I financed a truck that I no longer need. I am currently in a lease that will expire in 12 months (on another vehicle). I had the great idea of leasing my truck to someone for 12 months after which I'd take the truck back and keep it as my primary vehicle. Basically I can't afford two car notes, but I don't want to end my lease early, nor do I want to sell the truck. What do you think? Is this legal? And would you enter into a transaction like this?
2006-10-25 08:22:45 · 5 answers · asked by mochachreme 3 in Cars & Transportation ➔ Other - Cars & Transportation
It could be a piece of crap when they return it and it would still be your responsibility. This is by no means a great idea. I would enter into a transaction like this and run up a ton of miles on the truck, drive it into the ground and not make any payments on it and then return it to you after one year. You get the picture. Maybe a family member would do it. But you are asking someone to make payments on something that you will eventually own. If that's the case I would rather lease or buy my own car.
2006-10-25 08:43:41 · answer #1 · answered by Eldude 3 · 0⤊ 0⤋
If you sub lease the truck you must continue to carry the insurance for full coverage in your name and you are responsible for how the new lessor maintains the vehicle. If it breaks, the new lessor surely wont keep paying! Also, you dont own it to sub-lease it (legally) so you could be subject even to repo for breaking the lease terms. Try to refinance the one you want to get out of and then your payments might be less. Since you want to keep it, you will still need to pay for the residual and taxes after your lease payments end. That is another half the cost or so of the truck. Did you know that?
2006-10-25 15:21:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I see a lot of ads in the newspaper asking ppl to take over a lease of a car, I don't think it would be a wise idea tho. U can ask a family member to do it, but that could turn into a sticky situation. I wouldnt do it.
Get some extra income, sell Avon, another job part-time maybe. Become the neighborhood candy lady, braid hair babysit do something to get some extra income for another year.
2006-10-25 08:38:54 · answer #3 · answered by Gifted and Gracious 3 · 0⤊ 0⤋
No way would I allow someone else to use any vehicle of mine that I do not own outright. You will open yourself up to a Pandora's box of trouble if you choose to do this and your lessor might have it written in your contract that is not allowable. You can check with your lessor and see, or simply turn it in early.
2006-10-25 08:44:38 · answer #4 · answered by beeotch 3 · 0⤊ 0⤋
NO WAY you'll be responsible for any damage they make and the payments if they don't pay!! I don't think it would be legal either.
2006-10-25 08:26:08 · answer #5 · answered by wish I were 6 · 0⤊ 0⤋