Many reasons why one pay not desirable. Run a search. Well documented.
One pays do not typically put the money at risk of totalling in the same manner as putting large amounts upfront do.
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hence my comment lol.
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Speaking from personal experience here. Having a family co-signer when I had little to no credit history (low low 700s) while in school and limited income worked out really well for me, with no cons for the co-signer. We didnât run into any issues with MF marked up thru the roof. Truthfully I believe they based it on my co-signers 800+ score. It was just a simple 250/month vehicle for me. I built credit history which allowed me to obtain a new lease fresh out of school when I had a job. As many have said if he canât make the payments, they are on you. Up to your financial situation if thatâs something you can handle given worst case scenario.
Since youâre considering a relatively inexpensive lease I wouldnât worry to much about the MF. Just push to have it based on your credit score, or an average of the two. Tier 1 to Tier 2 honestly shouldnât add more than a couple hundred dollars over the full term on a $200/month lease.
Very helpful!
Iâll look into it thx!
Donât cop out.
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Might want to search yourself, bud. One-pays are generally pro-rated in the event of a total loss. Itâs not at all the same thing as a large down payment.
I donât think anyone here is confusing a large down payment with a one-pay. There are a number of reasons why one-pays are a poor allocation of money, not the least of which you could stick that money in a standard interest bearing account and come out further ahead over the lease term. Itâs just a poor choice for people that otherwise have many. If you feel differently, by all means, may all your future leases be one-pay leases.
Do you know that many lenders offer MF reduction on one pay leases so there are savings?
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Of all the many âwell documentedâ reasons, thatâs the only one you chose to stand behind?
But ok, letâs dig into that. Broad sweeping generalizations are kinda useless, so which captive are you talking about? Whatâs the MF reduction they offer? And whatâs the exact savings on a 3yr lease vs your standard interest-bearing account?
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Oh look, another person that has no idea how leases work.
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The math does not support your opinion.
I have a question also. So I have a 600 credit score but my parents are like 770-840. I have good income and just started to fix my stuff.
Could my parents co-sign so I get the best lease deal?
Yes they certainly could. Great way to build your credit too. Negotiate lease numbers first before you get to financing. Then if anything comes back from financing thatâs less than favorable, just tell the dealer you still want the numbers you agreed to and they can make adjustments in the deal on their end to make it happen, or youâll walk. Way back when, I always told them no problem if Iâm not tier 1. Get me approved at 2. But Iâm not paying anymore than what we agreed to on the deal sheet.
This is ridiculous advice. If a deal is based OAC, why is it the dealerâs fault that you have bad credit?
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âThis is ridiculous adviceâ
Thatâs not the point I was making. Itâs not the dealers fault. I have never had bad credit; but I was just suggesting that everything can be negotiated if dealer wants to move a car. As a buyer, I think itâs great to keep the power in our hands when making a deal.
I think itâs great advice. If you donât, then donât use it.
You seem angry. Itâs a discussion with differing points of view. And on that note, I honestly do not know how some trusted users have mod ops when you talk to people this way @admins
What, tagging Michael didnât work for you?
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28 days in, you have some interesting opinions about how things should work here, besides being a snitch.
How many years did you work F&I again? Or broker mortgages? Call your credit buyer for an exception?
That makes one of you.
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