Want To Know requirements for Lease

[Society1]

hello i want to lease a car instead of financing but want to know kind of the requirements for leasing a vehicle before I just apply and put unnecessary inquiries on my credit report if anyone can help w/ tips or information it will be appreciated thanks a lot !

[ccquest]

It's pretty much the same as buying the car, except usually lease specials are run through the manufacturer so you'll only really be qualifying through them. I did decide to try and go for a lease deal towards the end of last month, and while I had my EQ unlocked it got hit by GM twice and again by the dealership. Can't speak for how it really works for other companies, but apparently GM does a double pull for some reason.

[Anonymous]

Remember when applying for a car loan multiple inquiries on the same bureau within a small period of time still count as 1.

If applying with a credit union they may use a different score and I know DCU and my Local Visions FCU both count as mortgage scores.

I just leased and because I was applying at credit unions and dealer I ended up with 2,2,1 inquiries on my bureaus.

the dealer and Audi both pulled multiple bureaus.

If I shopped more and tried BMW it still would have likely been the same count.

You are allowed to shop around without penalty.

Best advice is to know what bureau and score the manufacturer will pull (EXP FICO 8 Auto for example) and know your score.

Then see if you can figure out how they base their tiers.

When going with captive financing or leasing they tend to work with you a little so don't be scared if they are looking for 720 for Tier 1 maybe you will pay $20 more a month with a 680.

[DebtStinks]

@Anonymous you're right for the most part. With regard to multiple inquiries in a short period of time (14, 30 days, etc depending on bureau and scoring model including the type of inquiry as in auto, mortgage, etc) your inquiries whether it's 1 or 21 will OFTEN have the same impact on your credit score (if any)...what you stated about the same "number" of inquiries is false. Each hard inquiry will show on that respective bureau for a period of up to 2 years...the only difference is if each additional inquiry will have an impact on the score, and if so, how much.

Best of luck to the OP!