I First Got A Quote With Just My Credit Now My Gfs Mom Is Going To Cosign. She Has 700+ Does It Lower My Monthly Payments? Or It Dosen't Matter At All?

 

Is it just over 700? And yes, credit scores do have an affect on lease payments. It affects your effective rate of interest. If its high enough, it'll throw you into what is called "Tier 1" credit. However, if your credit is God awful, having a cosign may not be enough to bump it up to Tier 1. If its mediocre then it would most likely bump you up to Tier 1.

I'm not sure what the average credit cut offs are for the different Tiers of credit. If its not enough to bump you up to Tier one and your gf's mom is willing (although I wouldn't recommend doing this, this is a worst case scenario option...if you did decide to go this route, I'd suggest using your own family and not your gfs), you could have your gf's mom has the primary buyer and you as the cosigner instead.

 

If you need a cosigner, you don't need a G35. Much less a lease given the likelihood of unexpected costs that you likely can't afford if you need a cosigner in the first place.

You're not even family so I don't understand why she's willing to take on that level of risk for such an unnecessary luxury item. You have to maintain fairly high insurance on a car/lease like that. If your credit blows, your insurance will likely suck as well. I'd say no less than 1k/mon including gas which once again if you need a cosigner to get a rate you think you can afford, you cannot afford this car. Driving the car for a few months and watching it get taken away on the back of the repo truck is not fun. Nor is the fallout of killing your GF's mom's credit when she doesn't want to take the fall for you the second you find out an oil change(which you likely have to get at the dealer) takes you the better part of a week to pay for.

Get a used Civic and be happy you don't have a massive car note that 90% of your paycheck goes to.

 

I had my mom cosign, not because I can't afford the car, but because I never really had much debt through college so I basically had no credit (simple credit card bills won't cut it, besides, I use mostly my debit card). Since I graduated, I obtained a job where I could easily afford the car. So every case is different. However, if you aren't in a situation similar to that of mine, then I agree with the post above.

 

I would say your situation definitely isn't the norm. Most college students come out w/ high credit scores but little ability to understand/pay debt. They also come out w/ plenty of CC debt which doesn't really negatively affect a credit score unless they miss payments or get too close to the max. Check out Audi's College program which lets you borrow up to 20% of your monthly gross w/ little credit history. That's over double the recommended you spend on a car. There's plenty of easy access to credit cards (free t-shirts anyone) and parents are often there to bail them out if they screw up.

When I got out of school my credit scores were in the high 700's. I racked up plenty of debt in school and I did actually have my parents bail me out at one point. The score only meant I always sent in payments and raised my limit slowly. Given my salary, I could have hit up the Bimmer dealer immediately and brought home something w/ a $1,000/mon payment w/o my parents along for trip at a decent interest rate but I probably would have had to dump the car as soon as anything unexpected in my life happened.

I write credit decision software and it's amazing the types of things they'll let slip by to get you a card or any kind of note.

 

Oh believe me...it'll be high now. Unless of course I screw up.

I did have my parents pay my credit card bills but I used it in emergencies only typically. I went overboard once and my parents gave me an ear full.