lxtantas

Quick Question...

I'm a 20 year old college student, working full time and averaging around 3800 monthly income and I was wondering if I would get approved by lexus financial to lease a 2014 GS 350 F Sport?
Here is my data:
My credit score for all 3 is 721, and I've had a credit history for over 1.5 years now. I have 4 credit cards open thus far. Let me know what you fellas think. Thanks

whoster

1.5 years might not be long enough...

LexFather

In most cases they (all dealerships) just looks at your credit score, it passes the Tier 1 criteria (720) and you are good to go. Financing has gotten more lax compared to just 4 years ago. It is possible they might ask for a co-signer based on your age and they would need to have a similar credit score.

SW17LS

Would they approve you? Probably. Is leasing a car where the payment is 16% of your gross income foolish? Absolutely.

Plenty of time in your life to drive great cars. Don't saddle yourself with the stress of that debt right now.

tex2670

And that's not even taking into account tuition costs. Seriously, this is how people get themselves into financial trouble that they have a hard time digging out of. I understand it's a lease, but you are going to go out and get a car that costs more than your annual income?

I'm sure I'll get flamed by people saying "if you can afford it, go ahead", but it's just not a wise expenditure for a college student.

Allen K

iTrader: (4)

And insurance costs for a younger driver.

LexBob2

Add in insurance rates for a younger driver of a GS-F and you are most likely up to 20% of your income for this car. Add in unforeseen events that would raise rates even higher, like tickets, accidents etc. and the term "car poor" comes to mind.

Sounds like a bad idea overall at this time.

SW17LS

Yep. I see so many people do things like this too early and it makes their lives way more stressful than they have to be. Concentrate on school, getting a good job afterwards, getting out in the world, then think about a nice car.

Rsnic

I almost did the same thing with a v8 mustang at 20 because i was making what i thought was a lot of money with no bills to speak of. Fast forward a year and in my senior year of college i quit that 50k a year job for a low paying internship which would've made paying for a civic difficult. But after I graduated that internship led into a high paying grant funded faculty position in my field and i bought a 2014 IS F-Sport.

don't bog yourself down with huge lease payments, especially if you're unsure of the future like i was. At the same time at 20 making almost 4k a month you have an opportunity to save a lot of money while also living it up a little.

But to answer you're question with a tier 1 credit score as long as your payment is less than 20% of your income you'd probably get approved. With a credit history of only 1.5 years there is a chance you'd need a co-signer.

rominl

iTrader: (4)

some people pointed out good points here. focusing on just whether you qualify for a loan is really small part and honestly shouldn't be what you focus on. tuition and other expenses ON TOP of savings should be what you focus on now. it's probably not the nicest things you have heard, but honestly, 3800 a month is not that much money (whether before or after tax), and if i were you, i would focus on making / saving more before spending significant amount on luxury cars