Unfortunately I got into an accident and totaled my previous car. I'm going to lease a Hyundai Tucson which is about 26k. My credit score is 755 and I make 55k per year. Anyone have any idea of what my monthly payment will be? Also, I do NOT intend to put a down payment on a leased car. Thanks!
WELL then your not getting it, A down is required, your credit rating means nothing,your probly looking at about 250 a month, with a 2500 down, this is a quess mind, you, but your not getting away with NOT paying a down, plus you can only put so many miles a year on this car, or you will pay for it at the end of the lease, Unless you buy the car at the end of the lease. Which is usually three years,leasing , is not a smart thing to do, you will never own the car, so you build no equity, I have leased twice in 30 years, for me it was not a bad situation, But if you buy its yours at the end of the loan,and you have something to trade in. On a lease, if you say get another car your just continuing to pay for driving a new car.
You're 21 and fresh out of college, so I doubt your TRUE credit score is 755. Is that a Credit Karma credit score? If so, you do realize Credit Karma is nothing but crap scores. Less than a year ago your credit score was 630. Your score won't increase over 100 points in a year's time. When the dealership runs your credit score, you'll get a true FICO score. Since your current car loan is in your dad's name, it does nothing for your credit.
You won't be leasing for a couple of years. Leasing requires better credit than traditional financing does. If you could qualify for a lease on a Tucson, the current lease on a 2017 is $209/month for 24 months with $2999 due at signing.
So many variables it would be impossible to answer even if I had a working knowledge of leasing fine details.
I can tell you that leasing is incredibly foolish for most people. And a $26k car on $55k is probably too much. You might be approved but its just too much.
Most leases require some type of down payment. You can''t figure the lease payment without knowing how long the lease is to be for and what they assign as the residual value. The interest rate on leases is generally hidden. You can figure it out, but they usually won't tell you.
Here's a popular lease calculator:
Leasing is a bad idea. Trust me, I worked in auto finance for 14 years. Your best bet is to pay cash or finance the car for no more than 36 months. Never bury yourself in car debt.
You will not get a lease without some money up front. Period.
The less you put down the higher the payment will be. With a normal down ($3000) your payment should be in the $300- $375 range. With 0 down the same car should be in the $400- $475 range. Good Luck
you shall not get a lease without some money up front… period…