Newbie Question : Leasing Gen with "Subprime" Credit

[WBW_ATL]

Did anybody get in their Genesis lease agreements with a credit score below 720 ??? Trading my Sonata in for a Gen lease soon (due to shitty depreciation) && was wondering if anybody has had any issues Or what the numbers may look like. Would it be worth the month wait to try to jump up another 20 points or so for the possibility of a better rate ? Sales guy says it won't be that much of a difference but it's their job to tell you what you want to hear. Lol Any input would be appreciated 👍🏽👍🏽

 

[goochylittlepig]

you could purchase a car you can afford and build better credit =)

 

[WBW_ATL]

Credit isn't about income.... lol Thanx for you input.

 

[Focusin]

Lol, good point. I found that comment a little judgy.

Bad credit can come from a failed business venture, failed marriage, injury or illness, past job loss etc...

 

[GenesisAWD]

Is 720 technically considered "subprime"? I thought that would be anything starting with a 6 or lower.

Anyway I had no problem getting the lowest rates (Tier 1 I believe is what it's called) when I leased mine 6 months ago. I had right around a 710 at the time of purchase.

 

[ksoze]

Saw a post elsewhere where Kia (may be the same) was:

700-719 Tier 3
720-739 Tier 2
740+ Tier 1.

 

[WBW_ATL]

^^ Thats what I've read as well. That's why I was a little skeptical. Just don't want to go pay more for the same car if I can wait a month or two & get it at the advertised rates.

Lol, good point. I found that comment a little judgy.

Bad credit can come from a failed business venture, failed marriage, injury or illness, past job loss etc...

Exactly lol. Some ppl just love to expose their ignorance.

 

[quanva]

i wouldn't think below 720 was sub prime, i have 3% interest on my loan from HMF and i carry a crapload of things on my credit (home, another car, etc) think when I got my car i was somewhere in the mid 600's

 

[Mark_888]

There are three main credit agencies with different formulas, so the tiers may be a little different depending on which agency the lessor is using.

 

[WBW_ATL]

i wouldn't think below 720 was sub prime, i have 3% interest on my loan from HMF and i carry a crapload of things on my credit (home, another car, etc) think when I got my car i was somewhere in the mid 600's

Great ! I'll just try it out and see what happens. Thanx everyone 👍🏽

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[Monolith2001]

I've seen the designation of subprime attached to scores in the mid 6's. Certainly never attached to a 700+ score though.

 

[Mark_888]

I've seen the designation of subprime attached to scores in the mid 6's. Certainly never attached to a 700+ score though.

Maybe it depends whether we are talking about home loans, or Hyundai car leases.

 

[bball4032]

720 certainly isn't subprime, but KSOZE is correct in that tier 1 is 740+. Did the dealership pull all three bureau's? You should receive the tier 1 MF if any of the three are at 740 and above.

Goochy maybe a little pretentious but he's not wrong in that your DTI can negatively affect rate.