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Auto lease advice

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Established Member

Auto lease advice

Hello,

 

I was currently considering an auto lease, the dealership informed me if I have a score in the mid 600s, which I do, I should be fine but they are unsure unless they pull my credit. The sales person claimed they did not know about auto credit scores and only the general scores. I would like to know if you guys know guys know by how many points will my score drop if they do a hardpull?

 

 

3 REPLIES 3
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Frequent Contributor

Re: Auto lease advice

An inquiry won't hurt more than a couple of points even if it's a group of auto inquiries in a relatively short span (don't remember if it's 7 days 14 days or even a month).

 

There are different FICO scores and the dealer might pull from one bureau and the leasiing company another so you really don't know unil they try.  If you have a FICO tripple report and know what score that auto brand typically pulls you have a better idea.

 

The score they pull could be higher or lower than the score you think it is unless you are both looking at the same is it a FICO 8, FICO Bankcard 9,  FICO Auto score...

 

If you want a better feel pay for a full report here on myFICO that will give you all the main scores, then search and see if you can find what score is used for leasing that brand in your area.

 

Message 2 of 4
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Established Contributor

Re: Auto lease advice

Impact of inquiries on your scores also depends on the thickness of your file. Newer, thinner files generally will suffer more.

 

My file is thick and I just experienced three or four hard inquiries in conjunction with seeking a new auto loan. No affect on my scores at all. Of course, YMMV!

 

Also, think twice about leasing unless you're doing it for your business. If you're determined to lease, make sure you get a favorable money factor just as you would seek the best possible interest rate if you were buying. Good luck!

 

Message 3 of 4
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Regular Contributor

Re: Auto lease advice

go on leasehckr.com forums to learn about leasing.

 

before signing anything, run the deal by them.

Message 4 of 4
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