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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?
how does this one lease payment work? you actually pay the lease up front with cash or your own financing?
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
@babbles wrote:how does this one lease payment work? you actually pay the lease up front with cash or your own financing?
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.
Thanks for the explanation!