gs3andahaf

Former 2013 GS350 F-Sport owner for about a year, decided to do the environmental "thing" (my wife is a green energy consultant) and traded in on a Nissan Leaf.

BIG MISTAKE

I've had the Leaf for about 1.5 years of a 3 year lease, and I can't stand it. Interestingly, it's barely driven since my wife doesn't like it either.

I decided to look at getting back into a GS350 F-Sport, and reached out to some dealers with a severely underwater Nissan Leaf trade-in. Fortunately, I have enough money to put down to take care of the negative equity, and get back to zero so to speak.

Here's where it gets interesting.

6 months ago I left for a new position, with a new company in a new state (from GA to FL). I thought I had paid off a corporate card I had, but it turns out that I owed $1500 on it. Unfortunately, I was the only person that didn't know this, and was not contacted by the creditor since they messed up my forwarding address, and there is a policy not to contact *former* corporate card holders by phone

So, they slapped me with a 90days late on my credit report today

This wrecked an otherwise nice credit history (no lates, but only 6 years in the country), and took my score from 705 down to 611.

I will be calling the creditor tomorrow to find out what they can do for me, but I intended on leasing the new car in a couple of weeks.

Based on a flawless car payment history, including one with LFS, can I expect to obtain a lease? The quote I received prior to finding out about the corporate card issue is below, which, relative to what other folks in FL are receiving, doesn't seem all that good. Frankly, I'd prefer a shorter term (36 months), but now I'm concerned that I won't be approved at all.

So, thoughts on all of this?

Right now, my quote looks like this:


Vehicle Price: $56,025.00
Savings: - $4,341.62
Vehicle Selling Price: $51,683.38

Trade-in Value: - $18,000.00
Difference: $34,683.38
Lien Payoff (estimate): + $32,159.38
Sales Tax (estimate): + $3,199.43
Tag/Registration Fees (estimate): + $225.00
Tire/Battery/MVWEA: + $9.00
Title Fee: + $2.00
Dealer Service Fee: + $699.95
Electronic Filing: + $98.75
Balance Due (estimate): $70,076.89

Lease Options: 48 months, 10,000 miles, $599 /month, $13,000 down

Residual of $30,813.75
Rental Rate: 0.00090

ItzFilyO

Man ur not even underwater anymore, ur at the bottom of the ocean. They want $13K down for a lease. Just think about that for a second... $13,000!!! That's insane!!!

I had 650 credit score at the time and they wouldn't even touch it, I had to have someone co-signed it for me. I'd just drive the Leaf until u get out of the water. Even if u have the cash, it just doesn't make sense to pay that much.

gs3andahaf

Yeah, it was an interesting scenario on the underwaterness. I purchased an expensive car, and then had an uninsured close family member had a *very* expensive medical condition that cost about $13000 /month to treat for 15 months. We paid for it, but it hurt our finances a fair bit. We traded in the expensive car for the GS350 (at a large loss, but smaller payment) and then at the behest of my wife we traded in the GS350 + cash in on the Leaf which, as a result has a very high payment. Money-wise, we're comfortable and have a good savings again.

/csb

SW17LS

The $13,000 goes towards paying off the negative equity, its not going down on the lease. Still though, you're essentially paying the remainder of the lease payments while getting no benefit from the vehicle. Thats a tough pill to swallow, but if you're really unhappy...

As for the credit, it depends on factors other than just the score. First off, is that a FICO score or another scoring model? Make sure its a FICO score. Also make sure its the bureau that Lexus uses (if I remember correctly its Experian).

Have you had a loan/lease through LFS/TFS before? Do you have a mortgage? They use an Auto enhanced score, which may be higher or lower than your FICO score. If you're a person who doesn't have a mortgage and doesn't have any prior car credit, and no relationship with LFS/TFS they may not do it. If you do have a mortgage and car credit and a prior relationship with them...they might do it.

Only way to know is to submit it and see.

gs3andahaf

It's another scoring model, but I presume it's roughly equivalent to FICO.

Yes, through LFS, as I'd mentioned. It and all other car payments paid perfectly. I have a mortgage, and have for several years. Paid perfectly. Really, the only blemishes on my credit are a) the corporate card fiasco, and b) my length of credit history. I've only been in the country for 6 years or so, and credit agencies score very aggressively because of it. The idea is that newcomers could simply go back to their previous country of residence at any time. (technically true, I suppose)

ItzFilyO

What's the penalty if u return the Leaf to Nissan before the lease ends? That might be cheaper than trading it in. Or try selling it at CarMax maybe?

SW17LS

You need to get your hands on the FICO score. They can be VERY different. I'm in the Real Estate business and we get people all the time that are shocked by their FICO scores when they apply for a mortgage because they pay for credit monitoring with different models. If you have an issue like this thats when they become the most different.

Get them from www.myfico.com. Worth the $40 if you're going to be applying for credit. You can try to dispute that late too.

Your FICO score could be better...or worse. I've seen them 70-80 points different.

It really may be fine.

The penalty is all the remaining lease payments. It always is. Might still be less...

dchar

If CarMax offer is too low, you should try autotrader instant trade offer. This is where one of your designated local dealers will buy the car from you. It seems to give better offers than CarMax.
Hopefully you get a much better deal if you don't include the Leaf payments in the deal. Good luck on the credit thing too.

Voogru

Can't you transfer the lease to someone else and just have them take over payments? Unless of course nobody wants a leaf.

PirelliRC

Your best bet is to sell the Leaf yourself as private party. The dealer will never give you nowhere near what you will get by selling it yourself. I've sold my lease cars and covered the loan many times. Just list it on auto trader and a few other places and im sure you will sell it. A lot of people are on this go green movement (which is a bunch of BS to start with) so im sure you will find a buyer. And if you are still short of the loan than cover the rest yourself, im sure it will be less than $13,000.

And on a side note, i can assure you global warming is a fraud to take more of our tax money. Beginning Jan 1st 2015, we in California (the most trendy state) will play a $0.16 carbon tax on every gallon of gasoline. Its a big scam. If you get a Prius of Leaf to save money thats cool, but if you get the car because you think you are saving the Penguins and Polar Bears, your insane.

ItzFilyO

More tax for us? Damn these lawmakers need to go to hell.

That's why our gas prices aren't going down but they're going up! Our pay don't go up and we're getting dinged left and right.

PirelliRC

Yes, supposedly California voters passed it. I woudnt be surprised though, given the amount of trendy people who think they are saving the Earth. They want to discourage gasoline cars and want everyone to drive electric so when the power goes out in the event of a crisis we will all be sitting ducks. Nope not me my friend, ill keep my petrol thank you.

1nOnlyGSF

OP, try calling Nissan corp, I had 2010 Nissan maxima that I returned earlier before the lease was over and at the time the car was in demand and I only had to pay 2k for returning it earlier. I was in the lease for only a year out of 36 months. it doesn't hurt to ask.

sick21

I was a 1.5yrs into a 3 year lease on a VW and I was 21 when I leased my GS F Sport with nothing down .. So anything is possible

SW17LS

This is not the forum for this topic, but Global Warming is not a fraud. I think its over-used, but climate change is very real...the scientific community isn't exactly in conflict about it. The question is what is the impact on us truly, and what are the timetables for that impact. Along with, quite frankly, what can we do about it?

This is paranoid nonsense. Why would the state of California want everybody to be "sitting ducks"? There are a lot of other political reasons behind that push that doesn't involve the climate, but nobody is trying to hurt you.

Here's a question, when the "power goes out" how do you think you're going to get gasoline? Can't pump it, can't truck it, can't pay for it.