Ok heres the deal.. i have decided to go for it and buy my G.. not sure if i want the 05, or 06, whatever will give me the best deal. My credit is below average due to stupid decisions when i was like 18. so lets just say below 600 ( bu ti owe nothing everything i paid off and credit is starting to rebuild they should see that and also have a really good paying job working as a Certified Technician @ a lexus dealership). Invoice on vehicle w/ options i want is $35k. I have a trade in worth $4500 and looking to lease for 3 years and want my payments to hopefully be around $400/mo? is this possible and if not what would i be looking at for monthly payments?
thanks in advance...
-Adam

 

my monthly payments are roughly around 400 a month, but its under my mom's name who had a great credit score, and my invoice was about 33k, and i put no money down, so i'm sure with your trade in, you should be looking at around 400/month

 

First, try get yourself a pre-approve loan or there might be some places you can pre-qualified for an lease, having a pre-approved loan/lease give you two things, one is able to tell if you are capable of getting a loan/lease or not with your credit history, two is to able for you to better judge what kind of rate you could get, so you are no longer at mercy of the dealership, sure some dealership are able to get just about anybody a loan/lease but at what interest rate? and how much are you willing to pay, the more you know about your financial situation the less likely you will be taken by dealership.

Now, lets assume couple of things about your deal, MSRP of 38k, leased price of 35k, residual of 57%, M/F of 0.003(7.2%) and for 36 mos, the payment should be 448 plus tax, with 3k down toward the cap reductons, I know you are planning on having 4.5k down but there are acquisition fees, DMV fee and first month payment, those will be around 1.5k~ish.

 

i could def swing about 450/mo but i would like it to be around 400 if possible, by doing all the #'s u just did. do u think that the 450/mo is what id be lookin at even with my credit score? or more and how much will state tax be monthly on top of that? thanks again

 

well my invoice is higher due to the fact i want this thing loaded.. lol but seeing how i'll make up for it by trading in my car for 4500, it should be a little lower then ures in the end, but the credit score will be the big difference. i'll talk to my finance manager here at work and see what he would give me for a lease and i think he knows the finance guy at infiniti so maybe that could help too! let u guys know what happens thanks
-Adam

 

the credit score will not get you approved -- if you get a co signer it'll be a better change to get into a lease but it woudl be better to have the lease under someone else's name if you can

 

Factor in your credit history, the interest rate I plug in is 7.2% which is bit high for average credit, the sale tax rate is calculate from your monthly payment, if its 6%? then you payment would be 474.88

Here is something for you to read, he was kinda in the same shoe as you are now, its long read but I think it will be beneficial to you.

https://g35driver.com/forums/new-members-check/91057-i-just-got-raped.html

 

Like Kenny(da mayor) said, you will have no chance to get approved from Infiniti with sub 600 credit score, I would try somewhere else first, then go to dealership, I mean they can help you get a loan/lease from outside lending source, its just the matter of how much you are willing to pay!.

 

Spoke to my finance manager at my work.. came up with some #'s..
Purchase price of vehicle being at $35,000.. residual being 55%, and money factor of .003 or something like that if thats right, my payments should be right around 410/mon.. do these #'s sound about right?

 

did you add the taxes and dealer fees and all that nonsense? my total price was 38000 all said and done. everything except for navi.
i put down about 3800 out of pocket and my payments are 418.00 a month for 39 months. i have really good credit, but honestly, they didnt mention anything at all about my credit.

 

Also to make note, people with bad credit have a hard time getting a lease over a purchase. Purchase is a much better option for people with bad credit. You got a greater chance of getting approved.

 

The number make sense if its for 42mos lease with 3k for cap reduction(plus fees) without tax. if you going to have 12k miles allowance per year? I would shoot for 57% residual...Good Luck!

 

I am in a similar situation. I want to trade in my Vette for a G35 Coupe, the problem is my sub 600 credit score. With a co sig would I be able to get a lease. Doeas this differ regionally ? I am in the NYC area.

 

You shouldn't have paid off your debt, should have let it default. The years you were carrying those high balances, you could have been putting your past behind you in credit terms, probably wound up with a better credit score. Sad but true.

 

made a few phone calls tryin to get the best deal.. found one dealer with residual values on the G at 71%.. i know that is very very good but what would that due to change my deal..Sale price of $37k money factor of .003, residual at 71%, 4500 trade in.. thanks
-Adam