If you are contractually obligated to pay an amount it will effect your credit. It shouldn't hurt too much though as people usually have a home and car. While it may not show as an auto loan, it will be clear it is if it's through GMAC or Chrysler, etc...
Below is a great lease guide.
I would say be wary of leases. If you go over on mileage, they tack on a lot of extra fees. If the car is damaged in any way, there are fees. If you plan on trading in every two years, I would say go ahead and do it. If you're going to keep the car/lease the car for longer than 2 years, you should buy. Leasing a car for 48 months is crazy in my opinion. You could have bought the car in the same time frame.
If you are leasing so you get more features for less money, buy a late model used car instead that is still under warranty and you achieve the same thing.
Just my two cents.
· 1 decade ago