bill123

Does anyone know the general income requirements to Lease via Lexus Financial?

For example:

For a 40k car with a $400 - 500 payment, what are minimum income requirements to lease?

cpham4

When I went through the process, all they asked was how much I made and what were my expenses. I showed them that I could afford the payments and my credit report backed up with facts that I would be a good customer so I was done.

NYKnick101

Income requirements to lease a car... HAVE MONEY!!

LOL

I believe your payments cannot exceed more than 30-40% of your gross (monthly/bi-weekly?!?) income. If it does then they will not approve the lease but it really varies depending on credit score. In some small cases, (banks more/car financial institutions less) the type of job you have is another factor. People who have salary and regular income is more likely to get approved than someone who works hourly or works in an industry heavily dependent on tips. But I think that's more financing than leasing. It happened to me when I was trying to finance when I was only working at a restaurant.

kokonutz

15% of your monthly income before taxes is what they told me

bill123

Okay cool. Thanks everyone. Did you have to submit proof? Or do they take you at your word?

Joeb427

iTrader: (1)

A 710+ credit score helps too.

NYKnick101

You would need at least 2 recent pay stubs. I learned recently some dealerships dont accent a first of the year pay stub since your YTD income resets to zero. Has to be at least feb and beyond. It was new to me but IDK if thats ever where

Vairox

I would guess proof, remember when banks were just taking people at their word and selling them $500,000+ houses and how that turned out?

FSPORTJC

LOL is this a legit thread?

JGard18

ha, seriously. Nothing like stretching your budget for a friggen car. Some people need better priorities.

bill123

The reason I asked was b/c I'm a self-employed business owner and while I make plenty of money, its not as easy to just show them a "pay stub" - when my income is not salary, but rather business income...I will probably have to put together a complete financial statement for my business (which is a time consuming process)

I appreciate your contribution.

Don't be a douche and assume things. I'm in no way "stretching my budget" as you suggest.

JDR76

FWIW, I did not have to show any stubs or income verification when I leased my RX and my IS. It would probably be good to have the information available, however, should they request it. They may have different requirements for the self employed. I am not sure. Perhaps a quick call to the dealership or Lexus Financial Services could clear it up for you. Good luck!

bill123

Okay thanks for your input.

gmanusmc

Bill - you might try contacting Lexus Financial or the bank you intend to finance with - they should be able to provide the specifics - you'll know what you're up against.

Bill G

In that previous poster's defense, you did not give those details in your initial post.

Lost808

I too did not have to provide proof of income to lease, only what figure I put down on the application. I guess a lot has to do with the dealership and your credit score tier. I have never had to show proof of income, just a credit check and prrof of insurance. FWIW, I have an 810 FICO credit score.