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Discussion Starter #1
Hi There,

Would anyone be able to tell me more about their acura leasing experience? I am looking to lease the TSX and have never leased before. My FICO is 773, I make about 50 k per year. I have very minimal debt now which I am happy about! I would consider myself financially stable. My issue is justifying rent. I don't pay the rent, my spouse covers this expense. I don't want to add him as an applicant because he is still cleaning up his credit and I don't think it would help the application. Do you know, or does anyone know how I can apply as an individual and still justify the rent?

Hope that makes some sense. Any info would be helpful. My biggest fear is walking into the dealership and getting excited than turned down.

Thanks!
 

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Negotiate the price before telling them you want to lease.

Would "justifying rent" be a big issue? If you are that worried, I'm pretty sure you can put down that you do pay rent, I doubt they'd be able to check. As long as they see you as someone who will be able to pay, they could care less.

Sometimes dealerships have special lease programs, that may be your best bet for a cheap lease. But still, negotiate down first, then tell them you want to lease (at least that's how you are supposed to do it).

Stan
 

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Discussion Starter #3
Thanks Stan, I guess my worry is our rent is super high. My monthly paycheck (If I did pay rent) would barely cover it month to month. So I suppose I can say, that I just don't pay towards that expense.

I definitely want to take advantage of some sort of special. They are running some pretty decent deals right now.
 

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super nerd
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Your rent really shouldn't be an issue as far as getting approved for the lease. They will pull your credit score and possibly verify your income, but that's about it. It sounds like you are already on top of your scores, but there is a website www.creditkarma.com that is actually free and shows where you can make changes to increase your credit score. (paying down your credit card balance doesn't necessarily increase your score)

The numbers you will want to know when negotiating the lease are the sales price, residual value (what they think the car will be worth at the end of the lease term), and the lease rate (interest rate). The dealership will probably try to hide all of that and just come at you with a payment. The payment amount is calculated by taking the difference between the sales price and the residual, and applying the lease rate to that difference for the term of the lease.

For example:
Sales price - $30,000
Residual value - $18,000
Lease term - 3 years
Lease rate - 4%

In this example, you will be paying $12,000 over 3 years at 4% giving you a lease payment of $354.29. At the end of 3 years, you are free to drop the car off and walk away with no obligation (assuming the car is in acceptable shape).
 

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Discussion Starter #5
Thanks for that. I actually signed up for something similar with myfico.com. It really helped me bump up my score. How do go in wanting to get the advertised offer? Do you just tell them that? Right now they are running 0 down $350 a month lease offer. Would I need to negotiate if that is the deal I want? Sorry if these are all very basic questions. I have never done a lease before so it's all new to me.
 

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super nerd
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Theoretically, you should be able to go into the dealership and say that is the deal you want and they will walk you over to the certain cars that fall in that price. If there are features that you want that aren't included on those cars, you're going to end up paying extra. Either way, you should try to negotiate the sales price and make sure they give you all of the details of the lease and not just the payment.
 

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Discussion Starter #7
Well I just did the online pre-approval for acura and got approved. I have read that you shouldn't do that, but I felt like I was asking a lot of questions and should just bite the bullet. Does this mean I just go in and shop for the car now? Is it that simple?
 

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( o)( o)
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your debt to income ratio and FICO score is all that matter to the lender...

/thread
 

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If they are running a special program, they are looking to clear out some cars, you know that off the bat. Get them to lower the price, this will make the monthly payments and residual value lower. Don't be afraid to walk away (do walk away), go to a different dealership, get their lowest price, bring that price back to the first dealer, make them match it. They will deal. I suck at negotiating these things, but just went through this in June. With putting very little effort into it, I ended up with a $280+tax/month lease payment with $1,000 down (they advertised $299+tax special with I think $2,000 down). I specifically wanted a manual car, so I ended up putting a $500 deposit on a car the dealership was waiting to receive, so it sold before getting there.

Their goal is to not let you walk away without a car. Your goal is to get the lowest price on an Acura car, not at a specific dealership.

Stan
 

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With a 773 score and annual 50k income, why would you need to add your husband to qualify? I know people in a much worse situation then that qualifying for a similar lease alone.
 

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