Mazda lease financing..."well qualified lessees?"

[PatriotJeff]

Anyone have any experience with leasing who can give me an idea of what I can expect as someone with about a 700 credit score? I'm assuming i won't qualify for the lowest "well qualified lessees" rates, but hoping it's not going to be that bad. Looking for a CX-5 soon but not sure of what to expect insofar as payment. I've been a lifelong Hyundai guy (ugh....long story), but have no idea what to expect with Mazda or how they tier folks according to credit score.

 

[erhayes]

Ask Mazda. 700 should get you their best rate I would think but, only Mazda knows(pow)

 

[PatriotJeff]

Yeah....I hear ya. It's 150 point higher than when I got my last POS hyundai....its a nice feeling knowing I can actually "pick" this time!

 

[Glock32]

Anyone have any experience with leasing who can give me an idea of what I can expect as someone with about a 700 credit score? I'm assuming i won't qualify for the lowest "well qualified lessees" rates, but hoping it's not going to be that bad. Looking for a CX-5 soon but not sure of what to expect insofar as payment. I've been a lifelong Hyundai guy (ugh....long story), but have no idea what to expect with Mazda or how they tier folks according to credit score.

700 should not be a problem. I read on credit forums that Mazda's threshold for upper tiers was around 680. I was around 720 when I leased in May and had no problem getting the "well qualified" offer.

 

[Srad600]

Actually I just leased through them (last Saturday), and I was told that 720 was their cutoff for tier I credit. Below that you're looking at tier II or III (higher rates).

 

[PatriotJeff]

Yeah I was hoping 700 but fearing 720...

 

[bxpretzel]

I qualified for the 0% financing last September, but only just barely. My score at the time was right around 720-725. Since acquiring new form of debt in the form of a car loan (after only ever having credit cards), my score is around 745-750.

 

[Cinoclav]

Funny, isn't it? We add debt and our scores go up. During the process of getting finance rates my credit union had me pre-approved for a $10k line of credit. Didn't have to use it, there was no charge to have it, but the simple fact that it increased my equity helped bump my score higher. Also, there's a pretty big difference between scores with the 3 credit companies. It seems Experian tends to show higher scores than Trans Union and Equifax. My scores ranged from around 725 up to 780. Luckily the banks that counted had looked at the Experian score and I was approved for everything under the sun that I wanted. Nice change of pace after having killed my credit years ago when I had gone back to school.

Regarding the original question, from what I've seen 720 does appear to be the cutoff for the best rates.

 

[Dmac43]

I got .9% with a 700 score

 

[bxpretzel]

Funny, isn't it? We add debt and our scores go up. During the process of getting finance rates my credit union had me pre-approved for a $10k line of credit. Didn't have to use it, there was no charge to have it, but the simple fact that it increased my equity helped bump my score higher. Also, there's a pretty big difference between scores with the 3 credit companies. It seems Experian tends to show higher scores than Trans Union and Equifax. My scores ranged from around 725 up to 780. Luckily the banks that counted had looked at the Experian score and I was approved for everything under the sun that I wanted. Nice change of pace after having killed my credit years ago when I had gone back to school.

Regarding the original question, from what I've seen 720 does appear to be the cutoff for the best rates.

I know right! We also just bought a house and I'm expecting my score to further rise. All this diversity in credit will have the credit bureaus and companies all over me! I also expect the number of mailers with credit offers to go up.

My scores that my mortgage broker pulled back in April ranged from 720-764. My Discover card shows my FICO score on each statement - that's 746 this month.

 

[Cinoclav]

A couple of my cards show the FICO score too. One thing I learned about them is that sometimes the score is specifically geared towards credit cards and not a true representation of your overall score. I don't think they all do that but apparently a few do.

And yes, you may as well buy another trash can just for the forthcoming junk mail! Congrats on the house!

 

[dragonteeth]

I qualified for the 0% financing last September, but only just barely. My score at the time was right around 720-725. Since acquiring new form of debt in the form of a car loan (after only ever having credit cards), my score is around 745-750.

Same exact scenario with me.

 

[PatriotJeff]

Thanks for the feedback guys. My score is actually closer to 680 at this moment which is why i am waiting a couple months trying to get it up a bit.

Regardless though, going to be miles ahead of where i was with my current lease that has me paying 300/mo for a subcompact sedan. Ive managed to raise my cs 150 poibts since then!

 

[PatriotJeff]

Thanks for the feedback guys. My score is actually closer to 680 at this moment which is why i am waiting a couple months trying to get it up a bit.

Regardless though, going to be miles ahead of where i was with my current lease that has me paying 300/mo for a subcompact sedan. Ive managed to raise my cs 150 poibts since then!

So not sure if this means anything but was playing around with the TrueCar lease payment estimator which is supposedly tied to the Chase (Mazda) requirements and it seems like the lease rate stays pretty much the same once you hit 680. The payment between 680 and 800 was the same...but starts going up below that.

 

[adgjqetuo]

I qualified for the 0% financing last September, but only just barely. My score at the time was right around 720-725. Since acquiring new form of debt in the form of a car loan (after only ever having credit cards), my score is around 745-750.

I wish they were offering 0% when I bought mine this past February - I have an 820 credit score but after the dealer priced 5-6 different places the lowest they could find was 2.25% through a local credit union. Mazda wouldn't budge past 3.49%. They were desperate to get rid of the 2015s at the time I guess.

We were in a time crunch otherwise I would have waited a little longer for better incentives.