On my last mortgage. They made me write a letter to explain why there was a new hard pull on my credit report (I was shopping for a better rate). So yea, they are VERY strict. I would be super careful.
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Appreciate all the feedback and conversation on the mortgage portion. Two separate mortgage bankers (made sure to get a separate opinion) said that for the lease the bank would assume for the mortgage as @CarandWatch said that the payment would continue. As for my financial situation it is purely for the DTI ratio to maintain the payment as that would result in zero changes for the bankâs current calculations, and to avoid a credit check at the time of closing (doing it now and having the bank see the end result a month or two before closing eliminates the risk for them in knowing what I was trying to purchase.) Additionally there is a board involved that looks at your financials and seeing a credit check during approval without having the end result known can also cause hiccups in the process. At the end of the day eating the two payments, which I hate to do, will cause a lot less confusion, delay, and prevent a rejection from the parties involved.
@Ursus is also correct in the new loan showing the larger outstanding balance, as this would typically be favorable if I didnât have to get a new vehicle at the exact same time due to the lease termination.
If anyone else is ever in this situation I hope this helps, but always speak to your mortgage banker and definitely get a second opinion to make sure.
Varies by region and trim. Youâll want to check the forums on edmunds.com and request the data for your region.
In California, a T6 Momentum is .00078 and 64%. A T6 Inscription is .00032 and 62%
what about in NY and NJ?
Seriously, stop asking questions and just do your work if you are really serious.
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Donât know, Iâm not from there. Go to edmunds.com
The guy is trolling, IMO.
not my intention at all
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For future reference,
edmunds.com is the place to go for finding out up to date mf/rv info for your region
autobytel.com is the place to find out current incentives
You PMed me and I told you what to do. And you keep asking without spending time to do your own research. He told you to ask on Edmunds - go and ask.
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will do. the PM was by accident. was on the train and could not see clearly where it was posting
my apologies
No problem, happy to help, but everything is out there - you can find it here or other places.
Just Google â(car model and year) mf residualâ It always comes up with the Edmunds forum. Register for the forum and ask away.
In most S90 cases people are opting for the 7K miles a year for lowest monthly. I need between 12-15K a year. Is it worth pursuing paying the extra miles, pay the overage at the end of the lease or get something else?
Put it perspective - even 12 or 15k miles is currently the best value in luxury cars. Do your math if it is better to pay mileage penalty vs. taking 12/15k miles
Even the 15k leased well. Do that instead of paying the overage if you plan on going over. You could gamble on a pull ahead offer from Volvo where they will eat the overage, but I wouldnât.
I got my sister in law a t6 momentum on a 24/15 for $375 before taxes and about $500 cap cost reduction a month or so ago.
Thanks for the advice. I hope the deal is the same in AUG.
There will be fewer 2018 T6, if any. And 2019 wonât be great deals until the end of the year. And no one knows what incentives will be like and whether non-negotiable a-plan will be in place.
Not sure this is the right place, but what is a good lease calculator for 7,500 miles leases. I see the one on this site is just down to 10k miles. Unless I can use the same calculator put 10k miles and just put the correct 7,500 mile residual. Just looking to double check my math.