I want to take over a friend's lease but I hurt my credit while starting my business. My friend only has a year left in the lease an 17k miles and I wanted to pay it all in advance. Would I need to pass a credit check even though I am paying in advance?
Also, In general if I paid a car lease in advance would I need to pass a credit check?
2006-07-06 02:13:44 · 4 answers · asked by Pacemaker 2 in Business & Finance ➔ Credit
I see that the key word, "Lease" has been totally overlooked.
Why in the world would you want to take over a "Lease" for someone else, (EVEN IF YOU CAN).
Don't even think about it.
You do realize that you will not "OWN" the car after a year. Is the amount due worth driving the car for a year? And if the mileage at the end of the lease exceeds the "Contracted Lease Mileage", be prepared for a HIT!
Take your cash and buy a car. You may pay a little more in interest, but it will be yours. You can buy.
2006-07-17 04:32:41 · answer #1 · answered by ed 7 · 0⤊ 0⤋
If you are paying the car off in one shot you don't have to worry about your credit score, it's not relevant because no one will be extending credit to you. Get the car transferred into your name by the leasing company and then pay it off, this way it will also improve your credit
2006-07-06 04:12:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you will have to pay up front before the car company will allow you to take over the auto. A good way to do this is to pay your friend (if you must trust him without reservation) and have him pay off the lease. He can then transfer the car, which he now owns, over to you.
I am now sure but I don't think he can just give the car to you without your paying taxes on the transfer. I recently bought out my lease on a Toyota Corolla and want to give it to my companion; however, when this will be done she must pay taxes on the transfer.
2006-07-15 14:38:57 · answer #3 · answered by wunderkind 4 · 0⤊ 1⤋
If the vehicle broking service says "certain" then the answer is "certain". in simple terms be positive that's a credit fee and not in any respect a debit (money enhance). also - be positive to do not ignore that utilising a mastercard is taking away a little while period loan. you're borrowing the money for the down fee and charges. be positive you'll have it on the full of the month to pay off the CC bill!
2016-10-14 04:26:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋