Im thinking of taking over someones car notes cuz my car is kinda old the car notes i might be taking over is a nice car.. around the 30,000... we've havent spoken about the money situation just yet but before i say anything.. when you have someone take over your lease do you have to pay for the insurance to?? let me know!!
2007-11-02 09:51:38 · 5 answers · asked by Guess Who 2 in Cars & Transportation ➔ Insurance & Registration
Is the lease being rewritten to your name, with the consent of the leasing company? If not, it's not your lease! So you buying a policy will result in the car being repo'd. If so, then yes, you need insurance in your name.
2007-11-02 13:51:13 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
First thing is to get permission from the leasing company to do this. Yes, you need to pay the insurance also. This will be part of the agreement to allow you to assume the lease. To protect yourself, make sure there are no damages on the car that you will be responsible for at the end of the lease period.
2007-11-02 11:47:18 · answer #2 · answered by sensible_man 7 · 0⤊ 0⤋
Leasing is the same as buying it as far as insurance goes and you will have to pay full coverage on the vehicle for your own protection. The bank requires it on any car that is not paid for in full and they have a lien on it.
2007-11-02 10:59:22 · answer #3 · answered by victoria c 4 · 0⤊ 0⤋
On a lease car, you must have Insurance.
2007-11-02 10:44:26 · answer #4 · answered by badbill1941 6 · 0⤊ 0⤋
Yes! You will have to get the insurance switched over to your name .
2007-11-02 09:59:51 · answer #5 · answered by Test 2 · 0⤊ 0⤋