lease vs. buy & how they report

Discussion in 'Credit Talk' started by molly, Apr 29, 2001.

  1. molly

    molly Well-Known Member

    I am going to lease my car. I have been told that leasing will raise your score more than financing. Is this true? I don't remember the reason why. Any thoughts? The dealer is Honda.

    GEORGE Well-Known Member

    One warning...OVER MILEAGE CHARGE IS BIG $$$
  3. molly

    molly Well-Known Member

    I only drive 7500 miles a year. I had my old car 3 1/2 years and only drove it 19,000 miles. Actually, thats only about 5500 but I transfered to a different school so it will be a little more. I am figuring on 7500 -8000. Thanks for the warning.
  4. Concerned

    Concerned Well-Known Member

    Maybe it does. All I know is the total value of your lease is submitted and each monthly payment brings it down until the last payment equals zero. How that helps your score, I don't know for sure. This was the case with Toyota.
  5. Pat

    Pat Well-Known Member

    My last car was a lease. It showed on my CR's as an Installment account. Although the name of the company was "FIRSTAR NA RETAIL LEASE". Other than that it looks exactly like my current car loan.

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