Car Leasing Applications Declined

D3xt3r5L4b

k0zmic said:

D3xt3r5L4b said:

k0zmic said:

D3xt3r5L4b said:

camelot1971 said:

k0zmic said:

All, 
By way of an update, I got a family member to apply.  

What an upstanding person you are. 

Indeed. So that person is now solely responsible for the car and it’s payments if OP doesn’t make any

I shall reimburse them 
No point trying to fight these idiotic lending algo's used by the car finance providers 

And what if one month you can’t?

I have enough savings to cover the entire term of the lease 4x over

Then why not buy the car outright?

DCFC79

k0zmic said:

D3xt3r5L4b said:

k0zmic said:

D3xt3r5L4b said:

camelot1971 said:

k0zmic said:

All, 
By way of an update, I got a family member to apply.  

What an upstanding person you are. 

Indeed. So that person is now solely responsible for the car and it’s payments if OP doesn’t make any

I shall reimburse them 
No point trying to fight these idiotic lending algo's used by the car finance providers 

And what if one month you can’t?

I have enough savings to cover the entire term of the lease 4x over

So either buy 1 outright or if you dont want to use all your savings then buy something cheaper.

But your going to do it your way.

Theres nothing wrong with the "idiotic lending algo's used by the car finance co's. You didnt fi the criteria for the finance co's, simple as.

Thrugelmir

k0zmic said:

 Car I wanted to lease was only ~£200 p/m with maybe ~£2.5k upfront. 

For a £30k vehicle? 

Barny1979

Thrugelmir said:

k0zmic said:

 Car I wanted to lease was only ~£200 p/m with maybe ~£2.5k upfront. 

For a £30k vehicle? 

Good point, god knows what the final lump sum payment would be?!

k0zmic

Thrugelmir said:

k0zmic said:

 Car I wanted to lease was only ~£200 p/m with maybe ~£2.5k upfront. 

For a £30k vehicle? 

Yup, great deal 

k0zmic

Barny1979 said:

Thrugelmir said:

k0zmic said:

 Car I wanted to lease was only ~£200 p/m with maybe ~£2.5k upfront. 

For a £30k vehicle? 

Good point, god knows what the final lump sum payment would be?!

No final lump sum, it is PCH

MinuteNoodles

k0zmic said:

I do, although its a case of opportunity cost (i.e. return on investing the cash vs depreciation of the car) so leasing would be preferable. 
But yes, could look for older cheaper alternatives or get a family member to apply for leasing. 
It was more, I was just trying to understand why they'd reject, because I could not understand. 

Well if we're doing it purely on a what is the best financial decision then you need to be looking at 6-12 month old cars, not brand new ones. My Focus I bought last year at 5 months old/5,000 miles was a dealership demo car and it was £8,000/almost 30% less than its new price. There's no way in hell your opportunity cost will match that saving.

I think the main reason for rejection is with some irony a lack of historical borrowing. Lenders have nothing to judge how good you are at repaying.