mr-maTT

I went by the audi dealer here in tampa, florida and test drove a brand new 2001 TT roadster 225 and fell in love instantly. I'm coming from a 1997 bmw z3 2.8 and there is one hell of a difference, both in comfort and style. I was thinking about leasing it around the end of may and had a few questions. I'm only 18, so my credit isn't all that great. I don't have bad credit, just lack of a long credit history. I've been making payments on my Z3 for 6 months now and have never been late and I have also been making apartment payments and bill payments for 9 months and have never been late. This constitutes my entire credit history, and I'm getting ready to start a new job May 1st at $80k/yr. I'm wondering if this credit history along with my new job is enough for the dealer/leasing company to give me a lease...I'm not really a banker and I haven't filled out the credit app they gave me because I haven't started the new job yet. Just curious if anyone has any experience in this field or thinks this is enough credit history to lease this car.

I really appreciate any help you can give me.

#mr-maTT

undrway

but in my experience, credit is scrutinized much more for a lease over a purchase....Just a thought, at $80k per year, shouldn't take long to save a sizeable down payment (assuming you don't have much debt -- shouldn't yet at 18 )....which should weigh heavily with potential creditors. Of course, this is all IMHO.

whodkne

I am 20.. leased a Ranger at 17 with a cosigner and a $5k down payment.. which left my payments at $86 a month (loved that ).. at 19 I traded that in for a purchase on an Explorer.. it was about $28k.. I put down $10k (big mistake there.. that was a nice down payment on the condo I want) but I signed that myself no problem. I traded that in a year later for a Ranger (got thrown out of the house.. needed to get rid of some large payments until the income started flowing, which it is now *grin*). I didn't put anything down on that (used the Explorer as equity) and singed again myself.

So.. if you don't have any bad marks (non-payment, late payment, etc) on your report then you should have NO problem. Let them know you will be glad to provide past bills, checks, etc to prove that you have been paying for stuff. Let them know you will provide a letter from your new employer that will state your new salary.

Make sure you are ready to put some money down to convince them you are serious (or mabye the beeemer if there is any equity in it).

If you are serious they should have no problem financing you.

Good luck =)

mr-maTT

Very cool, thanks for the information...I'll have enough of money to make a nice payment up front, I was just worried about whether or not they would even give me a lease in the first place. But I'm guessing they can work with me on things because they do end up getting the commission in the end.

As for equity in the beemer, they offered me less than I have left to pay on the loan for it, the only problems with the car being an accident involving body damage (no frame damage) which is completely fixed by a professional body shop and not even visible. I think I'll just take it to carmax.

Thanks for the help,
#mr-maTT

whodkne

Commission.. you got it.. remember they are working for you, not the other way around =)