@Anonymous wrote:
What effect does leasing an automobile have on my credit score:
- if I make all payments on time for the length of the lease?
- if I transfer the lease to someone else before the lease ends?
- if I return the vehicle before the end of the lease term, but pay any fees or penalties for doing so?
I've lease an Acura and Audi, but can't answer the last two because I never experienced them.
As far as the lease, it appears on your credit report as an installment account, just like an auto loan. Except the loan amount indicated is the amount being leased, not the full price of the car. If you make all your payments timely, it just shows "Pays account as agreed" until the term is over and the account closed. Even then, the finance company might not report the account closed. It's been 2 years since my Acura lease was over and the date closed indicated on my report is "Not Reported".
