Single Pay Lease

[Klesko]

Does anyone know how a Single Pay Lease reports on you credit?

[fury1995]

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@Klesko wrote:

Does anyone know how a Single Pay Lease reports on you credit?

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Single pay leases typically report with:

Opening amount for the total of payments (total amount of the term multiplied by what the payment would be monthly, not the amount you wrote the chekck for).

Balance due for the total of payments ($0)

The account itself may report as paid/closed or open/$0 balance depending on the bureau and how they identify the data.

Explaination for the first point. Single pay leases are "pre-paid" lease payments. When you pay for the single pay lease, you pay those payments PLUS all other up front fees (taxes, registration and lease acquisition fee by the leasing bank). The payment total will report as the total of payments but not the up front costs.

[Anonymous]

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@fury1995 wrote:

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@Klesko wrote:

Does anyone know how a Single Pay Lease reports on you credit?

---

Single pay leases typically report with:

Opening amount for the total of payments (total amount of the term multiplied by what the payment would be monthly, not the amount you wrote the chekck for).

Balance due for the total of payments ($0)

The account itself may report as paid/closed or open/$0 balance depending on the bureau and how they identify the data.

Explaination for the first point. Single pay leases are "pre-paid" lease payments. When you pay for the single pay lease, you pay those payments PLUS all other up front fees (taxes, registration and lease acquisition fee by the leasing bank). The payment total will report as the total of payments but not the up front costs.

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+1

[Klesko]

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@fury1995 wrote:

---

@Klesko wrote:

Does anyone know how a Single Pay Lease reports on you credit?

---

Single pay leases typically report with:

Opening amount for the total of payments (total amount of the term multiplied by what the payment would be monthly, not the amount you wrote the chekck for).

Balance due for the total of payments ($0)

The account itself may report as paid/closed or open/$0 balance depending on the bureau and how they identify the data.

Explaination for the first point. Single pay leases are "pre-paid" lease payments. When you pay for the single pay lease, you pay those payments PLUS all other up front fees (taxes, registration and lease acquisition fee by the leasing bank). The payment total will report as the total of payments but not the up front costs.

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Thank, I am debating if going this route for a 3rd car makes sense or not. 

[fury1995]

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@Klesko wrote:

---

@fury1995 wrote:

---

@Klesko wrote:

Does anyone know how a Single Pay Lease reports on you credit?

---

Single pay leases typically report with:

Opening amount for the total of payments (total amount of the term multiplied by what the payment would be monthly, not the amount you wrote the chekck for).

Balance due for the total of payments ($0)

The account itself may report as paid/closed or open/$0 balance depending on the bureau and how they identify the data.

Explaination for the first point. Single pay leases are "pre-paid" lease payments. When you pay for the single pay lease, you pay those payments PLUS all other up front fees (taxes, registration and lease acquisition fee by the leasing bank). The payment total will report as the total of payments but not the up front costs.

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Thank, I am debating if going this route for a 3rd car makes sense or not. 

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I did for my third car myself. Single Pay lease and actually me and the other half had just opened two Ventures and used our cards to meet the spend on both and got $800 bucks back out of it reducing our overall cost for the Single Pay Lease by $800. The total for the single pay was just at $6K.

[Klesko]

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@fury1995 wrote:

---

@Klesko wrote:

---

@fury1995 wrote:

---

@Klesko wrote:

Does anyone know how a Single Pay Lease reports on you credit?

---

Single pay leases typically report with:

Opening amount for the total of payments (total amount of the term multiplied by what the payment would be monthly, not the amount you wrote the chekck for).

Balance due for the total of payments ($0)

The account itself may report as paid/closed or open/$0 balance depending on the bureau and how they identify the data.

Explaination for the first point. Single pay leases are "pre-paid" lease payments. When you pay for the single pay lease, you pay those payments PLUS all other up front fees (taxes, registration and lease acquisition fee by the leasing bank). The payment total will report as the total of payments but not the up front costs.

---

Thank, I am debating if going this route for a 3rd car makes sense or not. 

---

I did for my third car myself. Single Pay lease and actually me and the other half had just opened two Ventures and used our cards to meet the spend on both and got $800 bucks back out of it reducing our overall cost for the Single Pay Lease by $800. The total for the single pay was just at $6K.

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What did you end up getting?

I am debating getting something to keep miles off my Audi S4. I am thinking about something like a Toyata Tacoma, because having a truck around wouldnt hurt. 

[Anonymous]

You can also get a reduced money factor with a one pay.

[MTSN]

I would suggest trying to put the whole thing on your credit card then PIF immediately to avoid the affect of a new inquiry and new account appearing on your credit. I just put ~$25k on my card for a car with no fee (after negotiating) then PIF.

[fury1995]

Jaguar F-TYPE

YMMV but the One Pay Lease had zero affect on my credit... which is what I intended.