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      06-23-2012, 04:32 AM   #23
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Originally Posted by kdphan View Post
why not just buy a used m3?

You can use that $15k downpayment and buy an '08 for under 40k?

That $15k down payment leaves about $25k to be financed.
New ones are shinier

Originally Posted by JulieDriving View Post
Does your Mom have good credit and make enough to cover entirely the lease should you not be able to pay a cent?

Banks are willing to lend too much usually. I'd be cautious about trying to get a new M if you've already been turned down under those conditions. Even if you could come up with a substantial increase to the downpayment, I think you'd be living too close to the edge.

An Audi RS isn't much less, is it?
She has good credit but doesn't make enough to cover the lease which was one of the reasons they couldn't approve it. Payments for the M3 + insurance would be far from the edges financially. I just have a difficult way to prove it until the year runs out for my next tax return salary refresh.

RS5s start at around $70K last time I checked. Priced around the same but I was hoping Audi would evaluate the lessee differently than BMW.

How is the process for taking over someone's lease? I found a particular M3 here that matched almost exactly what I wanted. Would the chances of me taking over his lease be better than getting to lease a new one?
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      06-23-2012, 08:46 AM   #24
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^ Taking over someone's lease. It would depend how new the car is I suspect. The newer the car, the more you're on the hook for a total amount of debt, in addition to the ability to pay per month.

I don't think any of the factors would change, except the older the car, the lower the total amount of debt.
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      06-23-2012, 07:40 PM   #25

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Originally Posted by jakc View Post
New ones are shinier

RS5s start at around $70K last time I checked. Priced around the same but I was hoping Audi would evaluate the lessee differently than BMW.
The issue with an RS5 is that most (if not all) will be sold at MSRP. With limited allocations and first year release to the USA, it's a sellers market. In addition, historically, Audi Financial does not have the best lease rates. You need to have a combination of a low money factor and high residual.

Another poster mentioned going with a used M3. This is a good idea. Assuming that you have the $15k cash for a down payment, this would be (roughly) 30% toward an M3 with a sell price of $45k. This would lower the risk from the bank's point-of-view and could provide you with the payment history to support a future lease.

You would still have a great car just with some miles on the odometer. Just be sure to get one that has been maintained.

Aside from the FICO, also look at your DTI. A bank will look at both values for loan approval.
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      06-23-2012, 11:58 PM   #26
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Honestly dude it sounds like you can't afford it just yet.
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