Single Payment Lease

[The Car Kid]

Question out or curiosity... do single payment leases often come with the same credit requirements as a normal month-by-monthly payment lease? Ex. - Let's say I were to walk into a dealer offering an all inclusive 36/mo lease for $200/mo with $7200 - would I most likely walk out with the car?

[BRBiz]

Yes for the most part they are the same.. Although you are paying upfront for all the payments your still responsible for taking care of the vehicle and paying for any extras when you return it.

[hrguy]

And with all the fees that you will still have to pay, that 7200 is gonna be closer to 10K

[BRBiz]

Also keep on mind if you do a single pay lease and the car gets stolen or is totaled your going to be out a good chunk of money.

 

Same idea if your financing a car and you owe more then it is worth and you have gap insurance should you really be paying extra every month? In my opinion no because if you total the car or its gets stolen any extra you paid in to it is your loss and the gap insurance companies gain since you were making up the negative gap with extra payments every month. If you want to pay extra every month, take the money put it away and then pay a lump sum later down the road when you have postive equity.

 

With a one pay lease your stil paying some interest and maybe all the interest if the dealer is trying to screw you so the benefit of it is minimal but comes with risk.

[hrguy]

I am curious to know if they report it to the bureaus? Since it is not a monthly payment

[BRBiz]

Supposedly it does report but just as a one time payment from what I say online..

[MarvBear]

 

with the same credit requirements

specifically to just answer the asked question.

 

Yes.