Can you get approved for a One Pay auto lease with an open auto loan

[Anonymous]

I have an open auto with a 9800 payoff & I am looking to do a one pay lease for about 15K.  I want to keep the open auto loan because the pymnts are only 198.  I could pay off the open auto but then I will have a lease pymnt in the $300 dollar range after putting the difference into a lease. Plus one pay leases are easier to get approved.  My FICO 8 auto enhanced is about 667 EQ, but that will go up in Feb because I just reduced my credit utilization down to about 12% across the board. Does this sound likely to get approved?

[Anonymous]

It’s not so dependent on your score, but your comparable auto credit and income. For example, I just leased a 112k Lexus and they pulled me at a 645 at the time, but because I had essentially 6 paid auto loans in the last 2.5 years they allowed me to have a third open auto loan. If you’ve been paying on this auto loan for quite awhile I’m sure a captive lender (Toyota Financial, Ford Motor Credit, etc.) will be more than happy to let you have a second open auto loan.

[Anonymous]

Thanks for responding. I have 1 paid off car loan from wells Fargo that shows well as the current one. That loan is just 1 yr old with Cap1. I am already in positive equity as I put a big chunk down when I bought it. DTI is only about 18% . Thanks again.

[babbles]

how does this one lease payment work?  you actually pay the lease up front with cash or your own financing? 

[FirstAscent]

I don't think you'll have much of an issue. Even if your credit isn't the greatest because there is t as much liability on their end since it's a one-pay, they don't have to worry if you'll make payments or not

I actually did this same thing a year ago. I had an open auto loan that was only 5 months old with a large balance (about 60k), then I did a one-pay lease with mid to high 600's and was approved no problem. I have both vehicles still.

oh and I had probably 70% utilization as well on my cc's then as well

[FirstAscent]

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@babbles wrote:

how does this one lease payment work?  you actually pay the lease up front with cash or your own financing? 

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Yes you pay everything up front in cash, it's a little cheaper as well since interest is mostly/partially removed or something like that. But it is cheaper. 
you wouldn't be able to get your own auto loan from a bank because the bank would want the title but they wouldn't get it, the title goes to the leasing company.

the only way to do it with a different loan would be a personal loan, but those are almost always higher interest rates so wouldn't make sense. 

[Anonymous]

Ok thanks. My utilization now is about 12% of a TCL OF 16K. I am also considering putting 50% down of the total cost and financing the rest. There is a part of me that is a little worried about losing my shirt on a one pay lease if the car is totaled. Not sure if the leasing company would refund me the unearned payments.

[babbles]

Thanks for the explanation!