I have some questions regarding auto loans and leases I wanted to see if any up to date informed folks on here can help me with.
Back in my old less frugal old days I used to almost always carry 2 auto loans at the same time and dealers would always tell me I could only have 2 open auto loans and banks just wouldn’t approve a 3rd. Is there any truth to that currently?
The reason I ask is this: My wife is current the lone lessee on 1 vehicle and co-signer on a 2nd vehicle loan. I want to know if (pending credit and DTI etc) she can lease a 2nd vehicle hence having 2 leases and 1 co-signed loan? Fwiw the 1st lease had 2 payments remaining and we just made those final 2 payments and it will be getting returned to GM following an Autovin inspection. I called GM after we made the final 2 payments and they said the lease won’t show paid or closed for up to 90 days as they inspect the vehicle and bill us for wear/tear/mileage. Does that sound right, the lease remains open even if final payment is made?
Thanks for any info and feedback. I don’t want to run her credit on the next lease if it’s a moot point.
Mark
2 posts were merged into an existing topic: The Credit Thread