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how does a lease work vs preapproval

Established Contributor

how does a lease work vs preapproval

i am preapproved up to 40k with capital one, but i am still deciding to lease/finance my next suv.

 

if i can write off part of the payment from work, then i will choose the lease route.  the problem is, the suv will most likely be over 40k (mid 45-50). 

 

do i still use the same preapproval quote from capital one if i will be leasing? or is it another process

started rebuild in 2014 and all scores mid 500
01/14 - BOA secured card 02/14 - Cap 1 secured card
11/14 - Chase Freedom $4000 02/15 - Sallie Mae $2200
Feb 2015 Myfico
EQ: 703 TU: 661 EX: 668
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Frequent Contributor

Re: how does a lease work vs preapproval

Capital One's prequals are for purchase only.

Leasing is a whole other ball of wax.

 

As far as I am aware, Capital One doesn't do leasing.  Purchase financing or refinancing, but not leasing.  They will do lease buyout lending, but that is like a refi on a lease, not a new one.

 

If you intend to purchase a $47K vehicle on a $40K max Capital One approval, please be sure to use their system to check the exact VIN on the vehicle you want, to get their maximum loan amount on that vehicle - it may be less than $40K.  Any difference between the actual price of the vehicle and whatever Capital One's maximum loan amount is on that exact vehicle, you will have to pay in cash at delivery.  Keep in mind that taxes, title/registration fees, etc. count in that "max loan amount" total too.

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