Credit Tiers Concerns

kazuya_mishima

So my Lexus IS250 lease is coming to an end in about 6 months. Recently I have made heavy use of my credit and have my score fall to 680. I was planning on using the next 4-5 months on fixing it up and getting it to 720+. I got a call today from a sales rep telling me to come into Lexus ASAP to exchange the car with no penalty and very possibly no money down. I told him my concern is my credit score. He was persistent and then went on to ask if I have been paying my Lexus financial bill on time, in which of course I have been. He said that they will work with me and I should not have a problem. Is he being honest in that in this case my credit score can be some what over looked or is he just doing anything to get me in NOW and set me up for failure?

kyfdx

kazuya_mishima said:

So my Lexus IS250 lease is coming to an end in about 6 months. Recently I have made heavy use of my credit and have my score fall to 680. I was planning on using the next 4-5 months on fixing it up and getting it to 720+.

I got a call today from a sales rep telling me to come into Lexus ASAP to exchange the car with no penalty and very possibly no money down. I told him my concern is my credit score. He was persistent and then went on to ask if I have been paying my Lexus financial bill on time, in which of course I have been. He said that they will work with me and I should not have a problem.

Is he being honest in that in this case my credit score can be some what over looked or is he just doing anything to get me in NOW and set me up for failure?

He may be correct. Being a current customer with an on-time record may make the difference.

All you have to do is listen. It isn't a failure, if the deal can't be done.

kazuya_mishima

kyfdx said:

So my Lexus IS250 lease is coming to an end in about 6 months. Recently I have made heavy use of my credit and have my score fall to 680. I was planning on using the next 4-5 months on fixing it up and getting it to 720+. I got a call today from a sales rep telling me to come into Lexus ASAP to exchange the car with no penalty and very possibly no money down. I told him my concern is my credit score. He was persistent and then went on to ask if I have been paying my Lexus financial bill on time, in which of course I have been. He said that they will work with me and I should not have a problem. Is he being honest in that in this case my credit score can be some what over looked or is he just doing anything to get me in NOW and set me up for failure?

He may be correct. Being a current customer with an on-time record may make the difference. All you have to do is listen. It isn't a failure, if the deal can't be done.

Well my previous lease, the one that's coming to an end now, I got with a 750 credit score. I got no problems if they pretty much put me back into an identical lease. What worries me is being sweet talked on the phone, just for me to come in and as soon as the official credit score is pulled to hear "we can't do the same deal your credit score is too low. You need to put this much down, you will pay this more, etc. Etc. Etc."

Within 4-6 months my credit will be 1st tier once again. 

kazuya_mishima

Sorry guys if this sounds like nagging I was just curious as to what decision the rest of you would make. Would you bother going in NOW or waiting it out a few months.

I really don't mind a slight fluctuation. I don't want to feel like I am leasing a similar car for the same term with payment feeling like it's a whole new level, in a bad way.

kyfdx

kazuya_mishima said:

Sorry guys if this sounds like nagging I was just curious as to what decision the rest of you would make. Would you bother going in NOW or waiting it out a few months.

I really don't mind a slight fluctuation. I don't want to feel like I am leasing a similar car for the same term with payment feeling like it's a whole new level, in a bad way.

I don't like trading before lease end. While you might come out okay, odds are less than even. It's best done by those who have a handle on every number and possibility. (Actuaries and anal- retentive forums moderators fare best).

It's a cleaner deal when you don't have that early lease return to factor in.

Michaell

kyfdx said:

kazuya_mishima said:

Sorry guys if this sounds like nagging I was just curious as to what decision the rest of you would make. Would you bother going in NOW or waiting it out a few months.

I really don't mind a slight fluctuation. I don't want to feel like I am leasing a similar car for the same term with payment feeling like it's a whole new level, in a bad way.

I don't like trading before lease end. While you might come out okay, odds are less than even. It's best done by those who have a handle on every number and possibility. (Actuaries and anal- retentive forums moderators fare best).

It's a cleaner deal when you don't have that early lease return to factor in.

Agreed. Trying to end a lease early can pose problems with the value of your current lease. Salesman is trying to make his numbers for the month with one more sale.

Better to wait.

explorerx4

If the dealer makes a hard check on your credit it can affect your credit score.

calmark999

I'd wait and finish out your lease. Your credit score will be higher, you will have completed your current lease, and the 2017 models will be out. The best time of the year to lease is usually September - December, at the beginning of the model year.

texases

Guaranteed they aren't trying to get you in there for your benefit. I'd complete the lease while trying to fix my credit. I'd also think long and hard about moving to a cheaper car and saving some money.