Posts tagged "lease"

What is the lowest credit score do you have to have to lease a car?

Question by nurseisfabulous: What is the lowest credit score do you have to have to lease a car?
I’m in the market to buy another car. Currently driving a 2001 Lexus RX300 and the new has worn off. Was wondering if it was possible to lease a car with a less than perfect FICO score of 652. The only reason why I was considering is because I want to buy at least a 2003-4 BMW X5 but I prefer a brand new one but I don’t have the cash or dare need a car payment that high for a 45k vehicle! I’ve heard leases are generally only approved for people with great credit but I have heard of people with less than perfect credit leasing cars but I was wondering approx. with what score?

Best answer:

Answer by crazytaxidallas
If you leased your RX through a leasing company then you might want to call and ask them if they have an X5 you could take over a lease on. If you leased through the Lexus dealer then locate a used X5 at a Lexus dealer and go from there. In either case, 652 is not so bad that you wouldn’t be able to lease another vehicle, especially if you are currently in a lease. I would also recommend calling a leasing company (not a dealer) to ask more questions and to locate the X5 you want.

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Posted by Trevor - August 28, 2012 at 1:25 pm

Categories: Credit Score Questions   Tags: , , ,

How much will it lower my credit score if I break my lease?

Question by geewhiz: How much will it lower my credit score if I break my lease?
I have to break my apartment lease. I was living separate from my husband, and we are moving with a job transfer to a different city. My credit score is about 750-800. If I break the apartment lease, it will go on my credit report. How much will this lower my score?

Best answer:

Answer by Lauren F
Breaking the lease itself won’t hurt your credit score. It is what happens to the unpaid rent on the remainder of your lease that could possibly hurt your credit score. For example, if there are 9 months remaining on your lease, and you leave without paying those, and the landlord has two choices. Try to re-rent the place, or sue you in court for violating the terms of your contract. If he does the first, then nothing will happen to your credit report. If he does the second (sues you) and wins a judgment against you, that becomes part of your credit score and will drop your score at least 100 points.

Read your lease carefully and see what the terms are for breaking the lease. Sometimes you can pay a penalty of one month’s rent and get out. Other times it is 60 days, and they only let you out if the place is re-rented in that time. Other times there is no “early out” clause and your only option to reduce the expense is to find someone to sublease it from you.

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Posted by Trevor - December 6, 2011 at 9:00 am

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