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Leasing a car using your monthly social security income-Can you do it?


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10-13-16, 03:35 AM   #1 (permalink)  
Leasing a car using your monthly social security income-Can you do it?

I will be retiring within the next year at age 62. I don't have much money at all and at this time a self employed electrician.

I was in the past an executive in a business for about 24 years and did earn enough credits to qualify for SS when I retire at 62. Physically I can't work much longer on a day to day basis is why I have decided to retire at 62. My house is paid for, I am single and no kids. My property taxes are very low (about $900 per year).

At this time I have a 15 year old CRV that I use for my electrical work. I only work about 20 hours a week.

My question is will I qualify for a lease for a new car using only my monthly SS income? Actually my question should be restated. Am I able to possibly qualify for a lease using only my monthly SS income.

I realize the amount of the lease is based on income and only planning on buying a basic car but want a new one so I don't have to hastle with repairs etc.

Thank you

 
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10-13-16, 03:54 AM   #2 (permalink)  
You probably won't have any problem obtaining a Secured Loan or a Lease because, regardless of how small, the Social Security income is "reliable".

Too bad you can't hold on until you're 67; it makes quite a difference in the amount.

 
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10-13-16, 04:07 AM   #3 (permalink)  
Well, that's nice to know that the leasing company will use my monthly SS as "reliable" income. I feel better now. The only thing I will have to come up with is the "cash up front" to start the lease.

Yes, I am aware that if I hold off until 67 I will have about another $500 per month but I don't think my body can hold off another 5 years. As it is now I struggle every day doing the work I need to do just to pay my bills etc. I can't take on large jobs requiring me to work 8 hours a day; just can't do it anymore.

Luckily I have had a few renovation jobs over the past 20 months were I was able to put in only the amount of hours I wanted/could each day but at the same time not hold up other parts of the renovation portions. My customers have been very satisfied with my ability and honesty.

But again I just can't maintain any stamina and keep going every day. I will work once I retire at 62 but only as I want to not because I need to.

Thanks for your help. Much appreciated!!

 
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10-13-16, 04:40 AM   #4 (permalink)  
Your credit history/rating has more to do with the loan process than your income. If your credit is good and the numbers work there shouldn't be any difficulties getting approved for the loan.


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10-13-16, 04:43 AM   #5 (permalink)  
I allowed my Brokers License to lapse back on 3/31/16, so I cannot engage in Real Estate activities for a fee anymore . . . . meaning that I'm really retired; but as I look around I see evidence of all the personal work that I've deferred over a lifetime and now need to complete for myself instead of for others.

Now, I have no excuse and there's enough to keep me busy for the duration of this life, and it still won't be completed.

Good luck to you !

 
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10-13-16, 04:46 AM   #6 (permalink)  
Yes, credit history. That is what I am working on now and have been over the past year. My credit went down the tube about 10 years ago. Most of the bad credit has left my credit reports. Only a few bad things left totaling about $500. Over the past 8 months I have been able to get two unsecured credit cards; they have low available credit but I have been using them and making payments on time. I am hoping that this will help me by the time I retire in Jan 2018. I have not other outstanding loans and want to keep it that way. Prior to 2000 I had excellent credit when I was making close to $100k a year but things happen in your life that just don't go right sometimes.

My CRV is paid in full also. I paid for that in cash total price when I bought it from the dealer (used) back in 2013.

Thanks

 
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10-13-16, 05:04 AM   #7 (permalink)  
Most of my credit history comes from my credit cards although I have had a few short term property loans, also bought a new jeep. Before I paid off the jeep my score was 840, afterwards it fell to 827

I would not borrow money just to improve the score! I like credit cards but it's easy for some folks to get in trouble [like my wife ] The lower you keep the balance the better .... better yet pay it in full each month, that way you get the credit score benefit but don't have to pay any interest


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