One pay & Credit Score

[hakanturken91]

Hello,
I did some research but couldn’t find a clear answer. It’s only been 7 months since I moved to the U.S., so I’m still very unfamiliar with the entire system, especially the lease process. I spend most of my days trying to learn and figure things out.

Right now, my credit scores vary between 673–706–704, and I’m currently listed as self-employed. I also have a mortgage, which I’ve only had for 2 months.

If I find a good lease deal and decide to pay it all upfront with a one-pay lease, would it still be difficult for me to get approved? Or does doing a one-pay lease actually increase my chances of approval?

Thanks in advance for your time for me

[Jimzigg]

I don’t know for sure but good chance the one pay req isn’t as stringent .

[max_g]

Recent post said GM Financial is less stringent for one-pay.

Segment and budget should help reveal how likely you are to be successful

[Jimzigg]

Agree - my experience was with GMF.

[hakanturken91]

Thank you all. I guess if there are no further responses, I should try my luck with one of the GM brands.

[Jimzigg]

I don’t know how significant it was but I am high 600s low 700s and could do one pay alone but monthly need wife who is over 715

[jeisensc]

@hakanturken91

did some research but couldn’t find a clear answer. It’s only been 7 months since I moved to the U.S., so I’m still very unfamiliar with the entire system

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The Credit Thread

Every month there is at least a handful of posts here that include erroneous perceptions, opinions or information about credit. This thread is intended to address questions and facilitate discussion about credit reporting, credit scoring, and any other general credit-related matters. All credit questions, and all informed opinions and answers, are welcome. To get the thread started, here are a couple of items that come up on LH from time to time. How does my income impact my credit score? I…

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Is One-Pay worthwhile?

I’ve been trying to get solid, complete information on One-Pay Leases (OPL? Is that an acronym yet?). I had assumed that this was similar to buying a car outright in that you wouldn’t need to finance anything, but it seems this may not be the case? What are you financing if you are paying the lease balance upfront? My intent was to not put anything on my credit report (which is in the 820s, I just want to keep it that way if possible). Playing around with numbers on the Calculator, it’s tellin…

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