Joined Jul 16, 2011
Originally Posted by Dipsetallday05

Originally Posted by TransAm


See what an autobroker can do for you when it comes to payment and downpayment for a lease. My father for example leased a 2012 Altima 2.5S for 1200 down 220 a month after taxes. His credit score wasn't much higher then yours.

Leasing is a respectable option if you want a car that is always under warranty.

How can I find an autobroker? and I got good credit but I'm not established long enough
Google private autobrokers in your area, see if there are ones rated and check the reviews. There are plenty of private brokers ( at least here in NY ) that have offices that deal with the whole buying for you. Usually they try to get you the best payment/deal possible.

Leasing is usually frowned upon and understandably so, it depends on your situation/wants.

Edit: Brooklyn? So am I. Check out http://www.grandprixmotors.net/ Legit.
    
 
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Joined Sep 2, 2008
Nope you havent had credit for long enough
. I was in the same boat as you...except i financed. About 700 credit score. I wound up buying a 2011 Corolla S. 0% APR FTW
. Go to a nissan dealership you should be able to get 0% APR 60 months on a brand new one.

p.S. Dont lease bro...seriously. Go used or straight finance.
 
15,762
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Joined Sep 5, 2005
Originally Posted by Dipsetallday05

Originally Posted by Phen0m

You have good credit.  Takeout a loan via your credit union(if you have one), or seek out vendors online.  Walk in with your finances already intact, and purchase a car outright.  You'll get a much better rate on your own, and likely a better deal on a vehicle.  My opinion is, donot lease right now(ever).

My thing with the purchase is that the monthly payment would be high especially if I do like a 36 month term, or even a 48. And I live in the Brooklyn so 12,000 a year is enough plus I can still use my mom's beater if I need to do a longer drive
 
Honest question, do you really need a car when you live in New York City?? 

I wish we had a similar subway system in L.A., I wouldn't drive to work or school ever. 
 

oh you mad

Supporter
12,773
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Joined Oct 28, 2007
Originally Posted by Dipsetallday05

Why is everyone so against leasing?? just curious
Because what you are doing is "renting" the car for a couple of years. You are limited to the 12-15k miles a year and have to pay for the "wear & tear" and overage miles at the end of the lease. Also you own nothing at the end of the lease.
 
6,366
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Joined Jan 16, 2006
I would only lease if I was wealthy and wanted to change the family sedan every few years when the new model comes out.
 
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Joined Aug 11, 2004
Leasing is a great option if your switching for the newest models every 3 or 4 years and your ok with a payment. If you do the research and the calculations on what your spending it makes sense for a percentage of new car seekers. Others it just doesn't. If you plan on keeping that car for more the 4 years your going the wrong route. Payments and term is what your looking for. I leased a 11 Lexus with 3500 down for 4 years. Got the payments to 480. Im in it for the warranty and new model. If I were to buy. It would be strictly used with an extended warranty and of course GAP INSURANCE.
 
1,668
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Joined May 25, 2008
NEVER PUT MONEY DOWN ON A LEASE. IF YOU TOTAL THE CAR BEFORE YOUR LEASE TERM IS UP, YOUR BEAT ON THE PRORATED AMOUNT OF THE DOWN PAYMENT.

I'D SAY NO MONEY DOWN, ON A 2011 MAXIMA SHOULD BE BETWEEN 400 AND 450 A MONTH DEPENDING ON OPTIONS. WHEREAS IF YOU WERE BUYING IT, YOURE PROB LOOKING AT 600S A MONTH. I'VE LEASED QUITE A FEW CARS, HIT ME UP IF YOU'D LIKE.

idk why I went Kanye on this post
 
2,478
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Joined Jul 2, 2002
I could never lease a car. And could never buy a brand new car. Why not get a model that's a year old and let someone else take a hit in the depreciation?
 
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