What's the point of offering a lease/purchase if you require the potential buyer to pass a credit check?

Question

I mean, doesn't it seem the only reason a person would want to do a lease/purchase rather than buying outright is because their credit prevents them from doing so?

Answer 1

I decided to go with a lease option because I was new to the area and didn't know exactly where I wanted to live. But... I needed a place to stay until I could make up my mind - so since I liked the place enough to consider purchasing it, I decided to go with the lease-option.
I'm actually not exercising my option simply because the place is worth 20k less than it was last year and I'm not paying that much of a premium for a house. Such is life...

Answer 2

i would want to know just how jacked up the credit is.

a couple of missed payments or doctor's bills, well, that is understandable. but if you NEVER pay rent or lease,....

i know a person who would get into a house and not pay rent/lease for 3 mo.

they know the system. you can live there as long as you are not thrown out. in the meantime, it could take about 6 mo of none payment. then you go to another house. and another. you have a history of never paying. there are laws against throwing someone out of the house. some people play with the system. check out the people. doctor's bills and student loans give you bad credit. but i would still let someone like that lease. BUT A HOUSE HUSTLER, NO!

Answer 3

The credit check might look for different items.

If I was doing a lease to own I would look at WHY your credit score is bad. Not just the score.

Answer 4

No. There a many different reasons to lease/purchase. You didn't mention the item in question. I'm assuming it is a home, but everything from furniture to appliances to cars can be leased/purchased.

Answer 5

Not at all. As a landlord, I always required a minimum credit score of all of my tenants.

People have many reasons for opting for a lease option, not just poor credit.

Answer 6

completely. i could shoot off an electronic mail to the breeder announcing how "John" has inquired approximately getting a puppy from them. point out which you're associates with "John" and which you have 1st hand wisdom of "John" abusing canines. point out which you're in basic terms finding out for the wellbeing of her puppies and which you do no longer propose to step on their feet or insinuate that they do no longer be conscious of a thank you to reveal screen ability shoppers. Edit: stable component approximately no longer putting it in writing. If the aptitude shopper have been given their arms on the electronic mail, they might sue for slander.