Question from a family member who has very thin credit profile (6 months), no debt or bad payment, just new credit. Would he be able to get a one-pay lease? I am not sure if one-pay is ranked the same as normal lease?
Also to take advantage of the additional GM card rebate, would it make sense to try to apply one on the spot or run through the car lease first?
Doing a one-pay does not increase ones approval odds, speaking for BMW, at least.
GM I think approves anyone but with higher interest rate. With one pay, would the higher rate come into play?
The real expense might be how high their insurance will be.
Why won’t they approved you on 1-pay? I mean you are paying all at once, not waiting every month.
Wlth 1-pay, there is zero chance that you would miss a payment. I don’t think you need credit, correct me if I’m wrong.
When I try getting a RS etron, they won’t approve me for monthly, saying I have 2 many cars, but 1-pay was not a problem. Weird
Because you’re not borrowing the amount of the OnePay. You’re borrowing the car and the bank has to be satisfied that you’ll return it.
Isn’t that what a credit score is for? If you excellent credit. I don’t see any problems. Stupid excuse, “having 2 many cars”
It’s like buying a expensive item at a store, we can’t sell you because you already brought one lol
I think GM will lend to anyone with a pulse, so I am sure it is not a problem getting one and he has strong income. He doesn’t have bad credit, just very thin credit history. Just curious if the possible rate increase would impact the one-pay situation
Except you’re going to own the item you buy from the store, the store isn’t loaning it to you for 1/2 the value hoping you’ll give it back in good shape when the 2 years is up.
Credit is used an indicator of whether or not you are someone that can be trusted with collateral, not just if you can literally afford something.
Okay got my answer. One pay can usually overcome low credit score, they just have to be manually approved by an agent.
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