: Credit score needed for Tier 1 Leasing

Manute Bol
10-31-2012, 05:02 PM
Does anyone know what the minimum credit score requirement to get the tier 1 lease rates?

MTN Ranger
10-31-2012, 05:20 PM
I think it was 720, but I may be wrong.

10-31-2012, 07:54 PM
I thought 740.

10-31-2012, 09:13 PM
GIYF (http://www.google.com).... ( tier 1 leasing credit score auto (https://www.google.com/search?q=tier+1+leasing+auto&oq=tier+1+leasing+auto&sugexp=chrome,mod=0&sourceid=chrome&ie=UTF-8&safe=on#hl=en&safe=active&sclient=psy-ab&q=tier+1+leasing+credit+auto&oq=tier+1+leasing+credit+auto&gs_l=serp.3..33i29.86980.89455.0.90944. .3.442.3744.0j5j4j3j2.14.0.les%3B..0.0...1c.1.fdaL 0tAzoB4&pbx=1&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.&fp=41b2cca49596839e&bpcl=37189454&biw=1375&bih=1001) ) and watch the cream rise to the top (http://www.autobytel.com/car-financing/what-is-tier-1-2-3-credit-100498/).

However, perhaps some of the dealers might chime in to verify?


* ijhutch *

Give a man a fish, feed him for a day.
Teach a man to fish, he feeds himself for a lifetime.

10-31-2012, 10:41 PM
The top credit rating water mark is 740 or more..... applies to mortgages as well.... I'm just a common person.


10-31-2012, 10:49 PM
The October deal (299/mo, 1,529 down, etc) through US Bank required a staggering 800!

10-31-2012, 11:09 PM
The October deal (299/mo, 1,529 down, etc) through US Bank required a staggering 800!What makes you say that? It seems unusual.

11-01-2012, 07:07 AM
I have Excellent credit, nothing negative but I have a lot of inquires and credit cards for my business than I have to charge large sums as well as I apply for every credit card that gives me large cash rewards on so my score is low but I still always qualify for Tier 1. My score is a good bit lower than the 740 as other suggested is tier 1.

Maybe that's what the banks conceder Tier 1 but will may exceptions with credit history?

11-01-2012, 08:55 AM
What makes you say that? It seems unusual.

I just leased one and the dealer explicitly told me 800+ for that deal.

11-01-2012, 09:21 AM
When I applied for the Ally bank 0% 72 month loan, they ran a credit check and the report said my credit score was 680-700 (lots of hard inquiries lately, plus a 0% balance transfer that put one card over 90% utilization), but I still qualified for the loan. The F&I guy said that I was in the "S" tier, which is the highest tier supposedly.....so I'm thinking they look at more than just the credit score. I've heard rumor that having a pristine payment history on a GMAC mortgage is a big positive.

Manute Bol
11-01-2012, 11:25 AM
Intersesting that 740 seems to be the magic number for what I assume is Ally's tier 1. My wife just leased a BMW with a 670 score and she got the tier 1 rate.

11-01-2012, 02:37 PM
A few facts about credit scores:

There are three major credit agencies. They don't all have every loan on file. You can look at your credit histories at no charge once per year at:
Before you apply for a lease or loan, check all three credit reports for errors. Challenge any mistakes. If the reporter does not respond for any reason, the negative report is removed. You can also add your side of the story to your credit report.

Do this at least 30 days before applying for credit to be sure any changes have made it into your report.
FICO is a company, not a formula. They customize the formula based on the type of loan requested and even the previous experience of that lender.

When a large loan is at stake, a human uses a FICO score but also looks at your actual credit history. You can provide additional information on why you are a good credit risk.

11-01-2012, 06:01 PM
When I got my Volt, I believe I was a 689. The ALLY computers scored me a B tier. This would raise the interest rate about 1%, or about $30 a month. I really didn't like that idea. I asked my finance manager if things would change if I put down $3000 instead of $1000. He called his guy at ALLY who made an exception (it helps to know people). So, I had to put a little more money down, but it saved me $30 a month. ALLY requires a S (top rating) or A tier to qualify for the top lease rates. B and C tier's get the same terms for the lease but a higher interest rate. Purchases are a little different. I believe the S, A, B, and C tiers all qualify for 0%. Don't quote me on that but I'm pretty sure. It's a simple yes/no approval.

Please do not ask your salesperson/dealership if you might qualify based on such and such. You are just wasting both yours and their time. You need to give them your credit info and they need to talk to the bank. Car loans are funny. I have seen students with 730 credit scores get denied across the board with no co-signer. Meanwhile people with a 580 may get approved under pretty good terms. Banks like to see a well paid auto loan on your file. If you just have credit cards or student loans, you may have trouble. It's not so credit score driven as it might seem. For me, I hadn't had a car loan for about 6 years, so it required a little more work.

-Stefan Kube
Criswell Chevrolet