I have An 07 Jeep Cherokee that i want to let a stranger lease from me. They will provide DL/Ins, Pay stubs and make the Payment to me. Is this Legal or what problems could i face? No payment = Report to police as "Stolen" Am i Safe to do this ? My current lease has a no transfer option/ only buy out
2007-07-19 04:11:25 · 0 answers · asked by asecndtime 2 in Cars & Transportation ➔ Buying & Selling
Regardless of the law or the contract conditions-DO NOT SUBLET! You are forever liable and responsible for everything that could possibly happen-EVERYTHING. That includes miles and condition, public liability, property damage, disappearance of the vehicle, mechanical failure, you name it, you pay it. Do Not!
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2007-07-22 14:21:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
Can I Sub-Lease My Truck out?
I have An 07 Jeep Cherokee that i want to let a stranger lease from me. They will provide DL/Ins, Pay stubs and make the Payment to me. Is this Legal or what problems could i face? No payment = Report to police as "Stolen" Am i Safe to do this ? My current lease has a no transfer...
2015-08-12 08:11:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No this is not legal. The second person would need to do a buy out. What do you think the no transfer option means? Plus if the stranger should tell police you knew he had the car it would no longer be stolen, also what would happen if an accident occurred? According to title you could be held responsible. If you can not afford the car turn it back in and work out a payment plan for any penalties.
Keep in mind that if you decide to do it the lease company could sue you also as you are breaking the lease. And if you had a no-payment issue and you called the police and report it stolen you could be charged with filling a false police report.
2007-07-19 04:19:24 · answer #3 · answered by uthockey32 6 · 3⤊ 0⤋
You cannot sub-lease this vehicle out. That is stated in your lease agreement, and if you do and the vehicle is stolen, it does not matter how much proof of insurance the other guy gives you, you are responsible for the entire bill. Heaven help you if the other guy gets into an accident, because then the entire accident falls into your lap, as the "other guy" would never or should never have been driving the vehicle in the first place, so you allowed the vehicle into that situation. DON'T DO IT! Too much liability.
2007-07-19 04:18:31 · answer #4 · answered by rex_rrracefab 6 · 2⤊ 0⤋
No, this is not legal. It also puts your credit at risk. Since lease vehicles have "excess wear and use" and "excess miles" charges at lease end, this could also end up costing you thousands of dollars in lease-end fees.
While you can sell the vehicle to them, porivided that you pay out the lease as part of the transaction (which usually also means an early termination fee will be added), you can not legally sublease the vehicle.
2007-07-19 04:18:22 · answer #5 · answered by Matthew Stewart 5 · 2⤊ 0⤋
Vehicle Sublease Agreement
2016-11-07 11:20:06 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You can, but it is a dangerous road to travel.
If you enter into an agreement, and he/she misses a payment, it is not stolen, nor can you report it as such. It would be no different than if you quit making payments to the bank, only this time, YOU have to reposses it. Not to mention you have to continue to make payments in the interim.
Imagine them leaving to another state, then stop making payments on it, then what? You could stop making payment as well and let it get repossessed, but then your credit is destroyed in the process.
Not a safe avenue to take....
2007-07-19 04:19:45 · answer #7 · answered by Michael H 7 · 2⤊ 0⤋
That is an interesting question I hope you will find some valuable answers
2016-08-24 09:12:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋