So I just applied for an F Type S AWD Lease. Absolutely gutted that I got turned down because of my age and 4 1/2 year credit history. Talked to the Chase (because that's who JLR use for leases in the US) and no problem with income but to wait 6 months to cross 5 years of credit history. Jesus F***in' Christ. Almost tempted to go to another brand because of that inflexibility with the bank. Anybody had experience dealing with Chase through JLR?

 

A number of folks here have talked about the PenFed Payment Saver program - I know nothing about it, but it might be worth looking into it, to see if they have different credit requirements.

 

Indeed. I ended up going with Jaguar Financial because of some incentives, but PenFed had a very attractive offer. That being said my impression is that PenFed's requirements are significantly more stringent than Chase's. Nevertheless, worth a shot.

SM05, while I wouldn't generally advocate putting any money down on a lease, if you were to pay for a significant amount of the lease in advance would that change Chase's position? Something to look into perhaps.

 

Some dealers also work with USBank or you can try to work with one of the private leasing companies like Premier.

 

I feel your pain. I remember when I applied for my first car loan through my credit union shortly after college graduation. They said I was denied because I'd never borrowed that much money before, and all I could do was laugh. If that was the criteria, no one would ever get a loan.

The suggestions above are good, but if all else fails look at another brand like BMW. They have their own finance company instead of going through a bank, and they also have programs like Multiple Security Deposits which might help you get approved (and the deposits are fully refunded at the end of the lease).

Good luck!

 

In 6 months you'll probably be gutted by the interest rate you're offered. See if they'll let you apply with a co signer such as one of your parents.

 

Could you tell me the terms of the lease they offered you?

 

I initially got rejected as well because I had bought previous cars with cash (first lease). But the F&I woman got me approved in less than 2 hours after Chase turned me down. Is there another dealer you can try?

 

I'm in Maine so only one dealer here. I have gone down to the Exeter, NH one but the GM there is an insanely huge *******. I do not want to buy from them. I'm going to see if there is something I could do with a Boston dealer in the next couple of weeks. Thanks for the suggestion.

 

They said they would reconsider if I put more than 10k or more down, which I am not going to do on a lease. I mean, at that point, why wouldn't I wait a few months to see if there are any lightly used ones that come on the market and pounce on one of those with 12-15k down?

 

36 month/10k miles per year, Money factor of 0.00130 and residual of $63k from a sticker price of $95k which was negotiated to $88k. 0 down and first payment due at signing.

 

Scarborough Jaguar is awesome - try to work with them if you can. They participated in the Lobster Run last month, and they're a great bunch of folks - they care about their customers.

 

Yes - I did like Rick and Debbie a lot. I have no gripe with them, the bank on the other hand... infuriating.

 

+1!

 

What was the monthly payment ?

 

$1100/month

 

I've heard from a sales guy at my dealer that the S wasn't getting much traction for leases because you could get an R for an extra $100.
From what I've seen in other least threads, people paid similar monthly leases for an R. Though I understand mf and residual values are constantly changing, do consider an R.

 

Please don't give money to Chase bank. They are ripoff artists. I used to bank with them and put millions through my business and they would always cone back with ridiculous interests rates for me. I walked away and have never given them a penny since. Call premier lease. I've done several high end cars through them and have never been happier. They'll lease used cars as well. I picked up a 6 month old 2014 F type V8S for $850/month.

 

I appreciate it. Already reached out to them to see if they can help.

 

I agree; I posted in another thread about how ridiculous the money factors are from Chase. Even with sky-high residuals the interest cancels out any benefit.

I'll have to look into Premier for my next lease. Can you (or anyone else who has experience with them) give me some rough ideas of what types of residuals to expect? Are they pretty fair in that regard?