Ok, i went into the dealer yesterday looking to do a one time up front payment for this truck for 36 months. They told me that is the only way they will accept the lease because of my negative credit. The finance manager said if I pay the lease up front, it will show as paid in good standings on my credit for 36 months, and then i could buy the truck after the lease if i wanted. I dont believe him because i talked to 2 other dealerships and they both said that the one time payment does not show as payments made ontime on my credit and that it would just show something else. Im confused and dont know what to believe, but if i make this one time payment, and it dont help my credit, then i wont be able to just lease normally, or buy the truck because they will still try to run my credit after 36 months. Can someone help?
2007-01-12 00:51:56 · 12 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I agree with the other dealers you talked to. The best way to improve your credit is to make multiple timely payments on your loans, credit cards, etc. The dealer with the car just wants to sell it, so they will tell you anything.
2007-01-12 00:56:28 · answer #1 · answered by Sookie 6 · 1⤊ 0⤋
Don't do it. There are plenty of auto dealerships that will give you a better deal. I know, because I just did this. I also have bad credit, but I was able to get a nice car with no down payment and small monthly payments. It's being able to make the payments each month that looks good on your credit, not big one time payments, which do not show up as "paid in full" on your credit report. Try 1-800-Bar-None or a local dealership in your area. You can get a better deal, credit or no credit! Don't waste money making a lump sum payment. Instead, save that money and use it for monthly payments!
2007-01-12 00:57:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Don't believe the finance manager, he's just trying to make a commission.
Ask the Finance Manager to write a contract addendum stating that the dealership guarantees that you will be financed on the lease buyout at the end of the lease term, and see what he says.
In 12 years, I have seen many people do this, and then at the end of the lease term their credit is just as bad, and they can't finance the vehicle.
Buy a used car, use the balance you saved to pay off what is affecting your credit.
Ask the Finance Manager to write a contract addendum stating that the dealership guarantees that you will be financed on the lease buyout at the end of the lease term, and see what he says.
2007-01-12 01:05:05 · answer #3 · answered by Robert S 3 · 0⤊ 0⤋
Everyone so far is correct. I work with insurance and credit daily. The salesman is just trying to make a sale. The best way to better your credit is on time, monthly payments. Go to a different dealership and buy something besides an overpriced vehicle
2007-01-12 01:07:46 · answer #4 · answered by blb 5 · 0⤊ 0⤋
It will not show up on your credit because you are not getting any credit...
In order to build up your credit rating, you will need to go someplace like Sears, JC Penny's, or another large store and buy something on credit for a year... then make the payments and don't miss any or don't be late for any...
the only thing that builds up your credit is making payments on time and not missing any.. and I THINK it needs to be for at least a year before it makes much of an impact... so.. buy your mother a NICE present this time!
2007-01-12 01:03:48 · answer #5 · answered by ♥Tom♥ 6 · 0⤊ 0⤋
Creditors prefer to see a consistant pattern of payment. A one time payment does not improve your credit standings. I would just wait it out and look around more. You can go to dealerships or used car dealerships that will look beyond your bad credit. Do you really need a 2007 car?
2007-01-12 00:58:05 · answer #6 · answered by Suki 4 · 0⤊ 0⤋
the in trouble-free words way it woudl be suggested grow to be if the dealership chosen to document the employ on your credit document each month, calling you "modern-day." maximum in all probability, they wont-- its a one time deal and they're going to ignore about you till 3 years passes. i'd restoration your credit and easily use an excellent down price. what's incorrect with a 2001 escalade which could likely be over 1/2 paid off with that form of credit? then you honestly can make funds each month and construct your credit, and in 3 years promote the element and purchase the hot one you want. Then it's going to be a 2010 cadillac escalade!
2016-10-30 21:56:53 · answer #7 · answered by hinch 4 · 0⤊ 0⤋
If your credit is already so bad they won't accept you, stay away from going further into debt by leasing an 07 Caddy. If you have that much cash on hand to make that one time payment, pay off some of your creditors which will do much more to improve your score than going further in debt.
2007-01-12 01:00:04 · answer #8 · answered by oklatom 7 · 1⤊ 0⤋
It won't show as 36 on time payments on your credit report. The salesman is just trying to make a sale.
2007-01-12 00:55:13 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Go to your Bank and take the money and place it in a fixed deposit (CD, etc). Then use that instrument as security to take out a loan to purchase the vehicle. You will also get interest on the fixed deposit which will offset the interest on the loan. Many banks charge 2% more for the loan than the interest they pay on the F.Deposit.
You will build credit this way also.
2007-01-12 02:33:26 · answer #10 · answered by Anonymous · 0⤊ 0⤋