Re: Leasing a car
 

I leased on a 2 year WP, no downpayment but restricted to 2 year lease. Now changed the vehicle and on 4 year finace/lease hybrid type thing ( basically sounds like the old Ford Options they had in the UK - finance with balloon payment at the end ).

Re: Leasing a car
 

we leased a hyundai tucson 2-3mths after landing. produced experian reports, bank reference etc, all the stuff you bring with you anyway and got 3 yr lease no problem, though i did leave a hefty dep, roughly 20% as wanted the payments as low as possible till we could afford to buy it outright.

i would recommend it as a good all round family small suv, if you are not bothered about the badge, its cheap to run and insure, has never let us down despite never being plugged in and regularly left overnight outside in -30 and below. its developed a small problem with playing cd's but that will be fixed soon under warranty by the dealer who really has been great. compared to some luxury brands i have owned in the past, really good quality for the money.

Re: Leasing a car
 

I leased on SOWP in MArch 2008 , a 2 yr lease with mazda, $4K deposit- I think at 3%. After doing the deal on price they then came back on the phone and wanted $4K more security deposit. I said no way and they said OK then and we carried on with the original deal.

Re: Leasing a car
 

People responding about deals they received 2/3/4/5 years ago arent really helping anyone. Credit markets have completely changed since then, and anyone arriving on TWP will find it extremely hard getting credit.

Re: Leasing a car
 

I tried to lease when we got here in 2008. First I had to get a Quebec License!

Then I found it was virtually impossible because my SIN started with a 9 (Temporary Resident). Ford said no, VW would do it on some scheme or other that I thought was a rip off. So I bought second hand for cash, which put a dent in my savings....

A few months ago we decided we needed a second car (renting when needed was costing a fortune) so we tried again to lease or purchase. The only deal we got offered was 40% down, plus a 7k deposit and it had to be a vehicle 2 years old or less! That was Dodge Chrysler.... We worked the figures out and thought, no, bull biscuits.

I ended up buying a Volvo "banger" for just over 3k! Beautiful knick, 1998.... but it does have over 350k on the clock! Still, it does its job and, touch wood, hasn't let us down so far.

In short, it's still a nightmare trying to get credit... I have a mortgage but was told only credit card history or other non-secured loans build up a history... not a mortgage.

Re: Leasing a car
 

what you could do, instead of knocking most people who have commented, is state what your experience is, as at the moment you are not telling us anything we don't already know. people have posted to show it can be done, the information may be out of date, granted, but its offered sincerely i'm sure.

Re: Leasing a car
 

I have done so, on previous threads.
We arrived just before the credit markets went down the swanny, and after MUCH shopping around, got a loan for a new Tucson with nothing down. This was in September, when we were recommended a Hyundai dealership by someone on here. The owners had a personal friend at the bank, and we were able to use the cash rebate as the deposit. I also had to get 3 character references from people I knew in a professional capacity (ie/ no friends/family allowed).

Since then, I've tried to re-finance and/or trade the vehicle in for something more affordable, and despite over 20 credit applications being submitted, I couldnt get anything. Even my existing finance company (Scotia) said no.
We'd recommended the same dealership to another new couple on here, and they've not been able to get anything, despite there being a $6k rebate to show as deposit.

I've just had to move bank accounts from RBC- despite me being here since August, keeping a decent positive balance in my account etc, they wont give me an overdraft.... not even for $500. I managed to get one with TD but only because a work colleague is brothers with a SVP there.

New arrivals need to be forewarned that getting any type of car loan/lease etc will be extremely difficult, even moreso if you're here on TWP only. Realistically you'll need a decent sized deposit.
Finance companies here also work a little different in the UK. One might think that it would be easier to get approved on a lesser amount for an older car. Unfortunately that's not the case.

Re: Leasing a car
 

I went into the Hyundai dealership on Friday, test drove a Sante Fe, and on Saturday signed up for finance with no deposit for the vehicle and picked it up on Monday.

Had no issues - but that is my experience only. Been here 20 months ( 6 months on TWP ).

Re: Leasing a car
 

I think TWP will find it tough now. People on a TWP who are made redundant may have very few options but flight, and this I imagine will be reflected in credit availability.

However we have been here a year and have literally just last week secured and unsecured credit card.

I think those arriving on a TWP may need time to build credit rating. Of course for us our credit rating came from our car payments!

Re: Leasing a car
 

well all i can say, and i accept this is the bleeding obvious, is it depends entirely on your personal circumstances, TWP or no. To keep it up to date, less than 6mths ago, got $7k line of credit for landscaping. paid it off. couple of weeks ago, got $20k loan for investment opportunity that arose. neither took more than an hour to organise, no questions asked, both from my bank. been here 18mths or so on PR, no other credit apart from mortgage, though did get a leons 6mth interest free thing for some furniture and paid it off at the 6mth point, $2k.
This is my point, i think making a bland statement that all new arrivals must take heed that credit is difficult, nay impossible to come by, is inaccurate.

Re: Leasing a car
 

Not to labour the point, but a) you're here on PR and b) arent a new arrival. Your experience isnt particularly relevant for both those reasons.
Yes, personal circumstances will come in to play (eg/ having a large deposit) but otherwise, I stand by the fact that new arrivals, especially those on TWP, are going to have a really hard time. The fact that I'm a new arrival, on TWP, and know others in the same boat having the same problems, makes my comments completely accurate.
If you can find anyone that's arrived within the last 3 months and have had obtained credit easily, I'd be pleased to hear from them.

Re: Leasing a car
 

Accurate for your circumstances is the point.

Yes things have changed, but that doesn't mean that someone arriving here to take up lets say, the directorship of a multinational, or power forward for the Raptors is going to have the same issues.

Both views are valid, and the more info that is presented here, the better. People can then get an idea of the likely reality for themselves. What would be helpful is if people would outline details like when they were leasing, and any other relevant details they want to share.

Re: Leasing a car
 

i agree we are labouring the point, i'm certain someone will be on soon, on TWP, who has not been here too long, who has obtained credit. If this was not the case they simply could not exist here, or anywhere else.
i am not well paid or rolling in money by any means, but if i can get all this credit, and you cannot get a $500 overdraft, i do not think it comes solely down to TWP. i regularly come across brits, in particular truckers, who seem to be doing fine on TWP, so again, it can't be all doom and gloom.

Re: Leasing a car
 

Thanks it gets so tiring when the only thing people can add is negative. My mother always used to tell me if you can't say something good don't say it at all and some negative people on hear should take that rule and apply it. Thanks you for your support and comment

Re: Leasing a car
 

Yes all those that have struggled to get credit on landing,should shut up and stop ruining your nice thread.