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Car Lease

Discussion in 'General Tundra Discussion' started by Gibo244, Nov 14, 2018.

  1. Nov 14, 2018 at 8:15 PM
    #1
    Gibo244

    Gibo244 [OP] New Member

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    Can someone tell me how a car lease shows up on a credit report?

    Thanks
     
  2. Nov 14, 2018 at 8:21 PM
    #2
    Tugboat

    Tugboat AKA...duckcmdr

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    Shows up like a loan. Atleast on mine it did. Just got out of lease and bought an 18
     
    big_jarv likes this.
  3. Nov 14, 2018 at 8:24 PM
    #3
    Gibo244

    Gibo244 [OP] New Member

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    Can u please specify. Does it show the payment amount and pmts left during the lease term?
     
  4. Nov 14, 2018 at 8:25 PM
    #4
    Tugboat

    Tugboat AKA...duckcmdr

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    Yes. It showed how much was left on lease and what payment was
     
  5. Nov 14, 2018 at 8:26 PM
    #5
    Gibo244

    Gibo244 [OP] New Member

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    Thanks for your reply. Would I be able to pay upfront the whole lease term and have nothing on my credit report?
     
  6. Nov 14, 2018 at 8:28 PM
    #6
    Tugboat

    Tugboat AKA...duckcmdr

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  7. Nov 14, 2018 at 8:29 PM
    #7
    Tugboat

    Tugboat AKA...duckcmdr

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    That what it looks like now. Just shows amount owed
     
  8. Nov 14, 2018 at 8:29 PM
    #8
    Tugboat

    Tugboat AKA...duckcmdr

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    This is more like an overview
     
  9. Nov 14, 2018 at 8:37 PM
    #9
    Tugboat

    Tugboat AKA...duckcmdr

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    You can but it will be on your report for awhile.
     
  10. Nov 14, 2018 at 8:40 PM
    #10
    Tugboat

    Tugboat AKA...duckcmdr

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    My 06 tacoma shows up as a closed account. That was paid off 7 years ago.
     
    Gibo244[OP] likes this.
  11. Nov 14, 2018 at 8:40 PM
    #11
    Tugboat

    Tugboat AKA...duckcmdr

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    I bought it in 08
     
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  12. Nov 14, 2018 at 9:48 PM
    #12
    Gibo244

    Gibo244 [OP] New Member

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    I want to get a new Tundra but trying minimize my debt to income ratio.
     
  13. Nov 15, 2018 at 6:08 AM
    #13
    Stig

    Stig New Member

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    You will get the lowest rates as long as you have something like a 740 score or higher. That score is usually increased if you have some debt to income, something like 5 to 10%.

    Until you get rid of that lease, it will be on your report.
     
  14. Nov 15, 2018 at 9:43 AM
    #14
    Tugboat

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    I just got .9 on the truck I just got thru toyota.
     
  15. Nov 15, 2018 at 10:12 AM
    #15
    Gibo244

    Gibo244 [OP] New Member

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    If they say the depreciation for 3 years is 15,000 + taxes and fees. Can I pay it all at the time of signing and not have anything in my credit report?
     
  16. Nov 15, 2018 at 10:39 AM
    #16
    Tugboat

    Tugboat AKA...duckcmdr

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    As long as you don't take a loan on it
     
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  17. Nov 15, 2018 at 11:27 AM
    #17
    ebpgh

    ebpgh .

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    Paid off lease shows as zero balance on report. It wouldn't count for home loan purposes if paid off and reporting 0 before your initial credit report is pulled. I would think it would work the same with a car loan for DTI purposes.
     
    Gibo244[OP] likes this.
  18. Nov 15, 2018 at 11:48 AM
    #18
    Gibo244

    Gibo244 [OP] New Member

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    Thanks this is what I was wondering.
     

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