Lease Payments in Advance

kajukidkajukid Member Posts: 3
edited May 2016 in Volkswagen

I've got a FICO that's barely at 600. I'd like to lease a small SUV; given my credit score, though, I know that I'm a risk. In that respect, I'd like to prepay the first year of lease payments in addition to the down payment/cap cost reduction.

Is this something that is a viable option?

Thanks in advance.


  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    UnLess I'm misinterpreting your motive for doing this, I would say it's not viable because the leasing institution will or will not grant you a lease based on whether you qualify initially, for the terms of the lease. I don't think your offer of pre-paying on lease payments would change their credit requirement. Besides, why would you want to give them the 12 month "float" on your money?
  • kajukidkajukid Member Posts: 3
    Your interpretation is accurate. I'd offer them the 12 month advance payment to mollify the obvious concerns: namely that I would default on the lease payments. Ordinarily, I'd use that money as a down payment on a cheaper car. But over the next 36 months, I need a reliable vehicle that's under warranty AND I need to keep overall expenses a minimum. A lease would help in those goals.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Well, perhaps you'll get the lease "as is". It's not recommended to put a lot of money up front on a lease, regardless of where the money goes. It's not just your FICO that counts--it's also your credit to debt ratio at the moment. I think it will also depend on what kind of small SUV you try to lease. Kia might be more lenient than BMW for instance.
  • kajukidkajukid Member Posts: 3
    Thanks. Kia is definitely on the short list.
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