mctuners

Hi.
It's kinda general question (not for IS250/350), but since I already have IS250 and I always come to this section, I am posting my q here.
I'm thinking to lease an 07 model of RX and I have a question.
If I lease a vehicle, would it stay on my credit as a debt/liability just like I puchasing a vehicle by financing it? Or would it show as something else but NOT debt/liability?
The reason I'm asking this is because I'm planning to buy a house soon and I don't want my credit to show a debt of $38,000 and have my credit score get lower, which will eventually lead to a higher interest on morgage.

gcantu

I don't know how it would show up, but I would wait until you get the house and then go out and get the vehicle you want. I remember when we were buying a house. The loan officer made it very clear not to go out and do anything that would alter our credit, ie. new car, furniture, appliances. It can easily mess with the way your loan is approved or denied due to credit risks on your part.

AsianGirl007

iTrader: (1)

Yup get the house first, wait for credit score to recover, and then lease the RX. Btw, it does show as a "debt" but only for the amount of lease payments and not the full $38k.

mctuners

Thanks for the clear answer.
That makes a sense to have the debt as the amount of the lease payments.

FinanceGuy

100% correct...

acsan

Well said! Oh and don't forget all the other costs associated with being a homeowner. With that said, you may want to hold off with the lease a while longer.