My first set of wheels was a dark green 1999 Mazda Millenia. The car had nearly 100,000 miles when I purchased it in 2008 from a used car dealer for $6,500.
I drove off the lot feeling elated with the sunroof wide open. But a month later, I went over a speed bump and the radio died! Not long after, the air conditioner conked out on a hot summer day. After that I said to myself, “Josh, you need a different car.” Selling the Mazda back to the dealership for a $3,000 loss was an emotional moment for me. I learned first-hand the perils and unintended costs of buying an older used car.
I was set on finding a new car. But the Nissan dealer took one look at my application and said that I had a “thin” credit file, meaning I lacked sufficient credit history and needed a cosigner to qualify for a lease. This made no sense to me. I had a good job and sufficient income to afford the monthly payments on my own. I didn’t want to ask my parents to put their credit at risk for me, especially when I knew I could afford a monthly lease. After a lot of pleading with my parents, my father agreed to cosign.
I got approved, but it was a light-bulb moment for me. I knew there had to be a better way to qualify for a lease with limited credit history without the need for a cosigner. I didn’t know it yet, but that experience led me to create Suretys.
Bridging the Credit Gap
While researching the credit gap, I learned that a lot of younger people don’t have enough credit history to get a loan on their own.
Years later, my friends were asking me to cosign for them. But when my younger sister called me to cosign on a new car, I knew it was time for a change.
I quit my job, assembled a team, and Suretys was born.
We developed a digital insurance product that replaces the need for a cosigner and protects the lender in the event of a default.
Our first customer was a 20-year-old soldier in the Army. He was repeatedly declined by banks for a lease because he had limited credit history. Suretys’ proprietary, underwriting algorithm found he had ample disposable income to afford the car payments on his own. He was approved within minutes and grabbed the keys to a gently used 2020 Kia Optima.
Since then, we’ve expanded to auto loans for car buyers too.
At Suretys, we’re helping people not only buy and lease cars but also establish positive credit history. With a Suretys policy, you receive an auto loan in your name alone, which means your car payments get reported to the credit bureaus, enabling you to build credit history on your credit report.
In addition, when you get pre-approved by Suretys, we tell you what monthly car payment you can realistically afford based on your application. This reduces the chance that you’ll take on too large of a financial obligation.
We’re Here For You
It’s our mission to help you buy or lease a car while also building credit history, plain and simple.
That’s why I founded Suretys—to help people achieve their dream of owning or leasing a car on their own at a price they can afford.
For more information about how Suretys and our insurance policy can help you get the car you want, contact us here.