Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Have you tried to purchase a new vehicle within the last 6 months and either:

    * Brought too much debt with you from your previous car that you couldn't afford a new car purchase?
    * Expected to find a 0% finance deal on a new vehicle, but had trouble finding one?
    * Made the decision to buy used since new vehicles were too expensive?

If any of these situations apply to you, a reporter would like to talk to you about it. Please reach out to [email protected] by Wednesday, October 17, 2018 telling us a little about your experience, and the Edmunds PR team may connect you with the journalist.
If you experience loading issues with the login/register form, please completely disable ad blocker or use an incognito or in-private window to log in.

Lease Payments in Advance

kajukidkajukid 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, CaliforniaPosts: 61,660
    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?

    MODERATOR --Need help with anything? Click on my name!

    Share Your Vehicle Reviews Here

  • kajukidkajukid 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, CaliforniaPosts: 61,660
    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.

    MODERATOR --Need help with anything? Click on my name!

    Share Your Vehicle Reviews Here

  • kajukidkajukid Posts: 3
    Thanks. Kia is definitely on the short list.
Sign In or Register to comment.