NeMeSysS

I was just wondering on all those who have the lease plan for an RX8. I would want pretty much nothing more than to be able to have this vehicle parked in my driveway, to come out to every morning.

My credit, a year and a half ago was around 680-690, circumstances came about where my wife (which was pregnant with our twin boys) had to be put in the hospital on bed rest in the hospital for the 2 months of the end of the pregnancy due to a high risk pregnancy, so, with this came along a very hard financial struggle in which we had to decide to file for Bankruptcy , big bummer, so obviously that killed our credit.

Now, a year after, we are trying to re-establish our credit, we already got financed threw Ford Motor Co. for a 04 ford focus, and i have a secured credit card to help bring up my credit score.

What are my chances on qualifying or getting a Lease program for the Rx8 ?? Also, if you dont mind... what kinda score do you guys or ladies have... that way i can have an idea to what i need to reach. thanks for your time.

Also, from reading some of the topics and replies in this forum, is it true or a better idea to NOT TO put a down payment down on a lease, or at least not a crazy figure??

mysql101

do you have any late payments on credit cards, loans?

with the bankrupcy so recent, I would assume your credit is down the toilet still..

Try this site to get your credit scores:

https://www.econsumer.equifax.com/co...l?forward=home

NeMeSysS

My credit score like i said was devastated from the BK, so its down to 570, since the bk, like i said, me and the wife got financed for the 04 Focus, which all payments have been made on time, and as for my secured card... samething aswell, i've had it for like 8 monhts now, and all payments have been made on time.

carpediem

I am 20 and have crap credit around 550ish. I was told by the dealer I could get the lease on it (for a higher apr, of course). Unfortunately, I am about 8000 upsidedown on my current car. That, they will not do unless your credit is like 750+. Seeing as your credit is a bit better than mine, and assuming you are not upsidedown on the focus (which you may be), you should be OK! Good luck!

P.S. Anyone know someone who knows someone who can take care of my current car for me? Just kidding! *sees delete police on the horizon*

Grabitquick

Go to the automotive forum here:

http://www.creditboards.com/phpBB2/portal.php

The site is a little hard to navigate, but I think it's a very useful site and several of the moderators at the automotive forum are experienced auto finance experts. I found them very helpful when shopping for a loan. Fortunately, my scores are all in the 700's and I have a long credit history, but I used creditboards.com anyway since I have some pretty high card balances and was a little worried about what I kind of loan I could get.

Not sure how the Ford Focus financing will affect it, but you should be able to pull off a lease of some kind despite the bankruptcy, particularly if your credit history before the bankruptcy was long and in good shape. You might also want to wait a while to let your scores rise back up, to over 600 let's say. Either way, best of luck.

NeMeSysS

Thanks for the replies,

As for the focus, of course we owe more than its worth, considering we've only had it for a year, however, we wont be trading that in, or selling it.


My credit, like i said was really good prior to the BK, and thats what i would hope that they (the dealerships/banks) would look at.

If they try offering me something like 500 + on a lease... is that BS... considering going for a auto with spoiler, sunroof/ cd changer..?? considering putting down like 500-1000 down ?? im only asking because i know i read some of the deals others have got, but most likely they have better credit than me.

thanks again for the replies. :D

carpediem

dont ever negotiate by monthly payment. negotiate the price of the vehicle in full first. With my horrible credit history, my lease would end up being about 475/mo. Thats with a 6mt, gt and nav. You should be getting somewhere around 425, maybe less. Make sure they give you the 2500 lease incentive and dont let them sell you the car for any more than 1000-1500 below dealer invoice. you may even be able to get it for less. tell them you are working with other dealers and the best bidder wins. with a lease, you need to put down the 1st monthly payment unless you ask them to roll that into the deal, which will make it harder to get the deal but it can be done. save that 500-1000 for taxes, title, plates and 1st payment. So, to recap... you should only end up paying 3500 to 4000 below dealer invoice. Checked edmunds for you and invoice is 28500. you should not pay more than 25000 after rebates and the fact that it's an 04 and winter is coming. Play your cards right, you could get 24500. Good luck!

knowledge1213

you are going to need at least a 680 to have a decent interest rate;however a 640-660 will work as well ,but not a lowest interest rate with a low debt to income ratio.....if you have anything lower than 640 just wait awhile and rebuild your score...using the tips on www.myfico.com...........and the income to support the loan amount........ check all 3 of your credit scores at www.myfico.com this site gives you the actually fair and issac scored credit score that the lenders use...........good luck.........

NeMeSysS

You all have been very helpful, its great to get other people's opinions/advice for my situation. How would i go about negotiating the final price of the car prior to making the negotiations about the monthly payment, whats a good tactic to use?

thanks again for your help.

carpediem

I sent emails to all the dealers around me and told them exactly what I want. I wrote "I am looking for a black or green manual rx8 with GT and nav only. I want invoice - 2500 lease incentive - 1000 for it being over a year old. I have about 15 dealers working on this. Lowest bidder wins."

So far, I've gotten that price from 4 of the dealers and a couple went a little bit lower than what I asked. Make them compete against each other and you'll do the best. They will call you after recieving your email. Don't accept anything lower than what you asked for. Remember, you have plenty more dealers to talk to. I find talking to the Internet Manager on the phone is much easier than going in. The only time you need to go in is to fill out and sign the final paperwork and drive your shiny new 8 away. There is a hell of a lot less pressure that way and you can just hang up if they start to get too pushy. Plus, I don't think the managers are on commission. Not sure about that one though. But, you almost always get a better deal that way. Good luck!

sorry for the rambling

carpediem

Or, instead of being that detailed, just say "I want it for 25000 after incentives and rebates. Who can come the closest?"

-b

NeMeSysS

wow, note taken.. that seems like a really good angle or tactic. Thanks carpediem

FX-RX8

I just leased my RX8 last week. I didnt have really great credit since I had High Credit card balances and a derrogative loan from a stolen Motorcycle....my score I believe was above 650 and I got the RX8 with only 1000$ total out of pocket for 399 + tax for 30 months 15K miles a year......Loaded Rx8 except for NAVI.

I would wait till your scores are in the 600"s range so you can be in a better position.

Good Luck!!!!!!

czr

iTrader: (3)

This is a great financial site that might help: The Motley Fool www.fool.com

Fanman

I have an 802 credit score, and when talking to the dealer they have it set up in categories. I was -1 credit class, then below 780 it was 0, below 720 it was +1, etc. I would check on Edmunds they have a good monthly calculator on what your payment should be around with all your options. I seem to remember about $511/mos. for 36 months $0 down. if I had wanted to lease it, but that was on a 6 speed, with Grand touring package, appearance package, rotary accent, rear wing spoiler, spare tire mounting kit, alarm upgrade, chrome rims, aluminum fender strakes, etc. I wound up buying outright. When I got the car it was $300 over invoice, and no financing incentive, so you should be able to do better. If you belong to an organization, see if you have a credit union and get the financing through them, they are probably going to give you a better rate. Otherwise make them compete. I went to three dealers, the first 2 tried to rip me off hard core.

carpediem

Holy crap. That is extremely high! A lease for 36 months even with all those potions should not be that high, especially with someone with an amazing credit score like you. Good thing you didn't go for it! What were they giving you for a money factor, if you remember? Seems as if they were trying to screw you big time.

Fanman

Yeah, that is why when it came down to it I decided to buy outright. Actaully Star & Thousand Oaks Mazda wanted to charge me even more. The chrome rims were pricey at $600. I forgot the exact money factor, but in calculating it out it came out to about 6.25% APR. I have really learned from my poor experience with Porsche Financial. Do your homework, go to Edmunds, go to your credit union, & bank to get their rates first. No car dealership is in it for you. Until they stop tying commisions for the salesman with how bad they can rip off the customer this shady stuff will continue.