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Old 01.08.2013, 11:18
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90K salary to buy 26k new car was rejected by leasing bank?

no loans no kids single young professional like me, trying to buy a new car that costs 26k chf and was rejected by the leasing bank simply because new to Switzerland (2months) ?!

well, not totally rejected but offers a higher quote on monthly leasing price.

That makes the final residual value much lower now.

Does this sounds normal to you?

Thanks for any advice!
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Old 01.08.2013, 11:20
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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no loans no kids single young professional like me, trying to buy a new car that costs 26k chf and was rejected by the leasing bank simply because new to Switzerland (2months) ?!

well, not totally rejected but offers a higher quote on monthly leasing price.

That makes the final residual value much lower now.

Does this sounds normal to you?

Thanks for any advice!
Are you telling us you don't understand the concept of financial risk? The car is worth a third of your salary, and you are fresh off the boat. Of course a bank is going to be warier than normal.

And the title of this thread makes no sense as you haven't been rejected.
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Old 01.08.2013, 11:22
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

Yes it does.

They have a standard calculation to make the interest rate, based on your likelihood of being able to repay, which also changes if you are a boy or a girl.
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Old 01.08.2013, 12:00
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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no loans no kids single young professional like me, trying to buy a new car that costs 26k chf and was rejected by the leasing bank simply because new to Switzerland (2months) ?!

well, not totally rejected but offers a higher quote on monthly leasing price.

That makes the final residual value much lower now.

Does this sounds normal to you?

Thanks for any advice!
Wait another half year, and that could make a difference. Meanwhile, use Mobility or combine taking train rides, and hop on the mobility car from the station.
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Old 01.08.2013, 12:08
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

...that's Fords for you.
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Old 01.08.2013, 12:53
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

Should not take long to save the money & pay in cash!
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Old 01.08.2013, 13:12
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

To truly assess the proposal of the leasing company, you need to find out the implied rate of interest the leasing company is offering you versus the rate of interest offered to someone else who has been here longer ( you could ask a colleague for example ). If there is no difference , you are technically not worse off by paying the higher monthly rentals.
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Old 01.08.2013, 13:42
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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no loans no kids single young professional like me, trying to buy a new car that costs 26k chf and was rejected by the leasing bank simply because new to Switzerland (2months) ?!

well, not totally rejected but offers a higher quote on monthly leasing price.

That makes the final residual value much lower now.

Does this sounds normal to you?

Thanks for any advice!
2 months means that you are probably in your probation time.
Additionally, you are new to the country.
Those are two risks for a bank.
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Old 01.08.2013, 14:40
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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no loans no kids single young professional like me, trying to buy a new car that costs 26k chf and was rejected by the leasing bank simply because new to Switzerland (2months) ?!
So, you didn't want to buy the car, you wanted to lease it. Simple rule: if you can't pay cash, you can't afford it.
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Old 01.08.2013, 14:58
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

There is no need for so much unpleasantness, the OP asked a perfectly reasonable question. This is becoming a very unfriendly place.
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Old 01.08.2013, 15:21
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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There is no need for so much unpleasantness, the OP asked a perfectly reasonable question. This is becoming a very unfriendly place.
Tbh this forum is very kind and calm compared to many others especially towards people that are clearly far too lazy to use google. There I have zero sympathy if they get told the harsh truth
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Old 01.08.2013, 15:31
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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Are you telling us you don't understand the concept of financial risk? The car is worth a third of your salary, and you are fresh off the boat. Of course a bank is going to be warier than normal.

And the title of this thread makes no sense as you haven't been rejected.
Thanks. You are right I'm exposed here to show how little do I know about the financial risk. Harsh words but useful. Thanks for still bothering yourself to leave some pieces of advice.
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Old 01.08.2013, 15:31
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

Thank you. Good to know that.
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Old 01.08.2013, 15:33
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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Wait another half year, and that could make a difference. Meanwhile, use Mobility or combine taking train rides, and hop on the mobility car from the station.
good advice. thanks.
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Old 01.08.2013, 15:36
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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Tbh this forum is very kind and calm compared to many others especially towards people that are clearly far too lazy to use google. There I have zero sympathy if they get told the harsh truth
We all can use Google and I reckon 80% of posts on here could have been Googled but hey! Some people especially coming to a foreign country appreciate the opinions of fellow expats and a bit of banter to boot
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Old 01.08.2013, 15:36
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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2 months means that you are probably in your probation time.
Additionally, you are new to the country.
Those are two risks for a bank.
Thanks. 1. I'm not in probation time but holding a permanent contract. 2. that's the reason they get back to me.. but I'm struggling to understand what's the link between my arrival status v.s. the car's rest value in the market - the newer resident will make the car less valuable after 3 years in the market?
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Old 01.08.2013, 15:40
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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So, you didn't want to buy the car, you wanted to lease it. Simple rule: if you can't pay cash, you can't afford it.
Everyone has their own way of living. Your rule may not apply for others mate.
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Old 01.08.2013, 15:43
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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There is no need for so much unpleasantness, the OP asked a perfectly reasonable question. This is becoming a very unfriendly place.
Glad you feel the same. Seems like someone has never ever asked a "stupid" question! How intelligent they are
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Old 01.08.2013, 16:17
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

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Thanks. 1. I'm not in probation time but holding a permanent contract. 2. that's the reason they get back to me.. but I'm struggling to understand what's the link between my arrival status v.s. the car's rest value in the market - the newer resident will make the car less valuable after 3 years in the market?
The link has nothing to do with resale value, but with your risk profile. The lenders know that recent arrivals are less rooted, and thus more likely to up and leave. Without ties here, you may have less compunction about defaulting on the lease, and international mechanisms for perusing debt collection are difficult at best. The bank doesn't WANT the car, its use as collateral is simply to minimize their exposure.
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Old 01.08.2013, 16:48
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Re: 90K salary to buy 26k new car was rejected by leasing bank?

As mentioned the financial institute has formula to calculate risk and being new to a country plus not too long is a risk (nothing personal). Note for example that for car insurance nationality, marital status, age have a great impact on your premium.
My suggestion would be to check with several garages and even car brands amd you may get a better deal.

Good luck
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