Lease Application Question
Thread Starter
Driver School Candidate
Joined: Aug 2007
Posts: 1
Likes: 0
From: il
Lease Application Question
Hi all,
I'm planning to lease a 2007 IS AWD, and I applied for credit online at lexus financial. I just received the approval email. Painless.
Now will the dealer subject me to any additional credit check, or will I have to fill some more lease related forms at the dealership?
Thanks!
I'm planning to lease a 2007 IS AWD, and I applied for credit online at lexus financial. I just received the approval email. Painless.
Now will the dealer subject me to any additional credit check, or will I have to fill some more lease related forms at the dealership?
Thanks!
Lexus Champion
Joined: Sep 2006
Posts: 3,102
Likes: 8
From: Hill Country, TX
I think you have just been prequalified. You'll still have to do the paperwork at the dealer, but maybe it will be less painful than normal. When I financed my IS last year with Lexus they did a credit check when I signed the papers and took possession of the car, and then Toyota Motor Credit Corporation pulled my credit report again two weeks later when they finalized the loan on their books. So I got dinged for two credit application hits on my FICO score. 
But there isn't much you can do about it. That's one reason I don't like to prequalify for something unless I know I will going through with the sale. It just opens the credit report for negative hits by too much credit application in the eyes of Transunion, Experian and Equifax. It may all be reasonable, but the systems aren't sophisticated enough to know that.
But there isn't much you can do about it. That's one reason I don't like to prequalify for something unless I know I will going through with the sale. It just opens the credit report for negative hits by too much credit application in the eyes of Transunion, Experian and Equifax. It may all be reasonable, but the systems aren't sophisticated enough to know that.
Last edited by Evitzee; Aug 11, 2007 at 02:51 PM.
Lead Lap
Joined: Jun 2007
Posts: 456
Likes: 0
From: illinois
When i leased my car i did the same thing. I did the whole pre-approved thingand then went to the stealership. They had it all on file and thats all i really needed. Just make sure to bring your old checks to verify your income. They only did one credit check for me as far as I know.
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