I just wanted to post and let people know I have had a very bad experience with leasecompare, they are basically making enough money out of yourself and the entire process that they do not disclose any contact information about the financing bank at all. It is sketchy at best when you would like to call the bank that is financing the lease and the customer representative straight up denies you of that right. They also have a very generic set of guidelines for lease approval on paper and if you don't meet them your credit is still hard-pulled and in my case, if I had not contacted them they would not have called me to let me know my status. In my case my loan approval status would not have been approved regardless of my credit standing (which is perfect by the way), because I am a medical student and I am not allowed by my program to be employed so I only have minimum income from my money market however my credit was hard-pulled anyway. I was sent a generic email from ACS following my call to them so I had to call them to figure out what was going on. After that fact, I feel ACS considered me a waste of time and did not bother to help me at all. By the way, I have had mortgages 10x higher than the price of the car and I could buy it cash but I need to keep it liquid, so I was an excellent candidate.
I was pre-approved for BMW and GMAC financing. This is only my experience, your mileage may vary, however I would not recommend them to anyone in light of my experience.

 

James-

I talked to Jennifer today in regards to your deal. I do not want to disclose the details of your credit but basically.

Our finance sources REQUIRE a verifiable source of income. They also require that your debt to income ratio be no more than 40-45%.

This information is provided on our website:

http://www.leasecompare.com/quotes/credit.php
http://www.leasecompare.com/lease_faq.php#Question22

Also, threatening our representative that you are going to leave a negative post on the forum will not help in getting an approval either.

I'm sorry we could not assist you on this lease and Jennifer worked with you in a very courteous and professional manner in trying to get you approved.

If you would like to discuss further, I am available.

 

Ok first of all the personal privacy issue with this is huge, I never told this vendor who I represent on this forum and all of a sudden he/she is spewing my whole situation on a public forum. While you're at it, why don't you go ahead and spout my first name last name address social security number and post my credit report? I never threatened your representative, who was very friendly. I never spoke of any forum, I simply told her I had a bad experience, told her why and told her that I will be sharing my bad experience with others so the same thing doesn't happen to them. My income was clearly stated yet you still hard-pulled my credit for no apparent reason thats a big problem with me. I could care less about getting approved with your company, I am staying as far away from your company as I possibly can. Also you should know better than to post confidential information like your decision on a public forum, I could sue you, but frankly, you're just undercutting yourself by doing that and I don't need to do anything.

 

Couple things you say don't make sense.

You tried to get a lease on a new Vette, and are upset about a hard pull for your credit report?

You have no verifyable income, and were upset they didn't approve you right away?

As for the direct contact with the Bank, why would Leasecompare get you in contact directly with the financing bank? If they did that, what would be the purpose of them at all? You would just deal with the financing bank directly (which they found for you) and cut them out.

 

If something I said doesn't make sense to you PM me about it, I will be glad to share any information with anyone however this isn't a public forum about my personal information as leasecompare has made it. I am not going to any more detail than I have already gone in this thread, nor am I going to keep up with this thread because I was just expressing my personal opinion not creating a question and answer session about my own personal experience. If you have a different opinion thats fine. I am not answering your question about my income, if you have questinos about that take it up in PM, as far as leasing a new vette I was not, if I was leasing a new vette I would've gone with GMAC, thats fairly obvious.

As far as letting me contact the bank, why wouldn't they is a better question than what you asked. They are simply a mediator, they take care of paperwork and *are supposed to* take care of any issues that pop up with the bank. I honestly don't think I would want to get into a lease when the mediator flat out denies me the right to speak to the bank that is in charge of a. all fees b. interest c. payment schedule d. lease turn-in e. buyout. The list goes on, i'm just not the type of person who can just go into something like this blindly and just expect everything to be ok on a $50,000 deal. I don't like going into a deal like this when there are things that are hidden from me. Contacting the bank is my right as a consumer in my opinion, if that isn't important to you and you're worried more about the company protecting its assets by making sure you can't go directly to the bank then by all means, go for it. I'm not making any more comments to this thread so if anyone has anymore questions pm me thanks.

 

Sir, you made this personal, Leasecompare should be able to defend themselves and members have a right to hear both sides....so we can make an educated decision!!!

Anyway good thread gone bad......

 

The finance sources we use do not offer direct-to-consumer leasing, so no, you do not have the right to talk to them. They do not want to talk to a potential customer as they are not staffed for that. Their contract/agreement is directly with a dealer or independent leasing company. The lease is written by our company for the terms that are FULLY disclosed. We are not obligated to sell the lease to any finance source or bank, and we do keep some leases in-house.

 

First of all, I don't think you understand how a forum, or this forum works. You bring up the topic, then it's fair game within certain bounds to discuss... YOU. I don't believe LeaseC. was discussing your specifics in any way. And no one HAS to, nor are they compelled to take it to PM, as you suggest.

Second, as posted, if you ASK for, in writing, a lease, any company WILL pull a hard copy of your credit history.

Third, if you have no verifiable sources of income, you'd better have MUCH more than a good credit history. And if you don't know that, you don't know much at all about how credit works in this country. And what I mean by that is you'd better have either sufficient assets IN YOUR NAME, or a verified, co-signing source of revenue/assets.

Fourth, when you go thru a mediating, or a catalyst-source for financing, of anything, you do not have the right to contact the primary source. Again, you are showing your lack of experience in this field. Think: mortgage broker, as an example. Think: stock broker as another example.

Maybe you have had mortgages 10X higher as you say, which would make it $500K, a jumbo loan. Maybe, and then again this is the internet where anyone can say anything. But at some point, the terms and conditions of all the primary lending sources would've been made clear to you, just not in the first stages of being qualified as an actual loan candidate, which you were not by this source.

And that, too, is a function of the lending industry as a whole. Not everyone qualifies for any loan at every lending source. But you already knew that. No need to reply; you're off this thread by your own statements.