Question about being a lease cosigner.
Lexus Fanatic
Joined: Nov 2011
Posts: 35,562
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From: ON/NY
It is highly improbable that this friend of the OP has a 800* score with an insufficient history, it is very likely the person has a poor credit score which is what I had meant.
Last edited by Toys4RJill; Dec 10, 2019 at 11:01 AM.
Lexus Fanatic
Joined: May 2012
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From: Maryland
I cycle through credit offers to maximize points and such. Wife and I both have over 800 scores, hers being slightly higher than mine. We don't plan to finance anything else huge in a while so we're not too concerned by temporary dips in our rating after closing accounts as it always rebounds within a month or two. What I learned is you can transfer your credit line from one credit card to another before you close it. This only works when both cards are issued by the same bank but it reduces the impact to your credit score because the credit bureaus do not see a reduction to your total available credit line. This tip was shared by the credit card representative when I closed a card.
No doubt.
Of course. Something similar happened to myself decades ago in my late 20s, my sister and most recently my mother at the age of 75. Some just have no need for a loan or credit. I don’t think someone could have a credit score of 800 with an insufficient history, perhaps yes or not, not really of importance to me. Bad credit is often reflected with a poor credit score.
It is highly improbable that this friend of the OP has a 800* score with an insufficient history, it is very likely the person has a poor credit score which is what I had meant.
It is highly improbable that this friend of the OP has a 800* score with an insufficient history, it is very likely the person has a poor credit score which is what I had meant.
For a car lease, typically they wont approve a car lease if you dont have a prior car loan on your report or a mortgage. So if you have credit cards and excellent credit but have never financed a car before and don't own a home, you might not get approved for a car lease on your own.
Thats not an issue for a mortgage or a car loan.
Lead Lap
Joined: Jul 2007
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From: SC
Racer
Joined: Apr 2016
Posts: 1,846
Likes: 117
From: Sacramento, CA
Lead Lap
Joined: Jul 2007
Posts: 4,562
Likes: 674
From: SC
I don't think being a co-signer gives you any right to the car, even if you are paying for it. You may have to get him to sign it over to you before you can do anything about it other than just pay for it. There are sites that list leases for others to take over. Once you get to that point, you may want to try that.
https://www.swapalease.com/
https://www.swapalease.com/
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Racer
Joined: Apr 2016
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From: Sacramento, CA
My wife has held onto her ES 330 for 14 yrs and 2 months now. She used to drive a lot during the first few years but the past decade has been 5000-6000 miles a year. Even at the 10 year mark she just broke even compared to leasing once I factored in maintenance, repairs, and tires. Now, if we stretched the oil change intervals and didn't buy Michelins all the time then maybe we would have been ahead sooner, but her car is so old and outdated now. In hindsight, she could be driving a newer car every few years with maintenance included and modern convenience and safety features, but she loves her ES and thinks it is the best car on the road, bless her heart.
To Lexus' credit, her ES interior and leather still looks excellent. The car has held up extremely well. They don't make cars like that anymore. The tranny has hiccups, as is common in that gen ES, but the car overall is still quite comfortable and feels like it will still be good for another decade. That car might just be her first and last car.
CL Community Team
Joined: Feb 2007
Posts: 9,416
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From: IL
Though it wasn't my suggestion, I would assume it would be a short-term stopgap, not a permanent change. He likely wouldn't run up so many miles in 3-6 weeks as to blow out his lease allowance, unless he's right at the edge already.
Racer
Joined: Apr 2016
Posts: 1,846
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From: Sacramento, CA
I know you have to provide proof of insurance but it makes me wonder if there's a way for someone to rent a car to use for Uber. Hypothetically, they may make enough to pay for the daily rental and maybe even cover the rental car insurance coverage, all without accruing miles or wear-and-tear on their own vehicle.
Lexus Fanatic
Joined: Nov 2011
Posts: 35,562
Likes: 404
From: ON/NY
I know you have to provide proof of insurance but it makes me wonder if there's a way for someone to rent a car to use for Uber. Hypothetically, they may make enough to pay for the daily rental and maybe even cover the rental car insurance coverage, all without accruing miles or wear-and-tear on their own vehicle.
Lexus Test Driver
Joined: Apr 2011
Posts: 8,432
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From: Las Vegas
I don't think Uber is as lucrative as it was a few years ago. My roommate(and also tenant) is an uber driver and he's been struggling to pay rent lately, usually a week or more behind. And he just financed a repair to his Elantra.