GMAC Auto Lease paid off/what can I expect for score

[Anonymous]

Hello. I just completed my auto lease with GMAC. Before I purchase another vehicle, I would like to see my credit score jump a little bit. I assume my credit score should jump a little bit once GMAC reports me as "paid as agreed". 1. My question is how long does it take for GMAC to report it as paid. 2. How much of a credit score jump can be expected. I realize this is an installment loan and not a revolving credit line. So probably a big jump won't happen. 3. If the car had damages (which I don't forsee happening) will that go against the auto lease terms? For example if they say I had $300.00 in damages will that be reported on my report as part of the lease terms? or will that be a separate billing issue?

[ngerasimatos]

While you shoudl expect an increase in scoring, some actually lose points when compelting a auto lease/loan. What are your current credit scores and please proivde a snapshot of your overall credit and account types.

Also, if there are any damages to the vehicle you will be responsible for paying those at the time of ending the lease. If you refuse, the lease will not be considered paid as agreed and you WILL be liable.

[Anonymous]

I am around 639/619/626 for a credit score.. I am looking to get to around 670 to get the good financing on a replacement vehicle. I have a 2nd car loan with GMAC. So the mix of credit will still be there. I have two mortgages on 2 homes. I have about a dozen credit cards. I am about maxed out 75 to 80% on my credit lines. I am dropping about 5% per month. I am trying to make a goal to become revolving debt free by sometime in early 2010. I have no collections, no judgments. I DO have 31 lates that are between 1 and 2 years. I guess I was just stupid until I found this website and forum. .

[ngerasimatos]

Are you going through GMAC again?

[Anonymous]

More than likely I won't be using GMAC for this new loan. but I do have a fairly good/established history with them.

[ngerasimatos]

Thats what I was thinking.... I previously had a Mazda 6 leased through Mazda (FMC) and they were more than happy to take me back as another customer even when other dealers laughed at me. I have a great income, but terrible credit score due to defualted student loans.

In the end I got approved for a fully loaded 2008 Lexus IS350 (55,450.00 MSRP) with 0.00 down with a sub 500 credit score Monthly payments of 797.50 a month. Its good to know people who can help "force" approvals.

[Anonymous]

GMAC was good to me so far... I was told with leases GM can be very liberal when considering what is "damage". I doubt I will get "dinged" for anything. But I am scared that I might get a statement showing I owe $1,200 for damages.. haha.. I guess I had landlords in apartments that always found excuses to not give a security deposit back.. but in a way.. I am close to a "good" credit score.. So I guess I won't know if I can get a good deal until I actually apply.

[fishbjc]

If you're sent a bill for anything, make sure you pay it.  GMAC can be brutal!