Buyer's Remorse... :(

[mamaLori05]

No, I've already been approved and it starts next month. That's the problem. From what I've found, it negatively affects your credit rating. My lease wasn't up until August, and I was afraid my credit at that time wouldn't allow for a new lease or loan because of the mod. Then I'd be without a car....


I did a lot of research before we left to the dealership. I was offered a special incentive from Toyota where they paid off my lease early, accepted no money down, and put me in a 2011 Camry with payments that are only $4 more than my previous car. So I got an unbelievable deal! I just miss my old car...
ETA- and, they made my first payment, so I'm good until February!



My lease was up in August and I would've been up a creek because of dings on my credit if I waited til then. I didn't go to Buick initially because Toyota made an unbelievable offer. When I went to Buick after buying the Camry they said they would've honored the Toyota deal...

Anyway, I think I'm getting use to it. It's a nice car with good gas mileage, and I'm enjoying the automatic starter, dd likes the moonroof. It's only 2.5 years I guess...

Have you double checked with your loan officer? We were always told NOT to buy/lease ANYTHING major until we CLOSED on the loan. From what I understand nothing is set in stone until you sign those papers closing on the loan.

When we purchased our first house, our loan officer told us of a story where one of her clients had just been approved for a loan and they were all set to purchase a house. Between that time of being approved and closing, the couple went out and bought a boat. Needless to say they never made it to closing. Buying that boat cost them being able to buy their house.

 

[Halbleib1]

Have you double checked with your loan officer? We were always told NOT to buy/lease ANYTHING major until we CLOSED on the loan. From what I understand nothing is set in stone until you sign those papers closing on the loan.

When we purchased our first house, our loan officer told us of a story where one of her clients had just been approved for a loan and they were all set to purchase a house. Between that time of being approved and closing, the couple went out and bought a boat. Needless to say they never made it to closing. Buying that boat cost them being able to buy their house.

We were told the same thing when purchasing our home 4 years ago. If the bank decides to back out on the loan for whatever reason and you need to go through another bank or the bank decides to run another check it could prevent you from getting the loan.

Banks look very closely at your debt to income ratio. Probably even more so today than 4 years ago.

 

[tlbwriter]

When we purchased our first house, our loan officer told us of a story where one of her clients had just been approved for a loan and they were all set to purchase a house. Between that time of being approved and closing, the couple went out and bought a boat. Needless to say they never made it to closing. Buying that boat cost them being able to buy their house.

We heard the same thing, about a couple who bought all their new furniture before closing. But the OP is replacing one lease with another lease, presumably with a similar payment, so it shouldn't affect her debt to income ratio, should it?