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auto loan vs. lease

Valued Member

auto loan vs. lease

Just out of curiosity, and I apologize if I missed this elsewhere... is there any difference on how a FICO score is affected by getting an auto lease (e.g. 36 month) as opposed to an auto loan (e.g. 60 months) and assuming all payments are made on time? Does getting a loan make a bigger impact than getting a lease?
My Last(???) 3 Score FICO:
2/12/09: TU: 718 :: EQ: 724 :: EX: 728
Message 1 of 5
4 REPLIES
Moderator Emeritus

Re: auto loan vs. lease

I don't think is is scored any different- Auto, Installment
 
I only liked leases when I was self-employed -
I supose they are great for someone that wants a new car every 3 years though-

unkfrank wrote:
Just out of curiosity, and I apologize if I missed this elsewhere... is there any difference on how a FICO score is affected by getting an auto lease (e.g. 36 month) as opposed to an auto loan (e.g. 60 months) and assuming all payments are made on time? Does getting a loan make a bigger impact than getting a lease?


Message 2 of 5
Moderator Emeritus

Re: auto loan vs. lease



Timothy wrote:
I don't think is is scored any different- Auto, Installment
 
I only liked leases when I was self-employed -
I supose they are great for someone that wants a new car every 3 years though-

Yup, mine show up 3 different ways:  auto lease, auto/installment, auto with remark "leased", or something to that effect.
 
I love leasing.  I'm hard on cars, I do drive a lot of miles (but I pre-pay), I love having a new car every 36-39 months and I'm glad I don't have to ever worry about major maintenance.
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 3 of 5
Valued Contributor

Re: auto loan vs. lease

WPP.............My Toyota lease shows up simply as "Toyota". It shows up only once. And the word "lease" is no where to be found.
 
Like you, leasing is the way to go. A new car every 36 months is terrific. I am getting ready to turn in my RAV and will move up to an '08 RX-350, with $0 down and I will need $0 to drive it out the door.
New York Yankees - 2009 World Series Champions. 27... and counting.....
Message 4 of 5
Moderator Emeritus

Re: auto loan vs. lease



cobra19 wrote:
WPP.............My Toyota lease shows up simply as "Toyota". It shows up only once. And the word "lease" is no where to be found.
 
Like you, leasing is the way to go. A new car every 36 months is terrific. I am getting ready to turn in my RAV and will move up to an '08 RX-350, with $0 down and I will need $0 to drive it out the door.


I totally agree.  I leased my 2nd car in Nov, an 08 Saturn Vue XE.  Saturn offers a 30 day/1500 mile return policy (as long as you do another purchase from them).  I took the XE back and got the XR w/ a V6 and the Nav system -- as well as heated seats, rain sensing wipers, etc.  For me leasing is an affordable way to drive something with the new bells and whistles!  And thanks to their policy I wasn't stuck with a car that underperformed!
 
PS:  I had two Toyota Celicas..  GREAT cars  - I just fell in love with Saturns.  ("They" say it happens that way sometimes, lol.)
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 5 of 5