I am leasing a car right now, it's under my husbands name because my credit wasn't as good and it brought my payments down, I want to put it in my name now.
What can I expect....?
My credit is really not that good by the way.
Will the car dealer try to put me in a different car within my price-line?
2007-10-25 03:44:37 · 3 answers · asked by dandylinz 1 in Cars & Transportation ➔ Buying & Selling
You can transfer a lease from one party to another, but not without approval of the lending institution. The terms should be laid out within your lease documentation. Approval relies on a number of things - one of them being credit risk. If your credit rating is low, the bank will likely not approve you to take over the lease since the interest determined at the beginning of the loan was determined based upon your husband's profile.
2007-10-25 04:29:24 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
You will probably have to "buy" the car from your husband. You'll have to apply for credit, get an interest rate based on your credit rating and then create a financial transaction that looks like you purchased the car. In this case the seller is your husband.
They won't just switch names on the lease. That's not going to happen.
Unless absolutely necessary it's a bad plan.
2007-10-25 11:28:36 · answer #2 · answered by mccoyblues 7 · 0⤊ 0⤋
The dealer may choose not to rent a car to you. Why not just leave it in your husband's name?
2007-10-25 10:52:13 · answer #3 · answered by Diane M 7 · 0⤊ 0⤋